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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEMADA FINE CHEMICALS COMPANY (1996) LTD. |
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Registered Office : |
Mobile Post Hanegev, NIR Itzhak 8545500 |
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Country : |
Israel |
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Date of Incorporation : |
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 : |
93 |
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 |
CHEMADA FINE CHEMICALS COMPANY (1996) LTD.
Telephone 972 8 998 34 21
Fax 972 8 998 35
89
Mobile Post Hanegev
NIR ITZHAK 8545500 ISRAEL
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.
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.
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 (51.8%) by The
ISRAEL CORPORATION LTD. (TIC), also publicly traded on TASE, controlled (51.5%)
by OFER Group, owned by Ofer family, and controlled by Idan
Ofer (some 90%) 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.
1. Ofer Lifshitz, Chairman,
2. Arieh Gamora,
3. Amit Sarid,
4. Zafrir Haimi,
5. Daniel Horatio Dedrick,
6. Avi Toyerstein,
7. Shachar Berglass,
8. Dan Nestor,
9. David Husta (Hoter),
10 Ms. Shani Nachshon.
Ms. Ronnie Meninger.
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 93 employees (similar to previous years).
There are 12,272 employees in ICL Group (of which some 5,500 employees
in Israel).
Current stock is valued at US$ 8,500,000.
Total assets as of 31.12.2012 US$ 22,600,000.
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 6 charges for unlimited amounts, as well as 3 charges for the
total amount of NIS 32,000,000.00, registered on the company’s assets, in favor
of the State of Israel and local banks (last charge placed March 2012).
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.
2012 sales claimed to be US$ 20,500,000, of which 97% were for export.
2013 projected sales are US$ 19,000,000, of which 95% were for export.
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.
Mizrahi Tefahot Bank Ltd., Beer Sheva Business Branch (No. 426), Beer
Sheva,
account No. 062307.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
Bank Hapoalim Ltd., Beer Sheva Business Branch (No. 177), Beer Sheva.
Bank Leumi Le'Israel Ltd., Hahashmonaim Business Branch (No. 817), Tel
Aviv.
Israel Discount Bank Ltd., Beer Sheva Branch (No. 094), Beer Sheva.
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
21.5% of ICL in 2012. ICL 2012 sales were US$ 6,672.2 million.
DSBG extracts bromine from the Dead Sea, the world’s largest bromine
source, and is considered of the world’s leading company in the bromine market,
with estimated production capacity of 40% of the total bromine production in
the world and lead in the bromine-based flame retardant products market.
Imports amount to US$ 100 million per annum. In addition, it is a world’s
leading producer of specialty phosphates based on purified phosphoric acid.
ICL is a multi-national concern, among the
world's leading suppliers of minerals and one of the largest industrial
concerns in Israel. It is ranked as the world's 6th largest potash manufacturer
(9% market share in 2011), the world's largest producer
of PK fertilizers (compound of potash and phosphate fertilizers), and leading producer
of specialty phosphates based on purified phosphoric acid.
Current market value of ICL – US$ 10,532.8 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.
ISRAEL CORP. (TIC), current market value US$ 4,145.3 million, part of OFER Group, is Israel’s largest holding company, one the
largest and most influential groups in the Israeli market, operating worldwide
also in the fields of energy, shipping, high tech & electronics and real
estate.
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 Chemical sector recovered in 2010, where export of Industrial
Chemicals rose by 34.3% from 2009, kept rising in 2011(by 18.6%), but fell by
9% in 2012. Sales for export in 2012 reached US$ 15.1 billion (of which US$
6.85 billion were of pharmaceuticals).
According to Central Bureau of Statistics
data, investments in imported machinery & equipment from for the Chemical
Industries (incl. Pharmaceuticals, excl. oil refinery) in 2012 summed up to NIS
891 million, a sharp decrease of 20.8% from 2011 (after witnessing 50.7%
increase in real terms in 2011, which came after couple of years the trend was
negative).
Good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
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1 |
Rs.101.53 |
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Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.