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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEM-PHARM LTD. |
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Formerly known as: |
INTERTEX IMPORT-EXPORT (1998) LTD. |
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Registered Office : |
33 Trumpeldor Street, Petach Tikva 4940321
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Country : |
Israel |
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Date of Incorporation : |
11.01.1998 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Not Available |
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No. of Employees : |
No Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Not Registered in Israel |
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Payment Behaviour : |
Unknown |
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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) |
|
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.
|
Source
: CIA |
L.S. RAW MATERIALS LTD.
(This is a foreign entity, therefore we report on its Israeli affiliate)
CHEM-PHARM LTD.
Registered
Address
33 Trumpeldor Street
PETACH TIKVA 4940321 ISRAEL
A private limited company, incorporated as per file No. 51-258277-6 on
the 11.01.1998 under the name INTERTEX IMPORT-EXPORT (1998) LTD., which changed
to the present name on the 13.05.1998.
L.S. RAW MATERIALS LTD. is a foreign private limited company, registered
as such as per file No.
In 1996-7 L.S. RAW MATERIALS relocated to Israel, though remained a
foreign entity with activities solely overseas. Subject company has been the
interface of L.S. RAW MATERIALS in Israel, representing it in terms of all administration
issues all along its operations (see below BUSINESS).
At this stage, also since we have been unable to contact any of
subject's or L.S. RAW MATERIALS' officials, we are unable to determine whether
any of the two companies are actually active.
Authorized share capital NIS 37,700.00, divided into -
35,700 ordinary shares
of NIS 1.00 each,
of which 1,000 shares amounting to NIS 1,000.00 were issued.
1. INTERSTEX CONSULTING
LTD.,
2. Mark Frid, holding 1
single share.
Based on our, from past interviews (latest one in end of 2009) with Mr.
Louis Schruder (with whom we have interviews since 1998), he was the owner of
L.S. RAW MATERIALS LTD. and of subject (holding 98%, while his wife Mrs. Ruth
Schruder held 2%).
Mark Frid.
Based on our 2009 records, Louis Schruder, born in
L.S. RAW MATERIALS operated as international traders in pharmaceutical,
chemical raw materials and feed additives. All commercial activities were
overseas, having no local business activity, besides the local office
administration matters handled by subject.
All along L.S. RAW MATERIALS operations from Israel (which started to
operate from Israel in 1997/8, then when subject was established) subject was
serving as the local entity dealing with all administration issues vis-à-vis
Tax Authorities, employees, salaries, local expenses, etc.
As noted above, we cannot tell if subject and L.S. RAW MATERIALS are
still active, as we found no indications that they are.
Subject's registered address in the Registrar of Companies is 33
Trumpeldor Street, Petach Tikva, which is also subject's shareholders (Mark
Frid and INTERSTEX CONSULTING) registered address.
According to the VAT Authority records, as well as a trade directory,
subject's address is 30/3 Harav Kuk Street, Petach Tikva (the address you
provided). This address served (and may be still serving, we do not know)
subject and L.S. RAW MATERIALS (rented offices, on an area of 70 sq. meters).
Number of employees, if any, not forthcoming (had 4 employees in end of
2009 serving in subject and L.S. RAW MATERIALS).
Financial data not forthcoming.
There are no charges on the company's assets.
According to our files, of L.S. RAW MATERIALS revenues were:
2007 sales claimed to be US$ 1,500,000.
2008 sales claimed to be US$ 1,500,000.
2009 sales claimed to be US$ 1,500,000.
Later data not forthcoming.
According to our records (from end of 2009, we could not confirm
presently):
Subject working with:
Mizrahi Tefahot Bank Ltd., Gan Hair Branch (No. 421), Tel Aviv.
L.S. RAW MATERIALS working with:
Bank Leumi (UK) Plc., 20 Stratford Place, London, UK (an affiliate to
the Israeli Bank Leumi Le’Israel Ltd. Group).
According to the Registrar of Companies subject has a "Law
Violating Company" Status.
As part of the Registrar efforts in the last period to collect fees and
supervision on meeting all duties by Companies’ law, such status notes have
been added to the registry records. Registration as a "Law Violating
Company" is done due certain violation by the subject company for not
meeting the Registrar of Companies regulations promptly, namely not paying
Registrar fees, and/or not submitting annual reports on time. The sanctions and
penalties against the company in such case include fines up to NIS 250,000, not
allowing the company to register new charges on its favor, not allow
registration a charge on its assets (which may deprive the company from taking
new loans at their banks), cannot make changes in the Registrar, and more.
It should be noted that this may not necessarily be connected to the
company's business activities and financial standing (although in many cases
there is a connection –it may well be in subject's case but we have no way
of telling that; It is also possible that there is a technical or
administrative problem, as such things also happen).
Apart from that we did not find anything detrimental on subject.
Despite our efforts, we were unable to speak with any of subject's
officials.
There is no telephone numbers registered under subject's name in the
Telephone directory. We called the numbers which used to serve L.S. RAW
MATERIALS: in (+972-3) 922 76 82 there was no answer, and in both (+972-3) 922
39 66 and (+972-3) 660 63 30 - lines are disconnected.
According to the telephone directory, Mark Frid's registered number is
(+972-3) 921 84 93. We called but received no answer, as well a no voicemail
reply.
Dealings, if any, are recommended on fully secured or on cash in advance
basis only.
Note: the telephone numbers you provided (444 44 4447 and 1 660 63 30) seem
to be foreign (perhaps of the UK).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.78 |
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|
1 |
Rs.101.42 |
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Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.