MIRA INFORM REPORT
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Report No. : |
331999 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
I. Y. TECHNOLOGIES |
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Registered Office : |
P.O. Box 1663, 78 Hamelacha Street, Industrial Zone, Dimona 8611601 |
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Country : |
Israel |
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Date of Incorporation : |
2012 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Operating a plant for rubber and special ceramic coating for the chemical, water distillation, industrial uses |
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No. of Employees : |
12 |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Israel |
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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 |
Company
name and address
i. y. technologies
Telephone 972 8 657 10 20
Fax 972 8 865 60 50
Email: itay@iytech.co.il
P.O. Box 1663
78 Hamelacha Street
Industrial Zone
DIMONA 8611601
ISRAEL
HISTORY
& LEGAL FORMATION
A sole
proprietorship, established in 2012, continuing activities which began by David
Simhon (father of subject's owner) in 1980.
Operating under Licensed Dealer No.
300670502.
The business is registered with the Tax
Authorities’ Files under the name of "SIMHON ITAY".
David Simhon informed
us that subject is currently in the process of converting into a private
limited company.
OWNERSHIP
Itay Simhon.
GENERAL
MANAGER
Itay Simhon.
BUSINESS
Operating a plant for rubber and special ceramic coating for the chemical, water distillation, industrial uses.
Also performing works for companies abroad.
Among clientele: ISRAEL CHEMICALS (50% of sales), TEVA PHARMACEUTICALS, ADAMA AGRICULTURAL SOLUTIONS, MEKOROT WATER CO., and more.
Among suppliers (subject may be sole representative however we could not verify this): ZENITH INDUSTRIAL RUBBER (India), POLYCORP (Canada), T-REX (Holland), DUROMAR (USA), and more.
Operating from rented premises, on an area of 2,000 sq. meters, in 78 Hamelacha Street ('Hamelacha' also means 'Work' in Hebrew), Industrial Zone, Dimona.
Having 12 employees.
MEANS
Current stock s
valued at NIS 400,000.
Other financial
data not forthcoming.
REVENUES
2013 sales claimed
to be NIS 2,500,000.
2014 sales claimed
to be NIS 4,500,000.
Sales for the
first 6 months of 2015 claimed to be NIS 4,000,000.
BANKERS
Bank Hapoalim Ltd., Dimona Branch (No. 632), Dimona.
Mizrahi Tefahot Bank Ltd., Be'er Sheva Business Branch (No. 426), Be'er
Sheva.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject's
activities are veteran.
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).
According to the
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). Yet, a 17% decrease in import was marked in the first 5 months
of 2015 compared to the parallel period in 2014.
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 rose in 2014 by 5.5% from 2013, totaling NIS 410.4 million.
This is after a decrease in 2013 by 18% from 2012.
SUMMARY
Good for trade
engagements.
Note: Since February 2013 Israel Post has
started using a new area code method of 7 digits (the old method of 5 digits is
no longer valid).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.49 |
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UK Pound |
1 |
Rs.99.43 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
VNT |
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.