|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
LUXEMBOURG INDUSTRIES LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
23.12.1997 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers, exporters and marketers of
chemicals, agro-chemicals, raw and intermediate materials |
|
|
|
|
No. of Employees : |
170 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
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 (31.12.2011) |
Current Rating (31.03.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LUXEMBOURG
INDUSTRIES LTD.
Telephone 972
3 796 43 00
Fax 972 3 510 04 74
P.O. Box 13, Tel Aviv (6100010)
27 Hamered Street
TEL AVIV 6812509 -ISRAEL
A private limited company, incorporated as
per file No. 51-256854-4 on the 23.12.1997, under the name LIMADELTA LTD.,
which changed to LIMA DELTA LTD. on 18.6.1998, which changed to the present one
on 11.12.2003.
Following structural changes, during 2000
subject became dormant for few years (see more below - CHARACTER).
As of the 1.1.2004, subject assumed all the industrial and commercial
activities from parent LUXEMBOURG PAMOL LTD. (founded in the 1930s and
incorporated in 1968), which became a holding company.
Authorized share capital NIS 34,300.00,
divided into -
34,300
ordinary shares of NIS 1.00 each,
of which 1,106 shares amounting to NIS
1,106.00 were issued.
Subject is fully
owned by LUXEMBOURG PAMOL LTD., owned by the
Luxembourg family.
David Luxembourg.
Manufacturers, exporters and marketers of chemicals, agro-chemicals, raw and
intermediate materials for the pharmaceutical and bio-technology fields (mainly
of crop protection chemicals).
65% of sales are
for export.
Among clients: AMIR SUPPLY CO., HAGARIN, HAMASHBIR FOR AGRICULTURE,
CHEMAGIS, etc.
Among local
suppliers: PACHMAS METAL & PLASTIC, PLASTIV YAKUM,
GADOT CHEMICAL TERMINALS, MAGAL ISRAEL GAS & OIL ENT., CHEMICHLOR (2005)
CHEMICAL MARKETING, etc.
Among service
providers: LAOR ENGINEERING.
Operating from:
1. Owned a plant (long-term
leas-hold from the State), on an area of 50,000 sq. meters (one third is
built), in Ramat Hovav Industrial Area.
2. Owned plant, on an area of
22,000 sq. meters, in Industrial Area, Arad (area code 89101).
3. Rented warehouses, on an area of 1,250 sq.
meters, in the Ashdod Port area.
4. Main headquarters offices in 27 Hamered Street, Tel Aviv (owned by the Group).
(Note:
long-term leas-hold from the State is practically ownership of the property)
International
branches in: Brazil, U.S.A, Argentina, Dominica, Cyprus, Costa Rica and Serbia.
Having 160
employees (same as in 2011 and 2010, had 170 employees in 2009,
Group’s current
consolidated stock (chiefly held by subject), is valued at
US$ 10,000,000
(was valued at US$ 9,000,000 in mid 2011, US$
B/S shows (last
obtainable):
NIS
(thousands)
31.12.2007 31.12.2008
ASSETS
Current assets 113,000 109,000
Fixed assets 62,000 59,000
Intangible assets - 7,000
175,000 175,000
======= =======
LIABILITIES
Current
liabilities 83,000 76,000
Capital note –
liability for shareholder 33,000 39,000
Equity 59,000 59,000
175,000 175,000
======= =======
Equity to the 31.12.2009 was US$ 15,000,000 (≈NIS 57,000,000).
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives.
In May 2004, the Israeli Investment Center approved a US$ 1.37 million
investment plan for the expansion of subject’s plant in Arad.
There are 3
charges for unlimited amounts registered on the company’s assets (vehicles,
machinery & equipment), in favor of Bank Leumi Le’Israel Ltd., a leasing
company and the State of Israel (last charge placed October 2011).
2005 sales claimed to be US$ 25,000,000, making a net profit of US$ 1,500,000.
2006 sales claimed to be US$ 30,000,000, ending with a net profit (exact
figures not forthcoming).
2007 sales claimed to be US$ 37,000,000, making a net profit of US$
1,300,000.
2008 sales claimed to be US$ 44,000,000, of which 65% were exports.
2009 sales claimed to be US$ 35,000,000, of which 65% were exports.
2010 sales claimed to be US$ 38,000,000, of which 65% were exports.
2011 sales claimed to be US$ 45,000,000, of which 65% were exports.
LUXEMBOURG Group includes:
LUXEMBOURG PAMOL LTD., parent company, a holding company,
LUXEMBURG
CHEMICALS AND AGRICULTURE LTD., non-active,
LUXEMBOURG HOLDINGS (1955) LTD., real estate holding.
Bank Leumi Le’Israel Ltd., Tel Aviv Central
Branch (No. 800), Tel Aviv,
account No. 417400/25.
Bank Hapoalim Ltd., Central Business Branch (No.
600), Tel Aviv, account No. 613803.
A check with the Central Banks' database did not
reveal anything detrimental on subject’s a/m accounts.
The First
International Bank of Israel Ltd., Industrialists' House Branch (No. 057), Tel
Aviv.
Nothing unfavorable learned.
In June 2003, it was reported that a group of farmers filed a NIS 2.5
million lawsuit against subject's parent, claiming the products sold damaged their
vines.
We have not heard in this regard since, hence we believe it has been
resolved.
The LUXEMBOURG Group is a long established family business, enjoying good
reputation.
Subject is ISO 9001:2000 certified.
In 1997 parent company established subject with DOW AGROSCIENCE B.V.
(HOLLAND), a subsidiary of DOW CHEMICALS (one of the largest corporations in
the world in the chemical field). Each party held 50% of the new company (then
called LIMA DELTA). The company was established in order to use the technologies
and know how of both parent companies to manufacture the pesticide
“Chlorapiripus” in a plant in Ramat Hovav and distribute it worldwide.
However, during 2000, subject ceased all its activities and retrenched its
60 employees. Later, in 2004, subject resumed activities (in present form).
During 2000, parent LUXEMBOURG PAMOL sold its shares (50%) in LUXEMBURG
PHARMACEUTICALS LTD. to the MAKHTESHIM-AGAN Group.
Subject is part of the “Arad Initiative”, a group of industrial companies
which won in mid 2008 the Chief Scientist Office (Industry & Trade
Ministry) tender to establish an industrial Technological Incubator, designed
to support and promote technology-based start-up ventures in various industrial
areas. The programme is taking place in the Negev Region in the country’s
south, and subject is the partner who supports ventures in the chemistry and
biology fields.
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).
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
-- |
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.