MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
TOSAF COMPOUNDS
LTD. |
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Formerly Known As : |
TIRKOVOT PLASTIC M.B.S. LTD |
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Registered Office : |
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Country : |
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Year of Establishment : |
1951 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers,
processors, manufacturers, exporters and marketers of compounds, colors and
additives concentrates for the plastic industry out of basic raw materials
and polymers extracts from the petrochemical industry. |
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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Status : |
Good |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Name and address
TOSAF COMPOUNDS LTD.
Alon Tavor Site:
Telephone 972
4 606 80 00; 642 04 19
Fax 972 4 642 04 23
Industrial Area
ALON TAVOR
18126
Tnuvot Site:
Telephone 972
9 898 46 84
Fax 972
9 898 46 49
Industrial Zone
TNUVOT 42830
E-mail: tosafcom@tosaf.com
HISTORY & LEGAL FORMATION
Originally established
as a department in TOSAF – MEGIDES JOSEPH AND SONS FARM (1981) LTD. (originally
founded in 1951).
Converted into a
private limited company and registered as such as per file
No. 51-141084-7 on the 5.9.1989 under the name of TIRKOVOT PLASTIYIM M.B.S.
LTD., changed to TIRKOVOT PLASTIC M.B.S. LTD., on the 16.04.1992 and on the
07.02.1993 changed to the present one.
On the 29.10.1993
converted into a public limited liability company and registered in file No.
52-004021-3.
In January 1994
published a prospectus offering shares to the public, following which shares
started to be trading on the Tel Aviv Stock Exchange.
In August 2002,
following a successful tender offer by WORLD COLOR CORP. B.V., subject’s shares
were de-listed from trade and subject re-converted into a private limited
company (keeping same latest registration number).
On the 1.1.2003,
all activities of subsidiary TOSAF - MEGIDES JOSEPH AND SONS FARM (1981) LTD.,
were transferred into subject and on 6.11.2005 the subsidiary was legally
merged into subject.
SHARE CAPITAL
Authorized share
capital
10,000,000
ordinary shares of
of which 6,491,820 shares amounting to
SHAREHOLDERS
Subject is fully owned
by MEGIDES ASSETS A.M.A 2000 LTD., fully owned by WORLD COLOR CORP. B.V.
(hereinafter WCC).
WCC is owned: 70%
by MEGIDES HOLDINGS B.V., a holding company controlled by Amos Megides and 30%
by RAVAGO B.V., of
DIRECTORS
1.
Amos Megides, Chairman and Managing Director,
2.
Yossi Halberstam,
3.
Ezra Megides,
4.
Menahem Megides, both 2 a/m brothers of Amos
Megides.
PLANT MANAGER
Oded Raudnitz.
BUSINESS
Developers, processors,
manufacturers, exporters and marketers of compounds, colors and additives
concentrates for the plastic industry out of basic raw materials and polymers
extracts from the petrochemical industry.
Some 70% of sales
are for export.
Subject’s clients
are from the agricultural sector, as well as plastic, automotive, electronic,
electrical, construction and other industries.
Among many local
customers are: ZRICHA HLAVIN INDS., KETER PLASTIC, PALRIG, STARPLAST, TERAFLEX
INDUSTRIES, AMGAT, TELDOR CABLES, PLASTIV YAKUM, BANIAS, DOLAV DVIR LAHAV
PLASTIC PROD
Subject purchases
its raw materials, equipment and machinery from some 35 local and overseas
suppliers.
Among local
suppliers: PETRUS CHEMICALS, ALLIBERT PLAST, SOLAR BY YOURSELF.
Operating from
rented premises, offices and 2 plants, one on an area of 25,000 sq. meters and
2nd plant, on an area of 20,000 sq. meters, both in the Industrial
Area, Alon Tavor, in the Afula region (based on our files, Amos Megides owns at
least one of the plant premises), as well as a 3rd plant, on an area
of 15,000 sq. meters (rented), in the Tnuvot Industrial Zone (Moshav Tnuvot,
some 10km east of Netanya).
