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MIRA
INFORM REPORT
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Report No. : |
510618 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
TABOR ELECTRONICS LTD. |
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Formerly Known As : |
ELRON ELECTRONIC INDUSTRIES LTD |
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Registered Office : |
P.O. Box 404 (3660301), 9 Hataasiya Street ,Tel Hanan Industrial
Zone Nesher 3688809 |
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Country : |
Israel |
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Date of Incorporation : |
27.05.1971 |
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Legal Form : |
A private limited company |
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Line of Business : |
Developers, manufacturers,
exporters and marketers in the test & measurement market with an
extensive product portfolio of signal sources and amplifiers. |
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No. of Employees : |
40 |
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 (30.09.2017) |
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 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
TABOR ELECTRONICS LTD.
Telephone 972
4 821 33 93
Fax 972 4 821 33 88
Email: info@tabor.co.il
P.O. Box 404 (3660301)
9 Hataasiya Street
Tel Hanan Industrial Zone
NESHER 3688809 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company,
incorporated as per file No. 51-057315-7 on the 27.05.1971, a spin-off of ELRON
ELECTRONIC INDUSTRIES LTD. (established 1961).
SHARE CAPITAL
Authorized share capital NIS
2,450.00, divided into -
24,499,990 ordinary shares (7,738,466 shares issued),
10 management shares (3 shares
issued), all of NIS 0.0001 each,
of which shares amounting to NIS
773.8469 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. Mordechai Glazer, 67%
of management shares and 54.8% of ordinary shares,
2. Lior Glazer, 4.6% of
ordinary shares,
3. Ms. Elinor Glazer, 4.6%
of ordinary shares,
4. Subject itself
is registered as a shareholder, holding the reminder of shares, which include
the shares previously held by Igal Buch (33% of management shares and ordinary
shares) and by Shay Toister (3% of ordinary shares), who exited from subject in
April-May 2016.
DIRECTORS
1. Mordechai Glazer, Chairman and President,
2. Ran Glazer, General Manager.
BUSINESS
Developers, manufacturers,
exporters and marketers in the test & measurement market with an extensive
product portfolio of signal sources and amplifiers.
Sales are to the defense, medial
and other industries. Product portfolio includes signal amplifiers, pulse,
function and arbitrary waveform generators, waveform creation software and
more, in various platforms, interfaces and frequency ranges.
Subject is an OEM manufacturer,
for Tier 1 clients.
85% of sales were for export in
2016.
Among local clientele: APPLIED
MATERIALS ISRAEL, ELTA SYSTEMS; among foreign clientele: ASTRONICS TEST SYSTEMS
(RACAL INSTRUMENTS), GEOTEST, FLUKE, AGILENT TECHNOLOGIES, and more.
Operating from rented premises
(development center, offices and plant), on an area of 1,500 sq. meters, in 9
Hata'asiya Street, Tel Hanan Industrial Zone, Nesher. Also operating via 50
distributors and integrators throughout the globe.
Website: www.taborelec.com
Had 40 employees in 2017 (same
as in 2016), current number not forthcoming.
MEANS
Work is based mostly on orders,
do not hold stocks.
Financial data not forthcoming.
There are no charges registered on the company's assets.
REVENUES
Sales figures not forthcoming.
BANKERS
Israel Discount Bank Ltd.,
Hamifratz Branch (No. 176), Haifa, account No. 640111.
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.
Mr.
Ran Glazer, subject’s General Manager and only authorized person to disclose
data on subject, is presently abroad and due back in about one week’s time. We
shall contact him upon his return and update you accordingly.
In the past, he refused to
disclose financial data.
This is a veteran business.
Subject is ISO-9001:2008, EN
61010-1, ISO/IEC 17025, SI-936, IPC-A-610C and EN 60051-3/A1 certified.
Subject is a member of:
Israel's SII - The Standards
Institute of Israel
IPC - The Institute for
Interconnecting and Packaging Electronic Circuits
Global IQNet - The International
Certification Network.
According to the Israel Association of Electronics &
Software industries sales in 2015 summed up to US$ 32 billion, 86% of which
were sales for export. The sector include some 300 companies in the branches of
Elctronics, Software, Electro Optics, Semiconductor, Telecommunications,
Medical Systems,
Defense & Military Systems.
According to the Central Bureau of Statistics (CBS), import of raw materials for the local Machines and
Electronics Manufacturing in 2017 fell 5% from 2016, reaching US$ 10,197 million.
That represents a reverse in trend from the last previous years: in 2016 import
climbed 4.3% from 2015, in 2015 and 2014 import rose by 2.3% and 2.2 %,
respectively from the previous years.
According to the CBS, sales for export from the manufacture
of computers, electronic & optical products, medical & dental
instuments and supplies in 2017 were US$ 12,016 million, 6.7% decrease from
2016, a similar rate of decrease in 2016 from 2015 (in 2015 export rose by 10%
from 2014). Export of electronic components and boards (out of the above)
totaled US$ 3,240 million, close to 19% decrease from 2016 (noted 35% decrease
in 2016 from 2015, then export rose by 35% from 2014).
According to the CBS, investments
(capital formation) in imported machinery and other equipment (M&E) by the
hi-tech industries in the branches of computers, electronic and optical
production (quantity change percent change on
previous year) increased in 2017 by 21.2%, reaching NIS 11,625.5
million. That continues the upward trend from 2016, then investment in imported
M&E climbed by close to 200%, 2015 (rose by 15%) and 2014 (rose by 9%).
SUMMARY
Notwithstanding the lack of updated data from
subject's officials, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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ILS |
1 |
INR 19.01 |
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
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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
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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.