MIRA INFORM
REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MIBA PLAST LTD. |
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Formerly Known As : |
MIBAPLAST |
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Registered Office : |
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Country : |
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Year of Establishment : |
1970 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of polyethylene and paper flexible packaging and
other packaging products |
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 |
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
MIBA PLAST LTD.
Telephone 972 3 556 76 72
Fax 972 3 556 76 19
Industrial Zone
HOLON-58828-ISRAEL
HISTORY & LEGAL FORMATION
Originally
established as a non-registered business in 1970.
Converted into a
general partnership and registered as such as per file No. 54-013639-7 on the
15.04.1978, under the name MIBAPLAST.
In 1983 the
partnership became non-active and until 1985 the business operated as a sole
proprietary.
Converted into a
private limited company and registered as such as per file No. 51-106358-8 on
the 04.04.1985.
SHARE CAPITAL
Authorized share
capital
10
management shares of
1,329,990
ordinary shares of
4,000 senior “A” shares of
500,000 ordinary shares of
of which shares
amounting to
SHAREHOLDERS
1. Itzhak Yoffe, 51%,
2. CATALYST PRIVATE EQUITY
PARTNERS (ISRAEL) II, LIMITED PARTNERSHIP, 33%, a private equity investment
fund,
3. Leon Yoffe, 16%.
In 2007 CATALYST Fund
invested in subject, acquiring 33% in subject from Leon Yoffe.
DIRECTORS
1.
Itzhak Yoffe,
2.
Boaz Harel, of CATALYST Fund.
JOINT GENERAL MANAGERS
1.
Itzhak Yoffe,
2.
Leon Yoffe.
BUSINESS
Manufacturers, exporters
and marketers of polyethylene and paper flexible packaging and other packaging
products.
60% of sales are
for export, mainly to the
Foreign clients
include: WALL MART, MCDONALDS, STARB
Subject maintains
business relationship with DuroBag, whose paper bags sales represents 70% of
the
Amongst local
clients: SHUFERSAL BLUE SQUARE, CO-OP ISRAEL (latter three are local largest
supermarket chains), STRAUSS/ELITE, ARCAFE, ANGEL BAKERY, bakeries and food
chains, etc.
Subject imports
mainly raw materials for production.
Operating from
premises (offices, plant, warehouse), owned by Itzhak and Leon Yoffe, on an
area of 3,250 sq. meters (2,000 sq. meters are built), in
Having 100
employees.
MEANS
Current stock is
valued at US$ 1,500,000.
Property (owned
by the Yoffe family) where subject is operating from in
There are 6 charges
for unlimited amounts registered on the company’s assets, in favor of Bank
Leumi Le’Israel Ltd. and its leasing company.
ANNUAL SALES
2008 sales
claimed to be US$ 7,000,000, of which 60% were for exports.
2009 sales
claimed to be US$ 8,000,000, of which 60% were for exports.
2010 sales
claimed to be US$ 10,000,000, of which 60% were for exports.
BANKERS
Bank Leumi Le’Israel Ltd.,
A check with the Central Bank s’ database did not reveal anything
detrimental on subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject is a long
established business.
In May 2007, it was reported that CATALYST II FUND invested US$ 7 million
in 3 Israeli companies, subject being one of them. This is part of the Catalyst
2 Fund, that up to that date raised US$ 50 million (aiming at reaching US$ 100
million). Catalyst Fund II invests in a broad range of maturing, hi-growth
Israeli and Israeli-related companies. CATALYST FUND is a private equity fund
operating since 2000, headed by Mr. Shamir (Chairman of ISRAEL AEROSPACE
INDUSTRIES), Edi Cukierman (who heads American CUKIERMAN & CO. INVESTMENT
HOUSE) and Boaz Harel. It has already made successful exits in its 1st
Fund.
There are some 120
packaging production plants in
According
to the Chairman of the Packaging and Design Institute the branch sales in 2008
amounted to US$ 1.7 billion, of which US$ 400 million were for export.
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.45.57 |
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1 |
Rs.72.50 |
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Euro |
1 |
Rs.62.46 |
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 |
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 |
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.