Also operating
from 7 plants abroad (
Having 360
employees serving the TOSAF COMPOUNDS Group in
Having 560
employees serving the whole International Group (had 460 employees in mid 2010
same as in 2009 and 2008).
MEANS
Financial status
known to be solid.
Current Group’s
consolidated stock is valued at
Subject is an "Approved Enterprise" and
as such entitled for State investment grants and tax benefits. In the framework
of approved investment plans totaling
In August 2006, the IIC approved another investment plan for the expansion of
subject’s plant, in total of
In January 2008, it was reported that
subject is expanding its Alon Tavor plant, with investment of
There are 76 charges for unlimited amounts,
as well as 1 charge for the sum of
NIS 128,000.00 registered on the company's assets, in favor of the State of
Israel, Bank Hapoalim Ltd., Bank of Jerusalem Ltd., Bank Leumi Le’Israel Ltd.
and Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
Subject's 2007
sales claimed to be
Consolidated 2007
sales claimed to be
Consolidated 2008
sales claimed to be
Consolidated 2009
sales claimed to be
Consolidated 2010
sales claimed to be
OTHER COMPANIES
RESINEX ISRAEL
LTD., 100%, subject's trade company.
TOSAF TECHNOLOGIES
LTD., 100%, investments in technology sector
TOSAF
INTERNATIONAL (formerly M.B.S. PLASTIC COMPOUNDS),
TOSAF PLASTIK SAN,
TSAF N.V.,
TOSAF
M.A.M. ADVANCED
PACKAGING LTD., 50%, partnered by KETER PLASTICS.
MEGIDES HOLDINGS
B.V., a holding company owned by Amos Megides.
MEGIDES ASSETS
A.M.A. 2000 LTD.
A. MEGIDES
HOLDINGS LTD., both latter holding companies, fully owned by Amos Megides.
S. H. F. – UPGRADED PLASTIC MATERIALS LTD.,
controlled by the Megides Family, manufacturers, marketers, exporters and
recyclers of raw materials for the plastic field.
RAVAGO B.V., of
SYFAN SAAD COMPANY
(99) LTD., 25%, manufacturers, exporters and marketers of "SYTEC"
polyolefin and PVC shrink films for display and food packaging applications.
BANKERS
Bank Hapoalim
Ltd., Netanya Branch (No. 612), Netanya, account No 186574.
Bank Leumi
Le’Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv, account
No. 399400/19.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Having the
international ISO 9001:2000 quality standard.
Subject is a
leading company in its field in
In January 2000
subject purchased from Amos Megides, the full control of TOSAF-MEGIDES JOSEPH
AND SONS FARM (1981) LTD., in consideration of
In October 2001 it
was reported that Mr. Amos Megides sold 25% of his shares in subject’s parent
to the
In March 2010
subject completed the acquisition 25% of SYFAN SAAD COMPANY, a plastic
packaging plant founded in Kibbutz Saad in 1981 and controlled by Kibbutz Saad.
SYFAN 2010 sales were circa
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. Some 53% of export is for Western Europe,
some 22% to North America, around 4% to
As the global markets have been recovering since mid 2009, the condition
of the local industries improved: Export rate of Plastic and Rubber sectors
rose 5% in 1st half 2010 comparing to the parallel period in 2009.
In general, 30% of the 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
2009 summed up to NIS 1,570 million, 31% decrease from 2008 (then it rose 6.3%
from 2007), which reflected the the global
recession. Yet, as local and foreign markets recovered, the trend in 2010 1st
half reversed and import of raw material in the said sectors rose by 46%
comparing to 2009 1st half (reaching value of NIS 1,007.9 million).
Investment in import of machinery and equipment to the plastic and
rubber industry totaled NIS 514 million in
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended up to several million US$.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.12 |
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|
1 |
Rs.73.43 |
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Euro |
1 |
Rs.62.32 |
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.