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Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
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Name : |
LEWENSTEIN TECHNOLOGIES LTD. |
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Formerly Known As : |
LEWENSTEIN – WOLFSON AGENCIES LTD |
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Registered Office : |
9 Bareket Street Kiryat Matalon Industrial Zone Petach Tikva 495177 |
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Country : |
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Date of Incorporation : |
23.06.2008 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers (via sub-contractors), importers and
marketers of engineering and electromechanical systems, assemblies and
components (including cameras, controllers, robotics, etc.), for the electro
optics and motion control industries. |
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No. of Employees : |
15 |
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 |
LEWENSTEIN
TECHNOLOGIES LTD.
(Also trading as L – TECH)
Telephone 972 3 978 08 00
Fax 972 3 978 08 27
Email: info@l-tech.co.il
9 Bareket Street
Kiryat Matalon Industrial Zone
PETACH TIKVA 4951777 ISRAEL
A private limited company, incorporated as per file No. 51-346332-3 on the 21.10.2003.
Originally registered under the name LEWENSTEIN – WOLFSON AGENCIES LTD. which changed to the present one on 23.06.2008.
The company is continuing activities of a company, founded by Lewenstein family in 1936 and operated under the name LEWENSTEIN LTD.
Authorized share capital NIS 34,000.00, divided into: -
34,000 ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were issued.
Subject is fully owned by SPLENDID HOLDINGS LTD., owned by Shlomo Lewenstein.
In October 2007 Mr. Lewenstein acquired the 50% share from his partner Arieh Wolfson, reaching full ownership.
Shlomo Lewenstein.
Developers, manufacturers (via sub-contractors), importers and marketers of engineering and electromechanical systems, assemblies and components (including cameras, controllers, robotics, etc.), for the electro optics and motion control industries.
(Note: until the change in ownership subject only imported and marketed).
Manufacturing is carried out via subcontractor (plant in Karmiel).
Among clients: ISRAEL AEROSPACE INDUSTRIES, APPLIED MATERIALS ISRAEL, RAFAEL ADVANCED DEFENSE SYSTEMS, ELBIT SYSTEM ELECTRO OPTICS EL-OP, ORBOTECH, CAMTEK, etc.
Sole local representatives of (among others):
FAULHABER, BOLLHOFF, ZEITLAUF, LTN, KBK, JENNY SCIENCE, all of Germany,
EMHART TECHNOLOGIES, NEW SCALE, EXLAR, SENTECH, FASTCOMP, HOLO-KROME, DSTI, ALCOA FASTENING SYSTEMS, DACO, TECHNOSOFT, ADMOTEC, NUTEC, all of The USA,
TR FASTENINGS, GEEPLUS, both of the UK,
MIJNO, CEDRAT TECHNOLOGIES, both of France,
JOHNSON ELECTRIC, of Hong Kong,
MTL, of Japan,
PIEZOMOTOR, MINIMOTOR, both of Sweden,
TATTILE, RIVIT, both of Italy,
PRECISTEP, M.P.S., SAIA–BURGESS, ADMOTEC, LECLANCHE, all of Switzerland.
Operating from rented premises (office and warehouses), on an area of 350 sq. meters, in 9 Bareket Street, Beit Daniel, Kiryat Matalon Industrial Zone, Petach Tikva.
Having 17 employees (had 15 employees in mid 2013, same as in 2012, had 17 employees in the beginning of 2012, 19 employees in mid 2011).
Inventory is valued at US$ 1,000,000 in mid 2013 (was valued at US$ 850,000 in mid 2013, at US$ 700,000 in the 2nd half of 2012, similar to the beginning of 2012, was valued at US$ 600,000 in mid 2011).
Most work is based mostly on orders.
There are 5 charges for unlimited amounts, as well as 4 charges for total amount of NIS 5,455,000.00 registered on the company's assets (financial assets, fixed assets and a vehicle), in favor of Mercantile Discount Bank Ltd., Bank Hapoalim Ltd. and a leasing company. Last 4 charges placed during 2012 – 2013 (prior charges placed between 2007 and January 2010), include 1 charge on a vehicle in November 2012 and 3 charges on financial assets, one in July 2012 and two in December 2013).
2007 sales claimed to be around US$ 5,000,000.
2008 sales claimed to be US$ 6,500,000.
2009 sales claimed to be US$ 6,500,000.
2010 sales claimed to be US$ 9,000,000.
2011 sales claimed to be US$ 10,000,000.
2012 sales claimed to be US$ 7,000,000.
2013 sales claimed to be US$ 9,200,000.
We are informed that the growth in sales trend has been continuing during the first quarter of 2014.
Mercantile Discount Bank Ltd., Bnei Brak Branch (No. 732), Bnei Brak, account No. 1732.
Bank Hapoalim Ltd., Bnei Brak Branch (No. 655), Bnei Brak, account
No. 109781.
A check with the Central Banks’ database did not reveal anything detrimental on subject’s a/m accounts.
Nothing unfavorable learned.
Despite our efforts, we were unable to speak with subject's General Manager, as he told us he is busy.
This is a long established business (also considering the former legal entities).
Subject id ISO 9001:2000 certified.
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).
According to CBS, investments by the local industrial branch in imported machinery and other equipment in 2013 witnessed 24.6% (in current prices) decrease from 2012, after a 20.6% decrease in 2012 from 2011 (which follows the increase by 108% in 2011 from 2010). The fall in 2013 and 2012 in investment could be explained by the continuing unfavorable business environment, which is also negatively affected by the slow-down in overseas markets. The decrease in 2013 occurred in the Hi-Tech branches (51% decrease, fell 30% in 2012), in the Medium-Low-Technology branches (15% decrease, fell 23% in 2012) and to a lesser extent in the Low-Tech branches (by 1%, fell 17% in 2012), whereas in the Medium-High Technology there was a rise by 15% (continuing the 16% rise in 2012).
Investment in imported machinery
and other equipment for the medium-high technology industries in the segment of
electrical equipment manufacturing increased by 4.4% in 2013, totaling NIS 453
million (after a rise by 18.5% in 2012), while in the segment of manufacture of
machinery & equipment a 21% decrease was witnessed (after 30% increase in
2012) and totalled NIS 702.5 million.
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.60.87 |
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1 |
Rs.99.63 |
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Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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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.