Africa Israel Industries Ltd. Auditor Raises 'Going Concern' Doubt

Africa Israel Industries Ltd., formerly Africa Industry Ltd., is an Israel-based company. It specializes in the processing of steel, ceramic and plastic products. The Company, through its subsidiary, Packer Steels and Metals Ltd., is engaged in the import, processing and marketing of flat steels and metals, welded and seamless pipes, as well as open and welded profiles. It is also involved, through Packer-Yadpaz Ltd., in the production of anti-corrosion metal protection, hot dip galvanizing and painting of galvanized steel products. The Company's other subsidiaries are Packer Cold Finished Bars Ltd., which produces cold-finished bars and hot-rolled steel and brass bars, and Packer Quality Steels Ltd., engaged in the import and sale of special steel in various grades and shapes. The Company, through its subsidiary Negev Ceramic Ltd. manufactures and imports, markets and distributes ceramic and porcelain tiles, sanitary and other finished products for interior design and home renovation.