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MIRA INFORM REPORT
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Report Date : |
25.05.2011 |
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Tel. No.: |
04 6271170/04 6272056 |
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Fax No.: |
04 6271180 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL ROTO SHEKA (1983) LTD. |
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Formerly Known As : |
GLOBAL CELLULOSE FILM (1983) LTD. |
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Registered Office : |
P.O. Box 3026, 11 Harduf Hanechalim Street, Industrial
Park, Caesarea 38900 |
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Country : |
Israel |
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Date of Incorporation : |
11.03.1955 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and marketers
of flexible packaging (plastic bags, wrappers, food package etc.) |
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$ 240,000. |
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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 |
Company name & address
GLOBAL ROTO SHEKA (1983) LTD.
Telephone 972
4 627 11 70
Fax 972
4 627 11 80
P.O. Box 3026
11 Harduf Hanechalim Street
Industrial Park
CAESAREA 38900 ISRAEL
HISTORY & LEGAL FORMATION
Originally incorporated as a private limited company under the name of
GLOBAL CELLULOSE FILM LTD. and registered as such on 11.03.1955.
Following the joining of new partners to the business, Subject Company
incorporated as a private limited company as per file No. 51-100545-6 on the
17.11.1983, and took over business activities, of GLOBAL CELLULOSE FILM LTD.,
which ceased all activities.
Subject was registered under the name ASCROPACK LTD., which changed to GLOBAL CELLULOSE FILM (1983) LTD.
on the 27.06.1984.
In mid 1991 company acquired the manufacturing facilities of ROTO SHEKA
LTD., incorporated in 1967, which turned inactive and then liquidated.
On the 15.09.1991 name changed to the present one.
SHARE
CAPITAL
Authorized share capital NIS 12,501.00, divided into -
4,167,000
ordinary "A" shares (3,866,064 shares issued),
4,167,000
ordinary "B" shares (3,857,962 shares issued),
4,167,000 ordinary "C" shares
(3,857,962 shares issued),
all
of NIS 0.001 each,
of which shares amounting to NIS 11,581.988 were issued.
SHAREHOLDERS
Subject is fully owned by MAR ALEGRE LTD., a private company registered in
Panama and owned by foreign investors, the Feldman and Derzevic families of
Mexico (some of the shares held via foreign firms B
DIRECTORS
1.
Moshe Guy, General Manager,
2.
Israel Feldman,
3.
Enrice Derzevic,
4.
Eduardo Haim.
BUSINESS
Manufacturers and marketers of flexible packaging (plastic bags, wrappers,
food package etc.).
About 10% of sales are for export.
Subject’s clientele includes some of Israel’s largest manufacturing
concerns, such as: STRAUSS GROUP/ ELITE, TNUVA, COCA COLA ISRAEL, TIVALL, SANO,
LANDWER COFFEE, DUBEK, ZOGLOWECK, TEVA PHARMACEUTICALS, OSEM, UNILEVER ISRAEL,
KETER PLASTICS, etc.
35% of raw materials are imported, rest is purchased locally.
Amongst local suppliers: POLYON BARKAI INDUSTRIES, GADOT CHEMICALS, DOR
FILMS, etc.
Operating from owned premise (offices, storage facilities and a plant), on
an area of 8,000 sq meters (of which 3,800 sq. meters built), in 11 Harduf
Hanechalim Street, Industrial Park, Caesarea.
Having 85 employees (had 80 employees in 2009, same as in 2008).
MEANS
Current stock is valued at NIS 5,500,000 (was valued at NIS
Other financial data not forthcoming.
Subject is an "Approved Enterprise", and as such receives tax
benefits and State financial aid.
Other financial data not forthcoming.
There are 30 charges for unlimited amounts registered on the company's
assets, in favor of the State of Israel, Israel Discount Bank Ltd. and leasing
companies (most charges a re on company's vehicles, in favor of a leasing
company).
ANNUAL
SALES
2007 sales claimed to be NIS 44,122,000, of which 10%
were for export.
2008 sales claimed to be NIS 40,954,000, of which 10% were for export.
2009 sales claimed to be NIS 40,000,000, of which 10% were for export.
2010 sales claimed to be NIS 41,000,000, of which 10% were for export.
OTHER
COMPANIES
KAL-KAD LTD., 50%, manufacturers and marketers of plastic containers for
foodstuffs, was established during the year 2000 as partnership with POLYCAD
INDUSTRIES LTD.
BANKERS
Israel Discount Bank Ltd., Poleg Netanya Branch (No. 526), Netanya,account
No. 33588.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
This is a long established company, among the leading in their field.
In past years, we obtained favorable opinions on subject form suppliers.
In January 2000 subject was amongst the 3 companies which won the
“Environment Shield” for 1999. Subject was awarded for investing NIS 1.2
million in reducing industrial waste.
Subject entered as a strategic partner in BIO[PACK] LTD., a local private
biotechnology company established in 2001. The company is engaged in R&D in
the field of insect-repellent packaging and materials for the food industry;
subject is a strategic partner in the field of flexible packaging and EITAN
AMICHAI LTD. in the field of pest control. Another partner is the Volcani
Center Agricultural Research Organization (Volcani/ARO), the research arm of
Israel's Ministry of Agriculture.
There are some 120
packaging production plants in Israel, directly employing some 9,600 employees.
According to the Chairman of the Packaging and Design Institute the branch
sales in 2008 amounted to US$ 1.7 billion, of which US$ 400 million were for
export.
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 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 US$ 240,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.25 |
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UK Pound |
1 |
Rs.72.82 |
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Euro |
1 |
Rs.63.58 |
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.