MIRA INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
FLORMA LTD |
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Formerly Known As : |
IMPORT COMPANY FOUNDATION OF FLORMA LTD |
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Registered Office : |
P.O. Box 1404 (45114), 5 Habanai Street, Gil Amal Industrial Zone, Hod Hasharon 45100 |
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Country : |
Israel |
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Date of Incorporation : |
25.06.1969 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Agencies, Traders, Importers and Marketers of colorants, paints &
powders, paint additives, dyes and industrial chemicals, as well as whirling
and transportation equipment. |
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No. of Employees
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16 persons |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
FLORMA LTD.
Telephone 972 9 744 29 21
Fax 972 9 744 29 20
P.O. Box 1404
(45114)
5 Habanai Street
Gil Amal
Industrial Zone
HOD HASHARON 45100 ISRAEL
HISTORY & LEGAL FORMATION
Originally established in 1941 as a non-registered firm.
Converted into a private limited company, and registered as such as per file
No. 51-051998-6 on the 25.06.1969, under the name IMPORT COMPANY FOUNDATION OF
FLORMA LTD., which changed to the present name on the 03.03.2004.
SHARE CAPITAL
Authorized share capital NIS 100,000.00, divided into –
100,000
ordinary shares of NIS 1.00 each,
of which 2,000 shares amounting to NIS 2,000 were issued.
SHAREHOLDERS
1. Eliyahu
Florental, 50%,
2. Mrs.
Aliza Florental, 50%.
SOLE DIRECTOR
Eliyahu Florental.
JOINT GENERAL MANAGERS
1. Eliyahu Florental,
2. Daniel
Florental,
3. Ms.
Efrat Moreh (nee Florental)
Eliyahu Florental informed us that currently
he is in the process of transferring the management to his children Efrat and
Daniel.
BUSINESS
Agencies, traders, importers and marketers of colorants,
paints & powders, paint additives, dyes and industrial chemicals, as
well as whirling and transportation equipment.
Sales are from stock and on commission basis.
Among clients: KAFRIT INDUSTRIES, SANO, GENIGAR PLASTIC PROD
Purchases are mainly imports.
Among local suppliers: DEPOCHEM, AIDCHEM, etc.
Sole local agents of (among others):
HELION, HOLLAND COLORS, GEOTECH, MOVACOLOR, all of the Netherlands,
DIGI COLORS, AZO, both of Germany,
FREDCOLOR, ALIMATIC, both of Spain,
GLOBAL COLORS, of Greece,
HOLIDAY PIGMENT, MODITECH, both of France,
RADIANT, KREATE, both of Belgium,
NOVATEC, MAGUIRE, both of USA,
SULZER, of Switzerland,
LABTECH ENGINEERINING, of Thailand.
As well as GEOTECH, SOVITECH, LAB TEC, etc.
Operating from premises, owned by the shareholders, on an area of 1,700
sq. meters (in a 2 floor building, of which 1,200 sq. meters serve subject and
500 sq. meters are rented to 3rd parties), in 5 Habanai Street, Gil
Amal Industrial Zone, Hod Hasharon.
Having 16 employees (same as at the beginning of 2011, had 15 employees
in mid 2009).
MEANS
Current stock is valued over NIS 2,500,000.
Property owned by the shareholders in Hod
Hasharon (where subject is operating from) is valued at US$ 1,600,000.
There are 7 charges for unlimited amount registered on the company's
assets (financial assets and vehicles), in favor of Bank Leumi Le'Israel Ltd.,
Bank Hapoalim Ltd. and Mizrahi Tefahot Bank Ltd. (last charge placed on
04.12.2011).
REVENUES
2010 revenues claimed to be NIS 14,000,000 from sales from stock and
further commission from sales of NIS 20,000,000.
2011 revenues claimed to be NIS 15,000,000 from sales from stock and further
commission from sales of NIS 20,000,000.
OTHER COMPANIES
FLORENTAL ELIYAHU LTD., owned by subject’s shareholders, a real estate
company.
BANKERS
Bank Leumi Le'Israel Ltd., Hod Hasharon
Branch (No. 943), Hod Hasharon, account No. 1690000/52.
Bank Hapoalim Ltd., Hod Hasharon Branch (No. 626), Hod Hasharon, account
No. 598079.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
CHARACTER AND REPUTATION
Nothing unfavorable learnt.
This is long established family business, well-known in its field.
The paint and allied sealants market in Israel is estimated at NIS 920
million (of which about NIS 700 million paints only) per annum, from which 67%
are for the home sector (49% acrylic, 11% lime and 28% for wood and metal) and
the balance for the industrial sector.
According
to the Central Bureau of Statistics, import of chemical raw materials for the
local industries decreased in 2009 by 18.5% comparing to 2008, as part of the
local and global slow-down trend.
An improvement was marked in chemicals
import in 2010, as local and global economy recovered from the crisis, with
growth of 18% comparing to 2009, with value of imported chemical raw materials
reaching US$ 4,231 million.
The upwards trend continued into 2011, with
some 20% increase in import of chemicals in the first 8 months (US$ 3,298
million), comparing to the parallel period in 2010.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 100,000
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.81 |
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UK Pound |
1 |
Rs.82.00 |
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Euro |
1 |
Rs.68.81 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.