MIRA INFORM REPORT
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Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
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Name : |
PALGAL PLASTIC INDUSTRIES AGRICULTURAL COOPERATIVE SOCIETY LTD. |
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Registered Office : |
Mobile Post
Gilboa, Hefzi-Bah 19135 |
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Country : |
Israel |
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Year of Establishment : |
2001 |
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Legal Form : |
An Agricultural Cooperative Society |
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Line of Business : |
Manufacturers, marketers and exporters of water and sewage plastic pipes, installation
systems and PVC profiles for infrastructure (communications, electricity) |
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$ 160,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
PALGAL PLASTIC INDUSTRIES AGRICULTURAL
COOPERATIVE SOCIETY LTD.
(Also known as PAL-GAL HEFZIBAH)
Telephone 972 4 653 16 29
Fax 972 4 653 15 17
Mobile Post Gilboa
HEFZI-BAH-19135-ISRAEL
HISTORY & LEGAL FORMATION
An Agricultural
Cooperative Society, registered as per file No. 57-003821-
Subject
was incorporated in order to take over all the activities of PALGAL HEFTZI-BA,
a Limited Partnership, registered as per file No. 55-000250-5 on the 21.04.1974,
itself continuing activities which began in 1973.
OWNERSHIP
Subject is fully owned y Kibbutz
Hefzi-bah (via HEFZIBAH INDUSTRIES – ACS LTD.), a cooperative society, operating a
communal agricultural settlement.
DIRECTORS
1. Zvilli Ben-Moshe, Chairman,
2. Eli Stern, General Manager,
3. Dan Vegman,
4. Amnon Urieli,
5. Moshe Rogel,
6. Amnon Graciani.
BUSINESS
Manufacturers,
marketers and exporters of water and sewage plastic pipes, installation systems
and PVC profiles for infrastructure (communications, electricity).
Subject
specializes in converting semi-finished polymers into finished products.
Export
rate is around 10% of overall sales.
Among clients:,
A.A.A. TASSA, ATEKA, S. BAR - MENDELSON KAMAN Group, YASHIR GROUP, ERCO, LEV
OPHIR, Y.O. WOLFMAN, etc.
Sales/ export are
also via DOTARA JERUSALEM LTD.
Most of purchase
is import. Imports are mainly through TOAM IMPORT & EXPORT, the Kibbutzim
Buying Company from overseas.
Amongst local suppliers:
PETROCHEMICAL ENTERPRISES, FRUTAROM, TOSAF COMPOUNDS, etc.
Sole
local representatives for:
BASEL,
GEORGE FISCHER, both of Switzerland
BALSIR,
of Italy
Operating from premises (offices, warehouse and plant), on an area of
20,000 sq. meters (owned by the Kibbutz), in Kibbutz Hefzi-bah, a locality in
the north of Israel.
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Having
45 employees (same as in previous years).
MEANS
Total
assets as of 31.12.2010: NIS 23,180,000.
Equity
as of 31.12.2010: NIS 6,200,000.
Current
stock is valued at NIS 5,000,000 (was NIS 5,500,000 in mid 2010).
Equipment
and machinery is valued at NIS 2,350,000.
SALES
2005 sales claimed
to be NIS 32,500,000, of which NIS 7,000,000 were export.
2006 sales claimed
to be NIS 32,500,000, of which NIS 5,500,000 were export.
2007 sales were
NIS 32,301,000, of which NIS 6,103,000 were export.
2008 sales claimed
to be NIS 32,000,000, of which NIS 6,000,000 were export.
2009 sales claimed
to be NIS 32,000,000, of which NIS 4,000,000 were export.
2010 sales claimed
to be NIS 26,000,000, of which NIS 2,600,000 were export.
2011 first 9
months sales claimed to be NIS 22,000,000, of which NIS 2,500,000 were for
export.
OTHER COMPANIES
Kibbutz Hefzi-bah
also engaged in other industrial activities, owning:
M.D. TAKIN ACS
LTD., water meters repair plant,
HYDRAULICS
M.D-TAKIN ACS LTD., manufacturers of hydraulic control components
BANKERS
Mizrahi
Tefahot Bank Ltd., Beit Shean Branch (No. 439), Beit Shean, account No. 135659.
A
check with the Central Banks’ database did not reveal any negative information
regarding subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
PALGAL
is veteran and well-known in its field.
Subject
is ISO-9001:2000 certified.
In the last
quarter of 2007, Kibbutz Hefzi-bah signed an agreement to sell 25% of subject's
shares to PALAD (PIPES AND INFRASTR
Kibbutz Hefzi-bah
was established in 1922. It has 196 members and a total population of 400.
Besides the industrial and commercial activities (above), they also deal in
farming: cultivate 8,700,000 sq. meters of agricultural land, growing cotton
and arable crops, operate fish ponds, poultry and breed livestock.
Also engaged in
tourism activities (including a boarding house), BEIT GILBOA, a nursery home,
and DAG DAGAN, a fish restaurant.
It
was reported in March 2007 that subject recently received several export orders
for its piping products from public institutions and hotels in Spain, Holland
and Malta, in total volume of US$ 1.2 million.
The Ministry of
Industry & Trade data published summary of Israel's Plastic and Rubber
Industry in 2009: The Sector’s sales (local and for export) reached US$ 4,090
million (of which some half for export), representing 4% decrease from 2008
(sales in 2008 also fell from 2007 by 7.3%, after several years of continuing
growth – reaching record sales 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 6.2% growth in
export, reaching US$ 1,622.4 million, as part of the recovery in global
markets, and by 19.5% in 2011 first half (comparing to 2010 1st
half).
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 first 8
months of 2011 –close to 26% rise (compared with 2010), totaling US$ 1,715.8
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$ 160,000.
Note: the phone and
fax numbers you provided (972 3 623 35 00; 972 3 623 35 01/2), belong to TOAM,
the Kibbutzim Buying Company from overseas.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.78 |
|
UK Pound |
1 |
Rs.80.11 |
|
Euro |
1 |
Rs.68.82 |
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.