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Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
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Name : |
EREZ INDUSTRIAL FURNITURE LTD. |
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Registered Office : |
Sahak Industrial Park, Mobile Post
Menashe, Shaked 3786200 |
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Country : |
Israel |
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Date of Incorporation : |
1978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and marketers of industrial
storage solutions (racks, shelves, etc.), ranging from light to heavy loads, working
furniture (lab tables, etc.), cabinets, bookshelves and stationary shelves. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Israel |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced
market economy. Cut diamonds, high-technology equipment, and pharmaceuticals
are among the leading exports. Its major imports include crude oil, grains, raw
materials, and military equipment. Israel usually posts sizable trade deficits,
which are covered by tourism and other service exports, as well as significant
foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5%
per year, led by exports. The global financial crisis of 2008-09 spurred a
brief recession in Israel, but the country entered the crisis with solid
fundamentals, following years of prudent fiscal policy and a resilient banking
sector. In 2010, Israel formally acceded to the OECD. Israel's economy also has
weathered the Arab Spring because strong trade ties outside the Middle East
have insulated the economy from spillover effects. The economy has recovered
better than most advanced, comparably sized economies, but slowing demand
domestically and internationally, and a strong shekel, have reduced forecasts
for the next decade to the 3% level. Natural gas fields discovered off Israel's
coast since 2009 have brightened Israel's energy security outlook. The Tamar
and Leviathan fields were some of the world's largest offshore natural gas
finds this past decade. The massive Leviathan field is not due to come online
until 2018, but production from Tamar provided a one percentage point boost to
Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In
mid-2011, public protests arose around income inequality and rising housing and
commodity prices. Israel's income inequality and poverty rates are among the
highest of OECD countries and there is a broad perception among the public that
a small number of "tycoons" have a cartel-like grip over the major
parts of the economy. The government formed committees to address some of the
grievances but has maintained that it will not engage in deficit spending to
satisfy populist demands. In May 2013 the Israeli government, in a politically
difficult process, passed an austerity budget to reign in the deficit and
restore confidence in the government's fiscal position. Over the long term,
Israel faces structural issues, including low labor participation rates for its
fastest growing social segments - the ultra-orthodox and Arab-Israeli
communities. Also, Israel's progressive, globally competitive, knowledge-based
technology sector employs only 9% of the workforce, with the rest employed in
manufacturing and services - sectors which face downward wage pressures from
global competition
|
Source
: CIA |
EREZ INDUSTRIAL FURNITURE LTD.
Telephone 972 4 873 11 11
Fax 972 4 873
99 98
Email: erez@erez-rihut.com
Sahak Industrial Park
Mobile Post Menashe
SHAKED 3786200 ISRAEL
Originally established as a non-registered
business in 1978.
Converted into a private limited company and
registered as such as per file
No. 51-152337-5 on the 10.12.1990.
Authorized share capital NIS 11,000.00,
divided into - 11,000 ordinary shares of NIS 1.00 each, of which 200 shares
amounting to NIS 200.00 were issued.
1. Yosef
Barda,
2. Ms.
Noa Barda, holding 1 single share.
Yosef (Yossi) Barda.
Alon Dalal.
Manufacturers and marketers of industrial
storage solutions (racks, shelves, etc.), ranging from light to heavy loads,
working furniture (lab tables, etc.), cabinets, bookshelves and stationary
shelves.
Specializing in customizing products
according to need.
Subject may export though we could not
verify this.
Sales are to plants, storage facilities,
companies, libraries, retail stores, etc.
Among clientele: TNUVA, ISRAEL MILITARY
INDUSTRIES, RAFAEL ADVANCED DEFENSE SYSTEMS, ISRAEL ELECTRIC CORP., CRAZY LINE,
ONOT, RISCO, KAMADA, ISRAEL RAILWAYS, NEGEV, SONOL, HOME CENTER, ISRAEL
AEROSPACE INDUSTRIES, ZOKO, and many more.
Operating from premises in Sahak Industrial
Park, Shaked.
Number of employees not forthcoming.
Financial data not forthcoming.
There are no charges registered on the company's assets.
Sales figures not forthcoming.
Bank data not forthcoming.
Nothing unfavorable learned.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
This is a veteran business.
Based on media
reports, turnover of the local furniture and allied accessories was valued in
2012 at NIS 9 billion.
In another later
market survey, the estimated revenues of the furniture branch in 2013 reached
NIS 6.6 billion, 3% rise from 2012 (it is possible that the recent survey did
not include allied accessories, hence the gap in data). Revenues were divided
to NIS 1.6 billion of furniture from import and NIS 5 billion is from local
manufacturing. Main countries from which import is made are China and Italy.
In Israel there
are some 2,300 furniture retail stores. According to a survey in 2011,
customers prefer mostly carpenters and small shops (65%), and large retail
chains (35%, over 8% of which by DIY chain IKEA).
Central Bureau of Statistics (CBS) data
reveals that investments by the local manufacturing industries in machinery
& equipment (M&E) in 2013 fell by 12% from 2012, after a decrease by 3%
in 2012. Investments whose source was from import, which comprised 62% of total
investment by the industries in M&E, fell by 21.5%, while investments whose
source was from local manufacturing rose by 11.5% in 2013.
Gross
Domestic Capital Formation (investment) in machinery & other equipment in 2013 reached NIS 39,743 million in current prices (NIS
46,436 million in 2012), of which NIS 24,596 million was from imports
production (NIS 32,886 million) and NIS 15,147 million from domestic production
(NIS 13,551 million in 2012).
Considering the lack of data from subject's
officials, dealings are recommended on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
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|
1 |
Rs.99.11 |
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Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.