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MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
A.F. FORMICA CENTER (1998) LTD. |
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Formerly Known as : |
FORMICA CENTER. |
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Registered Office : |
62 Hakidma Street,
Northern Industrial Zone , Ashdod 77521
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Country : |
Israel |
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Date of Incorporation : |
1981 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Wood and Veneer Products
(decorative boards, etc.). |
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$ 800,000. |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
& address
A.F. FORMICA CENTER
(1998) LTD.
Telephone 972 8 856 03 33
Fax
972 8 852 07 94
62 Hakidma Street
Northern Industrial
Zone
ASHDOD 77521 ISRAEL
HISTORY AND LEGAL FORMATION
Originally established in 1981 as a non registered business, under the name
FORMICA CENTER.
Converted into a private limited company and
registered as such as per file
No. 51-271754-7 on the 28.12.1998.
SHARE
CAPITAL
Authorized share capital NIS 33,400.00, divided into -
33,400
ordinary shares of NIS 1.00 each,
of which shares
amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Felix Wahaba -
70%,
2. Arie Almozino -
30%.
DIRECTORS
1. Felix Wahaba, General Manager,
born in 1971,
2. Arie Almozino, born in 1971.
BUSINESS
Importers and
marketers of wood and veneer products (decorative boards, etc.).
A very small portion
of sales is for export.
Sole local
representatives of FRATI LAMINATI, of Italy.
Operating from
premises, owned by the shareholders, on an area of 12,000 sq. meters, in 62
Hakidma Street, Northern Industrial Zone, Ashdod.
Having 65 employees
(in subject alone, there are further several tens of employees working in the
Group).
MEANS
Current stock is valued at NIS 21,000,000.
Other financial data not forthcoming, however subject's latest acquisition
(see CHARACTER below) indicates that its current financial status is solid.
There are 18 charges for unlimited amounts registered on the company's
assets, in favor of Bank Hapoalim Ltd., Bank Leumi LeIsrael Ltd., Israel
Discount Bank Ltd. and leasing companies.
ANNUAL
SALES
2006 sales claimed to be NIS 128,000,000.
2007 sales claimed to be NIS 153,000,000.
First half of 2008 sales claimed to be NIS 69,959,000, of which few % were
for export.
OTHER
COMPANIES
ORCHARD - FORMIT
LTD., 100%, manufacturers, processors and marketers of post forming plates for the
furniture industry and the DIY field.
ADHESIVE CENTER
(GLUING CENTER in English), 62.5%, specializing in the gluing of laminates and
melamine on MDF, Chipboard/particle board and plywood,
LEVIDEY HAMADBIK
LTD., 33%, dealing in plywood, wood processing, veneer, etc.
PLYWOOD LTD., 100%,
P.L.A.R. ASSETS
MANAGEMENT, 100%, real estate.
MIRKAM CO. ADVANCED
WOOD TECHNOLOGIES 1991 LTD., 100%, manufacturers, exporters and marketers of
furniture, including kitchen cabinets, doors, furniture for hotels, etc.
BANKERS
Israel Discount Bank Ltd., Ashdod Branch (No. 004),
Ashdod,
account No. 874094.
Bank Leumi LeIsrael Ltd., Rehovot Business Branch (No.
978), Rehovot,
account No. 184300/86.
Bank Hapoalim Ltd.,
Ashdod Branch (No. 658), Ashdod, account No. 287690.
A check with the Central Bank’s Database did
not reveal any negative information concerning subject’s a/m bank accounts.
CHARACTER
AND REPUTATION
Nothing unfavorable
learned.
This is a long
established company and the Group is considered among the leading in their
field.
On 8.10.2006 subject
signed an agreement with INDUSTRIES AND INVESTMENT OF SEFEN LTD., a company in receivership, to acquire their entire shares in 100%
subsidiary ORCHARD - FORMIT LTD., in consideration of NIS 4 million. Subject is
paying the sum in 36 equal monthly installments apart from the deal closing.
According to the
deal, subject
is committed that ORCHARD FORMIT will take upon itself 5/7 of its debts to the
banks, up to a sum of NIS 5 million.
The deal was finalized on 13.3.2007, after
the Commissioner of Trade Restrictions approved the merger.
ORCHARD FORMIT, established in
1973, operates from the Industrial Zone, Carmiel, and had some 50 employees.
In April 2008
subject completed the acquisition of MIRKAM CO. ADVANCED WOOD TECHNOLOGIES 1991
LTD. from Kibbutz Gonen. MIRKAM, originally established in 1987, is operating a
plant in the Upper Galilee, north of Israel, with over 30 employees (2005 sales
circa NIS 12 million).
The local
furniture branch witnessed prosperity in 2007, according to the Chairman of the
Furniture Industry Union at the Industrialists' Association, sales of furniture
(alone) to the local market reached NIS 5.8 billion, a 6% increase from 2006
(though some estimation indicate turnover of circa NIS 7 billion). Some 70% of
the sales are attributed to local production.
Export roes even
higher – by 20%, summing at US$ 23 million.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 800,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.20 |
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UK Pound |
1 |
Rs.81.48 |
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Euro |
1 |
Rs.64.27 |
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%)