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Report Date : |
23.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NIROTEK NIR DAVID – AGRICULTURAL
COOPERATIVE SOCIETY LTD. |
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Formerly Known As : |
NIROTEK COATED PAPER MANUFACTURING NIR DAVID. |
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Registered Office : |
Mobile Post Beit Shean Nir David 10803 |
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Country : |
Israel |
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Date of Incorporation : |
11.06.1984 |
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Legal Form : |
Cooperative Society |
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Line of Business : |
Manufacturers, marketers
and exporters of coated paper: 1) Self adhesive
laminated paper (around 80% of activity) 2) Carbonless
copying coated paper (20% of activity). |
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No. of Employees : |
105 |
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$ 750,000. |
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Status : |
Good |
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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 |
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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 |
NIROTEK NIR DAVID
Correct Name: NIROTEK NIR DAVID – AGRICULTURAL
COOPERATIVE
SOCIETY LTD.
(Known in short:
NIROTEK ACS LTD.)
Telephone 972 4 648 80 11
Fax 972 4 648 89 00
Mobile
Post Beit Shean
NIR
DAVID 10803 ISRAEL
Originally established as a limited
partnership, incorporated as per file
No. 55-000760-3 on the 11.06.1984, under the name NIROTEK COATED PAPER
MANUFACTURING NIR DAVID.
As of 01.01.2008,
converted into an Agricultural Cooperative Society (ACS), registered as such as
per file No. 57-003927-1 (registration date: 26.08.2007).
Subject is fully
owned by Kibbutz Nir David, a cooperative society operating an agricultural
communal settlement.
1.
Shaul Golomb, Chairman,
2.
Ori Carmel, General Manager.
Manufacturers, marketers
and exporters of coated paper:
1) Self adhesive
laminated paper (around 80% of activity)
2) Carbonless
copying coated paper (20% of activity).
Some 25% of sales
were for exports in 2011 (was 20% in 2010, 15% in 2009).
Subject
manufactures microcapsules under the license of BAYER of Germany.
Amongst clients:
TADBIK, PITKIT PRINTING ENTERPRISES, MIGVAN GRAPHICS ENTERPRIES, GLILON
INDUSTRIES, HADERA PAPER, S. LERNER PACKAGING PROD., STICKER GRAF, TAVIT 2000
LABEL MANUFACTURING AND MARKETING, D. FEHL PAPER MARKETING, AVRAHAM HARATI,
etc.
95% of purchases
are imports (all paper and raw materials are purchased abroad). Among local
suppliers: KFAR GILADI QUARRIES, SAIPAN RAW MATERIALS FOR INDUSTRY, HP INDIGO.
Operating from premises (offices, plant, owned by
Kibbutz Nir David), on an area of 25,000 sq. meters (7,000 sq. meters built),
in Kibbutz Nir David, located in the Beit-Shean Valley.
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Having some 105
employees (had as 100 employees in mid 2010, 95 employees in 2009, same as in
2008 and 2007).
Current stock is
valued at NIS 30,000,000 (was valued at NIS
Data from B/S to
the 31.12.2009:
Total assets NIS
83,000,000 (was NIS 81,000,000 on the 30.09.2009)
(of which) Fixed
assets NIS 10,860,000
Equity NIS
36,500,000 (was NIS 35,500,000 on the 30.09.2009).
Later financial
data was is not forthcoming.
Subject is an “Approved
Enterprise” and as such entitled for State support and tax relieves. In
December 1999, the Israeli Investment Center (IIC) approved an investment plan
of US$ 2.3 million for the expansion of subject’s plant in Nir David.
In September 2008,
IIC approved an investment plan of NIS 16 million for the expansion of
subject’s plant in Nir David.
2006 sales claimed
to be NIS 138,000,000, of which 24% were for export. According to subject's
CFO, they ended with a "nice" profit (figures were not given).
2007 sales claimed
to be NIS 140,000,000, of which 23% were for export. Subject ended 2007 with
pre-tax profit of NIS 14,000,000 (their most profitable year ever).
2008 sales claimed
to be NIS 126,000,000, of which 20% were for export.
2009 sales claimed
to be NIS 123,000,000, of which 15% were for export.
2010 sales claimed
to be NIS 138,600,000, of which 20% were for export.
2011 sales claimed
to be NIS 148,000,000, of which 25% were for export.
NIROTEK NIR-DAVID
COATED PAPER MANUFACRUTING, limited partnership, non-active,
METAL WORKS NIR
DAVID, owned by Kibbutz Nir David, importers and distributors of tractors and
professional gardening equipment.
NIROTEK HOLDINGS –
ACS LTD.
Bank Hapoalim Ltd., Beit Shean Branch (No. 717),
Beit Shean,
account No. 333388.
The First International Bank of Israel Ltd., Afula
Branch (No. 111), Afula,
account No. 215457.
A check with the
Central Banks' Database did not reveal any negative information regarding subject’s
a/m bank accounts.
Bank Leumi
Le'Israel Ltd., Haamakim Business Branch (No. 745), Afula.
Nothing
unfavorable learned.
Subject is
ISO-9001 certified.
Kibbutz Nir David was founded in 1936 and has
some 315 members, out of overall population of around 650).
In the past,
Kibbutz Nir David underwent financial difficulties. They signed the Kibbutz
Debt Settlement Agreement, which has remarkably improved their financial
standing.
Their main activities include cultivation of
some
Kibbutz Nir David also derives its income
from operating tourist attractions: a guest house, Gan Hashlosha Gardens and an
Australian Park called “Gan Garoo”, which features Australian animals, fauna
and flora.
According to the
Central Bureau of Statistics (CBS), import of raw materials for the Paper
industries in 2010 increase by 27.5% from 2009, after in that year it witnessed
27% decrease from 2008 due to the slow down trend in local economy. The upwards
trend continued into 2011, albeit in a much slower pace, rising by 5.5% from
2010 and summing up to US$ 877 million. In parallel, the prices of imported
inputs to the Paper branch have been in a decrease trend (as of 2011 3rdQ)
since 2010 3rdQ, after a sharp prices rise since 2009 3rdQ,
as part of the global economy recovery.
According to Bank Leumi survey for the 3rdQ of 2011, industrial production by the Paper and Cardboard Branch continues its
decline trend that started in the beginning of 2010. Yet the branches' export
is in an upward trend.
From CBS data, in
2011 the export of Wood, Furniture, Paper & Printing products (chiefly
paper products) from Israel marked a remarkable rise by 17% from 2010, reaching
US$ 449.3 million, after 6.1% increase in 2010 (and 2.7% decrease in 2009 from
2008).
There are some
8,000 employed in the local paper and cardboard industry, in 70 large plants,
as of 2010.
The local industry
investments in imported machinery and equipment in 2010 comparing to 2009 were
as follows (by industry segment):
The Paper and
allied products industries – marked 61% decrease and summed up to NIS 179.2
million (after 117% increase in 2009 from 2008).
Printing and Publishing industries – noted
15% increase and summed up to NIS 248.6 million (after 14% decrease in 2009
from 2008).
Good for trade engagements.
maximum unsecured credit of US$ 750,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.24 |
|
|
1 |
Rs.76.75 |
|
Euro |
1 |
Rs.65.16 |
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 |
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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.