MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
Y.S.
ASHKENAZI AGENCIES LTD. |
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Formerly Known as : |
UNICHEM LTD. |
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Registered Office : |
Netzer Sireni 70395 |
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Country : |
Israel |
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Date of Incorporation : |
1958 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and
Marketers of Raw Materials and Industrial Chemicals, specializing in substances
for the Detergent and Cosmetics Industries. Also importers and Marketers of Raw Materials
for the Food Industry (activities of RADIX). |
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$ 200,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
Y.S. ASHKENAZI AGENCIES
LTD.
Telephone 972
8 928 25 80
Fax 972
8 928 25 68
NETZER SIRENI 70395
ISRAEL
HISTORY
& LEGAL FORMATION
Originally established in 1958 as a private limited company under the name
of UNICHEM LTD.
In the beginning of the 70’s the company became non-active and business
activities were carried on as a sole proprietorship, under the non-registered
names of "ASHKENAZI IMPORT AND SUPPLY” and “ASHKENAZI VENATO CHEMICALS”.
Converted into a private limited company and
registered as such as per file
No. 51-174163-9 on the 30.11.1992.
As of the beginning of 2007, following changes in ownership structure, all
activities of subsidiary (67%) RADIX CHEMICALS LTD. (established 2003) was
merged into subject.
SHARE
CAPITAL
Authorized share capital NIS 17,600.00, divided into -
17,600 ordinary
shares of NIS 1.00 each, of which shares amounting to NIS 400.00 were issued.
SHAREHOLDERS
1. A.C EQUITY
PROJECTS LTD., 30%, equally owned by Ms. Suzan Ashkenazi and Yossef Cohen,
2. Yossef Cohen, 27.5%,
3. Yanto (Yom-Tov) Ashkenazi, 27.5%,
4. GLOBALCHEM LTD., 15%, owned by Shlomo Gilat.
As of the beginning
of 2007, subject took over RADIX CHEMICALS LTD. (66.67% owned by A.C EQUITY
PROJECTS LTD. and 33.33% owned by GLOBALCHEM LTD.) and merged it into subject,
inconsideration of allocating 15% of subject's shares to GLOBALCHEM LTD.
DIRECTORS
& JOINT GENERAL MANAGERS
1. Yanto (Yom-Tov) Ashkenazi,
2. Yossef Cohen,
3. Shlomo Gilat.
BUSINESS
Importers and
marketers of raw materials and industrial chemicals, specializing in substances
for the detergent and cosmetics industries.
Also importers and marketers
of raw materials for the food industry (activities of RADIX).
Amongst clients:
SANO, HENKEL-SOD, UNILEVER ISRAEL, ZOHAR DALIA, FISCHER PHARMACEUTICAL
INDUSTRIES, BISCOL, CARELINE, AL BAD MASSUOT ITZHAK, PALACE BOSMAT, GAT GIVAT
HAIM, OSEM, etc.
Amongst local
suppliers: ZOHAR DALIA, GADOT CHEMICAL, DEPOTCHEM, FRUTAROM, etc.
Sole local agents of:
CLARIANT, of Germany,
ZIMMERMAN SCHWARTZ, of Germany/Italy,
ISS, of the
Netherlands,
NEELIKOM, of India,
CESA, of Italy.
Operating from
rented premises, on an area of 2,500 sq. meters, in Kibbutz Netzer Sireni, a
locality in Central Israel.
Having 17 employees
(same as in 2007, had 14 employees in 2006).
MEANS
Current stock is
valued at NIS 3,000,000 (same as in 2007, was NIS 2,500,000 in 2006).
B/S shows:
NIS
31.12.2005 31.12.2006
ASSETS
Current assets:
Cash and cash equivalents 4,493 9,324
Cheques for collection 1,765,127 3,659,362
Customers 6,006,763 5,623,454
Other accounts receivables 285,225 105,510
Stock _2,977,090 _3,098,984
11,038,698 12,496,634
Fixed assets _1,115,993 _1,164,986
12,154,691 13,661,620
========= =========
LIABILITIES
Current
liabilities
Credit from banks 5,112,748 5,023,333
Cheques for payment 780,611 1,246,395
Suppliers 4,168,481 4,946,929
Other accounts payable __631,775 __565,457
10,693,615 11,782,114
Long-term
liabilities 1,548,603 1,705,941
Equity (deficit) __(87,527) __173,565
12,154,691 13,661,620
========= =========
There are 5 charges
for unlimited amounts registered on the company's assets (fixed and financial
assets), in favor of Bank Leumi Le’Israel Ltd. and local companies.
ANNUAL
SALES
2003 sales claimed
to be NIS 18,000,000.
2004 sales claimed
to be NIS 20,000,000.
2005 sales claimed to
be NIS 21,000,000, making a net profit of NIS 266,930.
2006 sales claimed
to be NIS 22,500,000.
(RADIX 2005 sales
were circa NIS 9,000,000).
2007 sales claimed
to be NIS 30,000,000.
OTHER
COMPANIES
A. C. EQUITY
PROJECTS LTD., agencies in the chemical field.
AMIT TRADING S.G. LTD., owned by Shlomo Gilat.
BANKERS
Israel Discount Bank Ltd., Salame Road Branch (No.
017), Tel Aviv,
account No. 165050.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m account.
CHARACTER
AND REPUTATION
Nothing unfavorable
learned.
Subject is a long
established business.
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.
Total sales by the
Chemical industry in 2007 amounted to over NIS 35 billion, 17% increase from
2006. Export by the sector recorded US$ 9.5 billion, comprising 20% of Israel’s
total export.
According to the Central Bureau of Statistics, import of chemicals for
the local market increased in 2007 by 10.3% comparing to 2006, summing up to
US$ 3,624.1 million.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 200,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
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%)