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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
DEPOTCHEM (1989) LTD. |
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Registered Office : |
P.O. Box 70, Haifa
(3100001), P.O. Box 449, Re’em Industrial Park, Bnei Ayish 6086000 |
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Country : |
Israel |
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Date of Incorporation : |
11.05.1989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers
of industrial and agricultural chemicals and allied products for the
industry, mainly the paper and food industries. |
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No. of Employees : |
34 |
RATING &
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Israel |
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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. 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.
|
Source : CIA |
DEPOTCHEM (1989)
LTD.
Telephone 972
8 851 96 00
Fax 972
8 841 06 47
P.O. Box 70, Haifa (3100001)
P.O. Box 449
Re’
BNEI AYISH 6086000 ISRAEL
A private limited company, incorporated as per file No. 51-138568-4 on the
11.05.1989, under the name TAMOR INDUSTRIAL SUPPLY LTD., which changed to the
present name on the 29.06.2000.
In the course of 2000/2001 subject assumed the activities of subsidiary
DEPOTCHEM DISTRIBUTION SERVICES (1993) LTD. (formerly DEPOTCHEM LTD.), which
became non-active.
Authorized share capital NIS 2,460.00, divided into -
2,460 ordinary
shares of NIS 1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
1.
CHEMOVIL LTD., 99%, owned by Oded Feller and his
family,
2.
E. FELLER & ASS. LTD., 1%.
Oded Feller, Chairman
(Note: Actual registered director is CHEMOVIL LTD.).
Udi Alroy
(Former General Manager
Ilan Hakim became the Manager of CHEMOVIL's Business Division).
Importers and
marketers of industrial and agricultural chemicals and allied products for the
industry, mainly the paper and food industries.
Customers of
subject are leading local industrial corporations, including: SHEMEN INDS.,
FRUTAROM INDUSTRIES, HADERA PAPER, BROMINE COMPOUNDS, OSEM, TEVA
PHARMACEUTICALS, HAIFA CHEMICALS, ROTEM AMFER NEGEV, TARA DAIRIES, FERTILIZERS
& CHEMICALS, NIRLAT, TAMBOUR, TERMOKIR, AVCO CHEMICALS, Y.S. ASHKENAZI
AGENCIES, AROMOR FLAVOURS & FRAGRANCES, B.G. POLYMERS, YENA INDUSTRIES,
MOR-GAL PLASTIC, etc.
Over 80% of
purchases are imports, mainly from China (25%) and Western Europe, the rest
purchased locally.
Amongst local
suppliers: MAKHTESHIM AGAN INDUSTRIES, HAIFA CHEMICALS, ZOHAR DALIA,
FERTILIZERS & CHEMICALS, V.M. BACHAR, APPLIED CHEM, etc.
Sole local agents
of (main agencies):
SOLVAY FLOUR,
WACKER CHEMIE, PETER GREVEN, SE TYLOSE, all of Germany,
POLLMERI EUROPE,
of Italy,
YARA, of Norway.
Operating from
main premises (offices and storage facilities), on an area of 22,000 sq.
meters, in Re'em Park, Bnei Ayish (total plot of 45,000 sq. meters), a village
east of the Port of Ashdod. Also operating from a branch (offices and storage
facilities), on an area of 1,500 sq. meters, in 1 Katsenstein Street, Haifa Bay
(part of the headquarters and main premises of the CHEMOVIL Group, on a total
plot of 45,000 sq. meters) (also subject's registered address including postal
box location).
All premises are
owned by the shareholders.
Having 34 employees (same as in end of 2011, had 33 employees in early
2011, same as in 2010 and 2009, had 32 employees in 2008 and 30 employees in
2007).
Current stock is
valued at US$ 5,500,000 (was valued at US$ 6,000,000 in end of 2011, at US$
4,500,000 in end of 2010, at US$ 4,000,000 in early 2010).
Other financial
data not forthcoming, however known to be financially solid.
There are 4
charges for unlimited amounts registered on the company's assets (financial
assets and shares held in companies), in favor of Bank Hapoalim Ltd., and
private companies and an individual (all charged placed in April-May 2012).
2006 sales claimed
to be US$ 35,000,000.
2007 sales claimed
to be US$ 35,000,000.
2008 sales claimed
to be US$ 40,000,000.
2009 sales claimed
to be US$ 35,000,000.
2010 sales claimed
to be US$ 42,000,000.
2011 sales claimed
to be US$ 48,000,000.
2012 sales claimed
to be US$ 50,000,000 (Note: numbers relate to subject, not including AMGAL and BACTOCHEM that were acquired in 2012).
BORA LTD., 45%, agencies, importers and
distributors of raw materials for the plastic industry.
AMGAL CHEMICAL PRODUCTION (1989) LTD., 100%, manufacturers and marketers of
industrial chemicals for the water (including cleaning substances), food and
printing industries.
BACTOCHEM LTD., 100%, laboratory for food, water and chemical testing.
DEPOTCHEM
DISTRIBUTION SERVICES (1993) LTD., 100%, non-active.
