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Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
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Name : |
FLORMA LTD. |
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Registered Office : |
P.O. Box 1404 (4511401) 5 Habanai Street Gil Amal Industrial Zone Hod
Hasharon 4531905 |
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Country : |
Israel |
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Year of Incorporation : |
1941 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Agencies, traders, importers and marketers of colorants, paints & powders,
paint additives, dyes and industrial chemicals, as well as whirling and
transportation equipment. |
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No. of Employees : |
16 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
FLORMA LTD.
Telephone 972 9 744 29 21
Fax 972 9 744 29 20
P.O. Box 1404 (4511401)
5 Habanai Street
Gil Amal Industrial Zone
Hod Hasharon 4531905 Israel
Originally established in 1941 as a non-registered firm.
Converted into a private limited company,
and registered as such as per file
No. 51-051998-6 on the 25.06.1969.
Originally registered under the name IMPORT COMPANY FOUNDATION OF FLORMA
LTD., which changed to the present name on the 03.03.2004.
Authorized share capital NIS 100,000.00, divided into –
100,000 ordinary shares
of NIS 1.00 each,
of which 2,000 shares amounting to NIS 2,000 were issued.
1. Eliyahu Florental, 50%,
2. Mrs. Aliza Florental,
50%.
Eliyahu Florental, President.
1. Daniel Florental,
2. Ms. Efrat Moreh (nee
Florental).
Agencies, traders, importers and marketers of colorants, paints & powders,
paint additives, dyes and industrial chemicals, as well as whirling and
transportation equipment.
Sales are from stock and on commission basis.
Among clients: KAFRIT INDUSTRIES, SANO, GENIGAR PLASTIC PROD
Purchases are mainly imports.
Among local suppliers: DEPOCHEM, AIDCHEM, etc.
Sole local agents of (among others):
Operating from premises, owned by the shareholders, on an area of 1,700
sq. meters (in a 2 floor building, of which 1,200 sq. meters serve subject and
500 sq. meters are rented to 3rd parties), in 5 Habanai Street, Gil
Amal Industrial Zone, Hod Hasharon.
Having 16 employees, same as in 2011.
Current stock is valued over NIS 2,500,000 (similar to the end of 2011).
Property owned by the shareholders in Hod Hasharon (where subject is
operating from) is valued at US$ 1,600,000.
There are 5 charges for unlimited amount registered on the company's
assets (financial assets and vehicles), in favor of Bank Leumi Le'Israel Ltd.
and Bank Hapoalim Ltd. (last charge placed on December 2011).
2010 revenues claimed to be NIS 14,000,000 from sales from stock and
further commission from sales of NIS 20,000,000.
2011 revenues claimed to be NIS 15,000,000 from sales from stock and
further commission from sales of NIS 20,000,000.
2012 revenues claimed to be NIS 16,000,000 from sales from stock and
further commission from sales of NIS 18,000,000.
FLORENTAL ELIYAHU LTD., owned by subject’s shareholders, a real estate
company.
Bank Leumi Le'Israel Ltd., Hod Hasharon Branch (No. 943), Hod Hasharon,
account No. 169000/52.
Bank Hapoalim Ltd., Hod Hasharon Branch (No. 626), Hod Hasharon, account
No. 598079.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m accounts.
Union Bank of Israel Ltd., Raanana Branch (No. 075), Raanana.
Nothing unfavorable learnt.
This is long established family business, well-known in its field.
The paint and allied sealants market in Israel
is estimated at NIS 920 million (of which about NIS 700 million paints only)
per annum, from which 67% are for the home sector (49% acrylic, 11% lime and
28% for wood and metal) and the balance for the industrial sector.
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 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 January 2013).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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.