MIRA INFORM REPORT

 

 

Report Date :           

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ZIPCO TECHNOLOGIES LTD. 

 

 

Registered Office :

P.O. Box 9016 (27150), 36 Hacharoshet Street, Kiryat Bialik Industrial Zone Kiryat Bialik 27511        

 

 

Country :

Israel

 

 

Date of Incorporation :

02.07.2007

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and marketers of range of preparations in the pesticide, sanitation, disinfectant and cleaning industries for the veterinary sector, sanitation sector

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

Payment Behaviour :

Unknown

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Israel

a2

a2a

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address

 

ZIPCO TECHNOLOGIES LTD.

Telephone    972 4 877 95 55

Fax             972 4 874 44 99

P.O. Box 9016 (27150)

36 Hacharoshet Street

Kiryat Bialik Industrial Zone

KIRYAT BIALIK-27511                    ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-399916-9 on the 02.07.2007.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 39,100.00, divided into:-

                39,100 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

1.    Ms. Nurit Amiel, 75%,

2.    Giora Azulai, 25%.

 

We are informed that a/m shareholders acquired subject from its former owners in December 2009.

 

 

SOLE DIRECTOR AND GENERAL MANAGER

 

Ms. Nurit Amiel.

 

 

BUSINESS

 

Manufacturers and marketers of range of preparations in the pesticide, sanitation, disinfectant and cleaning industries for the veterinary sector, sanitation sector .

 

Amongst customers are municipalities and local councils (e.g. Haifa Municipality, Kiryat Bialik Municipality), agricultural settlements and farms, hospitals, elderly houses, etc.

 

Most raw materials for production are from import.

Among local suppliers: AMRAZ, GADOT CHEMICALS, I.M.A. MUTZAREI ARIZA, etc.

 

Operating from rented premises (offices and a manufacturing facility), on an area of 250 sq. meters, in 36 Hacharoshet Street, Industrial Zone, Kiryat Bialik.

 

Having 6 employees.

 

 

MEANS

 

Current inventory is valued at NIS 50,000.

 

Other financial data not forthcoming.

 

There is 1 charge for an unlimited amount registered on the company’s assets (financial assets), in favor of Bank Leumi Le'Israel Ltd.

 

 

SALES

 

2010 sales claimed to be NIS 800,000.

Sales for the first 5 months of 2010 claimed to be NIS 500,000.

 

 

BANKERS

 

Mizrahi Tefahot Bank Ltd., Kiryon Branch (No. 518), Kiryat Bialik.

 

 

CHARACTER AND REPUTATION

 

Subject's shareholders informed us that they acquired subject from its former shareholders in December 2009, after the company experienced financial trouble, which resulted in the restriction of subject's bank account for one year in Bank Leumi Le'Israel Ltd., one of the two banks subject used to work with under the old ownership. The second account, in Mizrahi Tefahot Bank Ltd. has not been restricted, which allowed the present new shareholder to continue and operate subject normally, with no impact of any restrictions.

 

A restricted account means that 10 or more of subject’s checks bounced back during a period of 12 months and once restricted, no checks could be drawn from the specific account for one year.

 

Subject's shareholders added that since the acquisition there have been no checks bounced back and their business has no problems.

 

Nothing unfavorable learned on subject since its acquisition by its new shareholders in December 2009.

 

Subject's shareholders known to have many years of experience in the chemicals field.

 

According to Central Bureau of Statistics data, investments in imported machinery and equipment from for the Chemical Industries (incl. Pharmaceuticals) in 2010 summed up to NIS 1,045 million, representing a 24.4% decrease in real terms from 2009 (after 0.5% decrease in 2009 from 2008 and 18.7% increase in 2008 from 2007).

 

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$ 4,231.4 million. The upwards trend continued into 2011, with some 14% increase in import of chemicals comparing to the parallel period in 2010.

 

 

SUMMARY

 

Under the new ownership, subject appears to be suitable for trade relations. Yet, being relatively small firm, at this stage we recommend dealings on secured basis.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.