MIRA INFORM REPORT

 

 

Report Date :           

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

A.A. POLYTIV (1999) LTD.

 

 

Registered Office :

P.O. Box 3, Einat 49910        

 

 

Country :

Israel

 

 

Date of Incorporation :

16.12.1999

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers, marketers and exporters of polyethylene films and other plastic products for the agricultural sector

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

US$ 1,000,000.

Status :

Good

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

                                                                                                  

Company name & address 

 

A.A. POLYTIV (1999) LTD.

Telephone         972 3 900 75 25

Fax                  972 3 900 75 15

P.O. Box 3

EINAT-49910-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-287007-2 on the 16.12.1999.

 

Subject is continuing the activities of POLYTIV LTD. (established 1985), which became non-active following a change in its ownership structure.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 1,000,000.00, divided into –

                  1,000,000 ordinary shares of NIS 1.00 each,

of which 750,300 shares amounting to NIS 750,300.00 were issued.

 

 

SHAREHOLDERS

 

1.  Avner Golan, 50%,

2.  Arie Golan, 50%.

 

 

DIRECTORS & JOINT GENERAL MANAGERS

 

1.  Avner Golan,

2.  Arie Golan.

 

 

BUSINESS

 

Manufacturers, marketers and exporters of polyethylene films and other plastic products for the agricultural sector (mainly for greenhouses and for fumigation).

 

Around 45% of sales are for exports.

 

Amongst clients: AMIR SUPPLY CO., HAMASHBIR FOR AGRICULTURE, HAGARIN, MAKHTESHIM CHEMICAL INDUSTRIES, HOGLA-KIMBERLY, COCA COLA, CANIEL PACKAGING, etc.

 

Among local suppliers: KAFRIT INDUSTRIES, CARMEL OLEFINS, etc.

 

Operating from rented premises (offices, plant and storage facilities), on a built area of 7,000 sq. meters, on a plot of 15,000 sq. meters, in Kibbutz Einat, in the vicinity of Rosh Ha'ayin.

 

Having 85 employees (had 80 employees in 2009, same as in 2008).

 

 

MEANS

 

Total balance sheet (total assets) as of 31.12.2009: NIS 104,000,000 (of which current assets NIS 22,000,000).

Equity as of 31.12.2009: NIS 22,000,000

 

Current stock is valued at NIS 18,000,000 (was valued at NIS 12,000,000 at the beginning of 2009).

 

Machinery and equipment were valued at NIS 12,000,000 at the beginning of 2008.

 

Subject is an "Approved Enterprise" and as such entitled to tax benefits and State incentives.

 

In December 2000, the Israeli Investment Centre (IIC) approved US$ 545,000 investment plan for the expansion of subject’s plant.

 

In December 2003, IIC approved further US$ 1,800,000 investment plan for the expansion of subject’s plant.

 

There are 14 charges for unlimited amounts registered on the company’s assets (financial and fixed assets), in favor of Bank Leumi Le Israel Ltd., and Bank Hapoalim Ltd.

 

 

ANNUAL SALES

 

2005 sales claimed to be NIS 96,000,000, of which 30% were for export.

2006 sales claimed to be NIS 106,000,000, of which 33% were for export.

2007 sales claimed to be NIS 125,000,000, of which 36% were for export.

2008 sales claimed to be NIS 130,000,000, of which 40% were for export.

2009 sales claimed to be NIS 126,000,000, of which 45% were for export.

2010 sales claimed to be NIS 165,000,000, of which 45% were for export.

 

OTHER COMPANIES

 

POLITIV MEXICO, Mexico,

 

POLYTIV LTD., owned by Avner Golan and Arie Golan in equal parts, dealing real estate company. The company owns the real estate properties in Hod Hasharon (where it used to be operating from).

 

                                                                                                                      

BANKERS

 

Bank Leumi Le’Israel Ltd., Petach Tikvah Business Branch (No. 707), account No. 304200/15.

 

Bank Hapoalim Ltd., Rosh Haayin Branch (No. 677), Rosh Haayin, account  No. 202296.

 

A check with the Central Banks' database did not reveal any negative information regarding subject’s a/m accounts.

 

 

CHARACTER AND REPUTATION

 

We learn on a NIS 4.87 million lawsuit against subject and its shareholders from November 2005 regarding a commercial conflict matter. The plaintiffs, MARGALIOT TRADE & FUMIGATION LTD., claim for a breach of contract.

 

In April 2010 the Tel Aviv District Court ruled that subject and shareholders pay MARGALIOT a total of circa NIS 1 million.

 

Apart of that, nothing unfavorable learned.

 

Subject is a veteran business, and considered among the leading in their field.

 

Subject is ISO-9002 certified.

 

In August 2000, it was reported that subject is part of an Israeli consortia, which got a project of tomato growing demonstration farm in Morocco. Initial investment said to be US$ 3 million.

 

In September 2005, it was reported that subject won a US$ 1 million tender to provide plastic sheets to the Palestinian Authority.

 

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$ 1,000,000.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.34

UK Pound

1

Rs.73.70

Euro

1

Rs.65.75

 

 

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.