MIRA
INFORM REPORT
|
Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PENINSULA FINANCIAL LTD. |
|
|
|
|
Formerly Known as : |
AVNI FINANCE AND CREDIT LTD |
|
|
|
|
Registered Office : |
P.O. Box 51227,
88 Menachem Begin Rd, Moshe Aviv Bldg.TEL AVIV 67138 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
07.11.2004 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
A factoring services company, offering
short-term commercial and trade finance solutions including domestic and
foreign trade factoring, import and international commerce finance,
international debt collection, financial consultancy, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 500,000. |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
PENINSULA FINANCIAL LTD.
Telephone 972
3 565 01 00
Fax 972
3 565 01 21
P.O. Box 51227
88 Menachem Begin
Rd.
Moshe Aviv Bldg.
TEL AVIV 67138 ISRAEL
HISTORY
A private limited company, incorporated as
per file No. 51-360519-6 on the 07.11.2004, under the name AVNI FINANCE AND
CREDIT LTD., which changed to the present name on the 30.11.2004.
SHARE CAPITAL
Authorized share capital NIS 116,392.00,
divided into -
7,900,006
ordinary shares,
2,409,500
senior "A" shares,
1,329,694
senior "B" shares, all of NIS 0.01 each,
of which shares amounting to NIS 72,586.44
were issued.
SHAREHOLDERS
Subject is owned by several venture capital
and private equity funds, investment companies and individuals, including:
1. Micha Avni,
2. Mariano Ptaschinsky,
3. Jonathan Shapira,
4. D-PARTNERS 2 LP, part of the
VIOLA PARTNERS private equity fund, headed by the DOVRAT Group (led by Aharon
Dovrat and son Shlomo Dovrat), and by Harel Beit-On and Avi Zeevi,
5. Shmuel Feibush,
5. WATER LILY INVESTMENT LTD., a
foreign investment firm,
6. D.E. SHAW & CO., an
American hedging fund,
7. Emanuel Gross,
8. COHEN K. INVESTMENTS LTD., part
of PI FINANCE LTD. Group, headed by Aharon Cohen,
9. Morris Wolfson,
10. Pinchas Lazwick,
11. Michael Bronstein,
12. Yoseph Linda,
13. Wli Wortman,
14. Shuki
Scwartz,
15. Nir Bronstein,
16. ROSENTHAL
& ROSENTHAL INC., American factoring firm,
17. TREBLE
CLEF INVESTMENT LTD.,
18. Shmuel
Darren Rockman,
19. CHANA
SASHA FOUNDATION,
20. Dr.
Shlomo Kalish,
21. Arie
Ovadia,
22. Peretz
Bronstein.
DIRECTORS
1. Dr. Arie Ovadia, Chairman,
2. Micha Avni, General Manager, subject's
founder,
3. Mariano Ptaschinsky,
4. Jonathan Shapira,
5. Shmuel Darren Rockman,
6. Nir Bronstein,
7. Eilon Pinchas, of D-PARTNERS.
BUSINESS
A factoring services company, offering
short-term commercial and trade finance solutions including domestic and
foreign trade factoring, import and international commerce finance,
international debt collection, financial consultancy, etc.
Operating from rented office premises, in 88
Menachem Begin Rd., Moshe Aviv Bldg., Tel Aviv.
Number of employees not forthcoming.
MEANS
In
April 2007 subject announced it completed a private placement raising NIS
10,000,000, in a round led by D-PARTNERS Fund.
During 2007 subject prepared for a public
offering through the Tel Aviv Stock Exchange, in view of raising NIS 100
million according to a company value of NIS 75 million, however the plan failed
following unfavorable market conditions.
Other financial data not forthcoming.
There are 2 charges for unlimited amounts
registered on the company's assets, in favor of Bank Leumi Le'Israel Ltd. and
Bank Hapoalim Ltd.
ANNUAL SALES
2007 turnover reported to be close to NIS
200,000,000, about the double from 2006.
Exact revenues figures not forthcoming.
BANKERS
Bank Hapoalim Ltd., Yahalom Branch (No.
537), Ramat Gan,
account No. 105123.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
Bank Leumi Le'Israel Ltd., Haifa Main Branch (No. 876), Haifa.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Mariano Ptaschinsky, subject's senior VP,
refused to disclose any information, without knowing the exact identity of the
enquirer (main reason claimed: fear of competitors).
Micha Avni, General Manager and subject's
founder, is also a partner in a leading local VC Fund JERUSALEM GLOBAL
VENTURES, known for several successful exits of investment in hi-tech
start-ups.
Chairman Dr. Arie Ovadia is a well-known
veteran figure in the non-banking finance field. He partly owns the GIRON
Group, involved in real estate.
The VIOLA PARTNERS is Israel's largest
private equity fund, led by well-known figures in the local investment and
finance sector. It has over US$ 1 billion under management.
Main investor is the DOVRAT Group (via their
CARMEL VENTURES VC Fund). Both Aharon Dovrat and Shlomo Dovrat enjoy good
reputation and known in the local business community, with investments in the
hi-tech field.
The D-PARTNERS Fund invests in many other
start-up ventures.
American hedging fund D.E. SHAW & CO.,
which invested in subject, is a large known fund of New York, managing capital
of US$ 29 billion.
ROSENTHAL & ROSENTHAL is a leading
American factoring company.
Subject is the first private factoring firm
in Israel, member of the FCI – Factors Chain International since mid 2005.
In August 2007 it was reported that subject
filed a personal lawsuit of NIS 2.15 million to the Tel Aviv Magistrate Court
against Boaz Yona, who headed the leading construction company HEFTZIBA, and
collapsed in mid 2007. Apparently, subject paid HEFTZIBA supplier against the
guarantee to pay subject back, payments due those days (in the lawsuit sums
scales).Subject's General Manager said in comment, that the debt to subject is
backed by a large foreign insurer, therefore subject is not expected to get hurt.
The factoring area has become in recent
years, abroad in general as well as in Israel –albeit thus far in a less
magnitude, a significant option for finance for medium-sized companies. The
sector has been growing in Israel though, and in 2006 there were factoring
deals in total volume of NIS 4 billion according to sources in the branch,
comparing to NIS 3 billion in 2005 and NIS 1.8 billion in 2004. In mid 2007 the
sources estimated the volume in 2007 to reach NIS 6-7 billion.
The leading players in the local factoring
field are CLAL FINANCE (with major market share ahead), PSAGOT FINANCE, GLOBAL
FACTORING and subject.
SUMMARY
Notwithstanding the refusal to disclose
financial details, based on subject's reputation and investors background,
considered good for trade engagements.
Maximum unsecured
credit recommended US$ 500,000.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)