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MIRA
INFORM REPORT
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Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
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Name : |
CHEMADA FINE CHEMICALS COMPANY (1996) LTD. |
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Formerly Known As : |
CHEMADA-NIR ITZHAK SUFA. |
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Registered Office : |
Mobile Post Hanegev Nir Itzhak 85455 |
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Country : |
Israel |
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Year of Establishment : |
1971 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters and marketers of fine and specialty chemicals based on bromine compounds, for the pharmaceutical and agricultural fields. |
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No. of Employees : |
100 |
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$ 450,000. |
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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 30, 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 and address
CHEMADA FINE
CHEMICALS COMPANY (1996) LTD.
Telephone 972 8
998 34 21
Fax 972 8 998 35 98
Mobile Post
Hanegev
NIR ITZHAK 85455 ISRAEL
HISTORY & LEGAL FORMATION
Originally
established in 1971 as a non-registered business by Kibbutz Nir Itzhak
Converted into a
limited partnership, registered as per file No. 55-000225-7 on the 23.07.1973,
and operated under the name CHEMADA-NIR ITZHAK SUFA.
Converted into a
private limited company and registered as such as per file
No. 51-237255-8 on the 10.09.1996 (the company was registered under the name
TAR – TAL LTD., and was dormant until January 1999).
On the 10.02.1999
changed its name to the present one.
SHARE CAPITAL
Authorized share
capital NIS 1,031,300.00 divided into:-
1,031,300 ordinary shares of NIS
1.00 each,
of which 1,028,000
shares amounting to NIS 1,028,000.00 were issued.
SHAREHOLDERS
1.
Kibbutz Nir Itzhak, 51.8% (shares are held by a
fully owned subsidiary A.S. YEVULEI HA'NIR and by a trustee company), a
co-operative society operating communal agricultural settlement,
2.
Bromine
Compunds Ltd., 26%, fully owned by DEAD SEA BROMINE COMPANY LTD. (DSBG), a fully owned subsidiary
of ISRAEL CHEMICALS LTD. (ICL), a public limited company whose shares are
traded on the Tel Aviv Stock Exchange (TASE); ICL is controlled (52.4%) by THE
ISRAEL CORPORATION LTD., also publicly traded on TASE, controlled (55%) by the
OFER Group, owned by the Ofer family, and controlled by Idan
Ofer (mainly) and
3.
SUFA BUSINESS MANAGEMENT COOPERATIVE, 22.2%, fully
owned by Kibbutz Sufa, a co-operative society operating communal agricultural
settlement.
In August 1999, Bromine Compunds Ltd. signed an
agreement to acquire 26% of subject’s shares in consideration of US$ 9 million,
according to a company value of US$ 35 million. Deal was finalized in 2000.
DIRECTORS
1. Ofer Lifshitz, Chairman,
2. Arieh Gamora,
3. Amit Sarid,
4. Danny Bart,
5. Daniel Horatio Dedrick,
6. Pedto Goldfarb,
7. Yossi Lavi,
8. Dan Nestor,
9. David Husta (Hoter),
10 Ms. Shani Nachshon,
11. Shachar Berglass,
12 Avi Toyerstein.
GENERAL MANAGER
Ms. Ronnie
Meninger.
BUSINESS
Manufacturers,
exporters and marketers of fine and specialty chemicals based on bromine
compounds, for the pharmaceutical and agricultural fields.
Almost all sales
are exports (95%-98%). Subject sales for export are handled by ICL - Industrial
Products, a division of ICL.
Export is mainly
to Europe, and also to Japan, USA and India.
Amongst clients:
DSM,
40% of raw
materials purchases are imported, the rest purchased locally.
Amongst local
suppliers: GADOT CHEMICALS, BROMINE COMPOUNDS, PACHMAS, MAKHTESHIM CHEMICAL
WORKS, ELCON - MAMAB CONTROL INSTRUMENTS, TAGAD CHEMICALS, etc.
Custom agents:
RAPHAEL KATS.
Operating from
large rented premises, in Kibbutz Nir Itzhak (premises owned by the Kibbutz),
in the south west of the country.
Having 100
employees (similar to previous years).
MEANS
Subject's
financial data not forthcoming.
