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MIRA INFORM REPORT
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Report No. : |
488767 |
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Report Date : |
03.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ELECTRO METAL ELECTRICAL ENGINEERING LTD. |
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Registered Office : |
26 Ophir Street , Shemen Beach, HAIFA 3223526 |
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Country : |
Israel |
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Date of Incorporation : |
1967 |
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Legal Form : |
A private limited company |
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Line of Business : |
Developers, manufacturers, exporters and marketers of LV
& MV switchgears, control and motion panels, as well as special solutions
for electricity components, photo-voltaic and cathodic protection systems,
for the civil and the military markets |
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No. of Employees : |
60 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 |
NOTE
In absence of financials, no credit limit could be recommended.
Company
name and address
ELECTRO METAL ELECTRICAL ENGINEERING LTD.
Telephone 972 4 867 06 56
Fax 972 4 867 42 27
Email: info@gino-ind.com
26 Ophir Street
Shemen Beach
HAIFA 3223526, ISRAEL
HISTORY
& LEGAL FORMATION
A private limited company, incorporated
as per file No. 51-051301-3 on the 11.03.1969, continuing activities which
began originally in 1967.
Originally registered under the
name ELECTRO METAL LTD., which changed to the present name on the 15.05.1995.
SHARE
CAPITAL
Authorized share capital NIS
10.00, divided into -
100,000
ordinary shares of NIS 0.0001 each,
of which 20,000 shares amounting
to NIS 2.00 were issued.
Note: The currency in share
capital was originally in Old Israeli Shekel whose nominal value was 1 thousandth
of the current New Israeli Shekel (NIS), converted in 1986.
SHAREHOLDERS
1. DB MERGERS & ACQUISITIONS LTD., 50%,
2. Micha (Michael) Gino, 50%.
DIRECTORS
1. Micha Gino, a registered authorized reporting official,
2. Michael Berkovich.
Presently, having no General
Manager.
BUSINESS
Developers, manufacturers,
exporters and marketers of LV & MV switchgears, control and motion panels,
as well as special solutions for electricity components, photo-voltaic and
cathodic protection systems, for the civil and the military markets.
We are informed by subject’s
secretary, that subject is not in a good situation (for instance, no general
manager). She refused to elaborate further. Consequently, we are unable to
verify current activity level (if any).
According to subject’s website,
among clientele: Ministry of Defense, Israel Defense Force, RAFAEL ADVANCED
DEFENSE SYSTEMS, ELBIT SYSTEMS EL OP, SUPER PHARM, RAMBAM MEDICAL CENTER,
Kaplan Hospital, Ra’anana Sewerage Treatment Facility, THE ISRAEL ELECTRIC
CORP., and more.
Operating from premises, owned
by the shareholders according to our records (8,000 sq. meters serving the
Group), in 26 Ophir Street, Industrial Zone Shemen Beach, Haifa.
Website: www.gino-ind.com
According to subject’s website,
having 60 employees. Actual current number of employees not forthcoming.
MEANS
Financial data not forthcoming.
There are 14 charges for unlimited amounts registered on the
company's assets (financial assets, real estate assets, equipment and
vehicles), in favor of The First International Bank of Israel Ltd. and
companies (last 5 charges placed June-October 2016 on fixed assets).
REVENUES
Sales figures not forthcoming.
OTHER COMPANIES
Affiliated companies (owned by
the Gino family):
GINO
INDUSTRIES LTD., importers and
marketers of electrical products for the industry.
Y.R.GLOBAL DIRECT TRADE LTD., importers and marketers decorative tiles, sanitary
ware, etc.
DB MERGERS & ACQUISITIONS
LTD., parent company.
BANKERS
According to our records (since
so far subject’s officials did not disclose data, we are unable to verify the
u/m bank details):
The First International Bank of
Israel Ltd., Branch data not forthcoming.
CHARACTER
AND REPUTATION
As noted above, subject’s
secretary told us that subject is “presently in really not a good situation”,
as she defined it.
We did not find anything
detrimental on subject (bankruptcies, restricted bank account, etc.).
It should be noted that in 2005
subject was entered freezing procedures upon its request (asked for 3 months).
We did not find later indications for that regard, so do not know for how long
the procedures were taken.
So far subject's officials refused to disclose any
data. We were asked us to send them an email with our request – which we did –
so far without response.
In case they return to us with further data, we will
update you accordingly.
Subject is long-established, Micha Gino and the Gino family
are veterans in the electricity supplies field.
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).
The Central Bureau of Statistics (CBS) data reveals that investments by the
local manufacturing industries in machinery & equipment (M&E) in 2016 rose
by 19.9% from 2015, following rise by 3.1% in 2015 and 1.4% in 2014 and
decrease by 9% and 4.8% in 2013 and 2012, respectively from the previous year.
The investments whose source was from import, which comprised 37% of total
investment by the industries in M&E, rose by 30.8% in 2016 (from the
previous year (after +3% in 2015, +3.5% in 2014 and -15.8% in 2013), while
investments whose source was from domestic production decreased by 2.6% in 2016
(+3.3% in 2015, -2.4% in 2014 and +8.8% in 2013).
Gross investment in machinery & other equipment
in 2016 reached NIS 48,742 million in current
prices (NIS 41,464 million in 2015), of which NIS 35,634 million was from
imported production (NIS 27,931 million) and NIS 13,108 million from domestic
production (NIS 13,533 million in 2015).
SUMMARY
Considering the above and the
lack of data from subject’s officials, dealings are recommended on fully
secured basis or cash in advance basis.
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 |
INR 63.08 |
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1 |
INR 91.34 |
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Euro |
1 |
INR 80.03 |
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ILS |
1 |
INR 18.58 |
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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PRI |
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Report Prepared
by : |
KET |
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.