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Report No. : |
324728 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ROLL PROFILE LTD. |
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Formerly Known As : |
BAMASAF ETAMAR (ROLL-FORMING) 1995 LTD. |
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Registered Office : |
P.O. Box 659
(2161601) P.O. Box 47 (2161001) 6 Zur
Street Eastern Industrial Zone Karmiel 2161601 |
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Country : |
Israel |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
22.06.1995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers,
manufacturers and marketers of aluminum shutters and shutters cases. |
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No. of Employees : |
318 |
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Israel |
A2 |
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 |
ROLL PROFILE LTD.
Telephone 972
4 990 02 00
972 4 995 31 64
Fax 972 4 990 02 55
P.O. Box 659
(2161601)
P.O. Box 47
(2161001)
6 Zur Street
Eastern
Industrial Zone
KARMIEL 2161601 ISRAEL
A private limited
company, incorporated as per file No. 51-216685-1 on the 22.06.1995 under the name
of BAMASAF ETAMAR (ROLL-FORMING) 1995 LTD., which changed to the present one on
the 26.08.1996.
Authorized share
capital NIS 27,100.00, divided into -
27,100 ordinary shares of NIS
1.00 each, of which 302 shares amounting to NIS 302.00 were issued.
1.
KLIL INDUSTRIES LTD., 82.78%, a public limited
company whose shares are traded on the Tel Aviv Stock Exchange, controlled
(60.5%) by Zur (Zuri) Daboosh (via owned companies),
2.
Etamar Ochayun, 17.22%.
1. Etamar Ochayun, General Manager,
2. Avi Somech.
Developers,
manufacturers and marketers of aluminum shutters and shutters cases.
Operating from a
plant, on an area of 2,087 sq. meters, which subject leases from parent KLIL
INDUSTRIES, part of KLIL’s owned premises (offices, storage facilities and
plants) on an area of 105,000 sq. meters, in 6 Zur Street, Eastern Industrial
Zone, Karmiel.
There are 318
employees serving KLIL INDUSTRIES Group in Israel, of which 33 employees in the
shutters segment (subject's segment).
Financial data is included in the consolidated B/S of parent company, KLIL INDUSTRIES
LTD.,
which shows:
NIS
(thousands)
ASSETS 31.12.2014 31.03.2015
Current assets:
Cash and cash equivalents 13,877 16,333
Investment in marketable
securities 49,943 50,569
Customers 64,990 63,580
Other debtors 2,640 3,061
Stock 81,161 81,639
212,611 215,182
Non-current assets
Fixed assets (net) 94,471 96,943
Other non-current assets 1,627 1,584
96,098 98,527
308,709 313,709
======= =======
LIABILITIES
Current liabilities 88,316 79,081
Non-current liabilities 2,182 2,995
Equity 218,211 231,633
308,709 313,709
======= =======
Parent company
KLIL INDUSTRIES current market value US$ 182 million.
In March 2012
KLIL Board approved a loan of NIS 1.8 million to subject.
Assets attributed
to the Shutter Segment (practically to subject) in KLIL financial statements as
of 31.12.2014: NIS 21,394,000 (NIS 15,778,000 as of 31.12.2013). Liabilities
NIS 4,542,000 (NIS 4,292,000 as of 31.12.2013).
There are 2 charge for unlimited amounts
registered on the company's assets (financial assets), in favor of Union Bank of Israel
Ltd. (charge placed February 1999 and June 2009).
Shutters and shutters
cases sales as reported by parent company KLIL INDUSTRIES (practically
attributed to subject):
2011 sales were
NIS 20,928,000, making an operating profit of NIS 1,883,000. Subject ended 2011
with a net profit of NIS 1,299,000.
2012 sales were
NIS 24,347,000, making an operating profit of NIS 3,201,000. Subject ended 2012
with a net profit of NIS 2,318,000.
2013 sales were
NIS 28,371,000, making an operating profit of NIS 4,889,000. Subject ended 2013
with a net profit of NIS 3,621,000.
2014 sales were
NIS 30,470,000, making an operating profit of NIS 6,434,000. Subject ended 2014
with a net profit of NIS 4,729,000.
Sales for the
first 3 months of 2015 were NIS 7,914,000, making an operating profit of NIS
1,808,000.
KLIL
INDUSTRIES LTD.
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2012 2013 2014
Sales 356,989 377,766 378,681
Gross profit 103,322 116,694 122,907
Operating income 59,353 73,301 72,841
Profit before taxes
on income 56,399 71,133 69,681
Net income 42,499 54,358 51,813
======= ======= =======
KLIL INDUSTRIES
consolidated first 3 months of 2015 sales were
NIS 95,946,000 (4% decrease compares to parallel period of 2014), making a
gross profit of NIS 28,692,000, an operating profit of NIS 16,573,000, making a
net profit of NIS 13,491,000.
KLIL INDUSTRIES
LTD., parent company, manufacturers, importers, marketers and exporters of
aluminum profiles, shutters, curtain walls, door and window frames, as well as
allied hardware products. Also developers, manufacturers, importers and
marketers of allied accessories for aluminum profile systems.
Other
subsidiaries:
KLIL U.K.
LIMITED, 100%, non-active.
Based on our:
Union Bank of
Israel Ltd., Haifa Main Branch (No. 081), Haifa.
Nothing
unfavorable learned.
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.
Subject is among
the leading companies in their field.
Parent company
KLIL INDUSTRIES is the one of the leading and veteran (founded in the 1950s,
incorporated 1962) companies in the aluminum field in Israel. KLIL's estimated
market share in 2014 is of one quarter of the products manufactured in Israel
from aluminum profiles. KLIL’s products are well-known in their quality. KLIL
is publicly traded since 1981.
Subject's market
share is 40% of the local market
Subject meets the
ISO 9002 standard of quality.
According
to estimations in the Aluminum branch, total of annual manufacturing in the
aluminum profiles for construction and industry in Israel in the recent years
summed at 40,000 – 45,000 tons, in money value of NIS 1 billion.
In
Israel and Palestinian Authority teritorries there are known to be 6 aluminum
profile manufacturers. In addition, there is increasing import from China,
Jordan and other countries.
Zuri Daboosh was
one of the founders of EMBLAZE, publicly traded on the London Stock Exchange. In
year 2000 he materialized 12% from his 25% shares in EMBLAZE in consideration
of US$ 45 million.
In March 2007
parent KLIL signed a 3 years agreement with American ALCOA, the world's largest
aluminum company, for an exclusive license to manufacture and market ALCOA's
products (ALCOA – KAWNEER) in Israel, in return for royalties.
In
October 2007, it was reported that KLIL’s aluminum window systems will be
installed in 60 villas in a fancy neighborhood in Bucarest, Romania. The
aluminum worls said to be in volume of NIS 5 million.
The
local Metal, Electricity and Infrastructure Industries manufactue 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).
The Central Bureau of
Statistics (CBS) data on import of metals raw
materials to the local industries: Import of Iron and Steel in 2014 summed up
to US$ 2,120.5 million, similar to the level in 2013 (witnessed decrease the
previous couple of years after a remarkable recovery in the years 2011 and 2010
from 2009; Import of Precious Metals also remained stagnant in 2014, summing up
to US$ 157 million (rose by 7.3% in 2013 to from 2012), whereas import of
Non-ferrous Metals decreased by 4% from 2013 (after increasing by 6% in 2013)
to US$ 816.5 million.
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, etc.) 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.
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 the beginning of 2015 the rising trend in transactions resumed). In
new apartments sold, a slight 0.3% rise noted in 2013 from 2012.
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.63.83 |
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|
1 |
Rs.97.10 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.