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MIRA INFORM REPORT
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Report No. : |
504358 |
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Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
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Name : |
B.S. AEROSYSTEMS
LTD. |
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Registered Office : |
P.O. Box 44971 (3144802), 4 Daniel
Street, Haifa 3330711 |
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Country : |
Israel |
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Date of Incorporation : |
27.02.2008 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and marketers of airborne bodies,
assemblies and parts made of composite materials, as well as aviation
structure assemblies, painting, welding and
sealing of aviation, marine and industrial assemblies and other complex
structures (including composed of several materials). |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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
B.S. AEROSYSTEMS LTD.
Telephone 972 4 867 60 06 (office)
Fax 972 8 623 65 49 (plant)
Email: mail@aerosystems.co.il
OFFICE
P.O.
Box 44971 (3144802)
4
Daniel Street
HAIFA 3330711 ISRAEL
PLANT
P.O. Box 2059
10
Hachashmelai Street
Emek Sara industrial Zone
BEER SHEVA 4847610
ISRAEL
HISTORY
& LEGAL FORMATION
A private limited company, incorporated as
per file No. 51-410805-9 on the 27.02.2008.
SHARE
CAPITAL
Authorized share capital NIS 100.00, divided
into -100 ordinary shares of NIS 1.00 each, fully issued.
SHAREHOLDERS
Subject is fully owned by Ms. Dalia
Rothwall.
SOLE
DIRECTOR
Ms. Dalia Rothwall.
Name of General Manager not forthcoming.
BUSINESS
Manufacturers and marketers of airborne
bodies, assemblies and parts made of composite materials, as well as aviation
structure assemblies, painting, welding and
sealing of aviation, marine and industrial assemblies and other complex
structures (including composed of several materials).
Note: Since subject’s
officials did not disclose data, activities and business data is obtained from
subject’s website and other external sources.
Among local clientele: ISRAEL AEROSPACE
INDUSTRIES, Ministry of Defense, Israeli Air Force, AFCON Group, IMI SYSTEMS,
ARKIA ISRAELI AIRLINES, ISRAEL SHIPYARDS, TAT INDUSTRIES, ELECTRA, and more.
Among foreign clientele: SIKORSKY AIRCRAFT
CORP.
Operating
from office/headquarters premises, in 4 Daniel Street, Haifa, and from a plant,
on an area of 5,800 sq. meters, in 10 Hachashmelai Street, Emek Sara Industrial
Zone, Beer Sheva.
Website:
www.aerosystems.co.il
Number
of employees not forthcoming.
MEANS
Financial data not forthcoming.
There are 2 charges for unlimited amounts, as well as 1 charge for the
sum of NIS 1,770,000 registered on the company's assets (financial assets), in
favor of Bank Hapoalim Ltd. and The First International Bank of Israel Ltd.
(last charge placed August 2016, prior charge placed December 2015).
REVENUES
Sales figures not forthcoming.
OTHER
COMPANIES
According to our findings, subject is part
of a Group of companies owned by subject’s shareholder. Among the other
companies:
ZAMIR EMPLOYMENT AGENCY LTD., incorporated
1982, a manpower agency.
BANKERS
According to our (since subject’s CFO
refused to disclose data, we could not verify the bank details):
Bank Hapoalim Ltd., Hadar Yosef Branch (No.
610), Tel Aviv, account No. 489127.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
The First International Bank of Israel Ltd.,
branch data not forthcoming.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Despite our efforts, we were unable to speak
with subject's CFO, the only person authorized to disclose data on the company,
as he was always unavailable. We left messages which so far remain unanswered.
In past interview, he refused categorically
to disclose any details, including address and name of General Manager,
referring us to subject’s website.
Subject is ISO 9001:2008 certified, as well
as holding other standard approvals.
In February 2016 subject filed a lawsuit in
the Beer Sheva Magistrate Court against INTERTOOL MACHINE TOOLS LTD. for NIS
555,458, who filed a counter claim against subject of NIS 61,225. Matter is
pending (case file No. 2778-02-16, next hearing scheduled 13.05.2017).
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).
The Central Bureau of Statistics (CBS) data reveals that investments (capital
formation) by the local manufacturing industries in machinery & equipment
(M&E) in 2017 (quantity change compared to the previous year) rose by 7.9%
in 2017, after rise by 18.1% in 2016 and by 1.2% in 2015. The investments whose
source was from import, which comprised 75% of total investment by the
industries in M&E, rose by 11.3% in 2017 (after +28.6% in 2016, +0.6% in
2015), while investments whose source was from domestic production decreased by
1.3% in 2017 (-3.9% in 2016, +2.5% in 2015).
Gross
investment in machinery & other equipment in 2017
reached NIS 53,605 million in current prices (NIS 49,659 million in 2016), of
which NIS 40,739 million was from imported production (NIS 36,601 in 2016
million) and NIS 12,890 million from domestic production (NIS 13,058 million in
2016).
SUMMARY
We consider the
company to be a reasonably fair trading partner. Yet, considering the refusal
to disclose any data, we recommend on certain cautious and dealings 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 |
INR 66.22 |
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1 |
INR 92.84 |
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Euro |
1 |
INR 81.27 |
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ILS |
1 |
INR 18.72 |
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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NIY |
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Report Prepared
by : |
NIT |
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.