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Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
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Name : |
CHEN SHMUEL CHEMICALS LTD. |
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Formerly Known As : |
CHEN SHMUEL CHEMICALS |
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Registered Office : |
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Country : |
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Year of Establishment : |
1976 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, importers and marketers of chemicals, materials, products and
equipment for laboratories, as well as winery and brewery equipment |
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No. of Employees : |
35 employees |
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
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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 |
isarel- ECONOMIC OVERVIEW
Israel has a
technologically advanced market economy. It depends on imports of crude oil,
grains, raw materials, and military equipment. Cut diamonds, high-technology equipment,
and agricultural products (fruits and vegetables) are the leading exports.
Israel usually posts sizable trade deficits, which are covered by tourism and
other service exports, as well as significant foreign investment inflows. The
global financial crisis of 2008-09 spurred a brief recession in Israel, but the
country entered the crisis with solid fundamentals - following years of prudent
fiscal policy and a resilient banking sector. The economy has recovered better
than most advanced, comparably sized economies. In 2010, Israel formally
acceded to the OECD. Natural gasfields discovered off
Israel's coast during the past two years have brightened Israel's energy
security outlook. The Leviathan field was one of the world's largest offshore
natural gas finds this past decade. In mid-2011, public protests arose around
income inequality and rising housing and commodity prices. The government
formed committees to address some of the grievances but has maintained that it
will not engage in deficit spending to satisfy populist demands.
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Source : CIA |
CHEN SHMUEL CHEMICALS LTD.
(Also trading as "CS CHEMICALS")
Telephone 972 4 840 06 16
Fax 972 4 840 08 82
P.O. Box 10018, Haifa Bay (2611001)
99 Haluzei Hata'asiya
Street
Haifa Bay Industrial Area
HAIFA 2629499 ISRAEL
Originally established as a non-registered
business in 1976, under the name “CHEN SHMUEL CHEMICALS”.
Converted into a private limited company and
registered as such as per file No.
51-111334-2 on the 26.03.1986.
Authorized share capital NIS 2,100.00,
divided into -
10
founder shares of NIS 10.00 each,
2,000
ordinary shares of NIS 1.00 each,
fully issued.
1. Shmuel Chen, 90%,
2. Mrs. Vera Chen, wife of Shmuel
Chen, 10%.
Shmuel Chen.
Traders, importers
and marketers of chemicals, materials, products and equipment for laboratories,
as well as winery and brewery equipment.
Also importers and
marketers of industrial dyes & raw materials for the production of
industrial dyes.
The company is an
approved supplier to the Defense Ministry.
Among subjects
clientele are leading companies such as: HOGLA KIMBERLY, THE ISRAEL ELECTRIC
CORP., STRAUSS DAIRIES, MELTA INTER, PERSONA INTERNATIONAL ISRAEL, GADOT
BIOCHEMICAL INDUSTRIES, LAOR BATTERIES, RAFAEL ADVANCED DEFENSE SYSTEMS, etc.
Among local
suppliers are: FRIED – ELECTRIC, FRAUTAROM, TUTTNAUER, GADOT CHEMICAL
TERMINALS, SIGMA, THERMO STAR, MINIPLAST, etc.
Sole local agents
mainly of BOEKEL – of Germany.
Other foreign manufacturers represented locally
exclusively (among others):
MACHEREY NAGEL,
VITLAB, LP, HEIDOLPH, HANNA INSTRUMENTS, T.G.I., AMARELL, HORST LAB, BOECO, all
of Germany,
AL-AMBIQ, of
Portugal,
FLUKA, of
Switzerland,
OHAUS CORP., of
the USA,
WHATMAN, SWANN
MORTON, JENEX, all of England,
TODAY'S, of
Taiwan,
EUTECH, of
Singapore,
Other foreign
suppliers: CALDIC OF Belgium (vial local agent).
Operating from
rented premises, on an area of 5,000 sq. meters, of which 3,000 sq. meters are
built, in 99 Haluzei Hata'asiya
Street, Industrial Zone, Haifa Bay, Haifa (also known as Kiryat
Haim Industrial Area).
Having 35
employees (same as in 2011 and 2010, had 30 employees in 2008).
Financial data not
forthcoming.
Subject's
officials refused to provide B/S and other financial information.
There are no
charges registered on the company's assets.
2005 sales claimed
to be NIS 30,000,000.
2006 sales claimed
to be NIS 30,000,000.
2007 sales claimed
to be NIS 30,000,000.
2008-9 sales not
forthcoming.
2010 sales claimed
to be exceeding NIS 30,000,000.
Later sales
figures were not disclosed.
Israel Discount
Bank Ltd., Kiryat Ata Branch (No. 077), Kiryat Ata,
account No.
160202.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
account.
Nothing
unfavorable learned.
Subject's
officials refused to update financial data.
This is a veteran
company, well known in its field.
Subject is ISO
9001 certified.
In 2005 we were
informed that subject purchased all activities of GAT MAGEN BUILDING 1973 LTD.,
in the industrial dyes field.
According
to the Central Bureau of Statistics, import of chemical raw materials for the
local industries in 2011 increased by close to 17% from 2010, with value of
imported chemical raw materials reaching US$ 4,942 million. This marks a
continuing growth trend from 2010, when import rose by 18% from 2009 as the
markets recovered from the crisis in 2009 (when import decreased by 18.5%
comparing to 2008).
Notwithstanding
the refusal to update financial details, considered 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 |
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US Dollar |
1 |
Rs.54.73 |
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UK Pound |
1 |
Rs.88.61 |
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Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.