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MIRA INFORM REPORT
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Report No. : |
332378 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
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Name : |
TUBOUL BUILDING SUPPLIES (1990) LTD. |
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Registered Office : |
P.O. Box 53227,
Jerusalem (9153102), 5 Hata’asiya Street, Balilyus Center Talpiot Industrial
Zone, Jerusalem 9342123 |
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Country : |
Israel |
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Year of Incorporation : |
1985 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders,
importers and marketers of building materials and supplies, ceramics. |
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No. of Employees : |
200 (Group) |
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 |
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 |
Company
name and address
TUBOUL BUILDING SUPPLIES (1990) LTD.
(Also using "TOUBOUL" spelling)
Telephone 972 2 565 61 00/70 (Jerusalem)
972 8 955 55 63
(Modi'in)
Fax 972 2 565 61 76
(Jerusalem)
972 2 565 61 26 (Jerusalem)
P.O. Box 53227, JERUSALEM (9153102)
5 Hata’asiya Street
Balilyus Center
Talpiot Industrial Zone
JERUSALEM 9342123 ISRAEL
HISTORY
& LEGAL FORMATION
Originally established as a non-registered business in 1985.
Converted into a private limited company and registered as such as per file
No. 51-152941-4 on the 24.12.1990.
SHARE CAPITAL
Authorized share capital NIS 15,100.00, divided into-
1 deferred share (issued),
5,033 ordinary “A” shares
(33 shares issued),
5,033 ordinary “B” shares
(33 shares issued),
5,033 ordinary “C” shares
(33 shares issued), all of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Mordechai Tuboul, holding the deferred share,
2. Simo Tuboul, holding 33 ordinary “A” shares issued,
3. Boaz Tuboul, holding 33 ordinary “B” shares issued,
4. Oren Tuboul, holding 33 ordinary “C” shares issued.
DIRECTORS & JOINT GENERAL MANAGERS
1. Simo Tuboul
2. Boaz Tuboul
3. Oren Tuboul
BUSINESS
Traders, importers and marketers of building materials and supplies,
ceramics
TUBOUL Group is marketing to all major
construction companies in Israel.
Among clients: ELAD HOTELS, EURO-ISRAEL,
REUVEN AVISRUR, DUNNA, ELI BARASHI & SONS, LOUKIE CONSTRUCTION, Y.D
BARAZANI, SOLEL BONEH, CEMENTCAL, MINRAV
Amongst local
suppliers: PAZKAR, LADICO
Operating from
TUBOUL Group premises, owned by the shareholders, on an area of 6,000 sq.
meters, in 5 Hata’asiya Street, Talpiyot Industrial Zone, Jerusalem. The area
is comprised of offices, warehouse and showroom.
Also operating
from a logistics center, owned by shareholders, on an area of 15,000 sq.
meters, in 7 Habanai Street, Ishpro Center, Merkaz Einav, Modi'in-Maccabim-Reut (the address you provided).
Having 200
employees serving TUBOUL Group (subject, AVNEY SELA and TUBOUL CERAMICA).
MEANS
Subject's
financial data not forthcoming.
Group's
consolidated stock is very highly valued.
Property owned by shareholders in 5 Ha’taasiya Street, Balilyus Center,
Talpiot Industrial Zone, Jerusalem (where the Group is operating from) was
estimated at US$ 6 million several years ago.
There are 26 charges for unlimited amounts registered on the company’s
assets (financial assets, fixed assets, equipment and vehicles), in favor of
Bank Leumi Le'Israel Ltd., Bank Hapoalim Ltd. and the First
International Bank of Israel Ltd. (last 3 charges placed January 2015).
REVENUES
Consolidated sales (including subject, AVNEY
SELA and TUBOUL CERAMICA):
2010 sales claimed to be NIS 160,000,000.
2011 sales claimed to be NIS 180,000,000.
2012 sales figures not forthcoming.
2013 sales claimed to be NIS 220,000,000.
2014 sales claimed to be NIS 220,000,000.
OTHER COMPANIES
TUBOUL Group owned by Tuboul family (headed by
Simo Tuboul) comprises mainly of (there are other companies)
AVNEI SELA IMPORT & MARKETING OF BUILDING
PRODUCTS LTD., wholesalers of building inputs and ceramics to retailers (having
some 600 clients).
TUBOUL CERAMICS
LTD., importers and marketers of ceramics, marble and sanitary equipment
(bathtubs, toilette products).
Tuboul family (headed by Simo Tuboul) has
several other companies, among them:
I.S.B.A. INITIATION AND BUILDING LTD.,
construction company,
FIBI CATERING AND FOOD SERVICES LTD., operating a restaurant.
