MIRA
INFORM REPORT
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Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
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Name : |
M.C.P. PERFORMANCE PLASTIC LTD. |
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Formerly Known As : |
NOIT 2000 LTD |
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Registered Office : |
Mobile Post.
Emek Hefer Hamaapil 38857 |
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Country : |
Israel |
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Date of Incorporation : |
18.12.2000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers,
exporters and marketers of plastic packaging products for foodstuff,
specializing in trays for chilled, frozen and shelf-stable food packaging
produced from PET, CPET and PP. |
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$ 500,000. |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Name and address
M.C.P. PERFORMANCE
PLASTIC LTD.
Telephone 972 4 636 78 17 / 636 78 18
Fax 972 4 625 84 20
Mobile Post. Emek
Hefer
HAMAAPIL 38857 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-304987-4 on the 18.12.2000.
In October 2001,
subject took over all activities of MITZPEH - M.C.P. PERFORMANCE
PLASTIC, a sister partnership established 1975, which consequently became
non-active.
Subject was
originally registered under the name NOIT 2000 LTD., which changed to M.C.P
PLASTIC INDUSTRIES LTD. on the 16.10.2001, and changed to the present name on
the 01.11.2001.
SHARE CAPITAL
Authorized share
capital NIS 38,000.00, divided into:
38,000 ordinary shares of NIS 1.00
each,
of which 802
shares amounting to NIS 802.00 were issued.
SHAREHOLDERS
1. GAZIT INDUSTRIES ACS LTD.,
50.1%, owned by:
a) Kibbutz
Gazit, 81%, a co-operative society, operating a communal agricultural
settlement,
b) TENE II FUND, 19%, an investment fund, managed by Dr. Ariel Halperin,
2. HAMAAPIL AGRICULTURE &
INDUSTRY DEVELOPMENT ACS LTD., 49.9%, fully owned by Kibbutz Hamaapil, also a
cooperative society, operating a communal agricultural settlement.
In February 2002,
it was Kibbutz Gazit acquired 51% of subject from Kibbutz Hamaapil.
In the beginning of 2008,
the TENE FUND acquired 18% of GAZIT INDUSTRIES ACS from Kibbutz Gazit,
according to reports in consideration of NIS 65 million.
DIRECTORS
1.
Danny (Dan) Shein, Chairman,
2.
Arnon Mann,
3.
Penhut Gindi,
4.
Amos Mahal,
5.
Amos Holzman,
6.
Zeev Refooah,
7.
Gideon Yahalomi,
GENERAL MANAGER
Hia Edelman.
BUSINESS
Manufacturers,
exporters and marketers of plastic packaging products for foodstuff,
specializing in trays for chilled, frozen and shelf-stable food packaging
produced from PET, CPET and PP.
85% of sales are
for export, 15% are to the local amrket.
Amongst local
clients: TNUVA, C.I.P. MEVO HORON, TNUVA-GALIL, MEICHALEY ZAHAV, SANPLAST,
MA'ADANOT, etc.
Most purchases are
imported.
Among local
suppliers: CARMEL OLEFINS, etc.
Operating from
premises (offices, storage facilities and plant), owned by Kibbutz Hamaapil, on
an area of 17,000 sq. meters, in Kibbutz Hamaapil (near Hadera).
Having 145
employees (had 110 employees in the beginning of 2009 same as in 2008, 2007 and
in 2006).
MEANS
We were informed
that subject holds 60 days volume of stock.
Stock was valued
at NIS
Subject's equity
as of 31.12.2006 was NIS 27,000,000, around 30% of total balance sheet. Later
B/S data not forthcoming.
Subject is an
Approved Enterprise, and as such entitled to tax benefits and State incentives.
In July 2004,
Israeli Investments Center (IIC) approved an investment plan of US$ 4.5 million
for the expansion of subject’s plant.
There are 28
charges for unlimited amounts registered on the company's assets, in favor of
The First International Bank of Israel Ltd., Bank Hapoalim Ltd., Bank Leumi
Le’Israel Ltd. and leasing companies.
REVENUES
2005 sales claimed
to be NIS 68,000,000, 75% for export.
2006 sales claimed
to be NIS 84,000,000, 75% for export.
2007 sales claimed
to be NIS 84,000,000, 75% for export.
In 2007 we were
informed that subject is profitable, figures were not disclosed.
2008 sales not
forthcoming.
2009 sales claimed
to be NIS 95,000,000, 85% for export.
2010 sales claimed
to be NIS 106,000,000, 85% for export.
OTHER COMPANIES
GAZIT
INDUSTRIES ACS LTD., parent company, holding company. Also holds:
PLAZIT 2001
AGRICULTURAL COOPERATIVE SOCIETY LTD. 100%, manufacturers, marketers and
exporters of acrylic made boards (extruded plastic sheets), for the building,
furniture, DIY, signposts and billboards sectors, 2009 sales NIS 230 million.
Fully owns PANCHIM LTD., a Bulgarian
subsidiary, manufacturers of extruded Acrylic and Polystyrene sheets and
PMMA granules.
POLYGAL PLASTICS
INDUSTRIES LTD., 52%, manufacturers, marketers and exporters of polycarbonate
and polypropylene sheets and glazing systems.
