MIRA INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
PHOENICIA GLASS WORKS LTD. |
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Formerly Known As : |
THE ISRAELI GLASS WORKS PHOENICIA LTD |
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Registered Office : |
P.O. Box 200 (80551), Industrial Zone,
Yerucham 80550 |
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Country : |
Israel |
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Date of Incorporation : |
15.04.1934 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, designers, exporters and marketers of glass bottles and
other glass containers |
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No. of Employees
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220 |
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$ 600,000. |
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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
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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
PHOENICIA GLASS WORKS LTD.
(Also known as: PHENICIA YER
Telephone 972 8 659 02 51/40; 659 02
15
Fax 972
8 659 09 27
E-mail: gil_k@pgw.co.il
P.O. Box 200 (80551)
Industrial Zone
YERUCHAM-80550 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 52-000475-5 on the
15.04.1934.
Originally registered under the name THE ISRAELI GLASS WORKS PHOENICIA
LTD., which changed to the present one on 18.04.1993.
Subject was originally established as a "private limited company
obligated in submitting financial statements" (to the Registrar of
Companies), which changed to a "normal" private limited company on
the 19.06.2001.
SHARE
CAPITAL
Authorized share capital NIS 110,000,100.00, divided into –
100 preference “A” shares, of
NIS 1.00 each (issued),
450 stock shares, of NIS 1.00
each (50 shares issued),
109,999,550 ordinary shares,
of NIS 1.00 each (77,419,649 shares issued),
of which shares amounting to NIS 77,419,799.00 were issued.
SHAREHOLDERS
Subject is almost entirely owned (practically fully
owned) by I.E.L. ISRAEL EQUITY LTD, controlled (80%) by the Mendl Bros. (Jack,
Joseph and Morton Mendl), of the USA. and by Moshe Wexler (20%)
Other shareholders (whose names are not registered) own 50 stock shares.
In October 2004, it was reported that "I-3" Group sold its shares
(100%) in subject to I.E.L. ISRAEL EQUITY LTD., for a sum of US$ 12 million.
In December 2004, it was reported that the deal was finalized.
SOLE
DIRECTOR/ CHAIRMAN
Moshe Wexler, President of I.E.L.
GENERAL
MANAGER
Ofer Givati.
BUSINESS
Manufacturers, designers, exporters and marketers of glass bottles and
other glass containers.
Subject runs 4 production lines of glass melting furnaces, as well as a labeling
and printing line for the products.
Some 30% of production is from recycling.
Most sales are to local market, very small portion is for export.
Among clients are local largest food and beverage industries, including
OSEM, PRI VITA, ELITE (STRAUSS GROUP), UNILEVER ISRAEL, THE CENTRAL BOTTELING
CO. (Coca Cola Israel), TEMPO BEVERAGES, RAMAT HAGOLAN WINERIES, CARLSBERG
ISRAEL, JAFORA TABORI, CARMEL WINERIES, EFRAT WINERIES, BARKAN WINERIES, BEIT
HASHITA, GAN SHMUEL FOODS, KVUTZAT YAVNE, DOROT FIELD CROPS, SUPER DRINK, EDEN
SPRINGS, NATIONAL BEVERAGE CO., etc.
Among local suppliers: NEGEV INDUSTRIAL MINERALS, PLASTO SAC, CARGAL
FLEXIBLE PACKAGING, Minerals &
Refractories, and more.
Operating from owned premises (offices plants and warehouses), on an area
of 160,000 sq. meters, in the Industrial Zone, Yerucham (a town in the South of
Israel, in the Negev region).
Having 220 employees as of the end of 2010 (same as in 2009), current
number not forthcoming.
MEANS
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
In November 2002, the Israeli Investment Center approved a US$ 12.5 million
investment plan for the expansion of subject’s plant.
In January 2008 it was reported that subject will invest NIS 100 million
for the expansion of its plant and production lines, which is expected to
increase production capability by 40%.
In August 2010 it was reported that Morton Mendl will invest NIS 100 million
in subject. Subject will add some 50 employees.
In August 2010 it was reported that the Israeli Investment Center approved
a NIS 100 million investment plan for the expansion of subject’s plant for the
next 3 years of which up to 20% as a grant.
Other financial data not forthcoming.
There are 4 charges for unlimited amounts, as well as 14 charges for the
total sum of NIS 423,168.00 registered on the company’s assets, in favor of the
State of Israel and a local equipment leasing company (last charge placed
November 2010).
SALES
Annual sales reported to be around NIS 100,000,000 several years ago. Later
sales figures not forthcoming.
According to reports couple of years ago, subject is known to be
profitable.
OTHER
COMPANIES
TADBIK LTD., 40.54%
controlled by I.E.L., directly and through its subsidiaries, manufactures
exporters and marketers of self-adhesive labels and automated adhesive machines
for packaging industry in the food, pharmaceutical, cosmetic and other sectors.
Bonds are traded on Tel Aviv Stock Exchange. Main subsidiaries:
TADBIK-PACK LTD., 96%, manufacturers, marketers and exporters of packaging solutions,
shrink sleeves and in-mold/blow-mold labels, using rotary offset, fully owns
C.L.P. INDUSTRIES LTD., manufacturers, printers,
marketers and exporters of packaging
BIKUROFE LTD., controlled by IEL, a private
chain of medical clinics, supplying first aid and doctors visits.
BANKERS
·
Israel
Discount Bank Ltd., Main Haifa Branch (No. 070), Haifa.
·
Bank Hapoalim Ltd., Central Business Branch (No. 600), Tel Aviv.
·
Bank Leumi Le'Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv.
CHARACTER
AND REPUTATION
Nothing
unfavorable learned.
Subject's officials refused to update any data, claiming they are a
private company.
Subject is the only local glass packaging manufacturer for foodstuff and
drinks industries and controls some 70% of this market, which prompted the
Anti-trust Commissioner to declare it a monopoly. Subject has been facing
fierce import competition.
Subject is ISO 9000 certified.
In 2000, it was reported that the CENTRAL BOTTLING CO., distributors of
“Coca Cola” in Israel stopped importing Coca Cola glass bottles, and subject
became their sole supplier.
I. E. L. is an investment firm, controlled by Moshe Wexler and by the Mendl Bros, Jack, Joseph and Morton
Mendl, of Cleveland, Ohio, USA. It has other investments in Israeli companies. The
Mendl family operates mainly through PARKWOOD, a family finance services
company. The private capital of Morton Mendl is estimated at
US$ 4-5 billion.
In January 2008 it was reported that subject exported 20 tons of glass
bottles to China.
SUMMARY
Notwithstanding
the refusal to update data, considered good for trade engagements.
Maximum unsecured credit recommended US$ 600,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.07 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.65.15 |
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.