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Report No. : |
332923.2 |
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Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
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Name : |
HARDGUM LTD. |
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Registered Office : |
P.O.
Box 25259 (3125102) 13 Hamashbir Street Check Post Industrial Zon HAIFA 3295312 |
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Country : |
Israel |
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Date of Incorporation : |
12.02.2002. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of industrial
fully rubber tires, specializing in forklifts tires, including allied
services (replace tires) Also importers and marketers of tires for
terrain (4x4) vehicles, as well as affiliated products (forklift seats,
rims). |
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No. of Employee : |
14 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 2013, 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. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Slowing demand domestically and internationally and reduced investment due to uncertainties caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2% during 2014. 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 expected to come online no sooner than 2017, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and a 0.5% boost 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 and has started splitting up the oligopolies to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands. 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 |
HARDGUM LTD.
Telephone 972 4 842 16 16
Fax 972 4 842 16 15
Email: sales@hardgum.co.il
P.O. Box 25259
(3125102)
13 Hamashbir Street
Check Post Industrial Zone
HAIFA
3295312 ISRAEL
A private limited company, incorporated as
per file No. 51-320494-1 on the 12.02.2002.
Originally registered under the name HARDUF
SHAUL AGENCIES LTD., which changed to the present one on the 05.05.2004.
Authorized share capital NIS 39,100.00,
divided into -
39,100
ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00
were issued.
Subject is fully owned by Matan Harduf.
Matan Harduf.
Importers and marketers of industrial fully
rubber tires, specializing in forklifts tires, including allied services
(replace tires)
Also importers and marketers of tires for
terrain (4x4) vehicles, as well as affiliated products (forklift seats, rims).
Sales are to companies, garages, forklift
importers
Among clientele: ISRAEL AIRPORT AUTHORITY,
MEY EDEN, THE CENTRAL BOTTLING CO (COCA COLA ISRAEL)
Among local suppliers: ALLIANCE MARKETING ISRAEL
(Alliance Galaxy Primex tires) - see more in CHARACTER.
Sole
local representatives of:
WATTS, of UK,
TRELLEBORG, of Sweden,
MASTERCRAFT, of the USA.
Operating from rented premises, on an area of
2,000 sq. meters, in 13 Hamashbir Street, Check Post Industrial Zone, Haifa.
Having 14 employees.
Current stock is valued at NIS 6,000,000.
Other financial data not forthcoming.
There are 12 charges for unlimited amounts,
as well as 2 charges for the total sum of NIS 7,800,000 registered on the
company's assets (financial assets and vehicles), in favor of Bank Leumi
Le'Israel Ltd., Bank Hapoalim Ltd. and a leasing company (last 9 charges placed
January-December 2014, of which 6 on vehicles (January-June) and 3 on financial
assets (June-December)).
2013 sales claimed to be NIS 20,000,000.
2014 sales claimed to be NIS 20,000,000.
Sales for the first half of 2015 claimed to be NIS 10,000,000.
Bank Hapoalim Ltd., Neve Shaanan Branch (No.
702), Haifa, account
No. 266663.
Bank Leumi
Le'Israel Ltd., Nesher Branch (No. 887), Nesher, account No. 205400/27.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Nothing unfavorable learned.
Subject is an authorized dealer for automotive
spare parts (tires) by the Ministry of Transportation & Road Safety.
Subject enjoys the
support and connections of Matan Harduf's father, Mr. Shaul Harduf (with whom
we spoke), who has been serving as General Manager of ALLIANCE MARKETING ISRAEL
LTD. for 22 years. ALLIANCE MARKETING was part of ALLIANCE TIRES Group's, local
veteran and well-known manufacturers, importers and marketers of pneumatic
tires (in 2012 ALLIANCE MARKETING split from ALLIANCE TIRE Group). It should be
noted, that subject shares its post office box (#25259) with ALLIANCE
MARKETING.
The local tires
retail market is extremely competitive, characterized by low profit margins,
credit problems and lack of brand loyalty.
According to
estimations, some 2 million tires are replaced each year.
There are some 80 brands of tires sold by some 35 importers in the local
fiercely competitive market.
The wholesale tire market in 2006 was estimated by sources in the branch
at US$ 140 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.65.25 |
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|
1 |
Rs.102.25 |
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Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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 |
-- |
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.