MIRA
INFORM REPORT
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Report Date : |
20.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DORMEX TRADE AND INVESTMENTS COMPANY (1984) LTD |
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Registered Office : |
P. O. Box 2666
(51126), 1 Ben Gurion Street, B.S.R. 2 Tower, Bnei Brak 51201 |
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Country : |
Israel |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.9.1984 |
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Legal Form : |
A Private Limited Company |
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Line of Business : |
Importers,
exporters and distributors of chemicals and allied products. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME & address
DORMEX TRADE AND
INVESTMENTS COMPANY (1984) LTD.
Telephone 972 3 616 61 11
Fax 972 3 570 77 50
P. O. Box 2666
(51126)
1 Ben Gurion Street
B.S.R. 2 Tower
BNEI BRAK 51201
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-104073-5 on the 24.9.1984.
SHARE CAPITAL
Authorized share
capital NIS 520.00, divided into -
520,000
ordinary shares of NIS 0.001 each, of which shares amounting to NIS 0.052 were
issued.
SHAREHOLDERS
1. Matityahu (Matti) Ben-Ari,
2. Mrs. Aviva, wife of Matityahu Ben-Ari, holding one single share.
SOLE DIRECTOR AND GENERAL MANAGER
Matityahu Ben-Ari.
BUSINESS
Importers,
exporters and distributors of chemicals and allied products.
Also
agencies in the field of paper.
Over 60% of sales
are for export.
Exports are to
Turkey and Eastern Europe.
Subject is the exclusive
representative and distributor of local chemical manufacturers ROTEM AMFERT
NEGEV products in Turkey.
In addition,
subject represents exclusively other local companies, as well as several
foreign companies in other foreign markets, e.g. AKKIM (of Turkey) in India,
Taiwan and China.
Amongst subject’s clients: CARMEL CHEMICALS, RAMI PINHASSI & CO.,
KOFFOLK, AMGAL, DEAD SEA WORKS, MAKHTESHIM CHEMICAL WORKS, FRUTAROM, TAMBOUR,
TERMOKIR, MODUL BETON, ASHKELON POLYMERS, etc.
80% of purchases
are in Western Europe.
Sole local
representatives/distributors of (among others):
Quinns Platics, of
Belgium and Spain,
UPM Kymmene, of
Finland and Germany,
Munksjo Dekor, of
Germany, Italy, Spain and Sweden,
Hexion, of Germany
and Italy,
Samsung Fine
Chemicals, Youngs, L.G. Chemicals, Aykung, Hankuck, all of Korea,
Nissan Chemicals,
Mitsui Toatsu, Sakai, Sanyo, all of Japan,
Sisecam, Ege
Kimya, Akkim, all of Turkey,
Sinpro, Vipa, both
of Switzerland,
UEE, Maxam, Expal,
Tolsa, Lamigraf, all of Spain,
Chiyoda, of Belgium
and Japan,
Yoke Chemicals, of
China,
Feron, of Germany,
Finnish Chemicals
- Kemira, of Finland,
Pan Century, of
Malaysia,
Ongropak, of
Hungary,
Indo Amines, of
India.
Among local
suppliers are: ROTEM AMFERT NEGEV, CARMEL CHEMICALS, DOR CHEMICALS, etc.
Palestinian
supplier (cardboard): AL AHLIA BOXES INDUSTRIES.
Operating from
owned premises, on an area of 204 sq. meters, in 1 Ben Gurion Street, Bnei
Brak, from a rented warehouse, on an area of 200 sq. meters, in Sde Uzim, and
from a rented warehouse, on an area of 100 sq, meters, in 14 Hamelacha Street,
Shemen Beach, Haifa.
Having in all 10
employees (same as in 2007, had 12 employees in 2006).
MEANS
Current stock as
of 31.12.2007 is valued at NIS 765,000.
Having 7 vehicles
owned by subject.
balance sheet
B/S to the 31.12 shows:
NIS
ASSETS 2005 2006
Current assets
Cash 847,297 723,297
Loans 108,871 58,871
Short term deposits 4,893,977 3,200,325
Checks to collect 2,271,089 1,778,345
Customers 8,762,630 9,578,937
Other debtors 46,690 134,963
Stock __954,361 __866,678
17,884,915 16,341,416
Fixed assets _2,731,225 _2,802,510
20,616,140 19,143,926
========= =========
LIABILITIES
Current liabilities
Short term loans 350,303 358,090
Checks to pay 180,881 182,927
Suppliers 13,971,539 11,838,357
Creditors and accounts payable __502,179 __545,289
15,004,902 12,924,663
Long term liabilities 1,406,336 1,106,183
Equity _4,204,902 _5,113,080
20,616,140 19,143,926
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Subject owns a property
225 sq. meters, in 134 Jabotinsky Street, Ramat Gan, which is the former
premise where subject operated from. The asset is currently being leased to
third parties.
There is one charge on a sum of NIS 187,500.00 registered on the
company's assets in favor of BANK LEUMI LEISRAEL MORTGAGES LTD.
ANNUAL SALES
2003 sales were
NIS 35,029,137, making a net profit of NIS 214,853.
Statement
of income
NIS
Year
ended 31.12
2004 2005 2006
Sales 46,021,785 50,154,517 51,517,771
Gross profit 4,182,464 4,326,737 5,145,461
Operating income 1,083,967 1,102,592 1,778,863
Profits before
taxes on income 900,364 990,332 1,620,183
Net profit 583,167 662,473 1,108,178
======== ========= =========
2007 sales
were NIS 48,800,000, making a pre-tax profit of NIS 1,380,000.
BANKERS
Bank Leumi LeIsrael Ltd., Main Branch (No. 800), Tel Aviv, account No.
537300/10.
Mizrahi Tefahot Bank Ltd., Diamond Tower Branch (No. 477), Ramat-Gan,
account No. 286766.
A check with the
Central Banks’ database did not reveal any negative information regarding
subject’s a/m accounts.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject
is long established.
According to the Industrialists Association
economic review published in February 2006, overall import of chemicals for the
local market increased in 2005 by 2% comparing to the previous year, summing up
to US$ 2.86 billion.
Importers of chemicals for the local industry have been enjoying from
the growth in the local related industries in the recent years, mainly the
plastic, pharmaceutical and chemical branches.
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
in 2006 amounted to US$ 1.5 billion in 2006.
The food and
cosmetic industries have also shown impressive increase in recent years.
SUMMARY
Good for trade engagements.
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%)