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MIRA INFORM REPORT
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Report No. : |
491013 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
EVEN GEV LTD. |
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Registered Office : |
31 Habarzel Street, Emanuel Building, Ramat Hahayal, Tel Aviv 6971045 |
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Country : |
Israel |
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Date of Incorporation : |
27.06.1994 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Agencies and marketers of heavy-duty infrastructure equipment, machinery
and products: steel, marine structures, platforms, train compartments,
railway tracks and allied products. |
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No. of Employees : |
7 |
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 : |
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
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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 |
COMPANY NAME AND
ADDRESS
EVEN GEV LTD.
Telephone 972 77 501 00 56
Mobile 972
54 428 52 61
Fax 972
77 501 00 57
31 Habarzel Street
Emanuel Building
Ramat Hahayal
TEL AVIV 6971045 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-199249-7 on the 27.06.1994.
SHARE CAPITAL
Authorized share
capital NIS 17,600.00, divided into -
6 management shares (2 shares issued),
17,594 ordinary shares (issued), all of NIS 1.00 each, of which shares amounting
to NIS 17,596.00 were issued.
SHAREHOLDERS
Subject is fully owned by Simha Perlman.
SOLE DIRECTOR
Simha Perlman, General Manager.
BUSINESS
Agencies and marketers of heavy-duty infrastructure equipment, machinery
and products: steel, marine structures, platforms, train compartments, railway
tracks and allied products.
All revenues are from commission.
All purchases are from import. All suppliers are foreign.
Sole local representatives of the following foreign manufacturers (in
subject’s relevant line of activity):
HOLDFAST; E.J. BEAN, FENDERCARE, all of the U.K.,
THYSSEN KRUPP; DYWIDAG, MANNEX, RAWIE, LECHMOTEREN, all of Germany,
T.T.M, of Italy.
Amongst clients: ISRAEL RAILWAYS, ISRAEL PORT AUTHORITY, TAMNUN MARINE
WORKS, ASHTROM GROUP, DANYA CEBUS, HACARMEL PORT, ISRAEL ELECTRIC CORP., SOLEL
BONEH, A. ARENSON, TERRE ARMEE, MER TERRE MARITIME AND DEVELOPMENT WORKS
CONTRACTING CO., DEAD SEA WORKS, etc.
Operating from owned office premises, on an area 120 of sq. meters, in 31
Habarzel Street, Emanuel Building, Ramat Hahayal Industrial and Hi-Tech Zone,
Tel Aviv.
Having 7 employees (same as in 2013). Also employing subcontractor workers
according to needs.
MEANS
Subject does not hold stock, activities are based on orders.
In mid-2016 subject acquired their premises in 31 Habarzel Street, Emanuel
Building, Ramat Hahayal Industrial and Hi-Tech Zone, Tel Aviv for NIS
1,900,000.
There are 4 charges for unlimited and limited amounts registered on the
company’s assets (on all assets), in favor of the Israel Discount Bank Ltd. and
Bank
of Jerusalem Ltd.
REVENUES
Mr. Simha Perlman informs us that subject’s turnover is very high.
Revenues from commission:
2016 commission revenues claimed to be € 3,000,000.
2017 commission revenues claimed to be € 3,000,000.
BANKERS
Israel Discount Bank Ltd., Hamifratz Branch (No. 176), Haifa, account No.
11338.
A check with the Central Banks’ database did not reveal any negative
information regarding subject’s a/m account.
CHARACTER AND
REPUTATION
Nothing unfavorable
learned.
In 2001-2 subject
won a major tender for the ISRAEL RAILWAYS, for the supply of 24 train
compartment sets for the new Tel Aviv-Jerusalem-Tel Aviv line. The value of the
whole project is US$ 160 million for 3 years with subject expected to generate
US$ 700,000 commission fee.
Subject is a major
supplier to DANYA CEBUS, the large contracting company, which is currently
constructing and paving the toll highway Route 431 near Modi'in.
Investment in infrastructure in Israel in
2016 summed up at NIS 25.46 billion (in current prices), similar to the
investment rate in 2015 and 2014. The investment was divided into the transport
-roads and railways- sector (NIS 13.5 billion, 10% increase from 2015), energy
sector (NIS 6 billion, 18% decrease), water (NIS 2.8 billion, similar to 2015),
and communications (NIS 2.8 billion, rose by 8% from 2015).
In August 2017 the Government approved an
infrastructure development for 2017-2021 in total sum of NIS 116 billion. The
plan includes 147 projects in different sectors, notably NIS 88.4 billion in
the transportation sector (of which 15% for the light trains projects, 22%
roads, 15% railways, 8% public transportation) and NIS 19.2 billion in the
energy sector (of which 61% in electricity, 14% in water, 12% gas, 11% wastewater and 2% in fuels). 47% of
the total transportation investment already appears in the 2017-18 national
budget, and in the energy sector, 40% would come from State funding, the rest
from the private sector.
Investments in
infrastructure is financed mainly out of the State Annual Budget, and the rest
comes from the private sector (including PFI based projects).
The Ministry of Transportation development budget for investments in roads
& highways (handled by Israel's National Roads Co.), railways and public
transportation rose in the years 2005-2010 by 70%, reaching NIS 8.3 billion in
2010. In following years budget kept rising, and development budget of the
Ministry approved for 2014 summed up to NIS 12 - 13 billion (some 50% rise), with
further growth in 2015. The Ministry informed in March 2015 that they promote
transportation ventures in overall sum of over NIS 100 billion, and annual
investment of the projects reaches NIS 15 billion.
SUMMARY
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 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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ILS |
1 |
INR 18.17 |
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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VAR |
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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
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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.