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Report No. : |
353276 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
COHEN YAKIM METALS LTD. |
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Registered Office : |
3 Hachsharat Hayeshuv Street, New Industrial Zone, Rishon Le-Zion
75652 |
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Country : |
Israel |
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Date of Incorporation : |
28.12.2004 |
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Com. Reg. No.: |
51-362444-5 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Non-ferrous
metals recycling plant. Subject also is
an authorized (by a governmental agency) company for the evacuation of
electronic and battery waste. |
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No. of Employee : |
12 - 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 : |
Slow but correct |
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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 |
COHEN YAKIM METALS
LTD.
Telephone 972
3 962 71 53
Fax 972
3 962 71 52
3 Hachsharat Hayeshuv Street
New Industrial Zone
RISHON LE-ZION 75652 ISRAEL
A private limited
company, incorporated as per file No. 51-362444-5 on the 28.12.2004.
Subject is continuing
the business activities (assumed in January 2005) of a sole proprietorship
business founded in 1961 by subject's owner's father, Yakim Cohen, which
operated under the style COHEN YAKIM METALS.
Authorized share capital NIS 50,000.00, divided into - 50,000 ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were issued.
Subject is fully
owned by Itzhak Cohen.
Itzhak Cohen.
Non-ferrous metals
recycling plant.
Subject also is an
authorized (by a governmental agency) company for the evacuation of electronic
and battery waste.
Some 90% of sales
are for export.
Among local suppliers:
YEDIOT AHRONOT Group, GRAPHOPRINT, etc., including many small local dealers.
Operating from rented premises, owned by the shareholder, on total area
of 2,000 sq. meters, of which 700 sq. meters are built, in 3 Hachsharat
Hayeshuv Street, New Industrial Zone, Rishon Le-Zion.
Having 12 - 14 employees.
Current stock is valued between US$ 600,000 to US$ 1,000,000 (note
that currency is in US Dollars).
Property owned by the shareholders in Rishon
Le-Zion Industrial Zone (where subject is operating from) is valued at circa
US$ 2,000,000.
There are 4 charges for unlimited amounts registered on the company's
assets (financial assets, fixed assets and vehicles), in favor of Bank Leumi
Le'Israel Ltd. Charges were placed in 2005, 2008 and in 2009.
2014 turnover claimed to be NIS 50,000,000 –
NIS 60,000,000, 90% for export.
Projected 2015 turnover claimed to be circa
NIS 50,000,000. Decrease in sales is explained in the decrease in commodities
prices.
Bank Leumi Le'Israel
Ltd., Yafo Branch (No. 801), Tel Aviv – Yafo, account No. 115900/28. This
has been subject's bank/ branch since 1961!
A check with the
Central Banks’ database did not reveal any negative information regarding
subject’s a/m account.
Nothing
unfavorable learned.
This is a veteran
family business.
The
local Metal, Electricity and Infrastructure Industries manufacture 21% of
Israel's industrial prodction, according to data by the Metal, Electrical and
Infrastructure Industries Association, representing, large scale
export-oriented industries on one hand and family-owned plants which sell to
the local market.
2012
sales (local and export) by the said industries amounted to NIS 75 billion, of
which US$
9 billion were for export (20% of Israel's industrial export).
Some 98,000
employees serve the said industries (27% of Israel's industrial workforce).
Export by local
Manufacturing of Basic Metals continued the negative trend it has been
experiencing since 2012 (when it fell 11% in from 2011), with a decrease by 20%
in 2013, and further 6.3% drop in 2014 to US$ 699 million (decrease was sharper
in local NIS currency terms – by 25.5%).
In contrast, in
the Manufacturing of Fabricated Metal Products, Machinery & Equipment and Domestic
Appliances, export level rose by 15% in 2014 to US$ 5,876 million, after rising
marginally in 2013 (by 0.8%, US$ currency terms).
The
Central Bureau of Statistics data on investment in
imported machinery and other equipment for the manufacturing industry in 2014
(comparing to 2013): investments in the manufacture of basic metal was NIS 241
million (51.6% rise, after 7.3% rise in 2013); investments in the manufacture
of fabricated metal products was NIS 686 million, rising by 4.2%, after falling
by 11% in 2013.
Good for trade
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
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|
1 |
Rs.100.49 |
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Euro |
1 |
Rs.72.52 |
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ILS |
1 |
Rs. 17.28 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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.