CHEMOVIL LTD.,
parent company, importers, wholesale distributors, transporters and storage of
raw materials to the industry. Also controls, among others:
CAESAREA POLYMER
INDUSTRIES LTD., 100%, developers, manufacturers and marketers of rigid,
semi-rigid and flexible polyurethane systems for a wide range of industries and
applications
BULK CHEMICALS
LTD., importers of raw materials.
PAZMOVIL (FUEL
TRANSPORT) LTD., 49%, transporters and distributors of petroleum products.
CHEMINTER LTD., represents
the CHEMOVIL Group internationally, distributors of chemicals in Europe.
CHEMINTER INC.,
100%, operating from Zurich, Switzerland, dealers in chemicals.
CHEMOTHAL LTD.,
100%, road bulk transportation of chemicals, transportation in tankers and allied
logistics services providers, including leasing storage facilities
ISRAEL ENERGY
(ENEREL) LTD., engaged in fuel products.
TABIB THE ISRAELI
HAZARDOUS WASTE HANDLING AND DISPOSAL CO. LTD., 50%, waste handling, recycling, transportation and
disposal services.
ALFA SYSTEM, 50%,
a Wroclaw (Poland) based Polyurethane Systems and Polyol producer.
Oded Feller holds
other companies, including investment and real estate firms:
EMILIA DEVELOPMENT
(O.F.G) LTD., a holding company publicly
traded on TASE, controlled (84.1%) by
Oded Feller, with current market value US$ 44.5
million. Having investment in the financial and industrial fields,
including:
ZOHAR COSMETICS
(M.O.F) LTD. (formerly CARELINE (PHARMAGIS) LTD.), 100%, manufacturers,
exporters and marketers of personal care products, cosmetics,
toiletries and cleaning products,
ZOHAR COSMETICS
(M.O.F) DISTRIBUTION & MARKETING LTD., 100%,
PALZIV EIN
HANATZIV ACS LTD., 25%,
MAXIMA AIR
SEPARATION LTD., 13.5%,
CAESAR-STONE
SDOT-YAM LTD., 2.6%,
Also hold 7.3% in
the TENE Investment Fund, which is holds shares (in several levels of
investments) in several industrial companies.
O. FELLER HOLDINGS
LTD., holding company controlled by Oded Feller.
E. FELLER &
ASS. LTD., holding company of the Feller family.
EFGO MANAGEMENT
LTD., "EFGO" stands for Emil Feller Gideon Oded,
an investment and holding company,
SUNORAMA TOURISM
SERVICES LTD., airline agents and tourist services.
Bank Leumi
Le’Israel Ltd., Haifa Main Branch (No. 876), Haifa, account No. 225700/20.
The First
International Bank of Israel Ltd., Haifa Main Branch (No. 006), Haifa and Tel
Aviv Main Branch (No. 046), Tel Aviv, account No. 638501.
A check with the
Central Banks’ database did not reveal negative information on subject’s above
mentioned accounts.
Nothing
unfavorable learned.
CHEMOVIL Group
(which subject is part of), headed by CHEMOVIL LTD., operating since 1959, is a
well-known leading company in its field, enjoying a good reputation in its field.
The Group deals, besides chemicals, in the areas of waste water treatment and
flour mills operation. Group rolls turnover of NIS 250 million according to
estimations.
CHEMOVIL
Mr. Feller also
served as the President of the Haifa & North Israel Chamber of Commerce.
In recent years we
received couple of positive suppliers' opinion on subject.
ZOHAR DALIA
officials told us they are working with subject for many years, supplying them
with chemicals. Subject was described as a good client who always pays on time.
FERTILIZERS &
CHEMICALS officials told us they are working with subject for many years,
supplying them with chemicals. Subject was described as a good client who
always pays on time.
CHEMOVIL supplies
administration and financial services to subject.
In June 1998
CHEMOVIL Group acquired from HAMASHBIR INVESTMENTS 26% of HAMASHBIR CHEMICALS
LTD. (which changed name to DEPOTCHEM DISTRIBUTION SERVICES (1993) LTD.)
gaining full ownership. Following that, part of the activities of CHEMOVIL LTD.
was transferred to DEPOCHEM.
On 01.01.2012 CHEMOVIL Group, via subject, acquired two companies from Asher Skalsky: AMGAL CHEMICAL PRODUCTION (1989) LTD.
(established in 1989, continuing activities that started in 1979) and BACTOCHEM
LTD. (established in 1975). Both companies operate in the chemicals raw
materials field and are known in their area. According to the media the deal
value was US$ 50 million (divided US$ 30 million for operations and
manufacturing facilities and US$ 20 million –to be paid along 5 years- for the
goodwill and non-competition), yet subject's official refused to disclose the
deal's numbers, commenting that 'the numbers' in the media are incorrect.
AMGAL's reported 2011 sales were NIS 150 million.
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).
Good for trade engagements.
Note: Since the beginning of February 2013
Israel Post has started using a new area code method of 7 digits (the old
method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
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|
1 |
Rs.81.74 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.