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Report No. : |
308662 |
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Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
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Name : |
DURAM INDUSTRIES A.C. LTD. |
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Registered Office : |
Ramat Hakovesh 4493000 |
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Country : |
Israel |
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Year of Establishment : |
1968 |
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Legal Form : |
Agricultural Cooperative Society, Assuming all activities and assets of the Limited Partnership. |
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Line of Business : |
Manufacturers, distributors,
marketers and exporters of technical rubber goods and parts, including a wide
range of O-rings for various applications, picking fingers for all types of
pickers, rubber slings for the automotive industry, various gaskets, seals
and machetes for sanitary equipment, PVC pipes and irrigation systems,
technical parts for the electronic and security industry, and many custom
made rubber parts for different applications as well as parts for
agricultural machinery such as doffers and moistening systems for cotton
pickers. |
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No. of Employees : |
Not Available |
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 – December 31, 2014
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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.
|
Source
: CIA |
DURAM INDUSTRIES
A.C. LTD.
Telephone 972 9 747 44 58
Fax 972 9 747 44 79
Email: Duram@netvision.net.il
RAMAT HAKOVESH 4493000 ISRAEL
Originally
established as a limited partnership under the name DURAM RUBBER PRODUCTS,
registered as per file No. 55-000244-8 on the 25.02.1974, continuing a
department of Kibbutz Ramat Hakovesh established in 1968.
In 2011 converted into an agricultural
cooperative society (A.C.S.) registered as such as per file No. 57-004355-4,
assuming all activities and assets of the limited partnership. The ACS
registered in 2003, however remained dormant until 2011.
Share capital data
not forthcoming.
Subject is fully
owned by Kibbutz Ramat Hakovesh, a co-operative society, operating a communal
agricultural settlement.
Amnon Ben-Peretz.
Manufacturers, distributors,
marketers and exporters of technical rubber goods and parts, including a wide
range of O-rings for various applications, picking fingers for all types of
pickers, rubber slings for the automotive industry, various gaskets, seals and
machetes for sanitary equipment, PVC pipes and irrigation systems, technical
parts for the electronic and security industry, and many custom made rubber
parts for different applications as well as parts for agricultural machinery
such as doffers and moistening systems for cotton pickers.
Some 65% of sales
are for export.
Operating from
premises (plant, offices, storage facilities), on an area of 7,000 sq. meters,
in Kibbutz Ramat Hakovesh (premises owned by the Kibbutz), situated north to
Kfar Saba.
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Number of
employees not forthcoming.
Financial data
unavailable.
Kibbutz Ramat
Hakovesh is considered financially solid.
Sales figures not
forthcoming.
Kibbutz Ramat
Hakovesh also holds:
DURAM MASK A.C.
LTD., established 1989, manufacturers of high quality technical rubber
products, and the 'Duram Escape Mask' - a line of special emergency escape
masks, designed for personal use in situations involving smoke, fire, chemical
spill or chemical/biological terror attack.
DURAM RUBBER
PRODUCTS IN INJECTION RAMAT HAKOVESH, limited partnership.
Bank data not
forthcoming.
Nothing
unfavorable learned.
Despite our efforts, we were unable to speak
with subject's General Manager, the authorized person to disclose data on the
company. We left messages which remain unanswered. In case receive further
information, we shall update you accordingly.
This is a long establish
business. The plant is ISO 9001:2000 certified.
Kibbutz Ramat
Hakovesh was established in 1932, has 380 members. It also cultivates a large
area of agricultural land and field corps, orchards (avocado) on total land of
1,000,000 sq. meters, operates other farming branches (dairy farm, nursery,
etc.), as well as a popular festive garden for celebration events (called Gan
Hapeckan), and DESHE BERAMA, manufacturers and marketers of grass slabs.
In April 2014, it
was reported that IT Group One1 completed a project of assimilating an ERP
system into 5 corporations owned by Kibbutz Ramat Hakovesh, subject being one
and main corporation, in a project with total value of NIS 700,000.
According to a
market research firm published in mid 2014 (ordered by the Ministry of
Economy), total revenues of the local Plastic & Rubber Industry reached US$
5 billion (return to the levels in 2007, prior to the global economic crisis,
when revenues fell and started to climb back since 2010), half of which was for
export (which is comprise US$ 2.3 billion from goods, the rest from raw
products). Sales breakdown: 30% of the branch's sales are for the Household,
23% - Agriculture, 16% - Packaging, 9% - Building sector, 9% Industry, 5%
Furniture, 4% - Compounds (rest is to other fields).
There were 23,700
workers employed in the Plastic & Rubber branch in 2013.
According to the Central Bureau of Statistics (CBS), sales for export
from the manufacturing of Plastic and Rubber products in 2014 climbed by 5.6%
from 2013 up to US$ 2,078.5 million, continuing the upward trend from 2013
(rose 7.6% from 2012, after it fell by some 3% in 2012 from 2011).
According to the
Central Bureau of Statistics (CBS), import of Plastic and Rubber raw material
for the local industry in 2014 summed up to US$ 2,518 million, up 4.5% from
2013 (in $ terms, rose by 2.7% in 2013 from 2012).
Plastic &
rubber raw materials consumption by the local industry is of around 1 million
tons, 70% of which derives from import, the rest from local production (which
is comprised mainly of simple raw materials).
Investment in imported machinery and equipment by the Plastic &
Rubber industries fell in 2013 by 20% from 2012, totaling NIS 383.5 million.
This is after a decrease in 2012 by 4.5% from 2011, whereas investments rose in
2011 and in 2010.
Notwithstanding
the lack of data from the company's officials, considered good for trade
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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|
1 |
Rs.95.71 |
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Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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.