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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
FORMEX WOOD INDUSTRIES
LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.09.1999. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and
marketers of decorative solutions for kitchen and furniture manufacturers in
H.P.L., postforming, softforming and polymer. |
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No. of Employees : |
120 |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
FORMEX WOOD INDUSTRIES LTD.
Telephone 972
4 910 94 00
Fax 972
4 910 94 12/ 4
Industrial Area
MIGDAL TEFEN 2495900
A private limited company, incorporated as per file No. 51-283015-9 on the
14.09.1999.
Subject took over all manufacturing activities in the field of post forming
plates from the u/m companies:
1. BIRMAN WOOD & HARDWARE LTD., established in January 1992.
2. DESKO WOOD PROD
Authorized share capital
35,000 ordinary
shares of
of which 1,000 shares amounting to
1.
PYRAMID EXPORT LTD., 30%,
Tzvi Letzter (50%) and Michael Kolan (50%),
2.
G. GONEN INDUSTRIES LTD.,
17.5%, owned by Tzvi Letzter,
3.
T. EL-GAL LTD., 17.5%,
owned by Michael Kolan,
4.
AL LADAM INTITIATION LTD.,
17.5%, controlled by Amit Sarig,
5.
AD HAPOSKIM INDUSTRIES
LTD., 17.5%, controlled by Yossef Hayu,
1. Michael Kolan, General Manager,
2. Yossef Hayu, CFO,
3. Amit Sarig,
4. Tzvi Letzter.
Manufacturers and marketers of decorative solutions for kitchen and
furniture manufacturers in H.P.L., postforming, softforming and polymer.
Subject specializes in post-forming plates, used for cupboards and the
furniture industry (offices, kitchens, bathrooms and domestic).
Amongst clients: KARDOSH KHALIL TIMBER, PYRAMID EXPORT, A.P. FORMICA
CENTER, MAKOR HAFORMAIKA, MEZONIT Y.S.R, ETZ YAROK, AVERB
85% of purchases are imports.
Amongst local suppliers: BIRMAN WOOD & HARDWARE, etc.
Among foreign suppliers: INTERPRINT, SCHATTDECOR (both of Germany).
Operating from rented premises, on an area 9,000 sq. meters (rented 5,000
sq. meters in 2007, and 7,000 sq. meters in mid 2010), in the Industrial Area,
Migdal Tefen, a locality in the Upper Galilee in the north of the country.
Subject's officials informed us that during 2010 subject increased its
premises area from 7,000 sq. meters to 9,000 sq. meters.
Having 120 employees (same as in the end of 2010, had 80 employees in early
2010, similar to 2008).
Current stock is valued at NIS 10,000,000 (same as in the end of 2010).
Subject is an "Approved
Enterprise", and as such entitled to tax benefits and State incentives. In
September 2007, the Israeli Investment Center (IIC) approved an investment plan
for the expansion of subject's plant.
There are 29 charges for unlimited amounts, as well as 5 charges amounting
to NIS 1,2695,000.00 and Austrian Schilling 104,000.00 registered on the
company’s assets (financial assets, fixed assets, equipment and vehicles), in
favor of The First International Bank of Israel Ltd., Bank Leumi Le’Israel
Ltd., Bank Hapoalim Ltd. and leasing companies (last charge placed August
2011).
B/S shows:
NIS
31.12.2010 31.12.2011
ASSETS
Current assets
Cash 13,157 3,831
Short term investments 1,186,660 1,427,399
Customers 13,806,361 14,432,695
Other debtors 597,038 781,229
Stock 11,275,201 12,423,000
26,878,417 28,068,154
Fixed assets, net 11,642,333 11,670,422
38,520,750 39,738,576
========= =========
LIABILITIES
Current
liabilities 21,295,111 19,634,012
Long-term liabilities* 11,794,752 9,625,713
Equity 5,430,887 10,478,851
38,520,750 39,738,576
========= =========
REVENUES
Statement
of Income
NIS
Year
ended 31.12
2009 2010 2011
Sales 44,621,253 55,862,447 62,730,545
Gross profit 9,263,314 12,420,299 16,710,450
Operating income 2,307,015 3,760,647 8,177,719
Profit before taxes on income 1,315,202 3,014,220 6,814,632
Net income 1,062,256 2,675,883 5,047,964
========= ========= =========
2012 first 4 months sales claimed to be NIS
25,000,000.
PYRAMID EXPORT LTD., importers and exporters of and raw materials for the furniture
field.
The First International Bank of Israel Ltd., Haifa Bay Branch (No. 004),
Haifa, account No. 403172.
Bank Leumi Le’Israel Ltd., Hamifratz Business Branch (No. 898), Haifa,
account No. 239800/57.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m accounts.
Nothing unfavorable learned.
Local furniture
and allied accessories is valued at NIS 9 billion per annum (2012).
According to a survey
in 2011, customers prefer mostly carpenters and small shops (65%), and large
retail chains (35%, over 8% of which by DIY chain IKEA).
According to the Industrialists' Association
in 2010 furniture manufacturing recovered and got back to growth, rising 5.4%
from 2009, then it fell by 8.9% from 2008 due to the slow-down in local
economy. Revenues by the furniture industry (incl. plastic and metal) increased
by 4.1% from 2009, reaching US$ 1.1 billion. A similar growing trend is
forecasted for 2011.
Number of employees in the furniture
industry counted 9,360, similar to 2009, though number of furniture plants
showed 1% decrease.
According to the Central Bureau of
Statistics (CBS) data, private consumption expenditure by local households in
furniture in 2011 fell by 3.6% from 2010, after in 2010 it rose by 7.3% from
2009.
According to CBS
data, investments in machinery & imported equipment for the wood and
furniture industries in 2010 reached NIS 166.2 million, 20.5% increase from
2009 (in
Good for trade engagements.
Note: Since the beginning of 2012 Israel Post
started using a new area code method of 7 digits (the old method of 5 digits
will still be valid till end of 2012).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
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|
1 |
Rs.86.14 |
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Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
-- |
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.