MIRA INFORM
REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
M.E. SULPHONATION LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26.11.2006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers
of raw materials for the detergents branch |
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$ 300,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
M.E. SULPHONATION LTD.
Telephone 972
4 690 42 24
Fax 972
4 690 42 27
Northern Industrial Zone
KIRYAT SHMONA-11013-ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-389662-1 on the
26.11.2006.
Subject's activities began in 2009.
SHARE
CAPITAL
Authorized share capital
1,000,000 ordinary
shares of
of which 700 shares amounting to
SHAREHOLDERS
1. GALIL
CHEMICALS LTD., 90%, fully owned by TROPICAL-DEGIL COSMETIC INDUSTRIES LTD.,
owned by Gil Ben-Zaken (25%), Avi Abuxis (25%, via FLEETWOOD OVERSEAS, of the
UK), Arie Nestal (16.66%), Joseph Himi (16.66%) and Avraham (Avi) Ben-Shimol
(16.66%, via ALDIM CONTROLLED INDUSTRIES LTD.),
2. LU.
SI. INTERNATIONAL S.R.L., 10%, of
DIRECTORS
1. GALIL
CHEMICALS LTD.,
2. LU.
SI. INTERNATIONAL S.R.L.
GENERAL
MANAGER
Avraham (Avi) Ben-Shimol.
BUSINESS
Manufacturers, exporters and marketers of raw materials for the detergents
branch.
Subject uses the knowhow of Italian parent company.
Amongst clients: HENKEL SOAD, ZOHAR DALIA, UNILEVER ISRAEL HOME AND PERSONAL CARE, etc.
Operating from premises, which is serving mostly parent company GALIL CHEMICALS
and owned by them (offices, storage facilities and plant), on an area of 20,000
sq. meters, of which 10,000 sq. meters are built, in the Northern Industrial
Zone, Kiryat Shmona (Upper Galilee region in the country’s north).
Having 10 employees in subject.
Subject also enjoys the services of the employees of parent company GALIL
CHEMICALS with some 120 employees.
MEANS
Current stock is valued at
Property owned by parent company in the Kiryat Shmona Industrial Zone was
valued at US$ 3,000,000 several years ago.
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
There are 3 charges for unlimited amounts registered on the company’s
assets (financial and fixed assets), in favor of Israel Discount Bank Ltd. and
the State of Israel.
ANNUAL
SALES
2010 sales claimed to be
OTHER
COMPANIES
TROPICAL - DEGIL COSMETIC INDUSTRIES LTD., parent company, manufacturers, exporters
and marketers of toiletries and cosmetics, wet wipes, ear cleaning sticks,
pads, etc. Also controls:
·
GALIL
CHEMICALS LTD., 100%, manufacturers and marketers of laundry and dishwashing
powders and liquids, and bleaching cleansers.
·
ADIL
HOLDINGS LTD., 100%, a holding and real estate company.
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TROPICAL
ENERGY LTD., fully owned by ADIL.
·
LA.A.J
COTTON LTD., fully owned by ADIL.
BANKERS
Israel Discount Bank Ltd., Kiryat Shmona Branch (No. 110), Kiryat Shmona,
account No. 1140.
A check with the Central Banks’ database did not reveal any negative
information regarding subject’s a/m account.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
In February 2004
it was reported that HENKEL of Germany gave GALIL CHEMICALS license to
manufacture "Persil" washing powder.
The local cleaning and detergents market is estimated at
According to reports
from 2009, over 50,000 tons of washing powder is sold in
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 300,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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1 |
Rs.70.38 |
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Euro |
1 |
Rs.58.93 |
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.