|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMADA FINE CHEMICALS COMPANY (1996)
LTD. |
|
|
|
|
Formerly known as : |
Tar – tal Ltd |
|
|
|
|
Registered Office : |
Mobile Post Hanegev, Nir Itzhak
8545500 |
|
|
|
|
Country : |
|
|
|
|
|
Year of Incorporation : |
1971 |
|
|
|
|
Com. Reg. No.: |
No. 51-237255-8 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers,
Exporters and Marketers of fine
and Specialty Chemicals based on Bromine Compounds, for the Pharmaceutical
and Agricultural Fields. |
|
|
|
|
No. of Employees |
·
93
employees (similar to previous years) ·
12,260
employees in ICL Group (of which some 5,500 employees in |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by exports. 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. 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. The economy has recovered better than most advanced, comparably sized economies, but slowing demand domestically and internationally, and a strong shekel, have reduced forecasts for the next decade to the 3% level. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is not due to come online until 2018, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. 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. In May 2013 the Israeli government, in a politically difficult process, passed an austerity budget to reign in the deficit and restore confidence in the government's fiscal position. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition.
|
Source : CIA |
CHEMADA FINE CHEMICALS COMPANY (1996) LTD.
Telephone 972 8 998 34 21; 998 98 01
Fax 972 8 998 35 89
Email: marketing@chemada.com
Mobile Post Hanegev
NIR ITZHAK 8545500 ISRAEL
Originally established
in 1971 as a non-registered business by Kibbutz Nir Itzhak
Converted into a
limited partnership, registered as per file No. 55-000225-7 on the 23.07.1973,
and operated under the name CHEMADA-NIR ITZHAK SUFA.
Converted into a
private limited company and registered as such as per file No. 51-237255-8 on
the 10.09.1996 (the company was registered under the name TAR – TAL LTD., and
was dormant until January 1999).
On the 10.02.1999
changed its name to the present one.
Authorized share
capital NIS 1,031,300.00, divided into:-
1,031,300 ordinary shares of NIS
1.00 each,
of which 1,028,000
shares amounting to NIS 1,028,000.00 were issued.
1.
Kibbutz Nir Itzhak, 51.8% (shares are held by a
fully owned subsidiary A.S. YEVULEI HA'NIR and by a trustee company), a
co-operative society operating communal agricultural settlement,
2.
Bromine
Compunds Ltd., 26%, fully owned by DEAD SEA BROMINE COMPANY LTD. (DSBG), a fully owned subsidiary
of ISRAEL CHEMICALS LTD. (ICL), a public limited company whose shares are
traded on the Tel Aviv Stock Exchange (TASE); ICL is controlled (51.8%) by The
ISRAEL CORPORATION LTD. (TIC), also publicly traded on TASE, controlled (52%)
by OFER Group, owned by Ofer family, and controlled by Idan
Ofer (some 90%) and Udi Angel,
3.
SUFA BUSINESS MANAGEMENT COOPERATIVE, 22.2%, fully
owned by Kibbutz Sufa, a co-operative society operating communal agricultural
settlement.
In
August 1999, Bromine Compunds Ltd.
signed an agreement to acquire 26% of subject’s shares in consideration of US$
9 million, according to a company value of US$ 35 million. Deal was finalized
in 2000.
1. Ofer Lifshitz, Chairman,
2. Arieh Gamora,
3. Amit Sarid,
4. Zafrir Haimi,
5. Daniel Horatio Dedrick,
6. Nir Barak,
7. Shai Mish,
8. Nestor Dario Dan,
9. David Husta (Hoter),
10. Ms. Shani Nachshon.
Ms. Ronnie
Meninger.
Manufacturers,
exporters and marketers of fine and specialty chemicals based on bromine
compounds, for the pharmaceutical and agricultural fields.
Almost all sales
are exports (95%-98%). Subject sales for export are handled by ICL - Industrial
Products, a division of ICL.
Export is mainly
to Europe, and also to Japan, USA and India.
Amongst clients:
DSM, UCB (Belgium), SUMITOMO, AJINOMOT (Japan), BAYER (Germany), TEVA
PHARMACEUTICALS, PERRIGO ISRAEL PHARMACEUTICALS (AGIS), etc.
40% of raw
materials purchases are imported, the rest purchased locally.
Amongst local
suppliers: GADOT CHEMICALS, BROMINE COMPOUNDS, PACHMAS, MAKHTESHIM CHEMICAL
WORKS, ELCON - MAMAB CONTROL INSTRUMENTS, TAGAD CHEMICALS, etc.
Custom agents:
RAPHAEL KATS.
Operating from
large rented premises, in Kibbutz Nir Itzhak (premises owned by the Kibbutz),
in the south west of the country.
Having 93
employees (similar to previous years).
There are some
12,260 employees in ICL Group (of which some 5,500 employees in Israel).
Stock for was
valued at US$ 8,500,000 in end of 2013.
