MIRA INFORM REPORT

 

 

Report Date :

12.11.2013

 

IDENTIFICATION DETAILS

 

Name :

PRINTING PRODUCTION AND MARKETING OF FLEXO PRINT PACKAGES (1980) LTD.

 

 

Formerly Known As :

FLEXO PRINT LTD

 

 

Registered Office :

P.O. Box 141, 6 Hayahalom Street, Industrial Zone

 

 

Country :

Israel

 

 

Date of Incorporation :

1972

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and marketers plastic flexible packaging products of polyethylene, mainly for the food industry (fresh and frozen), as well as for other industries, e.g. cosmatics, building, consumer goods.

 

 

No. of Employees :

60

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

Source : CIA

Company name and address

 

PRINTING PRODUCTION AND MARKETING

 OF FLEXO PRINT PACKAGES (1980) LTD.

(Also known as FLEXO PRINT LTD.)

Telephone    972 3 906 05 70

Fax              972 3 906 83 83

P.O. Box 141

6 Hayahalom Street

Industrial Zone

BARKAN      4482000           ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

Originally established in 1972 as a non-registered business under the style FLEXO PRINT.

 

Converted into a private limited company and registered as such as per file

No. 51-085771-7 on the 21.07.1980.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 30.00, divided into -

            100 management shares (6 shares issued),

            299,900 ordinary shares (23,382 shares issued), all of NIS 0.0001 each,

of which shares amounting to NIS 2.3388 were issued.

 

 

SHAREHOLDERS     

 

1.     Etzion Gonshor, 33.33%,

2.     Naftali Kraus, 33.33%,

3.     Joseph Vitos, 33.33%.

 

 

DIRECTORS AND JOINT GENERAL MANAGERS

 

1.     Naftali Kraus,

2.     Etzion Gonshor,

3.     Joseph Vitos.

 

 

 

BUSINESS

 

Manufacturers and marketers plastic flexible packaging products of polyethylene, mainly for the food industry (fresh and frozen), as well as for other industries, e.g. cosmatics, building, consumer goods.

 

Amongst clientele: HOGLA-KIMBERLY, SOGLOWEK, PALACE INDUSTRIES, B. KERSTIEN – PACKAGING, and more.

 

Among local suppliers: CARMEL OLEFINS.

 

Operating from rented premises, on an area of 7,500 sq. metres, in 6 Hayahalom Street, Industrial Zone, Barkan.

 

Having 60 employees (had 50 employees in the beginning of 2011).

 

 

MEANS

 

B/S total assets as of 31.12.2012 NIS 14,476,000.

 

Current stock is valued at NIS 3,000,000.

 

There are 16 charges for unlimited amounts, as well as 1 charge for the sum of NIS 100,000.00 registered on the company's assets (financial assets, equipment and vehicles), in favor of Bank Leumi Le'Israel Ltd., Bank Hapoalim Ltd. and companies (last charge placed March 2013).

 

 

REVENUES

 

2008 sales claimed to be NIS 22,000,000.

2009 sales claimed to be NIS 23,000,000.

2010 sales claimed to be NIS 26,000,000.

2011 sales claimed to be NIS 25,000,000.

2012 sales claimed to be NIS 25,000,000.

Projected 2013 sales are NIS 25,000,000.

 

 

BANKERS

 

Bank Hapoalim Ltd., Belinson Branch (No. 552), Petach Tikva, account No. 234044.

A check with the Central Banks’ database did not reveal anything detrimental on subject’s a/m account.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavourable learned.

 

Subject is a long established business.

 

In 1999 it was reported that subject won a tender to acquire a plot, on an area of 4,860 sq. meters in Mitzpe Sapir, for a sum of US$ 470,000.

 

According to the Chairman of the Packaging and Design Institute the branch sales by packaging industries in 2010 amounted to over US$ 1 billion, some 70% are sales to the local market, and some 30% sales for export.

There are some 120 packaging production plants in Israel, directly employing some 9,400 employees as of 2010.

During 2010, packaging in value of US$ 250 - 300 million was imported to Israel.

 

The Society of Israel Plastic & Rubber Industry published data on the sector for 2011: The sector’s turnover (both local and for export) reached US$ 5,075 million, representing 15% increase from 2009 (after 4% decrease from 2008, affected by the global crisis).

Sales for export by the Plastic and Rubber Industry also grew by some 15% in 2011 up to US$ 1,882 million, after in 2010 exports returned to 2008 levels, prior to the global economic crisis. The growth trend in export –in US$ terms- was halted in 2012 with 2.7% decrease from 2011, reaching US$ 1,831 million.

 

Sales breakdown: 30% of the Plastic & Rubber sector's sales are Household Products, 23% - Agriculture, 16% - Packaging, 9% - Building sector, 9% Industry, 5% Furniture, 4% - Compounds (rest is to other fields).

 

According to the Central Bureau of Statistics, import of Plastic and Rubber raw material for the local industry in 2012 summed up to NIS 9,037 million, 6% increase from 2011, keeping the growth trend from 2010 and 2009, though in a well lower pace.

 

Investment in imported machinery and equipment to the Plastic & Rubber industry fell in 2012 3% from 2011, totaling NIS 512.1 million. This is after rising by 30% and 8% in 2011 and 2010 from the previous year, respectively, while level of import in 2010 was just fractionally higher than 2009, far from record 2007 & 2008 years.

 

 

SUMMARY

 

Good for trade engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.29

UK Pound

1

Rs.101.36

Euro

1

Rs.84.59

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.