MIRA
INFORM REPORT
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Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
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Name : |
POLYRAM RAM-ON INDUSTRIES LIMITED PARTNERSHIP |
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Registered Office : |
Mobile Post Megido
Ram-On 19205 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.02.1986 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Developers, manufacturers, marketers and exporters of engineering thermoplastic compounds for the automotive (main client sector) irrigation, , electrical and electronic sectors, as well as for D.I.Y, infrastructure and construction industries. |
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$ 1,500,000 |
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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
POLYRAM RAM-ON INDUSTRIES
LIMITED PARTNERSHIP
Telephone 972 4 649 95 55; 649 99 00
Fax 972 4 649 97 63
Mobile Post Megido
RAM-ON-19205-ISRAEL
E-mail: sales@polyram.co.il
Website: www.polyram.co.il
HISTORY & LEGAL FORMATION
A limited partnership, established on the 23.02.1986, registered as per
file
No. 55-000832-0.
PARTNERS
1. POLYRAM (1999) LTD., 99.9%, a public limited
company whose shares are traded on the Tel Aviv Stock Exchange, controlled by
Moshav Ram-On (17.8%), a cooperative agricultural cooperative settlement (known
as "Moshav"), and by several members of the Moshav,
2. RAM-ON PLASTIC INDUSTRIES LTD., 0.1%, being
the general partner.
DIRECTORS
1. Joseph Bitan, Chairman,
2. Yehushua (Shuka) Segev, General
Manager.
BUSINESS
Developers, manufacturers, marketers and exporters of engineering thermoplastic
compounds for the automotive (main client sector) irrigation, , electrical and
electronic sectors, as well as for D.I.Y, infrastructure and construction
industries. This activity comprised 83% of sales in 2010
(88.6% in 2009).
Also developers, manufacturers, marketers and exporters of impact adhansers
and adhesives, under the trade name "Bondyram", which are coupling
agents which are additives to the combinations of thermoplastic compounds.
Some 57% of sales in 2010 were for export – to 45 countries, mainly to
Amongst clients: NETAFIM, RAVIV (Kibbutz Revivim), JOHN DEERE WATER, Z.A.G.
INDUSTRIES, ARKAL-BEIT ZERA, NAAN DAN JAIN IRRIGATION, BERMAD, BACCARA GEVA,
METZERPLAS INDUSTRIES, DANIA PLAST, RION, ZRICHA NLAVIN INDUSTRIES, SHALON
CHEMICAL INDUSTRIES, PLASTOKIT, etc.
Amongst foreign clients: MEMOLEX (France), TRW (manufactures for OPEL),
BLUEWATER (manufactures for Mercedes).
Amongst local suppliers:
Amongst foreign suppliers: BASF (
Operating from premises, owned by the RAM-ON Group (offices, plant,
logistics center), on a total area of 34,300 sq. meters (of which 17,000 sq.
meters are built), in Ram-On, a locality in the north of
Having 130 employees serving the whole POLYRAM Group (had 110 employees in the
end of 2009, and 82 employees in mid 2009).
MEANS
In August 2004
parent company listed its shares for trading on the Tel Aviv Stock Exchange,
raising a sum of
Parent POLYRAM (1999) LTD. current market value US$ 73 million.
Subject is an “Approved Enterprise” and as such receives State benefits.
In June 1998 the Israeli Investment Center (IIC) approved a US$ 600,000
expansion plan for subject’s plant.
In June 1999, another US$ 2.6 million investment plan was approved by IIC
for further expansion of the plant.
During 2007, subject signed agreements to
purchase another manufacturing line in a cost of
In March 2011 the Board decided on self
share purchasing in volume of
Financial data is included in the consolidated B/S of parent company,
POLYRAM (1999) LTD., which shows (note: in practice, the financial statements
reflect subject and its subsidiaries operation, as subject is POLYRAM (1999)
LTD. chief holding):
31.12.2009 31.12.2010
ASSETS
Current assets
Cash and cash equivalents 16,472 10,136
Short term financial assets 24,885 15,499
Customers 55,994 73,562
Other receivables 4,600 6,705
Stock 67,909 94,357
169,860 200,259
Non-current assets
Fixed assets, net 33,261 37,607
Intangible assets, net 1,451 705
Other non-current assets 2,292 1,012
37,004 39,324
206,864 239,583
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LIABILITIES
Current liabilities 63,475 83,334
Non-current
liabilities 32,609 18,786
Equity 110,780 137,463
206,864 239,583
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ANNUAL
SALES
Subject ended 2007
with a net profit of
Subject ended 2008
with a net profit of
Subject ended 2009
with a net profit of
Subject ended 2010
with a net profit of
POLYRAM (1999) LTD
Consolidated
Statement of Income
Year
ended 31.12
2008 2009 2010
Sales 253,595 217,638 312,752
Gross profit 28,808 40,592 57,054
Operating income 11,443 20,681 34,570
Profits before income
tax 7,319 18,788 32,768
Net income 7,824 16,256 30,293
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OTHER
COMPANIES
POLYRAM (1999) LTD., parent company, it subsidiaries (fully owned unless
otherwise stated):
RAM-ON PLASTIC INDUSTRIES LTD.,
RAM ON BUILDINGS (LIMITED PARTNERSHIP),
RAM-ON INDUSTRIAL BUILDING (1983) LTD.,
RAM-ON BUILDINGS (2004) LTD. (78% are held by POLYRAM (1999), the rest held
by Moshav Ram-On),
POLYRAM
POLYRAM U.K. LTD.
BANKERS
The First International Bank of Israel Ltd., Afula Branch (No. 111), Afula,
account No. 209619.
Bank Leumi
Le'Israel Ltd., Hadera Business Branch (No. 639), Hadera,
account No. 103000/07.
A check with the Central Banks’ database did not reveal negative
information on subject’s a/m accounts.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject is ISO/TS 16949:2002 certified, as well as meeting other
international quality standards such as NSF Standard.
Moshav Ram-On, was
established in
In April 2008, subject's parent company
signed agreements with MEMOLEX of France, a veteran distributor of subject's products
in France, for the establishment of a joint company called POLYRAM FRANCE (55%
POLYRAM and 45% MEMOLEX), that will take over the distribution operations, as
well as other products, in France and other European countries. POLYRAM will
invest € 22 million in the share capital of the new company, plus around € 1
million as owners' loan.
In August 2008, subject received the
permission to use the patent of American EASTMAN, large chemicals and polymers
manufacturer.
Subject's products received the approval of
several auto companies, among them RENAULT, NISSAN, GENERAL MOTORS, OPEL, and
more.
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).
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$
1,500,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.77 |
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|
1 |
Rs.71.69 |
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Euro |
1 |
Rs.63.02 |
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.