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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ABRAHAM SHERIZLY & SON LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1955 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and
marketers of car tinwork and car painting materials and equipment, as well as
automotive mechanics equipment, as well as importers and distributors of
paints and paint products for the automotive field. |
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No of Employees : |
80 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 |
ABRAHAM SHERIZLY
& SON LTD.
(Also known as:
A.SHERIZLY & SON LTD.)
Telephone 972 8 923 37 77
Fax 972 8 923 44 77
Email: sherizly@sherizly.com
15 Hamiktzo'ot
Blvd.
Einav Center -
Ispro Center
MODI'IN-MACCABIM-RE'UT 7177849 Israel
Originally established in 1955 as a non-registered business under the style ABRAHAM I SHERIZLY.
Converted into a private limited company and registered as
such as per file
No. 51-071171-6 on the 20.05.1975.
In the past, subject was also trading under the name ABRAHAM I SHERIZLY & SON LTD.
In the beginning of 2002, subject took over all activities of sister company, CAR SYSTEM ISRAEL (A.S.) LTD., established in 1998, which operated in the same line of activities as subject.
Subject also assumed all activities of fully owned subsidiary SUMMIT& DIXON LTD., established in 2001, importers and distributors of paints and paint products for the automotive field.
Authorized share capital NIS 52.00, divided into -
1 founder "A" share (issued),
1 founder "B" share (issued),
1 founder "C" share (issued),
519,997 ordinary shares (150,100 shares issued), all of NIS 0.0001 each, of which shares amounting to NIS 15.0103 were issued.
1.
Ariel (Arik) Sherizly, holding 40% of ordinary
shares and the 3 founder "A", "B" & "C"
shares issued,
2.
Ms. Dorit Sherizly Jeorgi, holding 20% of ordinary
shares issued,
3.
Eyal Sherizly, holding 20% of ordinary shares
issued,
4.
Ms. Michal Solomon, holding 20% of ordinary shares
issued.
Ariel (Arik)
Sherizly, General Manager, son of the Late Abraham Sherizly (founder of
subject).
Eyal Sherizly, son
of Arik.
Importers and
marketers of car tinwork and car painting materials and equipment, as well as
automotive mechanics equipment, as well as importers and distributors of paints
and paint products for the automotive field.
Also importers and
marketers of tools and equipment for wood work, wood paints, finishing
Subject has over
1,000 customers, including MERKAVIM METAL WORKS, SHAMIR TR
Sales are also to
carpentries, furniture companies, etc.
99% of purchases
are imports.
Sole local
importer and representative of (main ones):
P.P.G/ Max Meyer,
of Italy/USA,
GERSON, of USA,
STANDOX, SPIES HECKER, PROTOOL FESTOOL, SATA, CAR SYSTEM, ROTARY, all
of Germany,
MAB,
OMCN, SAIMA, SPACE, all of Italy,
JONNESWAY,
of Taiwan,
FARÉCLA,
of
the U.K.,
NORTON ABRASIVES,
part of SAINT-GOBAIN, of France,
SPACE, of Spain,
AUTO ROBOT, of
Finland.
Operating from
owned premises, on an area of 10,000 sq. meters, of which 7,100 sq. meters are
built, in 15 Hamiktzo'ot Blvd., Einav Center - Ispro Center, Light Industrial
Zone, Modi'in-Maccabim-Re'ut, and rented branches in:
1.
10 Tushiya Street, Tel Aviv,
2.
Talpiot Industrial Zone, Jerusalem,
3.
Shefar'am (northern area of the country).
Having 100
employees (had 80 employees 2013 and in 2012, had 65 employees as of the end of
2010).
Subject still owns
the property in Lod, subject's former premises on an area of 3,000 sq. meters, on
which we are informed subject negotiates in view of selling the property
(property is valued at several US$ million).
Other and later
financial data not forthcoming.
There are 27
charges for unlimited amounts registered on the company's assets (financial
assets and vehicles), in favor of Mercantile Discount Bank Ltd., Bank Leumi
Le’Israel Ltd., Bank Hapoalim Ltd., Israel Discount Bank Ltd., Mizrahi Tefahot
Bank Ltd. and leasing companies (last charge placed July 2012 on a vehicle,
prior 6 charges placed November-December 2011 on vehicles).
2011 sales claimed
to be NIS 70,000,000.
Later sales data
not forthcoming.
SUMMIT& DIXON
LTD., 100%, non-active.
Also owned by
Sherizly Family:
A. SHERIZLY & SON ASSETS LTD.
Bank Hapoalim
Ltd., Ben Gurion Airport Branch (No. 774), Lod.
Israel Discount
Bank Ltd., Kikar Hamedina Branch (No.152), Tel Aviv.
Above two are main
accounts, also working on low level with:
Mizrahi Tefahot
Bank Ltd., Hatzerot Yafo Branch (No. 436), Tel Aviv.
Nothing
unfavorable learned.
Subject's
officials refused to update sales figures (along the years, officials have been
reluctant to disclose financial data).
This is a long
established family company.
Company and products
meet ISO 9001:2008 quality standard.
During 2005,
subject acquired full ownership of SUMMIT & DIXON LTD., which dealt in a
complimentary line of activity to subject. SUMMIT was established in 2001 and
represented locally German firm STANDOX, and later activities were merged into
subject.
2013 sales of new
vehicles in Israel witnessed an increase of 4% compared to 2012, with a total
of 212,581 cars sold. That rise happens after in 2012 car sales fell by 9% from 2011, which reflected some slowdown in the local
market.
In the first 7
months of 2014, 153,977 cars were sold, a
15.4% increase compared to the parallel period in 2013.
Until 2009, the
number of owned private vehicles in Israel was in constant rise in high ratios
all over last decade and more (for instance, from
Notwithstanding
the refusal to update financial data, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.