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Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
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Name : |
R.C.L. CHEMICALS LTD. |
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Registered Office : |
P.O. Box 657, 78 Rothschild Street, Rishon
Le-Zion 7522811 |
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Country : |
Israel |
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Date of Incorporation : |
25.11.1998 |
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Com. Reg. No.: |
51-270246-5 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Agents,
international traders in raw materials for the pharmaceuticals and food
industries |
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No. of Employees : |
06 employees (had 07
employees in 2011, same as in previous years). |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
israEl ECONOMIC OVERVIEW
Israel has a
technologically advanced market economy. Its major imports include crude oil,
grains, raw materials, and military equipment. Cut diamonds, high-technology equipment,
and pharmaceuticals are among 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.
Israel's economy also has weathered the Arab Spring because strong trade ties
outside the Middle East have insulated the economy from spillover effects.
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, and
production from the Tama field is expected to meet all of Israel''s natural gas
demand beginning mid-2013. 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 |
R.C.L. CHEMICALS LTD.
Telephone 972
3 964 18 16; 966 19 11
Fax 972
3 950 07 44
P.O. Box 657
78 Rothschild Street
RISHON LE-ZION 7522811 ISRAEL
A private limited company, incorporated as per
file No. 51-270246-5 on the 25.11.1998.
Subject is continuing the activities of a former
private company, REISE CHEMICALS LTD., established in the mid 1970s by Alfred
Benadi, father of Moshe (subject’s present shareholder). Consequently REISE
became inactive.
Authorized share capital NIS 100,000.00, divided into -
100,000
ordinary shares of NIS 1.00 each,
fully issued.
1. Moshe Benadi, 99.9%,
2. Menachem Pariente, 0.1%.
In March 2008, a change took place in shareholders structure, where
Menachem Pariente’s stake in subject, who held until then 10%, decrease to
present holding.
1. Moshe Benadi, General Manager,
born 1962,
2. Baruch Benadi.
Agents, international
traders in raw materials for the pharmaceuticals and food industries.
Sales are from stock and on commission basis.
Over 95% of sales are for export.
80% of purchase is from China, also purchasing from India, Spain and USA.
Representing PHARMAVET INTERNATIONAL locally, as well as in several other
companies in the world (see more in CHARACTER).
Operating from premises (owned by the shareholders), on an area of 90 sq.
meters, in 78 Rothschild Street, Rishon Le-Zion.
Having 6 employees (had 7 employees in 2011, same as in previous years).
Subject does not hold stock. Work is based on orders.
Financial data not forthcoming.
There are no charges registered on company’s assets.
Sales from stock:
2008 sales claimed to be US$ 250,000, all for export.
2009 sales claimed to be US$ 1,100,000, all for export.
2010 sales claimed to be US$ 4,300,000, 98% for export.
2011 sales claimed to be US$ 5,000,000, 98% for export.
2012 sales claimed to be US$ 5,000,000, 98% for export.
We are informed that there have been no significant changes in sales pace
for the first 6 months of 2013.
Bank Hapoalim Ltd,
Hashaked Branch (No. 555), Rishon Le-Zion, account
No. 584666 – subject’s main account.
Mercantile Discount Bank Ltd., Rishon Le-Zion
Branch (No. 668), Rishon Le-Zion, account No. 308855.
A check with the Central Banks' database did not
reveal anything detrimental regarding subject’s a/m accounts.
Nothing unfavorable learned.
Until 2009, subject
was marketing mainly products by PHARMAVET INTERNATIONAL (registered in
Gibraltar), being PHARMAVET’s sole agents worldwide (Asia, Europe, Africa,
North America). In later years we were informed that subject was decreasing
purchasing from and via PHARMAVET (from majority in 2008 to around 40% of
purchase in 2010), selling products from other suppliers as well. Then, in mid
2011 we were informed that subject ceased purchasing via PHARMAVET and
purchases directly from their suppliers, though still maintains business
relations with PHARMAVET.
Since 2013, we are informed by Mr. Moshe Benadi, General Manager, that subject represents PHARMAVET locally and in other countries as well.
PHARMAVET
INTERNATIONAL LTD. is a foreign European company registered in Gibraltar,
engaged in similar fields of subject, as international traders in raw
materials. We are informed that it is owned by several Jewish investors, who
bear no connection or affiliation to subject's shareholders.
Mr. Moshe Benadi also
serves as a director of the Board (since 2006) at PRASHKOVSKY INVESTMENTS AND
CONSTRUCTION LTD., a local public investment and holding company in the real
estate and residential building construction fields.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
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UK Pound |
1 |
Rs.103.34 |
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Euro |
1 |
Rs.88.16 |
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.