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MIRA
INFORM REPORT
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Report No. : |
496929 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
HISH PROCESSING & CONVEYING TECHNOLOGY LTD. |
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Registered Office : |
1
Haim Laskov Street Afula Illit Industrial Zone Afula |
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Country : |
Israel |
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Date of Incorporation : |
12.01.1988 |
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Legal Form : |
Private limited company |
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Line of Business : |
Manufacturers,
exporters and marketers of products for the industry (heat transfer
equipment, storage and feeding systems, bulk handling machinery, etc.), as
well as custom made products. |
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No. of Employees : |
43 (2012) |
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 : |
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
HISH
PROCESSING & CONVEYING TECHNOLOGY LTD.
(Also
known as: HISH TECHNOLOGIES AND CONVEYING LTD.*)
Telephone 972 4 659 23 76
Fax 972 4 659 58 02
Email:
hishco@netvision.net.il
Physical
Address
1 Haim
Laskov Street
Afula
Illit Industrial Zone
AFULA ISRAEL
Mailing
Address
P.O.
Box 2195
AFULA 1812101 ISRAEL
HISTORY & LEGAL FORMATION
Originally
incorporated as a private limited company as per file No. 51-126482-2 on the
12.1.1988.
Company
took over the business activities of HISH STEEL WORKS LTD., originally
established in 1945, registered as a private limited company as per file No.
51-028905-1 on the 30.06.1961, which became non-active.
Subject
converted into a public limited liability company and registered as such as per
file No. 52-004170-8 on the 19.5.1994.
Following
financial difficulties, subject operated under a Court-nominated Trustee from
1999 until 07.08.2011. Since then subject has been operating
independently.
* Note:
Subject has no Latin registered name in the Registrar of Companies. An exact
translation of subject's Hebrew name is: HISH TECHNOLOGIES AND CONVEYING LTD.
SHARE CAPITAL
Authorized
share capital NIS 10,000,000.00, divided into -
10,000,000
ordinary shares of NIS 1.00 each,
of
which 23,777 shares amounting to NIS 23,777.00 were issued.
SHAREHOLDERS
1. YAAKOV BEN NATAN
HAROSHET LTD., 57.9%, we assume owned by Ben-Natan family,
2. Daniel Ben-Natan, 28%,
3. Zvi Ben-Natan,
14.1%.
DIRECTORS
1. Daniel Ben-Natan, General Manager,
2. Zvi Ben-Nathan.
BUSINESS
Manufacturers,
exporters and marketers of products for the industry (heat transfer equipment,
storage and feeding systems, bulk handling machinery, etc.), as well as custom
made products.
Among
clientele: PAZ OIL, OIL REFINERIES, DEAD SEA WORKS, INTEL ISRAEL, BROMINE
COMPOUNDS, TEVA PHARMACEUTICAL INDS., and more.
According
to subject’s website, also participating in projects in UK, Netherlands and
Russia.
Among
local suppliers: SCOPE METALS, MENDELSON - S.BAR, HAMEICHAL STEAMBOILER
INDUSTRY, HAMATECHET M. FELSENSTEIN, SCHLEISNER FLAME & PLASMA CUTTING.
Operating
from rented premises, on an area of 5,000 sq. meters, in 1 Haim Laskov Street,
Afula Illit Industrial Zone, Afula.
Website:
www.hishco.com
Had 43
employees in 2012. Current number of employees not forthcoming.
MEANS
Equipment
and machinery was valued at NIS 2,000,000 in 2012.
Other/later
financial data not forthcoming.
There
are 9 charges for unlimited amounts registered on the company's assets (1 on
all assets and 1 on financial assets, both placed 2016 rest on vehicles), in
favor of The First International Bank of Israel Ltd. and companies (last charge
placed August 2017).
REVENUES
2010
sales claimed to be NIS 14,000,000.
2011
sales claimed to be NIS 20,000,000.
First
6 months of 2012 sales claimed to be NIS 9,000,000.
Later
sales data not forthcoming.
OTHER COMPANIES
HISHCORP.
LTD., 100%.
BANKERS
According
to our records (since we could not speak to subject’s officials, we are unable
to verify the u/m bank details):
Bank
Leumi Le'Israel Ltd., Hamifratz Business Branch (No. 898), Kiryat Bialik,
account No. 150700/00.
Mercantile Discount Bank Ltd.,
Paulus VI Branch (No. 627), Nazareth, account No. 25570.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m accounts.
CHARACTER AND REPUTATION
As
mentioned above, subject suffered severe financial difficulties, accumulating
debts to banks, tax authorities, VAT authorities, The National Insurance
Institute of Israel and employees. Subject was appointed a Trustee by the District
Court in Haifa (Bankruptcy File No. 419/99, later revised to Bankruptcy File
No. 963/05, after subject did not meet its initial creditors' agreement).
Nothing
unfavorable learned since subject started operating independently as of
07.08.2011.
In March
2016 a claim was filed against subject for NIS 55,024, subject filing a counter
claim of NIS 210,000. Matter ended in September 2017 via arbitration, outcome
not forthcoming (case file No. 48190-03-16).
Despite our efforts, we were unable to speak with subject's
officials, being told they are busy, and were asked to call again in several
days. In case we receive further data then, we shall update you accordingly.
Subject's
activities are veteran.
Subject
is ISO 9001:2000 certified.
Subject
may be affiliated to K Z B TECHNICAL RUBBER PRODUCTS (1987) LTD., owned by
Ben-Natan family members (mainly Eitan Ben-Nathan), manufacturers and marketers
of technical rubber goods, and importers and marketers of professional cooking
equipment.
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.
Export
by local Manufacturing of Basic Metals saw 14.8% increase in 2017 from 2016 to
US$ 626.4 million, a change in trend after consecutive years of decrease in
export since 2012. Export by the local non-metalic mineral products
manufacturing in 2017 also recorded an increase of 4.7% to US$ 454.1 million,
after steady trend in the last several years.
The CBS data on
import of metals raw materials to the local
industries: Import of Iron and Steel in 2017 summed up to US$ 2,198 million,
13.7% increase from 2016 (US$ terms, 6.5% rise in NIS currency terns), after 1.6% decrease in 2016 from 2015 (-3% in
NIS terms); Import of Precious Metals in 2017 rose by 10.6%, summing up to US$
178 million (up 3.7% in NIS terms), after 6% rise in 2016 from the previous
year; Import of Non-ferrous Metals marked 14.3% rise in 2017 from 2016 to US$
782.5 million (7.1% in NIS terms), after 7% decrease in 2016 from 2015.
The CBS data on investment in imported machinery and other
equipment for the manufacturing industry in 2016 (comparing to the previous
year): investments in the manufacture of basic metal totaled NIS 277.5 million,
representing 28% rise, after 9% decrease in 2015; investments in the
manufacture of fabricated metal products was NIS 949 million, 2.3% decrease,
after increase by 4.8% in 2015.
SUMMARY
Considering
the lack of data from subject’s officials, dealings are recommended 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 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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ILS |
1 |
INR 18.82 |
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 : |
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
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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.