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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
DORMEX TRADE & INVESTMENTS COMPANY (1984)
LTD. |
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Registered Office : |
P.O. Box 2666 (5112601), 1 Ben Gurion Street, B.S.R. 2 Tower, Bnei Brak 5120149 |
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Country : |
Israel |
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Financials (as on) : |
2010 |
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Date of Incorporation : |
24.09.1984 |
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Com. Reg. No.: |
51-104073-5 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers,
exporters and distributors of chemicals and allied products. |
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No. of Employees : |
Having in 9
employees as of 2012 (had 10 employees in 2010, same as in previous years) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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With Financials |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source : CIA |
DORMEX TRADE & INVESTMENTS COMPANY
(1984) LTD.
Telephone 972 3 616 61 11
Fax 972 3 570 77 50
P.O. Box 2666 (5112601)
1 Ben Gurion
Street
B.S.R. 2 Tower
BNEI BRAK 5120149 ISRAEL
A private limited
company, incorporated as per file No. 51-104073-5 on the 24.09.1984.
Authorized share
capital NIS 520.00, divided into -
520,000 ordinary shares of NIS
0.001 each,
of which 52 shares
amounting to NIS 0.052 were issued.
(Note: The currency in share capital was
originally in Old Israeli Shekel whose nominal value was 1 thousandth of
the current New Israeli Shekel (NIS), converted in 1986).
1.
Matityahu (Matti) Ben-Ari,
2.
Mrs. Aviva, wife of Matityahu Ben-Ari, holding one
single share.
Matityahu Ben-Ari.
Importers,
exporters and distributors of chemicals and allied products.
Also
agencies in the field of paper.
51% of sales are
for export (in 2011).
Exports are to
Turkey and Eastern Europe.
Subject is the
exclusive representative and distributor of local chemical manufacturers ROTEM
AMFERT NEGEV products in Turkey.
In addition, subject represents exclusively other local companies, as well as several foreign companies in other foreign markets, e.g. AKKIM (of Turkey) in India, Taiwan and China.
Amongst local clients: CARMEL CHEMICALS, RAMI PINHASSI & CO.,
KOFFOLK, AMGAL, DEAD SEA WORKS, MAKHTESHIM CHEMICAL WORKS, FRUTAROM, TAMBOUR,
TERMOKIR, MODUL BETON, ASHKELON POLYMERS, etc.
80% of purchases
are in Western Europe.
Sole local representatives/distributors of (main
suppliers):
· QUINNS PLATICS, of Belgium and Spain,
· UPM KYMMENE, of Finland and Germany,
· HEXION, of Germany and Italy,
· SAMSUNG FINE CHEMICALS, YOUNGS, L.G. CHEMICALS, AYKUNG, HANKUCK, all of Korea,
· NISSAN CHEMICALS, MITSUI TOATSU, SAKAI, SANYO, all of Japan,
· SISECAM, EGE KIMYA, AKKIM, all of Turkey,
· SINPRO, VIPA, both of Switzerland,
· EXPAL, TOLSA, both of Spain,
· FINNISH CHEMICALS - KEMIRA, of Finland,
· INDUSTRIAL SOLVENTS, of India.
· YOKE CHEMICALS,DALIAN CHEMICALS, both of China,
· ELOF HANSSON, of England,
· CMMP, of France.
Among local
suppliers are: ROTEM AMFERT NEGEV, CARMEL CHEMICALS, DOR CHEMICALS, etc.
Palestinian
supplier (cardboard): AL AHLIA BOXES INDUSTRIES.
Operating from
owned office premises, on an area of 207 sq. meters, in 1 Ben Gurion Street,
Bnei Brak, and from:
1.
Rented offices, on an area of 200 sq. meters, in
David House, 138 Jabotinsky Street, Ramat Gan,
2.
A rented warehouse, on an area of 200 sq. meters,
in Sde Uziyahu (village),
3.
A rented warehouse, on an area of 100 sq, meters,
in 14 Hamelacha Street, Shemen Beach, Industrial Zone, Haifa.
Having in 9
employees as of 2012 (had 10 employees in 2010, same as in previous years).
B/S shows (last obtainable):
NIS
ASSETS 2009 2010
Current assets
Cash and
equivalents 4,236,601 3,143,920
Customers 9,144,484 11,920,725
Other debtors 434,919 475,785
Stock _2,223,978 1,437,438
16,039,982 16,977,868
Fixed assets 2,999,698 2,784,047
Other long-term
assets 1,723
173,583
19,041,403 19,935,498
========= =========
LIABILITIES
Current liabilities
Credits
from banks 334,150 299,820
Suppliers
and service providers 9,618,174 10,421,766
Other accounts
payable 663,923
1,389,757
10,616,247 12,111,343
Long term liabilities 853,794 551,623
Equity 7,571,362 7,272,532
19,041,403 19,935,498
========= =========
Stock was valued
at NIS 800,000 in the first half of 2012.
Subject owns a property
of around 200 sq. meters, in 134 Jabotinsky Street (Beit David), Ramat Gan.
Also 6 vehicles
are owned by subject.
There is one charge on a sum of NIS 187,500.00 registered on the
company's assets (fixed asset), in favor of BANK LEUMI LEISRAEL MORTGAGES LTD.
(charge placed 1992).
Statement
of income
NIS
Year
ended 31.12
2008 2009 2010
Sales 48,593,458 38,682,469 46,492,074
Gross profit 4,769,199 5,485,727 5,011,271
Operating income 1,284,534 2,136,384 1,441,674
Profits before taxes
on income 1,425,423 2,055,096 977,152
Net profit 1,019,423 1,573,307 751,171
========= ========= =========
2011
sales were NIS 46,610,000, with profits before taxes on income of NIS
1,682,000.
Later
sales data not forthcoming.
· Bank Leumi Le’Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv, account No. 537300/10.
· Mizrahi Tefahot Bank Ltd., Diamond Tower Branch (No. 477), Ramat-Gan, account No. 286766.
A check with the
Central Banks’ database did not reveal any negative information regarding
subject’s a/m accounts.
Nothing
unfavorable learned (please refer to NOTE below).
Subject's General
Manager, Mr. Matityahu Ben-Ari, the only authorized person to disclose data on
subject is presently out of office and due back in a week's time. We shall
contact him upon his return and update you accordingly.
Subject
is long established.
According
to the Central Bureau of Statistics, import of chemical raw materials for the
local industries in 2012 increased by 20.7% from 2011 (in local NIS currency
terms) reaching NIS 19,701 million (rise in $ terms was less: 11.8%),
continuing growth trend from 2011 and 2010 (in over 10% in each year) as the
markets recovered from the crisis in 2009.
The trend reversed
in the first 10 months of 2013, with a 16% decrease compared to the parallel
period of 2012, summing up to NIS 14,091.5 million.
According to the Central Bureau of
Statistics (CBS), import of raw materials for the Paper industries in 2012 fell
by 6% from 2011, reaching total of NIS 2,945 million (though the decrease in $
terms was by 13% to US$ 764 million). This comes after couple of years in which
import level rose, by over 20% in 2010 and by several percentages in 2011. Import kept dropping by 4.5% in the first 10 months of 2013 comparing to
the parallel period in 2012 (reaching NIS 2.398 billion).
Notwithstanding
the lack of updated data from subject's officials, considered good for trade
engagements.
NOTES:
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 assume it is not so in subject's case; It is also
possible that there is a technical or administrative problem, as such things
also happen).
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 2012).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.93 |
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UK Pound |
1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
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.