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<SEC-DOCUMENT>0001178913-07-002629.txt : 20080201
<SEC-HEADER>0001178913-07-002629.hdr.sgml : 20080201
<ACCEPTANCE-DATETIME>20071127144742
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001178913-07-002629
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20071127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUR MACROPRINTERS LTD
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTING TRADES MACHINERY & EQUIPMENT [3555]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5 DAVID NAVON STREET
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			PETAH-TIKVA ISRAEL
		STATE:			L3
		ZIP:			00000
		BUSINESS PHONE:		01197239087676

	MAIL ADDRESS:	
		STREET 1:		P O BOX 8440
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			ISRAEL
		STATE:			L3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
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     <!-- Control Number: 74551                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   CORRESP                                                          -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Letterhead of Katten Muchin Rosenman LLP]</FONT></P>

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November
27, 2007 </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>VIA EDGAR
</U><BR>
<BR>Securities and Exchange Commission
<BR>100 F Street, NE
<BR>Washington, D.C. 20549 </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attn:  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jay
Webb<BR>Reviewing Accountant
<BR>Mail Stop 6010</FONT></TD>
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<BR>




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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         Re: </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">NUR
Macroprinters Ltd.<BR>Form 20-F for the fiscal year ended December 31, 2006
<BR>Filed June 29, 2007
<BR><U>File No. 0-26498</U> </FONT></TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On behalf of NUR Macroprinters Ltd.,
an Israeli corporation (the &#147;Company&#148;), we have set forth below the
Company&#146;s responses to the Staff&#146;s comment letter dated November 6, 2007 with
respect to the Annual Report on Form 20-F for the year ended December 31, 2006. The
Staff&#146;s comments have been reproduced (in bold) below and are immediately followed by
the Company&#146;s responses thereto. References to &#147;we&#148; or &#147;us&#148; in
the numbered responses refer to the Company. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Form 20-F filed June 29,
2007</U> </FONT> </H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Item 5: Operating and
Financial Review and Prospects, page 33</U> </FONT> </H1>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>1.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>In future filings, when you cite changes in components of working capital,
          please explain the reasons for the changes. Also, address the impact on
          your working capital. We note that your current discussion merely
          reiterates the numerical data presented in the Statement of Cash Flows.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<B>Company&#146;s
response:</B> We acknowledge the Staff&#146;s comment and advise the Staff that in future
filings we will include an explanation of the reasons for changes in components of working
capital as well as a discussion of the impact of such changes on our working capital. </FONT></TD>
</TR>
</TABLE>
<BR>

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<font size=2></font></p>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Financing Activities,
page 47</U> </FONT> </H1>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>Refer to your credit facilities discussions on page 48. You indicate you paid
          $0.00 on your long-term loans during 2006. Please reconcile this with
          the $1.6 million payment of long-term loans, including  interest on
          restructured debt as indicated on the Consolidated Statements of Cash Flows.
          Revise future filings as necessary based on our comment.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<B>Company&#146;s
response: </B>We acknowledge the staff&#146;s comment. In our credit facilities
discussions on page 48, we indicated that we paid principal of $0.00 on our long- term
loans during 2006. This statement is correct. On the Consolidated Statements of Cash Flows
we indicated that Payment of long-term loans, <U>including  interest on
restructured debt</U> amounted to $1.6 million. This reported amount is entirely
attributed to interest on restructured debt. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
In
accordance with FASB Statement No. 15 &#147;Accounting by Debtors and Creditors for
Troubled Debt Restructurings,&#148; and as our restructured debt bears interest linked to
the LIBOR increased by a specified variable rate, we did not record any gain from the debt
restructuring and presented on our balance sheet the unchanged long-term loans balances
before the restructuring with additional disclosure in parentheses of the amount of
accrued interest. Payments of interest are recorded as a reduction from the carrying
amount of the unchanged long-term debt. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We
will clarify our description of repayment of long-term debt in future filings.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Item 15 Controls and
Procedures, page 103</U> </FONT> </H1>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>We note your statement that the principal executive officer and principal
          financial officer have concluded that, &#147;other than as specified
          below&#148; the company&#146;s disclosure controls and procedures are </B>
          <B>effective. Given the exceptions noted, it remains unclear whether your chief
          executive officer and chief financial officer have concluded that your
          disclosure controls and procedures are effective. Please tell us and
          revise these disclosures in future filings to state, <I>in clear and unqualified
          language</I>, the conclusions reached by your chief executive officer
          and your chief financial officer on the effectiveness of your disclosure
          controls and procedures. For example, if true, you can state that your
          disclosure controls and procedures are effective including consideration
          of the identified matters, so long as you provide appropriate disclosure
          explaining how the disclosure controls and procedures were determined to be </B>
          <B>effective in light of the identified matters. Or, if true, you can state that
          given the identified matters, your disclosure controls and procedures
          are not effective. You should not, however, state the conclusion in your
          current disclosure, which appears to state that your disclosure controls and
          procedures are effective except to the extent they are not effective.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<B>Company&#146;s
response: </B>We acknowledge the Staff&#146;s comment and in future filings will clearly
state whether or not our chief executive officer and chief financial officer are of the
opinion that the Company&#146;s disclosure controls and procedures are effective. </FONT></TD>
</TR>
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<BR>

