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Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NUMINOR - CHEMICAL INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 92 (21010),
Sharira Street, Industrial Zone Ma’a lot, Maalot-Tarshiha 24952 |
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Country : |
Israel |
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Date of Incorporation : |
08.08.1977 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers, recyclers and exporters of zinc-based
chemicals and by-products |
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No. of Employees : |
10 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 50,000. |
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Status : |
Moderate |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
NUMINOR - CHEMICAL
INDUSTRIES LTD.
Telephone 972 4 997 87 17; 997
82 20
Fax 972 4 997 60 62
P.O. Box 92
(21010)
Sharira Street
Industrial Zone
Ma’alot
MAALOT-TARSHIHA
24952 ISRAEL
A private limited
company, incorporated as per file No. 51-076382-4 on the 08.08.1977.
Authorized share
capital NIS 30,000,000.00, divided into -
300,000 ordinary
shares of NIS 100.00 each,
of which 7,200
shares amounting to NIS 720,000.00 were issued.
Subject is fully
owned by O.E.T.1 LTD. 75%, owned by Erez Harpaz (85%) and Oded Valper (15%).
We learn from the
Register of Companies’ that on 21.12.2007 O.E.T.1 LTD. took over the shares of
former shareholder Markus Edelstein, and half the share of Eli Fishbein. At a
later stage O.E.T.1 took over all of Eli Fishbein's shares as well.
We are informed
that Erez Harpaz also left subject (though he is still registered as a
shareholder in parent company O.E.T.1.
Erez Harpaz.
Nick Lanir Brown.
Manufacturers,
marketers, recyclers and exporters of zinc-based chemicals and by-products.
Also importers and
marketers of chemicals for the rubber industry.
70% of sales are
for export.
Amongst clients:
ALLIANCE TIRE CO., EIN SHEMER RUBBER, TAMBOUR, HARSA, BAR MAGEN, KOFFOLK, etc.
Among suppliers:
PACHMAS, MIDDLE EAST TUBES, PACKER YADPAZ STEEL, etc.
Local
representatives of MIPL, of France.
Operating from
owned premises (offices, plant), on an area of 8,000 sq. meters (4,000 sq.
meters built), Sharira Street, Industrial Zone Ma’alot, Maalot-Tarshiha, a town
in the Upper Galilee in the country’s north. Premises shared with sister
company.
Having 17
employees, as of the end of 2009. Current number not forthcoming.
Financial data not
forthcoming.
There are 8
charges for unlimited amounts registered on the company's assets, in favor of
the State of Israel, Mizrahi Tefahot Bank Ltd., Bank of Jerusalem Ltd., The First
International Bank of Israel Ltd. and Bank Leumi Le'Israel Ltd. (last charge
placed August 2011).
2004 sales claimed
to be NIS 21,000,000.
Later sales
figures not forthcoming.
METOX LTD., sister
company, established in 1983, importers and marketers of raw materials for zinc
oxides for the chemical industries. Having 10 employees (as of 2009).
Mizrahi Tefahot
Bank Ltd., Nahariya Branch (No. 443), Nahariya.
The First International
Bank of Israel Ltd., Maalot Branch (No. 091), Maalot-Tarshiha.
Bank Leumi
Le'Israel Ltd., Hamifratz Business Branch (No. 898), Kiryat Bialik.
Nothing
unfavorable learned.
Subject's officials refused to disclose any data.
Subject is a long
established company.
In 2005 we received very positive opinions on subject’s payment morality
from couple of local suppliers, indicating subject enjoys very good reputation
in the market.
In 2011 the above opinion was reconfirmed: we spoke with the Plant Manager
of MIDDLE
EAST TUBES, local largest manufacturers of steel pipes, who supplies subject
with zinc waste. He told us they have been working with subject over 25 years,
selling them for NIS hundreds thousands per annum, and that their payment
morality is very well (despite the change in ownership).
The local Chemical
industry is considered one of the strongest in the market, with impressive
growth trend in recent years. The chemical industry includes minerals
extracted, refinery and petrochemical industry, manufacturing of pesticides for
agriculture, pharmaceuticals and bio-technology industries, as well as other
consumer products related industries, including paints, cosmetics, cleaning
materials and others. The industry employs over 30,000 employees.
Total turnover of
the local Chemical Industry in 2008 amounted to US$ 26 billion, comprising some
30% of Israel’s total industrial turnover. Sales for export recorded US$ 14
billion, comprising some 35% of Israel’s total export, continuing years of
constant growth. Growth trend reversed in 2009, due to the economic crisis in
the global markets. The Chemicals (incl. Pharmaceuticals) and Oil Refinery
production in 2009 marked 7% decrease from 2008. Export of Industrial Chemicals
plunged by 23.5% in 2009 from 2008, totaling US$10.4 billion.
The Chemical
sector recovered in 2010, where export of Industrial Chemicals rose by 34.3%
from 2009, reflecting the recovery in global markets, and kept the upward trend
in 2011, reaching US$ 16.5 billion (of which US$ 7.3 billion were of
pharmaceuticals), 18.6% up from 2010.
According to Central Bureau of Statistics data, investments
in imported machinery and equipment from for the Chemical Industries (incl.
Pharmaceuticals) in 2010 summed up to NIS 1,045 million, representing a 24.4%
decrease in real terms from 2009 (after 0.5% decrease in 2009 from 2008 and
18.7% increase in 2008 from 2007).
Notwithstanding the refusal to disclose
details, considered good for trade engagements.
Maximum unsecured
credit recommended US$ 50,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
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|
1 |
Rs.77.45 |
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Euro |
1 |
Rs.64.89 |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.