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Report No. : |
332923 |
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Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HARDGUM LTD. |
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Formerly Known As : |
HARDUF SHAUL AGENCIES LTD |
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Registered Office : |
P.O.
Box 25259 (3125102), 12 Hamashbir Street, Check Post Industrial Zone, 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
tires (specializing in forklifts tires) and tires for terrain (4x4) vehicles,
as well as affiliated products (forklift seats, rims, etc.). |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
|
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.
|
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)
12
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 tires
(specializing in forklifts tires) and tires for terrain (4x4) vehicles, as well
as affiliated products (forklift seats, rims, etc.).
Sales are to companies, garages, forklift
importers, etc.
Among clientele: ISRAEL PORT AUTHORITY.
Among local suppliers: ALLIANCE MARKETING
ISRAEL (Alliance Galaxy Primex tires) - see more in CHARACTER.
Sole local representatives of:
WATTS, of UK,
TRELLEBORG, of Sweden.
Operating from premises in 12 Hamashbir
Street, Check Post Industrial Zone, Haifa.
Number of employees not forthcoming.
Financial data not forthcoming.
There are 12 charges for unlimited amounts,
as well as 2 charges for the totatl 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)).
Sales figures not forthcoming.
According to our:
Bank Hapoalim Ltd., Neve Shaanan Branch (No.
702), Haifa, account No. 266663.
A check with the Central Banks' database did not reveal any negative information
regarding subject's a/m account.
Since Matan Harduf, subject's owner and
General Manager refused to disclose data, we could not verify the a/m bank
details.
Nothing unfavorable learned.
Matan Harduf, subject's owner and General
Manager refused to disclose any data without receiving the name of the supplier
on behalf the inquiry was made.
Subject is an authorized dealer for automotive
spare parts (tires) by the Ministry of Transportation & Road Safety.
It should be
noted, that subject shares its post office box (#25259) with ALLIANCE MARKETING
ISRAEL LTD., local well-known marketers of ALLIANCE Group's pneumatic tires and
of other tires importers.
Shaul Harduf (whom we assume is Matan
Harduf's father), serves as General Manager of ALLIANCE MARKETING ISRAEL.
We could not establish the real nature of
relations between subject and ALLIANCE, but apparently, from the above said,
there is one.
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.
Considering the lack of data from subject's
officials, dealings are recommended on secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.03 |
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|
1 |
Rs.99.72 |
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Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.