MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EFAL CHEMICAL INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 8213 (42293), 8 Hamelacha Street, Industrial Zone Kiryat
Nordau, Netanya 42505 |
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Country : |
Israel |
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Date of Incorporation : |
10.5.1976 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, manufacturers, exporters and marketers of chemicals, used as
raw materials and intermediates for the pharmaceuticals, agricultural,
nutritional and the cosmetic field. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
EFAL CHEMICAL INDUSTRIES LTD.
P.O. Box 8213 (42293)
8 Hamelacha Street
Industrial Zone Kiryat Nordau
NETANYA 42505 ISRAEL
Telephone 972 9 865 64 54
Fax 972 9 865 42
78
HISTORY
A private limited company, incorporated as per file No. 51-073537-6 on
the 10.5.1976.
SHARE CAPITAL
Authorized share capital NIS 42.00, divided into - 100 management
shares, 419,900 ordinary shares, all of NIS 0.0001 each, of which shares
amounting to NIS 9.00 were issued.
SHAREHOLDERS
1. Ron Pulman, 75%
2. NIPON Industries INC.,
of New York, U.S.A., 25%,
DIRECTORS
1. Ron Pulman - Managing Director,
2. NIPON Industries Inc.
BUSINESS
Importers, manufacturers, exporters and marketers of chemicals, used as
raw materials and intermediates for the pharmaceuticals, agricultural,
nutritional and the cosmetic field.
Also providers of technology and know-how in the a/m fields.
20% of sales are for export.
Exports are worldwide.
Most of purchases are imports.
Amongst subject’s clients: HAMASHBIR FOR AGRICULTURE, AMIR SUPPLY CO.,
TEVA PHARMACEUTICALS, CARELINE, etc.
Amongst local suppliers: TEVA PHARMACEUTICALS, AGAN CHEMICALS, LUXEMBURG
PHARMACEUTICALS, etc.
Sole local agents
of (among others):
ALLIED COLLOIDS, of the U.K,
AMOCO, of Switzerland,
LONZA, ICEC, both of the U.S.A,
NAGASE, of Japan
POLLALCO of Spain
Operating from rented premises on an area of 300 sq. meters in 8
Hamelacha Street, Industrial Zone, Kiryat Nordau, Netanya, (to where they moved
from Maskit Street, Herzliya many years ago), and a rented warehouse (according
to needs) in Netiv Halamed Hey village.
Having 30 employees in subject and 50 employees in the whole Group.
MEANS
Current consolidated stock is valued at US$ 1,200,000.
Other financial data not forthcoming.
There are 27 charges for unlimited amounts registered on the company's
assets, in favor of Bank Leumi LeIsrael Ltd., The First International Bank of
Israel Ltd., Bank of Jerusalem Ltd., Union Bank of Israel Ltd. and Union Bank's
leasing company.
ANNUAL SALES
Subject's income is generated from commission, from foreign companies,
sales inventory and consulting services.
Group's consolidated sales (see OTHER COMPANIES below regarding included
companies):
2002 sales claimed to be US$ 15,000,000. 20% is for export.
2003 sales claimed to be US$ 15,000,000, 20% is for export.
2004 sales figures not forthcoming.
2005 sales claimed to be US$ 18,000,000, of which 20% is for export.
2006 sales claimed to be US$ 20,000,000, of which 20% is for export.
First 10 months of 2007 sales claim to be US$ 17,000,000, of which 20%
is for export.
OTHER COMPANIES
Also in subject's Group, controlled by subject and Ron Pulman:
TAGRA BIOTECHNOLOGIES LTD., 75%, developers, manufacturers and marketers
of active components for the cosmetics and pharmaceutical industries,
EFAL INTERNATIONAL (R.P.) LTD., established in 1985, wholesales of
chemicals for agriculture,
GALIL LABORATORIES LTD., established in 1992, deals in agricultural
production,
MYCONTROL LTD., developers, manufacturers of biological insecticides for
the agricultural field.
BANKERS
Bank Leumi Le Israel Ltd., Herzliya Business Branch (No. 864), Herzliya.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject is a long established company.
In the past, most suppliers reported prompt payments.
According to the Chairman of the Chemical, Pharmaceutical and
Environment Division at the Industrialists Association, total sales of the
branches in 2006 witnessed a remarkable 12.6% growth to US$ 17.4 billon, after
in 2005 sales increased by 10% from 2004.
Purchasing abroad amounted to US$ 1.5 billion in 2006.
The branch projected sales in 2007 is a 12% rise in total sales (to US$
19.5 billion).
The local cosmetic industry has also been in a growth trend in recent
years.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 500,000.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)