BANKERS
Bank Hapoalim Ltd., Jerusalem Business Branch (No. 436), Jerusalem.
Bank Leumi Le'Israel
Ltd., Talpiot Branch (No. 785), Jerusalem.
The First
International Bank of Israel Ltd., Talpiot Branch (No 074), Jerusalem.
CHARACTER AND REPUTATION
Nothing unfavorable
learned on subject.
In January 2007 it
was reported that Simo Tuboul was held in custody on the grounds of trying to
influence key figures at the Tax Authorities to erase tax debts. We did not
learn on charges pressed on that matter, and assume it ended in a compromise or
ransom payment.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
In December 2009 a
request was filed to the Registrar of Companies on a merger between subject and
TUBOUL CERAMICS LTD., which eventually did not take place.
TUBOUL Group, established in 1984, is
well-known in the building supplies and ceramic field.
Simo Tuboul is a building contractor, a known businessman and familiar public
figure, member of MATI, Jerusalem Business Development Center management, and
heads the Talpiyot Businesses Association.
In February 2010 it was reported that TUBOUL
Group implemented an ERP system, with an investment of NIS 1 million.
The ceramics (also granite porcelain, marble) and sanitary ware branch in
Israel is highly competitive, with many importers and over 300 points of sale.
The revenues of the branch in 2012 summed up to NIS 2.85 billion, 3% up from
2011 and was divided into flooring and covering (56%), sanitary ware (32%),
bathroom cabinets and accessories (12%). Import of tiles in 2011 fell by 3%
from 2010, remained steady in 2012 and rose by 22.8% in 2013 in value of US$
361.5 million (9% up from 2012). In terms of sq. meters -to 33,351 thousand
sq.m. in 2013 (27,155 thousand sq.m. in 2012).
In 2013, 32.6% of imported ceramic and porcelain goods to Israel were from
China (up from 30.7% in 2012), 26% from Turkey (down from 34% in 2012), 25.2%
from Spain (19.7% in 2012), and 14% from Italy (similar to 2012).
In 2012, the volume of sales of imported ceramics and sanitary ware was 87%
of the total branch sales.
The Home Design area is directly influence
by the changes in the local market in general, and construction and real estate
market in particular.
From the Central Bureau of Statistics (CBS)
data for 2014, investments in construction for dwelling in 2014 fell by 1.2%,
after an increase of 1.2% in 2013 and 8.6% in 2012. Investments in construction
not for dwelling (public institutions, commerce, industry) and other
construction works (e.g. roads, offices, industrial, institutional) dropped 13%
in 2014, after climbing 8% in 2013.
Total investment in buildings and other
construction works in 2014 reached NIS 104.15 billion, 6% decrease from 2013
(when it rose 3.7% from 2012). The investment included NIS 66 billion in
residential building (-1.2% from 2013), of which 91.5% was for private
building, the rest for public building. Construction fell despite the
Government's efforts to increase investments. The fall in investment also lead
to a rise in houses prices.
Investment in construction for non-residential building (public
institutions, commerce, industry) summed up to NIS 19.4 billion in 2014 (-12%
from 2013), and investment in other construction works (e.g. roads, offices,
industrial, institutional) reached NIS 18.75 billion (-14%).
Investments in infrastructures comprise 19% of total investments in
construction.
The annual volume of houses renovations
according to the Renovations Contractors Association is estimated at NIS 15
billion, and the turnover of the ceramics branch is estimated to capture NIS
2.3 billion (which comprises some 80% of the branch's total volume).
The building sector indicators for 2014 show a withdrawal from the
previous year, a reverse trend from 2013, a year which marked an improvement in
activities after ambiguous previous several years. Volume of building starts
for dwelling (which is a dominant indicator for the trend in the building
sector) in 2014 fell by 8% from the previous year with 43,620 building starts,
compared to 47,351 in 2013 (43,287 in 2012, 46,923 in 2011). A similar rate of
decrease was also noted in the number of apartment whose building has been
completed, and in the number of dwellings transactions, where a sharp decrease
was seen. In 2013 there was also 11.8% increase in apartments whose
construction was finished (41,970 apartments).
Number of dwellings transactions climbed by 9% in 2013 reaching total of
114 thousands transactions (rise in both new and second-hand apartments), but fell
in 2014. In new apartments sold, a slight 0.3% rise noted in 2013 from 2012.
In the beginning of 2015 the rising trend in dwellings transactions
resumed and intensified towards the first half of 2015, following the new
government's policy.
SUMMARY
Notwithstanding the refusal to update
details, considered 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.63.65 |
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UK Pound |
1 |
Rs.99.14 |
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Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.