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Report Date : |
28.01.2014 |
IDENTIFICATION DETAILS
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Name : |
DORMEX TRADE & INVESTMENTS COMPANY (1984)
LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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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 (same as in 2012, had 10 employees in 2010, same as in previous
years). |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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With Financials |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 POLYMER.
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
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 (same as in 2012, had 10 employees in 2010, same as in previous
years).
B/S shows:
NIS
ASSETS 31.12.2011 31.12.2012
Current assets
Cash and
equivalents 4,608,015 6,337,004
Customers 8,642,170 8,661,711
Other debtors 628,940 540,851
Stock _ 859,906 1,521,289
14,739,031 17,060,855
Fixed assets 2,714,268 2,484,596
Other long-term
assets 89,247
121,951
2,803,515 2,606,547
17,542,546 19,667,402
========= =========
LIABILITIES
Current liabilities
Credits
from banks 339,682 267,793
Suppliers
and service providers 7,116,774 9,312,046
Other
accounts payable 2,028,314 1,350,334
9,484,770 10,930,173
Long term liabilities 355,756 92,505
Equity 7,702,020 8,644,724
17,542,546 19,667,402
========= =========
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).
2008
sales were NIS 48,593,458, ending with a net profit of NIS 1,019,423.
2009
sales were NIS 38,682,469, ending with a net profit of NIS 1,573,307.
Statement
of income
NIS
Year
ended 31.12
2010 2011 2012
Sales 46,492,074 46,596,201 42,992,539
Gross profit 5,011,271 5,245,833 4,782,177
Operating income 1,441,674 1,572,453 1,313,754
Profits before
taxes on income 977,152 1,918,012 1,244,925
Net profit 751,171 1,429,488 742,704
========= ========= =========
2013
sales were NIS 42,275,000, making a pretax profit of NIS 1,236,000.
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
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).
Good for trade
engagements.
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).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.71 |
|
UK Pound |
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
-- |
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.