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Report No. : |
315822 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
DOMOTECK LTD. |
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Formerly Known As : |
·
KAMIN-SCHEFER
INVESTMENTS & FINANCE CO. LTD. ·
GAMA
MANUFACTURING OF TEXTILE PROD ·
DECORA MANUFACTURING
OF TEXTILE PROD |
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Registered Office : |
P.O. Box 59, Ha’te'ena Street, Block 6, Tefen
Industrial Zone, Migdal Tefen 2495900 |
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Country : |
Israel |
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Date of Incorporation : |
28.09.1977 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers, exporters and marketers of floor heating products such as cables and
mats. Products used for
indoor heating and outdoor for snow melting both for residential and
commercial, and can be installed under tiles or marble, under laminate
flooring or under carpet for indoor applications. |
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No. of Employees : |
60 Employees |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Israel |
B1 |
B1 |
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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 |
DOMOTECK LTD.
Telephone 972
4 987 22 66; 635 68 18
Fax 972 4 987 22 69
Email: berta@domoteck.com
P.O. Box 59
Ha’te'ena Street, Block 6
Tefen Industrial Zone
MIGDAL TEFEN 2495900 ISRAEL
A private limited company, incorporated as per
file No. 51-076593-6 on the 28.09.1977.
Originally registered under the name
KAMIN-SCHEFER INVESTMENTS & FINANCE CO. LTD., which changed to GAMA
MANUFACTURING OF TEXTILE PROD
In 2006 subject assumed the activities of
affiliate D. K. ACCLIMATIZATION SYSTEMS LTD.
Authorized share capital NIS 1,500.00, divided into -
1,500 ordinary shares of NIS 1.00 each, of which 1,440
shares amounting to NIS 1,440.00 were issued.
1. DECORA GROUP LTD., 66.66%, owned by Danny
Klein,
2. F WEINBERG & CO. TRUST CO. LTD., 33.33%, a
trustee holding on behalf of ELRON ELECTRONIC INDUSTRY LTD., SHAMROCK
Investments Group, Avihu Nen-Nun and others.
Until December 2009, Danny Klein held 100% in subject
(via owned DECORA GROUP LTD.). Then shareholder No. 2 gained one third of
subject.
Danny Klein
Developers, manufacturers, exporters and marketers of floor heating products such as cables and mats.
Products used for indoor heating and
outdoor for snow melting both for residential and commercial, and can be
installed under tiles or marble, under laminate flooring or under carpet for
indoor applications.
90% of sales are for export, to the U.S.A, Western Europe, Australia and
New Zealand.
Among local suppliers: TAMBOUR, DVNET, CARMIEL TECHNICAL SUPPLY,
ARROW/RAPAC, NEWLOG, SHEFI PACKAGING, SHLOMI PRINT, etc.
Operating from owned premises, on an area of 500 sq. meters, in Ha’te'ena
Street, Block 6, Industrial Zone, Tefen (in the Upper Galilee region).
Having 60 employees.
Work is based on orders.
Financial data not forthcoming.
Subject is an "Approved
Enterprise", and as such entitled to tax benefits and State incentives.
There are 11 charges for unlimited amounts registered on the company's
assets (fixed and financial assets), in favor of Bank Hapoalim Ltd., Mizrahi Tefahot
Bank Ltd. and a vehicle leasing company. Charges placed
between the years 1983 and last one in August 2014 (on a vehicle).
Group’s consolidated
2008 sales were NIS 45,739,000, 95% for export.
Group’s consolidated
2009 sales were NIS 31,289,000, 95% for export.
Group’s consolidated
sales for the first 9 months of 2010 were NIS 17,943,000, 95% for export (drop in
sales due to the global economic crisis).
Later sales figures not forthcoming.
DOMOTECH GERMANY GmbH, 100%, a marketing subsidiary in Germany.
Also owned by Danny Klein:
DECORA GROUP LTD (formerly DECORA NAHARIYA LTD.), holding company,
established in 1967.
D. K. ACCLIMATIZATION SYSTEMS LTD., non-active since January 2006.
Mizrahi Tefahot Bank Ltd., Nahariya Branch (No.
443), Nahariya, account No. 624219.
A check with the Central Banks' database did not reveal anything detrimental
on subject’s a/m accounts.
Bank Hapoalim Ltd., Nahariya Business Branch (No. 168), Nahariya.
Mercantile Discount Bank Ltd., Nahariya Branch (No. 660), Nahariya.
Israel Discount Bank Ltd., Hamifratz Branch (No. 176), Haifa.
Nothing unfavorable learned.
Subject's
officials refused to update financial data.
Subject is a long
established company. The company is ISO 9001 certified.
Several years ago we obtained several favorable suppliers' opinions on subject's
payments record:
SHEFI PACKAGING officials told us they are working with subject since early
2000s, supplying them with packaging products. Subject was described as a good
client who always pays on time.
SHLOMI PRINT officials told us they are working with subject from mid
1990s, supplying them with printing services. Subject was described as a good
client who always pays on time.
ARROW RAPAC officials told us they are working with subject for many years,
supplying them with tools. Subject was described as a good client who always
pays on time.
During 2004,
subject sold its shares (25%) in S.P.O DOMOTECK, installers of heating
solutions.
Corporate investors in subject are well-known:
SHAMROCK Fund is an
investment fund controlled by the DISNEY family investing mostly in mature
industries. To date, in over 20 years of investments in Israeli industrial
companies, it invested some US$ 600 million.
ELRON ELECTRONIC
INDUSTRIES LTD. is an investment company in hi-tech companies and start-up
ventures. It is publicly traded on e Tel Aviv Stock Exchange, with current
market value US$ 146.5 million.
Notwithstanding
the refusal to disclose financial data, 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.62.33 |
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|
1 |
Rs.92.83 |
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Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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Report Prepared
by : |
NIT |
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.