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Report Date : |
21.10.2014 |
IDENTIFICATION DETAILS
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Name : |
A. A. KOLODNY INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 4577, Petach Tikva (4914502) 5 Ravnitzky Street Segula Industrial Zone Petach Tikva 4900616 |
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Country : |
Israel |
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Date of Incorporation : |
09.10.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, traders and marketers of marble. |
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No. of Employees : |
03 |
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) |
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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 |
A. A. KOLODNY
INDUSTRIES LTD.
Telephone 972 3 931 15 76
Fax 972 3 931 65 50
P.O. Box 4577, Petach Tikva (4914502) 5 Ravnitzky Street
Segula Industrial Zone Petach Tikva 4900616 Israel
A private limited company registered as such as per file No. 51-238020-5 on the 09.10.1996.
Originally registered under the name IGOR B. – A.K. LTD., which changed to present name on the 14.02.2000.
The company is a member of a group which started business activities in 1936.
Authorized share capital NIS 31,300.00, divided into -
31,300 ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were issued.
Subject is fully owned by AMIR KOLODNY LTD., owned by Amir Kolodny.
Amir Kolodny, born in 1954.
Importers, traders and marketers of marble.
Operating from premises (offices, showroom and storage facilities), on an area of 3,000 sq. meters, owned by Amir Kolodny and Arnon Kolodny (cousin of Amir Kolodny), in 5 Ravnitzky Street (and not 6 Ravnitzky Street), Segula Industrial Zone, Petach Tikva.
Having 3 employees, in additional to Amir Kolodny (total of 4, same as in 2011).
Financial data not forthcoming.
Property owned by the shareholders in Segula Industrial Zone, Petach Tikva (where subject is operating from) was valued at US$ 2.5 million several years ago.
There are 6 charges for unlimited amounts registered on the company's assets (financial assets), in favor of Bank Leumi Le’Israel Ltd., Bank Hapoalim Ltd., The First International Bank of Israel Ltd. and Mizrahi Tefahot Bank Ltd. (last charge placed February 2014).
Sales figures not forthcoming.
Also owned by the Kolodny family:
AMIR KOLODNY LTD., parent company,
YARKON AGENCIES A.K.L. LTD., importers of baby goods,
A.A. KOLODNY MARKETING & DEVELOPMENT LTD., non-active,
KAT- KOL LTD., non-active,
KOLODNY BROTHERS LTD., marketers of cements, low activities.
Bank Leumi Le’Israel
Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv, account
No. 416100/42.
A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.
Nothing unfavorable learned.
Subject’s officials refused to disclose financial details.
Kolodny family owns several properties and is also involved in building and real estate sector.
The Home Design area is directly influence by the changes in the local market in general, and construction and real estate market in particular.
From the Central Bureau of Statistics (CBS) data, investments in construction for dwelling in 2012 reached NIS 56.1 billion (which comprises 62% of total investment in construction), higher by 6% (in real terms) from 2011. Construction for dwelling fell by 0.3% in 2013 (despite the Government's efforts to increase investments). The fall in investment also lead to a rise in houses prices.
Investments in construction not for dwelling (public institutions, commerce, industry, etc.) and other construction works (e.g. roads, offices, industrial, institutional), summed up to NIS 37 billion in 2012, a 2.5% rise from 2011. Investments in infrastructures comprise 18% of total investments in construction.
From the CBS data, the local households' consumption
expenditure in 2013 on Housing grew by 3.2% from the previous year, similar to
the growth rate in 2012 (from 2011).
The building sector indicators showed an improvement in activities in 2013, after ambiguous signs shown in the previous several years. Volume of building starts for dwelling (which is a dominant indicator for the trend in the building sector) in 2013 reached 44,340, a 3.4% increase comparing to 2012, a year in which a 13% decrease from 2011 was noted. The decline in 2012 came after a growth trend in building starts in the previous couple of years (9% in 2011 and 7% rise in 2009). In 2013 there was also 11.8% increase in apartments whose construction was finished (41,970 apartments).
Yet, since the beginning of 2014, the building and real estate market has been showing cooling down signs and stand-still, due to a planned government reform of relieves in taxes for purchasing a new apartment (which will drive prices downwards), but the plan still awaits legislation and implementation, therefore many potential buyers are in stand-by. The negative trend is reflected in the numbers of building starts in the 1st half of 2014, which dropped 10.8% comparing to the parallel period in 2013. A 7% decrease was also noted in the number of apartment whose building has been completed, and in the number of dwellings transactions, where a sharp decrease is seen.
Notwithstanding the refusal to disclose financial details, considered good for trade engagements.
Note: Since February 2013 Israel Post has started using a new area code method of 7 digits (the old method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.29 |
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|
1 |
Rs.98.62 |
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Euro |
1 |
Rs.78.15 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.