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MIRA
INFORM REPORT
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Report No. : |
493738 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
LANDA CORPORATION LTD |
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Formerly Known As : |
LANDA LABORATORIES LTD |
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Registered Office : |
P.O.
Box 2418 (7612301), 13 Gad Feinstein Road, Industrial Park, Rehovot, 7638517 |
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Country : |
Israel |
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Date of Incorporation : |
03.08.2003 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers, exporters and
marketers of revolutionary nano-ink printers, for industrial uses, which
enable a very high quality of printing together with a significant cost
saving. |
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No. of Employees : |
400 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs 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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 Israels 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
RE: LANDA
CORPORATION LTD.
(Trading
as: LDP - LANDA DIGITAL PRINTING,
Also
known as: "LANDA
NANOGRAPHY")
Telephone 972 77 344 44
48/44
Fax 972
77 344 44 45
P.O. Box 2418 (7612301)
13
Gad Feinstein Road
Industrial
Park
Rehovot, 7638517, Israel
HISTORY & LEGAL FORMATION
A private limited company, incorporated as
per file No. 51-344005-7 on the 03.08.2003.
Originally registered under the name LANDA
LABORATORIES LTD., which changed to the present name on the 29.06.2011.
SHARE CAPITAL
Authorized share capital NIS 500,000.00,
divided into -
50,000,000 ordinary shares of NIS 0.01 each,
of which 40,398,596 shares amounting to NIS
403,985.96 were issued.
SHAREHOLDERS
1. Ben-Zion (Benny) Landa, 55.33%,
2. ALTANA NETHERLANDS B V, 33.33%, of the ALTANA
AG Group of Germany,
3. LANDA LABS (2012) LTD., 11.34%, fully owned by
Benny Landa.
Note: ESOP MANAGEMENT & TRUST SERVICES LTD.,
a trust company on behalf of employees, holds 1,250 shares.
In June 2014 ALTANA invested 100 million
in subject.\
DIRECTORS
1. Ben-Zion (Benny) Landa, Chairman and
President,
2. Dov Ingber,
3. Ms. Miriam Sela,
4. Andreas Jerschensky,
5. Peter Roland.
GENERAL MANAGER
Yishai Amir.
BUSINESS
Developers, manufacturers, exporters and
marketers of revolutionary nano-ink printers, for industrial uses, which enable
a very high quality of printing together with a significant cost saving.
Most of sales are export.
According to reports from June 2016,
received orders in volume of US$ 500 million for printers in the Drupa
Exhibition in Germany in May 2016.
Price of each machine is estimated at US 2-3
million.
Among clientele: EDELMANN, ESKO,
Among local suppliers: ADVANCED VISION TECHNOLOGY (A.V.T.) - providers
for print quality control solution.
Operating from rented main office premises,
on an area of 10,000 sq. meters, in 13 Gad Feinstein Road, Industrial Park,
Rehovot, from additional office premises in 3 Pekris Street, Tamar Science
Park, Rehovot (the address you provided), and from a plant in Azor.
Website: www.landananao.com
According to a report from February 2017,
having some 400 employees (reported on over 350 employees in May 2016), current
exact actual number not forthcoming.
MEANS
In June 2014 it was reported that LANDA
DIGITAL PRINTING raised 100 million from German chemicals company ALTANA,
giving subject a company value of 300 million.
According to media reports from October
2012, LANDA Group (via subject) intended to raise US$ 150 million US$ 200
million via private placement, according to a company value for subject of US$
800 million US$ 1 billion, intended for the erection of a nano-printer plant
for the supply of the orders LANDA CORP. received in Drupa Exhibition in
Germany in May 2012. Reportedly, Benny Landa himself invested from his own
equity some US$ 150 million US$ 250 million in his LANDA Group (about US$ 40
million US$ 50 million per year).
There are 2 charges for unlimited amounts registered on the company's
assets (financial assets), in favor of Bank Hapoalim Ltd. (charges placed
February 2016 and August 2014).
REVENUES
According to a report from October 2012 (as noted above), subject has
orders in volume of US$ 1 billion.
According to reports from 2016 and 2017, received orders in volume of
US$ 500 million for printers in the Drupa Exhibition in Germany in May 2016.
Exact sales data not forthcoming.
OTHER COMPANIES
LANDA LABS (2012) LTD., operating a development center for
nanotechnology applications for alternative energy, as well as a variety of
applications ranging from pigments and drug delivery to hair colorants and composite
materials. Having some 150 researchers.
LANDA VENTURES LTD., owned by Benny Landa, a private investment company
engaged primarily in the imaging and mobile fields, which invested in 10
ventures. Among its holdings are XJET (a start-up in the Cleantech/ Renewable
Energies industry, developers and marketers of devices for solar cells cost
efficiency); HIGHCON SYSTEMS (developers, manufacturers, exporters and
marketers of transformational digital technology for the Folding Carton
sector), GENCELL (conversion of natural gen to hydrogen for more efficient
energy), HUMANEYES, ARROWEYE, NOVELSAT, KAMPALOOK and STEAM.
LANDA FUND, a philanthropic entity dedicated to narrowing socioeconomic
gaps in society by enabling youth of underprivileged means to achieve higher
education.
ALTANA AG, a global company operating in the chemical field. Having four
operating divisions: BYK Additives & Instruments, ECKART Effect Pigments,
ELANTAS Electrical Insulation, and ACTEGA Coatings & Sealants. Having over
40 operational companies and some 50 application and research laboratories
worldwide. 2016 sales were 2,073 million making a
net profit of 210 million.
BANKERS
Bank Hapoalim Ltd., Rehovot Business Branch
(No. 412), Rehovot, account No.404400.
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.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
Mr. Benny Landa is a pioneer in the digital color printing systems field, with
excellent reputation. He heads the LANDA Group, which established LANDA
VENTURES following the acquisition in 2002 by HEWLETT-PACKARD of INDIGO, then
publicly traded company (NASDAQ), which Landa founded and was its principal
shareholder he held 44% when HP acquired INDIGO for US$ 830 million.
In December 2014 it was reported that LOREAL
acquired COLORIGHT, a company providing digital analysis of hair, from its
founders Benny Landa's and Yair Goldfinger, for over US$ 150 million.
In the beginning of 2017, it was reported
that Landa made another exit, selling his metallography activity (developed by
LANDA LABS) to his partners ALTANA AG, for an estimated sum of US$ 100 million.
SUMMARY
Notwithstanding the lack of updated data
from subject's officials, considered good for trade engagements. Maximum
unsecured credit US$ 500,000.
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 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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ILS |
1 |
INR 18.94 |
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 : |
SYL |
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
SCs 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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.