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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ISI YOGEV INDUSTRIES LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10.10.1993 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designers, manufacturers, assemblers and marketers and installers of chassis and modular structures for all sorts of reefer truck bodies |
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No. of Employees |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
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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.
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Source
: CIA |
ISI YOGEV INDUSTRIES
LTD.
Telephone 972 4 606 08 80; 658 15 96
Fax 972 4 658 70 08
P.O. Box 499
Northern Industrial Zone
BEIT SHEAN 1171401 ISRAEL
A private limited company, incorporated as per file No. 51-186288-0 on the 10.10.1993.
In June
Authorized share capital NIS 100,000.00, divided into -
100 management shares,
99,900 ordinary shares (all issued), all of NIS 1.00 each,
of which shares amounting to NIS 99,900.00 were issued.
Subject is fully owned by Itzhak (Isi) Yogev.
Isi Yogev.
Designers, manufacturers, assemblers and marketers and installers of chassis and modular structures for all sorts of reefer truck bodies.
Also providing knowhow and equipment to companies in developing countries.
Sales are to companies in the food, cosmetics, pharmaceutical, agriculture and general transportation fields.
Purchasing is from foreign and local suppliers.
Among local suppliers: ALBO 2000, S&S PACHTER, etc.
Operating from premises, owned by the shareholder (offices and plant), on a total area of 8,500 sq. meters (2,500 sq. meters built), in Northern Industrial Zone, Beit Shean (serving also sister company ISI YOGEV TECHNOLOGIES), and from additional panels plant, on an area of 1,000 sq. meters, rented, in Northern Industrial Zone, Beit Shean.
Having 40 employees in subject and ISI YOGEV TECHNOLOGIES.
Financial data not forthcoming.
Property owned by shareholder in Northern Industrial Zone, Beit Shean is valued at US$ 1.2 million.
There are 9 charges for unlimited amounts registered on the company's assets (financial assets, equipment and vehicles), in favor Bank Leumi Le’Israel Ltd., Israel Discount Bank Ltd. and Bank Hapoalim Ltd. (last charge placed February 2011).
Sales figures not forthcoming.
ISI YOGEV HOLDINGS 2002 LTD., a holding company.
ISI YOGEV TECHNOLOGIES LTD. (formerly ISI YOGEV HATEHOF LTD.), 100% owned by Isi Yogev, assumed part of subject's and HATEHOF LTD. activities, dealing in same line of subject.
ASGARD YOGEV UNIQUE CONSTRUCTION LTD., manufacturers and marketers of pre fabricated engineered wall panels.
ZETA INDUSTRIES & TRADING LTD., 67% owned by Isi Yogev, importers and marketers of ironsmith and hardware products for assembly of truck structures, parts assembled on truck chassis made of metal and plastic. Also holds:
CASTRO SERVICES FOR CHASSIS LTD., 76%, repair of trucks chassis, operating from same premises as subject.
ZETA LIFTING & CONVEYANCE EQUIPMENT LTD., 76%, selling
lifting and conveyance equipment, operating from same premises as subject.
Bank Leumi Le'Israel Ltd., Main haifa Branch (No. 876), Haifa.
Israel Discount Bank Ltd., North Central Business Branch (No. 383), Kirtyat Bialik.
Nothing unfavorable learned.
Isi Yogev refused to disclose financial data on subject.
Subject is ISO 9002 certified.
Mr. Isi Yogev is veteran in the field of activity. Subject and ISI YOGEV TECHNOLOGIES is well-known and among the leading companies in their fields in the local market.
On 11.6.2007 subject signed an agreement with HATEHOF LTD. for a joint venture, according to which the parties will established a new company, ISI YOGEV HATEHOF LTD., equally owned, and transfer all of their companies' activities in the field of crates for vehicles into the new company. The company acquired from subject all its assets and liabilities, including know-how, in consideration of NIS 2,880,000 and all of HATEHOF's activities in the said area, including stock and equipment, for NIS 200,000.
At a later stage, Isi Yogev acquired HATEHOF's holdings (50%) and the company name changed to ISI YOGEV TECHNOLOGIES.
According to data by of the Metal, Electrical and Infrastructure Industries Association, representing the local Metal and Electricity Industries, which includes large scale export-oriented industries on one hand and family-owned plants which sell to the local market: 2010 sales (local and export) by the said industries amounted to NIS 70 billion, comprising 25% of Israel's industrial output. Sales for export reached US$ 10 billion in 2010.
Some 90,000 employees serve the said industries (26% of Israel's industrial workforce).
The Central Bureau of
Statistics (CBS) data on import of metals raw materials to the local
industries: Import of Iron and Steel in 2013 kept the negative trend from 2012
after a remarkable recovery in the years 2010 and 2011 from 2009 with decreased
by 2.3% reaching US$ 2,127 million (fell 11.5% in 2012, after rising by over
30% per year in 2010 and in 2011); On the other hand, import of Precious Metals
rose by 7.3% in 2013 to US$ 157 million (fell 13% in 2012 after rising by 2% in
2011 and 22.5% in 2010), and import of Non-ferrous Metals increased by 6% to
US$ 850 million (after a 13% fall in 2012 and rise by 20% in 2011 and by 41% in
2010).
5,439 trucks and lorries were sold in Israel in 2009, representing a 17% decrease from 2008 (when it marked 7% rise from 2007), reflecting the slow-down trend in the local market. The value of the imported trucks and lorries was circa US$ 271 million. In addition, 2,056 buses and minibuses were sold in 2009.
Yet, these figures proved to be much better than initially feared of as the market managed to recover since June 2009.
The recovery trend continued with even a stronger pace in 2010 in which the number of new trucks sold in Israel rose by 28.8% comparing to 2009, reaching 7,009 trucks.
In addition, 2,382
buses and minibuses were sold in 2010. The trend continues in 2011 where 8,665
trucks were sold in 2011, and 2,311 buses.
In 2012, 7,908 trucks
were sold and 1,697 buses.
In 2013, 8,425 trucks
were sold and 2,527 buses, and in the first 7 months of 2014, 5,985 trucks were sold and 1,437 buses.
Notwithstanding the refusal to disclose financial details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.61 |
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1 |
Rs.100.48 |
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Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.