Subject is an
“Approved Enterprise” and as such enjoys tax benefits and State incentives. In
March 1998 The Israeli Investment Centre (IIC) approved an investment plan of
US$ 9.5 million in the expansion of subject’s plant. A further investment plan
of NIS 14.72 million was approved by IIC in June 2005 for the expansion of
subject’s plant.
There are 8
charges for unlimited amounts, as well as 4 charges for the total amount of NIS
35,824,000.00, registered on the company’s assets, in favor of the State of
Israel and local banks and companies.
REVENUES
2005 sales claimed
to be US$ 18,000,000, of which 96% were for export.
2006 sales claimed
to be US$ 18,000,000, of which 96% were for export.
2007 sales claimed
to be US$ 19,000,000, of which 96% were for export.
2008 sales claimed
to be US$ 20,000,000, of which 96% were for export.
2009 sales claimed
to be US$ 14,000,000, of which 95% were for export.
2010 sales claimed
to be US$ 17,000,000, of which 95% were for export.
2011 sales claimed
to be US$ 22,500,000, of which 98% were for export.
OTHER COMPANIES
POLYSACK PLASTIC
INDUSTRIES LTD., controlled by Kibbutz Nir Itzhak (47.7%) and Kibbutz Sufa
(21.1%), manufacturers, marketers and installers of polyethylene sheets,
extruded and decorative nets, agricultural films, knitted sacks and shade
cloths for agricultural and recreational use, as well as flexible packaging
films for food products. Publicly traded on the TASE.
Kibbutz Nir Itzhak
also controls:
BacSoft, operating
in the field of wireless and automation control for industrial systems and
production lines.
BROMINE
COMPOUNDS LTD., part of the ICL Concern, manufacturers, exporters and marketers of
Bromine compounds, elementary Bromine and other industrial chemicals based on
minerals extracted from the Dead Sea.
And many more in
the DSBG Group and its parent's ISRAEL CHEMICALS LTD. (ICL) Group.
BANKERS
Bank Hapoalim
Ltd., Ofakim Branch (No. 633), Ofakim, account No. 563897.
Mizrahi Tefahot Bank Ltd., Beer Sheva Business Branch (No. 426), Beer
Sheva,
account No. 062307.
The First
International Bank of Israel Ltd., Itzhak Sadeh Branch (No. 048), Tel Aviv,
account No. 223433.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
accounts.
Bank Leumi
Le'Israel Ltd., Hahashmonaim Business Branch (No. 817), Tel Aviv.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject is a long
established company.
In recent years we
received favorable opinion on subject from its suppliers.
Subject is ISO
9001:2000 and ISO 14001:2004 certified.
BROMINE
COMPOUNDS is part of ICL Industrial Products
(ICL-IP), headed by the DEAD SEA BROMINE GROUP (known as “DSBG”). ICL-IP sales comprised 23% of ICL total 2010 sales
which amounted to US$ 5,691 million. DSBG
extracts bromine from the Dead Sea, the world’s largest bromine source, and
considered of the world’s leading company in the bromine market, with estimated
production of 35% of the total elementary bromine production in the world.
ICL is the world's
6th largest potash manufacturer (9.2% of market share in 2010) and the world's largest producer of PK fertilizers (compound of potash and
phosphate fertilizers). Current market value of ICL – US$ 13,421 million.
Kibbutz Nir Itzhak
was established in 1949. There are some 380 members and a total population of
600. They cultivate agricultural grounds of over 25,000,000 sq. meters (mainly
vegetables) and breed livestock (cattle and poultry).
Kibbutz Sufa was
established in 1977. There are some 100 members.
The Kibbutz
specializes in field crop, citrus plantations and poultry.
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 30,000 employees.
Total turnover of
the local Chemical Industry in 2008 amounted to US$ 24 billion, comprising 30%
of Israel’s total industrial turnover. Sales for export recorded US$ 13.6
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 a 7% decrease from 2008. Export of Industrial
Chemicals plunged by 23.5% in 2009 from 2008, and totaled US$ 10.4 billion.
The Chemical
sector recovered in 2010, where export of Industrial Chemicals rose by 34.3%
from 2009 to US$ 13.95 billion, reflecting the recovery in global markets.
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).
SUMMARY
Good for trade engagements.
Maximum unsecured
credit recommended US$ 450,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.29 |
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1 |
Rs.77.60 |
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Euro |
1 |
Rs.64.67 |
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.