MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION DETAILS
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Name : |
LUXEMBOURG
INDUSTRIES LTD. |
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Formerly Known as : |
LIMADELTA LTD. |
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Registered Office : |
P.O. Box 13 (61000) 27
Hamered Street TEL AVIV 68125 |
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Country : |
Israel |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.12.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of chemicals, agro-chemicals, raw and
intermediate materials for the pharmaceutical and bio-technology fields
(mainly of crop protection chemicals). |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,000,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address of the company
LUXEMBOURG INDUSTRIES LTD.
Telephone 972
3 796 43 00
Fax 972 3 510 04 74
P.O. Box 13 (61000)
27 Hamered Street
TEL AVIV 68125 ISRAEL
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E- Mail : |
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Website : |
HISTORY
A private limited company, incorporated as per file No. 51-256854-4 on
the 23.12.1997, under the name LIMADELTA LTD., which changed to LIMA DELTA LTD.
on 18.6.1998, which changed to the present one on 11.12.2003.
Following structural changes, during 2000 subject became dormant for few
years (see more below - CHARACTER).
As of the 1.1.2004, subject assumed all the industrial and commercial
activities from parent LUXEMBOURG PAMOL LTD. (founded in the 1930s and
incorporated in 1968), which became a holding company.
SHARE CAPITAL
Authorized share capital NIS 34,300.00, divided into -34,300 ordinary
shares of NIS 1.00 each, of which
shares amounting to NIS 1,105.00 were issued.
SHAREHOLDERS
Subject is fully owned by LUXEMBOURG PAMOL LTD., owned by the Luxembourg family.
DIRECTORS
1. David
Luxembourg - General Manager,
2.
Yoav Luxembourg,
3.
Itzhak Luxembourg.
BUSINESS
Manufacturers, exporters and marketers of chemicals, agro-chemicals, raw
and intermediate materials for the pharmaceutical and bio-technology fields
(mainly of crop protection chemicals).
67% of sales are
for export.
Among the clients: AMIR SUPPLY CO., HAGARIN, HAMASHBIR FOR AGRICULTURE,
CHEMAGIS, etc.
Among suppliers: PACHMAS METAL & PLASTIC, PLASTIV YAKUM, GADOT CHEMICAL TERMINALS, MAGAL
ISRAEL GAS & OIL ENT., CHEMCHLOR (2005) CHEMICAL MARKETING, etc.
Operating from:
1. Owned a plant (long-term leas-hold from the
State) on an area of 50,000 sq. meters (one third is built) in Ramat Hovav
Industrial Area.
2. Owned
plant on an area of 22,000 sq. meters in Industrial Area, Arad.
3. Rented
warehouses, on an area of 1,250 sq. meters, in the Ashdod Port area.
4. Main
headquarters offices in 27 Hamered Street, Tel Aviv
(owned).
(Note: long-term leas-hold from the
State is practically ownership of the property)
Having 170 employees (had 160-170 employees during 2007, and 160 employees in 2006).
MEANS
Current stock is valued at US$ 10,000,000 (was valued at US$ 7-8,000,000 during 2007).
B/S shows:
NIS
(thousands)
31.12.2005 31.12.2006
ASSETS
Current assets 80,000 89,000
Fixed assets _60,000 _60,000
140,000 149,000
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LIABILITIES
Current
liabilities 54,000 62,000
Capital note –
liability for shareholder 33,000 32,000
Equity _53,000 _55,000
140,000 149,000
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Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
In May 2004, the Investment Center Administration approved a US$ 1.37
million investment plan for the expansion of subject’s plant in Arad.
There are 3 charges for unlimited amounts
registered on the company’s assets, in favor of Bank Leumi LeIsrael Ltd., a
factoring company and the State of Israel.
ANNUAL SALES
2003 sales claimed to be US$ 23,000,000.
2004 sales claimed to be US$ 24,000,000.
2005 sales claimed to be US$ 25,000,000, making a net profit of US$
1,500,000.
2006 sales claimed to be US$ 30,000,000, ending with a net profit (exact
figures not forthcoming).
2007 sales claimed to be US$ 37,000,000.
OTHER COMPANIES
The LUXEMBOURG Group includes:
LUXEMBOURG PAMOL LTD., parent company,
a holding company,
LUXEMBURG CHEMICALS AND AGRICULTURE LTD.,
non active,
L.B. COMPOUNDS LTD., 50% (partnered with the ICL Group), manufacturers and
marketers of raw materials for the pharmaceutical field.
LUXEMBOURG HOLDINGS
(1955) LTD., real estate.
BANKERS
Bank Leumi LeIsrael Ltd., Central Branch (No.
800), Tel Aviv,
account No. 417400/25.
Bank Hapoalim Ltd., Central Branch (No. 600), Tel Aviv, account No. 613803.
A check with the Central Bank's database did not reveal anything
detrimental on subject’s a/m accounts.
The First International Bank of Israel Ltd., Industrialists' House
Branch (No. 057), Tel Aviv.
CHARACTER AND REPUTATION
In June 2003, it was reported that a group of farmers filed a NIS 2.5
million lawsuit against subject's parent, claiming the products sold damaged
their vines.
Apart from that, nothing unfavorable learned.
The LUXEMBOURG Group is a long established family business, enjoying good
reputation.
Subject is ISO 9001:2000 certified.
In 1997 parent company established subject with DOW AGROSCIENCE B.V.
(HOLLAND), a subsidiary of DOW CHEMICALS (one of the largest corporations in
the world in the chemical field). Each party held 50% of the new company (then
called LIMA DELTA). The company was established in order to use the
technologies and know how of both parent companies to manufacture the pesticide
“Chlorapiripus” in a plant in Ramat Hovav and distribute it worldwide.
However, during 2000, subject ceased all its activities and retrenched its
60 employees. Later, in 2004, subject resumed activities (in present form).
During 2000, parent LUXEMBOURG PAMOL sold its shares (50%) in LUXEMBURG
PHARMACEUTICALS LTD. to the MAKHTESHIM-AGAN Group.
In May 2000, it was reported that subject, together with BROMINE COMPOUNDS
LTD., of the ICL Group, will establish a new company in order to manufacture
and market raw materials for the pharmaceutical field.
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.
2006 exports of
the branches were US$ 8.8 billion (35% of which for pharmaceuticals and drugs
and some one third attributed to the chemical industry), a 15.7% increase from
2005, and sales to the local market reached US$ 8.6 billion, a 10% increase
from 2005.
The chemical and
pharmaceutical industries are the 2nd largest export branch (after
the hi-tech) and comprise 30% of Israel’s industrial exports. The industry
employs 28,700 employees.
Purchasing abroad
amounted to US$ 1.5 billion in 2006.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 1,000,000.
NOTE
Subject's correct postal box (the one you gave, No. 50369) does not
relate to subject).
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%)