<p align=center>
<font size=2>2</font></p>
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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
As
requested, we would like to clarify the evaluation of the effectiveness of our disclosure
controls and procedures for the period ending December 31, 2006. As reported in Item 15(c)
of our Form 20-F for the year ended December 31, 2006, during the preparation of our
financial statements for such period, our auditors and our management identified certain
material weaknesses in the Company&#146;s internal control over financial reporting. As
further noted therein, the management had initiated several remedial actions in 2005 and
continued the implementation of remedial actions in 2006, in order to ensure that such
material weaknesses will not recur. Our chief executive officer and chief financial
officer took the identified material weaknesses into account during the evaluation process
of the effectiveness of the Company&#146;s disclosure controls and procedures. In
connection and in preparation for such evaluation, our chief executive officer and chief
financial officer preformed several actions intended to assure the correction of such
material weaknesses, including personal discussions with the management of our
subsidiaries and employees involved in the recording, processing and summarizing of
information required to be disclosed. In addition, and as noted in Item 15(c), our
management believes that some of the material weaknesses previously identified no longer
exist. However, due to the continued existence of two material weaknesses in internal
controls over financial reporting identified in Item 15 of our Form 20-F for the year
ended December 31, 2006, our chief executive officer and chief financial officer concluded
that the Company&#146;s disclosure controls and procedures as of the end of the period
covered by the annual report filed on Form 20-F for the year ended December 31, 2006, were
not effective. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>Similarly, in future filings please revise the first paragraph regarding
          changes in internal control over financial reporting by removing the
          qualifier and making a more definitive statement as to whether there
          were changes in internal control over financial reporting in the period.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<B>Company&#146;s
response: </B>We acknowledge the Staff&#146;s comment and in future filings will make a
more definitive statement as to whether there were changes in internal control over
financial reporting in the period covered by such future filings. </FONT></TD>
</TR>
</TABLE>
<BR>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>Please have your auditors tell us how they took into consideration the
          disclosed material weaknesses in the performance of their 2006 audit
          engagement. We note, for example, that certain 2005 revenue transactions
          were recorded in 2006.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Company&#146;s
response: </B>We respectfully advise the Staff that our auditors have informed us they
were aware of the material weaknesses at the planning stage of their 2006 audit and the
2006 audit was planned and executed accordingly. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
We
respectfully note the Staff&#146;s reference to 2005 revenue transactions reported to be
recorded in 2006. We would like to clarify that these transactions were indeed initiated
in 2005 and were originally planned to be recorded in 2005. However, based on our current
revenue recognition policy and applicable US GAAP, the revenue from these transactions was
required to be recorded only in 2006. Therefore, these transactions were not recorded in
2005 and properly recorded in 2006 and our revenues for 2005 and 2006 were properly
recorded. </FONT></TD>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Notes to Consolidated
Financial Statements, page F-10</U> </FONT> </H1>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Note 17 Subsequent
Events, page F-47</U> </FONT> </H1>

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          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.</B></FONT></TD>
          <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          <B>We note  in January and February 2007 through a private placement you
          issued common shares and warrants for net proceeds of $6.1 million. We
          also note in connection with the share and warrant issuance you are
          obligated under a registration rights agreement. Please make sure your future
          filings disclose how you accounted for and present these transactions
          and agreements in your financial statements. Confirm, if true, your
          accounting for the registration rights agreement complies with the guidance at
          FSP EITF 00-19-2.</B> </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<B>Company&#146;s
response: </B>We confirm that our accounting for the registration rights agreement
commencing in our financial statements for fiscal 2007 (as the private placement was
conducted in early 2007) will comply with the guidance at FSP EITF 00-19-2. </FONT></TD>
</TR>
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<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On behalf of the Company we hereby
acknowledge the following: </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company is responsible for the adequacy and accuracy of the disclosure in the filings;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>staff
 comments or changes to  disclosure in response to staff  comments do not  foreclose the
 Commission          from taking any action with respect to the filing; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Company may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Please call the undersigned at
212-940-6348 should you have any questions. </FONT></P>






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<TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely yours,<BR><BR>
/s/ Elliot Press<BR>Elliot Press</FONT></TD>
</TR>
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