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Report No. : |
327618 |
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Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
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Name : |
EVEN BAHAT LTD. |
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Registered Office : |
9 Harimon Street,
Raanana 4357009 |
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Country : |
Israel |
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Date of Incorporation : |
24.07.2003 |
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Com. Reg. No.: |
51-343675-8 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is Importers
and marketers of stone, marble and granite mostly for construction. |
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No. of Employee : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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) |
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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.
|
Source
: CIA |
EVEN BAHAT LTD.
Telephone 972
9 771 95 50
Fax 972
9 771 95 49
Email: op5@inter.net.il
9 Harimon Street
RAANANA 4357009,
ISRAEL
A private limited
company, incorporated as per file No. 51-343675-8 on the 24.07.2003.
Authorized share
capital NIS 1,000.00, divided into
1,000 ordinary shares of NIS 1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
Subject is fully
owned by Ofer Porat.
Ofer Porat.
Importers and
marketers of stone, marble and granite mostly for construction.
Amongst clients:
ASHTROM GROUP, DENYA CIBUS, U. DORI GROUP, A. AHARONSON, etc.
Operating from
office premises at the private residence of Ofer Porat, in 9 Harimon Street,
Raanana (to where Ofer Porat moved from 41 Hakochav Street, Raanana in the
beginning of June 2015), and from warehouse premises, partly owned and partly
rented, in Pardes Hanna, and a warehouse in Ashdod (near the port).
Having 7 employees
(had 4 employees in 2010).
Financial data not
forthcoming.
There is 1 charge
for an unlimited amount, as well as 1 charge for the sum of NIS 300,000
registered on the company’s assets (financial asstes), in favor of Bank
Hapoalim Ltd. (last charge placed April 2012, prior charge placed 2009).
2009 sales claimed
to be NIS US$ 2,000,000.
Later sales data
not forthcoming.
Bank Hapoalim
Ltd., Raanana Branch (No. 661), Raanana, account No. 522067.
A check with the
Central Banks’ database did not reveal negative information on subject’s above
mentioned account.
Nothing
unfavorable learnt.
Subject’s General
Manager, Mr. Porat, refused to disclose financial data.
Mr. Porat has
experience in the field from his activities prior to establishing subject.
The ceramics (also granite porcelain, marble, etc.) 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, 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.
Investment in construction for non-residential building (public
institutions, commerce, industry, etc.) 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 the beginning of 2015 the rising trend in transactions
resumed). In new apartments sold, a slight 0.3% rise noted in 2013 from 2012.
Notwithstanding the refusal to disclose
financial 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
-- |
NB |
New Business |
-- |
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.