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SHORT TERM BANK CREDIT AND LONG TERM LOANS (TAT Technologies Ltd [Member]) | 12 Months Ended
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Dec. 31, 2012
TAT Technologies Ltd [Member] |
SHORT TERM BANK CREDIT AND LONG TERM LOANS |
NOTE 11 - | SHORT TERM BANK CREDIT AND LONG TERM LOANS
| a. | Terms of the loans and balances:
| Currency of loan |  | Interest Rate December 31, 2012 |  |  | Years of Maturity |  |  | December 31, 2012 |
Long-term loan (1) | NIS |  |  | 5.25 | % |  |  | 2012-2014 |  |  | $ | 523 |
Long-term loan (2) | $ |  |  | 2.50%-3.50 | % |  |  | 2009-2014 |  |  |  | 2,477 |
Long-term loan (3) | NIS |  | Prime + 1 | % |  |  | 2013 |  |  |  | 670 |
|  |  |  |  |  |  |  |  |  |  |  | 3,670 |
Less - current maturities (1) |  |  |  |  |  |  |  |  |  |  |  | (290 | )
Less - current maturities (2) |  |  |  |  |  |  |  |  |  |  |  | (1,594 | )
Less - current maturities (3) |  |  |  |  |  |  |  |  |  |  |  | (670 | )
|  |  |  |  |  |  |  |  |  |  | $ | 1,116 |
| Currency of loan |  | Interest Rate December 31, 2011 |  |  | Years of Maturity |  |  | December 31, 2011 |
Long-term loan (1) | NIS |  |  | 5.25 | % |  |  | 2012-2014 |  |  | $ | 795 |
Long-term loan (2) | $ |  |  | 2.50%-3.50 | % |  |  | 2009-2014 |  |  |  | 3,252 |
Long-term loan (3) | NIS |  | Prime +1 | % |  |  | 2013 |  |  |  | 655 |
|  |  |  |  |  |  |  |  |  |  |  | 4,702 |
Less - current maturities (1) |  |  |  |  |  |  |  |  |  |  |  | (282 | )
|  |  |  |  |  |  |  |  |  |  | $ | 4,420 |
Required principal payments (including current maturities) as of December 31, 2012, are as follows:
Year |  | Amount |
2013 |  | $ | 2,554 |
2014 |  |  | 1,116 |
|  | $ | 3,670 |
| (1) | The original loan was received by Bental in 2009 from an Israeli bank in the amount of $1,400 to be repaid in quarterly installments over a five years period, commencing 2010. On June 30, 2010, the remaining balance of the original loan, in the amount of $1,185, was repaid and a new loan in the same amount was taken. This new loan bears annual fixed interest of 5.25% and will be repaid until August 2014 in quarterly installments. The loan balance as of December 31, 2012 and 2011 was $523 and $795, respectively (with regard to covenants related to such loan see note 13(f)(3)).
| (2) | Loans received by TAT from an Israeli bank in a total amount of $6,250 out of which $5,000 were received during year 2008 and additional $1,250 were received during year 2009. The loans amount was to be repaid in four annual installments commencing 2011. These loans bear quarterly interest of Libor + 3.5% and Libor + 1.85%, respectively. In May 2011, TAT repaid $750 of principal, in accordance with the original installments schedule. On November 7, 2011, TAT prepaid $2,250. On November 6, 2012, TAT prepaid $775, following which the remaining balance was $2,477. In September, 2011, TAT reached agreement with its lending bank to adjust certain financial covenants related to the said loans it was failing to meet at the time. Accordingly, as of December 31, 2012 the Company meets all financial covenants related to such loans (see also note 13(f)(2)).
| (3) | On September 7, 2011, Bental received a loan from an Israeli bank in a total amount of NIS2.5 million (approximately $700), to be repaid in whole at the end of a 24 month period (the "Term"). The principal amount bears interest of Prime + 1% payable on a quarterly basis and may be repaid at any time during the term upon Bental's discretion. The loan balance as of December 31, 2012 and 2011 was $670 and $655, respectively (see also note 10(i)).
| (4) | In addition, as of December 31, 2012 Piedmont's bank credit balance amounted to $32.
Group provided certain guarantees and covenants, to secure its long-term loans, see note 13(e) and 13(f).
| b. | Line of credit
| On November 15, 2011, Limco-Piedmont renewed its line of credit with a U.S bank for an additional 21 month period ending on August 31, 2013, for borrowings of up to $10,000 under certain conditions. $5,000 of this amount will stand for Limco and $5,000 will stand for Piedmont. The line of credit bears interest of Libor + 1.5%, and its utilization is subject to compliance with financial covenants agreed between the parties. As of December 31, 2012 and 2011, approximately $688 and $4,340, respectively of the total line of credit was utilized by Limco and Piedmont. In addition, as of December 31, 2012 and 2011, Limco-Piedmont met all financial covenants related to such line of credit (see also note 13(f)(1)).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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