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MIRA INFORM REPORT
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Report No. : |
501433 |
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Report Date : |
09.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PROFAL LTD. |
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Registered Office : |
Mobile Post Western Galilee Industrial Park Goren Maale Yosef Regional Council 2285101 |
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Country : |
Israel |
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Date of Incorporation : |
08.05.1997 |
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Legal Form : |
Private limited company |
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Line of Business : |
Manufacturers,
exporters and marketers of aluminum profiles. |
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No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ISRAEL - ECONOMIC
OVERVIEW
Israel has a technologically advanced free market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among its leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are offset 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 weathered the 2011 Arab Spring because strong trade ties outside the Middle East insulated the economy from spillover effects.
Slowing domestic and international demand and decreased investment resulting from Israel’s uncertain security situation reduced GDP growth to an average of roughly 2.8% per year during the period 2014-17. 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 in the last decade. Political and regulatory issues have delayed the development of the massive Leviathan field, but production from Tamar provided a 0.8% boost to Israel's GDP in 2013 and a 0.3% boost in 2014. One of the most carbon intense OECD countries, Israel generates about 57% of its power from coal and only 2.6% from renewable sources.
Income inequality and high housing and commodity prices continue to be a concern for many Israelis. 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. Government officials have called for reforms to boost the housing supply and to increase competition in the banking sector to address these public grievances. Despite calls for reforms, the restricted housing supply continues to impact the well-being of younger Israelis seeking to purchase homes. Tariffs and non-tariff barriers, coupled with guaranteed prices and customs tariffs for farmers kept food prices high in 2016. Private consumption is expected to drive growth through 2018 with consumers benefitting from low inflation and a strong currency.
In the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultraorthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only about 8% of the workforce, with the rest mostly employed in manufacturing and services - sectors which face downward wage pressures from global competition. Expenditures on educational institutions remain low compared to most other OECD countries with similar GDP per capita.
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Source
: CIA |
Company
name and address
PROFAL
LTD.
Telephone 972 4 980 78 88
Mobile 972 50 552 66 51 (Yair Levin)
Fax 972 4 980 78 89
Email: info@profal.co.il
Mobile Post Western Galilee
Industrial Park Goren
MAALE YOSEF REGIONAL COUNCIL
2285101 ISRAEL
HISTORY
& LEGAL FORMATION
A private limited company, incorporated
as per file No. 51-248183-9 on the 08.05.1997 under the name ALEVIN ALUMINIUM
LTD., which changed to the present one on 30.07.1998.
Subject is continuing family
business activities which began in the early 1950's.
SHARE
CAPITAL
Authorized share capital NIS
44,032,700.00, divided into:-
44,032,700 ordinary shares all of
NIS 1.00 each,
of which 39,401,000 shares
amounting to NIS 39,401,000.00 were issued.
SHAREHOLDERS
1. Yair Levin, 50%,
2. Ms. Nurit Levin, 50%,
Note: Subject
itself is registered as a shareholder.
DIRECTORS
1. Yair Levin, Joint
General Manager,
2. Ms. Nurit Levin,
Joint General Manager, also a registered authorized reporting official.
BUSINESS
Manufacturers,
exporters and marketers of aluminum profiles.
Performing
designing, processing, painting and anodizing (including color anodizing) on
the profiles.
Sales
are to various sectors, including construction, electronics and automotive
industries, etc., as well as for solar panels.
10% of
sales are for export.
Among
clients: M. COHEN METAL ENTERPRISES, GOLAN ZACH, Ministry of Defense, M.S.
ALUMINIUM, KOL-CHEN, SOLAR BY YOURSELF, etc.
According
to our, most purchasing is from import, local purchasing on a very low scale.
Subject
purchases aluminum from European exchanges.
Operating
from owned premises, on an area of 40,000 sq. meters (of which 18,000 sq.
meters built), in the Industrial Park Goren, Maale Yosef Regional Council,
located in the Western Galilee (country's north).
Website:
www.profal.co.il
Having
120 employees (same as in 2017).
MEANS
Current
stock is valued at over NIS 20,000,000.
Subject is an “Approved
Enterprise” and as such enjoys tax benefits and State incentives.
In 2003
the Israeli Investment Centre (IIC) approved a grant for the expansion of
subject’s plant.
In
2010 the IIC approved a NIS 30 million investment/grant for the expansion of
subject’s plant.
In 2015 the IIC approved a NIS
25 million investment for the expansion of subject’s plant.
Owned
property Industrial Park Goren, Maale Yosef Regional Council (where subject is
operating from) is highly valued.
There
are 6 charges for unlimited amounts registered on the company’s assets (fixed
assets, financial assets and equipment), in favor of the State of Israel, Bank
Leumi Le’Israel Ltd. and Bank Hapoalim Ltd. (last charge placed in 2011, prior
charges placed 1997 - 2007).
REVENUES
2016
sales claimed to be NIS 95,000,000.
2017 sales
claimed to be NIS 100,000,000.
BANKERS
Bank
Leumi Le’Israel Ltd., Halutzei Hataasiya Business Branch (No. 889), Haifa.
Bank
Hapoalim Ltd., Hamifratz Branch (No. 791), Haifa.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
This
is a veteran family enterprise.
Subject is ISO-9001:2008
certified.
In September 2004 subject
inaugurated a new coating planning in Goren Industrial Park with investment of
US$ 5 million.
In 2004 subject supplied product
for CERN in Switzerland.
It was reported that in 2006
subject installed a facility designed to reduce hazardous emissions from
subject's plan, according to The Ministry of Environment requirements.
In
2007 subject started to export aluminum products to the auto industry in
Germany.
In August
2011 it was reported that subject signed a deal to supply a German company
aluminum profiles for solar panels for the next 3 years in volume of
€ 25
million (some 1.8 million profiles). Subject reported it is investing € 3
million in upgrading it production line for this deal.
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 60,000 tons, in money value of NIS 1.2
billion.
There are several aluminum profile manufacturers in Israel
and Palestinian Authority teritorries the rest is from import, where is the
last years import has been increasing from China, Jordan and other countries.
According to Central Bureau of
Statistics (CBS), import of Aluminum and
articles thereof to Israel in 2016 reached US$ 519.8 million, compared to US$
523.8 million in 2015 and US$ 561.3 million in 2014.
Import of such during the first 11 months of 2017 rose by 7.4% compared to the
parallel period in 2016.
The local Metal, Electricity and Infrastructure Industries
manufacture 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).
According to the Central Bureau of Statistics (CBS), export by the local Manufacturing of
Fabricated Metal Products, Machinery & Equipment and Domestic Appliances
witnessed 1.6% decrease in 2017 from 2016 to US$ 5,851.5 million, after 8.4%
increase in 2016 from 2015 and 9.1% decrease in 2015 from 2014.
The CBS data on investment in imported machinery and other
equipment for the manufacturing industry in 2017 (quantity change percent
change on previous year): investments in the manufacture of basic metal totaled
NIS 202.8 million, representing 24.5% decrease, after close to 30% increase in
2016; investments in the manufacture of fabricated metal products was NIS 1,047
million, 14.2% increase, after decrease by 1.1% in 2016.
SUMMARY
Good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.99 |
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1 |
INR 90.96 |
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Euro |
1 |
INR 79.51 |
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ILS |
1 |
INR 18.44 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.