MIRA INFORM REPORT
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Report Date : |
13.01.2011 |
IDENTIFICATION DETAILS
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Name : |
BITUM LTD. |
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Formerly Known As : |
DELEK ITUM – BITUM LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26.12.1991 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of sealing and insulation
products for construction |
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$ 150,000 |
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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
BITUM LTD.
Telephone 972 4 841 62 17
Fax 972 4 841 62 19; 840 40 28
Haifa Bay
Industrial Zone
KIRYAT HAIM 26290-ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-163734-0 on the 26.12.1991.
Originally
established under the name BITUM (1991) LTD, which changed to the present name
on 30.08.2000, then on the 31.05.2009 changed to DELEK ITUM – BITUM LTD., and
finally re-converted to present name on the 31.10.2009.
SHARE CAPITAL
Authorized share
capital
2,600 ordinary shares of
of which 2,002
shares amounting to NIS 2,002.00 were issued.
SHAREHOLDERS
Subject is fully
owned by BITUM PETROCHEMICAL INDUSTRIES LTD., fully owned by IBECO LTD. (60% directly and 40% via fully owned BEN ZION DISHON LTD.), owned by Yakov
Mashal & family.
IBECO LTD. holds 2
shares of subject directly.
On 31.12.2010
IBECO LTD. acquired 60% of BITUM PETROCHEMICAL from DELEK THE
ISRAEL FUEL CORP. LTD., part of the DELEK GROUP, as well as acquiring all the
shares of BEN ZION DISHON LTD. from the Dishon
Family.
DIRECTORS
1. Yakov Mashal,
2. Moshe Mashal,
3. Ido Mashal,
4.
GENERAL MANAGER
Amos Hareli.
BUSINESS
Importers and
marketers of sealing and insulation products for construction.
Local
representatives of POLYGLASS –
Operating from
premises (offices, plant, storage facilities), partly owned by parent company
and partly rented, on an area of 10,000 sq. meters, in
Having 40
employees in the BITUM companies.
MEANS
Consolidated
(subject and parent company) stock is valued at
There are no
charges registered on the company's assets.
ANNUAL SALES
2010 consolidated
sales claimed to be
We were informed
that 2009 consolidated sales were less than 2010 sales.
OTHER COMPANIES
BITUM PETROCHEMICAL
INDUSTRIES LTD., parent company, founded in 1948 and incorporated in 1961,
developers, manufacturers, exporters and marketers of asphalt and insulating
substances, for building construction, infrastructure (roads, etc.)
IBECO LTD.,
a holding and real estate company, owned by Yakov Mashal and family.
Yakov Mashal also
holds shares several other holding, real estate and finance companies, among
them Y. MASHAL & SONS ENTREPRENEURSHIP LTD., (fully owned), LEV AFEK LTD.,
EUROUP LTD., T.M.C.TRASPORTATION LTD., A.A.M.S INVESTMENTS LTD. and more.
BANKERS
Bank Hapoalim
Ltd., Bay Branch (No. 791),
Bank Leumi
Le'Israel Ltd., Halutzei Ha’taasiya Business Branch (No. 889),
A check with the
Central Bank’s database did not reveal any negative information regarding
subject’s a/m bank accounts.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject, part of
the BITUM group of companies, are long established and enjoy good reputation.
For decades, until the end of 2010, it was part of the leading local DELEK
GROUP concern, operating in the oil, petrol and energy fields.
Subject is ISO
9002 certified.
Yaakov Mashal is a
well respected businessman, who also serves as a Director in BANK LEUMI
LE'ISRAEL LTD.,
In July 2004 it was reported that BITUM supplied its products to the
Olympic Village construction and Airport renovation in
In August 2004 it was reported that BITUM started exporting sealing
products to
Despite the fears, in overall, the construction branch was hit less than
other branches from the slow-down in local economy in late 2008 into the first
half of 2009. Total number of transaction in the building sector in 2009
finished with 8% rise from 2008 and up 12% in new apartment deals (most deals
are in 2nd-hand apartments).
In the last couple of years gross domestic investment in building and
other construction works was stagnant, after in 2006 and 2007 it rose by 10.2%
and 5.1% from the previous year, respectively. In 2009, investments indicators
were mixed, reflecting the general slow-down in 2009 1st half, and
showed a recovery later in the building and real estate market activity,
continuing into 2010 1st half. Gross domestic investment in building
and other construction works increased in 2009 by mere 0.5% from 2008. Total
investment in fixed assets (excl. ships and airplanes) fell 6.1% in 2009 from
2008, and rose by 8.5% in 1stH-
Volume of building starts for dwelling during 2009 totaled 32,150 new
apartments, 0.5% higher than 2008 and similar level of the previous years.
However, prices in recent years kept rising due to the shortage in supply of
new apartments (rate of additional household in
Israeli Government has been operating to solve the housing distress
(shortage) on one hand and has been taking steps to cool the building sector in
order to avoid a real estate bubble on the other, with an ongoing reform and
steps that will bring properties prices down and ease the pressure of demands.
Indeed, for the first time in long period, 2010 3rd quarter
indicators showed a sharp decrease (19%) in transaction in the building sector,
both first and second-hand apartments (for the first time since the 2004
depression in the sector), as well as mild decrease in prices level.
SUMMARY
Good for trade
engagements.
Maximum unsecured
credit recommended US$ 150,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.16 |
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1 |
Rs.70.64 |
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Euro |
1 |
Rs.58.68 |
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.