Also owned by Kibbutz Gazit:
PLAZIT PACKAGING AND PLASTIC
PROD
PLAZIT PACKAGING
AGRICULTURAL COOPERATIVE SOCIETY LTD., fully, a
holding company.
MADAF PLAZIT PACKAGING, 50%, controlled by a/m, manufacturers, exporters and marketers of plastic
packaging products and polystyrene disposable packaging materials. 2009 sales
were NIS 140 million.
AGIR PROJECTS (SEALING)
LTD., engaged in ground sealing and reservoir design, manufacturers and
marketers of sealing solutions.
BANKERS
The First
International Bank of Israel Ltd., Afula Branch (No. 111), Afula,
account No.
220515.
Bank Hapoalim
Ltd., Afula Branch (No. 727), Afula, account No. 30010.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
accounts.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject is
certified for ISO 9002:2000, as well as HACCP and BRC standards.
Kibbutz Gazit was established in 1950 and has 400 members. The Kibbutz
also cultivates a large area of agricultural land, including fruit plantation,
operate dairy farming, poultry etc. Besides, it also operates a hostel/B&B.
Kibbutz Hamaapil
was established in 1945. There are some 350 members.
Beside subject, the Kibbutz deals in agriculture - field corps
(vegetables, etc.) fruit plantations (avocado, citrus, etc.), livestock
breeding, a hen house, fish breeding etc.
The TENE FUND, which became an investor and shareholder
in subject, is a local BuyOut fund, controlled by Dr. Ariel
Halperin, which has been very active in recent few years, investing chiefly in
Kibbutz industries. The TENE FUND was established in 2004. TENE I Fund launched
in 2004 fully invested US$ 60 million in 6 companies. TENE II Fund (which
subject is part of) launched in 2006 invested US$ 145 million in 7 companies,
to date.
Main institutional investors in TENE are BANK
LEUMI, PHOENIX INSURANCE, MENORAH INSURANCE Group, PSAGOT Fund, GRANOT Group,
EMILIA DEVELOPMENT and pension funds. Among other investments are CAESAR-STONE
SDOT-YAM LTD., NETAFIM LTD., HANITA COATINGS RCA LTD., TELDOR WIRES AND
CABLES LTD., and CHROMAGEN ACS LTD.
After long negotiations, in February 2010 an
agreement was finally signed according to which GAZIT INDUSTRIES acquired
control (52%) in POLYGAL PLASTICS INDUSTRIES LTD. from Kibbutz Ramat Hashofet in
consideration of NIS 36 million. POLYGAL
is a veteran and well-known plant for plastics sheets for the building sector,
with some 200 employees and annual sales of NIS 280 million.
GAZIT INDUSTRIES Group annual consolidated sales reported to be
NIS 450 million (prior to
the acquisition of 52% in POLYGAL).
According to the Chairman of the Packaging and
Design Institute the branch sales in the first half of 2010 amounted to US$ 542
million, representing 4% rise from the 1st half of 2009. Sales
divided into sales to the local market, which summed up to US$ 395 million
(3.1% increase comparing to January 31st, 2011) and US$ 147 million
sales for export (6.5% increase).
There are some 120
packaging production plants in Israel, directly employing some 9,400 employees
as of 2010 1st half (1.1% rise from 2009 1stH).
During the first
half of 2010, packaging in value of US$ 138 million were imported to Israel,
which marks 3% increase comparing to the parallel period in 2009.
The Ministry of
Industry & Trade data published summary of Israel's Plastic and Rubber
Industry in 2009: The Sector’s revenues (local and for export) reached US$
4,090 million (of which some half for export), representing 4% decrease from
2008 (revenues in 2008 also fell from 2007 by 7.3%, after several years of
continuing growth – reaching record revenues of US$ 4,596 million in 2007). The
fall is explained by the global crisis that erupted in 2008 2nd
half, into 2009.
Sales for export by the Plastic and Rubber Industry badly suffered and
plunged in 2009 by 15% from 2008, but recovered in 2010 with 5.8% growth in
export, reaching US$ 1,615.6 million, as part of the recovery in global
markets.
In general, 30% of the Plastic and Rubber sector's sales are household
products, 23% - agriculture, 16% - packaging, 9% - building sector, 9% to the
industry (rest is to other fields).
According to the
Central Bureau of Statistics, import of Plastic and Rubber raw material for the
local industry in 2010 summed up to NIS 2,047.2 million, 30.4% increase from
2009 (then it decreased by 31% from 2008, which reflected
the the global recession). The upwards trend continued into the 1st
quarter of 2011 –close to 27% rise (compared with 2010 1stQ), totaling US$
831.7 million.
Investment in imported machinery and equipment to the plastic and rubber
industry totaled NIS 512 million in 2010, some 8% down from 2009, continuing
the decreasing trend although in a much lesser magnitude, after a sharp fall of
29% in 2009 from 2008 (then it witnessed a mere 1% increase from 2007).
SUMMARY
Good for trade
engagements.
Maximum unsecured
credit recommended US$ 500,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.90 |
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|
1 |
Rs.72.54 |
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Euro |
1 |
Rs.63.39 |
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.