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Report Date : |
18.10.2013 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL ROTO SHEKA (1983) LTD. |
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Formerly Known As : |
GLOBAL CELLULOSE FILM (1983) LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
11.03.1955 |
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Com. Reg. No.: |
No. 51-100545-6 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers and marketers of flexible packaging (plastic
bags, wrappers, food package |
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No. of Employees : |
Having 85 employees (same
as in 2012, 2011, had 80 employees in 2009, same as in 2008) |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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Source : CIA |
GLOBAL ROTO SHEKA (1983) LTD.
Telephone 972
4 627 11 70
Fax 972
4 627 11 80
Email: global@globalrs.co.il
11 Harduf Hanechalim Street
Industrial Park
CAESAREA 3890000 ISRAEL
Originally incorporated as a private limited company under the name of
GLOBAL CELLULOSE FILM LTD. and registered as such on 11.03.1955.
Following the joining of new partners to the business, Subject Company
incorporated as a private limited company as per file No. 51-100545-6 on the
17.11.1983, and took over business activities, of GLOBAL CELLULOSE FILM LTD.,
which ceased all activities.
Subject was registered under the name ASCROPACK LTD., which changed to GLOBAL CELLULOSE FILM (1983) LTD.
on the 27.06.1984.
In mid 1991 company acquired the manufacturing facilities of ROTO SHEKA
LTD., incorporated in 1967, which turned inactive and then liquidated.
On the 15.09.1991 name changed to the present one.
Authorized share capital NIS 12,501.00, divided into -
4,167,000
ordinary "A" shares (4,166,064 shares issued),
4,167,000
ordinary "B" shares (3,857,962 shares issued),
4,167,000 ordinary "C" shares
(3,857,962 shares issued),
all
of NIS 0.001 each,
of which shares amounting to NIS 11,881.988 were issued.
According to the Registrar of Companies subject is owned by 3 foreign
shareholders: Leon Fonseki Feldman, Haim Fonseki Feldman and GRUPO FELNI S.A.
DE C.V. In the past years we were informed by subject's CFO that the company is
fully owned by MAR ALEGRE LTD., a private company registered in Panama and
owned by foreign investors, the Feldman and Derzavich families of Mexico.
1.
Reuven Feldman, General
Manager,
2.
Israel Feldman,
3.
Enrice Derzavich,
4.
Moshe Guy.
Developers, manufacturers and marketers of flexible packaging (plastic
bags, wrappers, food package).
Around 15% of sales are for export.
Subject’s clientele includes some of Israel’s largest manufacturing concerns,
such as: STRAUSS GROUP/ ELITE, TNUVA, COCA COLA ISRAEL, TIVALL, SANO, LANDWER
COFFEE, DUBEK, ZOGLOWECK, TEVA PHARMACEUTICALS, OSEM, UNILEVER ISRAEL, KETER
PLASTICS, etc.
35% of raw materials are imported, rest is purchased locally.
Amongst local suppliers: POLYON BARKAI INDUSTRIES, NIRY AGENCIES, GADOT
CHEMICALS, DOR FILMS, etc.
Among service suppliers (IT): INTENTIA ISRAEL.
Operating from owned premise (offices, storage facilities and a plant), on
an area of 8,000 sq meters (of which 3,800 sq. meters built), in 11 Harduf
Hanechalim Street, Industrial Park, Caesarea.
Having 85 employees (same as in 2012, 2011, had 80 employees in 2009, same
as in 2008).
Current stock is valued at NIS 6,000,000 (similar to 2012, was valued at
NIS 5,500,000 in mid 2011).
Subject is an "Approved Enterprise", and as such receives tax
benefits and State financial aid.
There are 24 charges for unlimited amounts registered on the company's
assets, in favor of the State of Israel, Israel Discount Bank Ltd. and
companies (most charges are on company's vehicles and on a switchboard, in
favor of a leasing company, including the last charges placed between the years
2005 to 2008).
2007 sales claimed to be NIS 44,122,000, of which 10%
were for export.
2008 sales claimed to be NIS 40,954,000, of which 10% were for export.
2009 sales claimed to be NIS 40,000,000, of which 10% were for export.
2010 sales claimed to be NIS 41,000,000, of which 10% were for export.
2011 sales claimed to be NIS 41,000,000, of which 10% were for export.
2012 sales claimed to be NIS 47,000,000, of which 15% were for export.
Projected sales for 2013 are NIS 48,000,000, 15% for export.
KAL-KAD LTD., 50%, manufacturers and marketers of plastic containers for
foodstuffs, was established during the year 2000 as partnership with POLYCAD
INDUSTRIES LTD.
GLOBAL ROTO SHEKA MÉXICO, S.A. DE C.V., Mexico, marketing for North America
and Latin America.
Israel Discount Bank Ltd., Poleg Netanya Branch (No. 526), Netanya, account
No. 33588.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
Nothing unfavorable
learnt (please refer to NOTE below).
This is a long established
company, among the leading in their field.
In past years, we
obtained favorable opinions on subject form suppliers.
In January 2000
subject was amongst the 3 companies which won the “Environment Shield” for
1999. Subject was awarded for investing NIS 1.2 million in reducing industrial
waste. Subject is ISO 9002 certified.
Subject entered as a
strategic partner in BIOPACK LTD., a local private biotechnology company
established in 2001. The company is engaged in R&D in the field of insect-repellent
packaging and materials for the food industry; subject is a strategic partner
in the field of flexible packaging. Other partners are EITAN AMICHAI LTD. in
the field of pest control, and the Volcani Center Agricultural Research
Organization, the research arm of Israel's Ministry of Agriculture.
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.
Good for trade
engagements.
NOTE:
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. Registration as a
"Law Violating Company" is done due certain violation by the subject
company for not meeting the Registrar of Companies regulations promptly,
mainly for 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, we believe it is not due
financial reason; It is also possible that there is a technical or
administrative problem, as such things also happen).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.58 |
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UK Pound |
1 |
Rs.98.51 |
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Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.