Total assets as of
31.12.2012 US$ 22,600,000.
Subject is an
“Approved Enterprise” and as such enjoys tax benefits and State incentives. In
March 1998 The Israeli Investment Centre (IIC) approved an investment plan of
US$ 9.5 million in the expansion of subject’s plant. A further investment plan
of NIS 14.72 million was approved by IIC in June 2005 for the expansion of
subject’s plant.
There are 6
charges for unlimited amounts, as well as 3 charges for the total amount of NIS
32,000,000, registered on the company’s assets, in favor of the State of Israel
and local banks (last charge placed March 2012).
2006 sales claimed
to be US$ 18,000,000, of which 96% were for export.
2007 sales claimed
to be US$ 19,000,000, of which 96% were for export.
2008 sales claimed
to be US$ 20,000,000, of which 96% were for export.
2009 sales claimed
to be US$ 14,000,000, of which 95% were for export.
2010 sales claimed
to be US$ 17,000,000, of which 95% were for export.
2011 sales claimed
to be US$ 22,500,000, of which 98% were for export.
2012 sales claimed
to be US$ 20,500,000, of which 97% were for export.
2013 sales claimed
to be US$ 19,000,000, of which 95% were for export.
Kibbutz Nir Itzhak also controls:
BacSoft, operating
in the field of wireless and automation control for industrial systems and
production lines.
BROMINE
COMPOUNDS LTD., part of the ICL Concern, manufacturers, exporters and marketers of
Bromine compounds, elementary Bromine and other industrial chemicals based on
minerals extracted from the Dead Sea.
And many more in
the DSBG Group and its parent's ISRAEL CHEMICALS LTD. (ICL) Group.
Mizrahi Tefahot
Bank Ltd., Beer Sheva Business Branch (No. 426), Beer Sheva, account No.
062307.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
account.
Bank Hapoalim Ltd.,
Beer Sheva Business Branch (No. 177), Beer Sheva.
Bank Leumi
Le'Israel Ltd., Hahashmonaim Business Branch (No. 817), Tel Aviv.
Israel Discount
Bank Ltd., Beer Sheva Branch (No. 094), Beer Sheva.
Nothing unfavorable learned.
Subject is a long
established company.
In recent years we
received favorable opinion on subject from its suppliers.
Subject is ISO
9001:2008 and ISO 14001:2004 and SI OSHAS 18001:2007 certified.
BROMINE
COMPOUNDS is part of ICL Industrial Products
(ICL-IP), headed by DEAD SEA BROMINE GROUP. ICL-IP sales comprised 21% of ICL total sales which summed up to
US$ 6,272 million in 2013.
BROMINE
COMPOUNDS extracts bromine from the Dead Sea, the world’s largest bromine source,
and is considered of the world’s leading company in the bromine market, with
estimated production capacity of 40% of the total bromine production in the
world and lead in the bromine-based flame retardant products market. Imports
amount to US$ 100 million per annum. In addition, it is a world’s leading
producer of specialty phosphates based on purified phosphoric acid.
ICL is a multi-national concern, among the world's leading suppliers of
minerals and one of the largest industrial concerns in Israel. ICL is ranked as
the world's 6th largest potash manufacturer (9% market share in
2011), the world's largest producer of PK fertilizers
(compound of potash and phosphate fertilizers), and leading producer
of specialty phosphates based on purified phosphoric acid.
Current market
value of ICL – US$ 10,674 million.
ISRAEL CORP.
(TIC), with current market value US$ 4,673 million, part of OFER Group, is Israel’s largest holding company, one the
largest and most influential groups in the Israeli market, operating worldwide
also in the fields of energy, shipping, high tech & electronics and real
estate.
Kibbutz Sufa was
established in 1977. There are some 100 members.
The Kibbutz
specializes in field crop, citrus plantations and poultry.
Kibbutz Nir Itzhak
was established in 1949. There are some 380 members and a total population of
600. They cultivate agricultural grounds of over 25,000,000 sq. meters (mainly
vegetables) and breed livestock (cattle and poultry).
The local Chemical
industry is considered one of the strongest in the market, with impressive
growth trend in recent years. The chemical industry includes minerals
extracted, refinery and petrochemical industry, manufacturing of pesticides for
agriculture, pharmaceuticals and bio-technology industries, as well as other
consumer products related industries, including paints, cosmetics, cleaning
materials and others. The industry employs over 30,000 employees.
Total turnover of
the local Chemical Industry in 2008 amounted to US$ 26 billion (of which US$ 14
billion for export), comprising some 30% of Israel’s total industrial turnover.
Sales for export
by the Chemicals Manufacturing Industry in 2013 reached US$ 11,154.4 million,
17% increase from 2012.
According to Central Bureau of Statistics data, investments
in imported machinery & equipment from for the Chemical Industries (incl.
Pharmaceuticals, excl. oil refinery) in 2013 summed up to NIS 717.6 million,
similar to 2012 level (where 2012 witnessed a sharp decrease of over 20% from
2011, after over 50% increase in real terms in 2011).
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.