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Report Date : |
08.11.2014 |
IDENTIFICATION DETAILS
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Name : |
AVIV - RECYCLING
INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 127, Farm No. 8 , Kfar Truman 7315000 |
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Country : |
Israel |
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Date of Incorporation : |
31.03.1991 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Marketers and exporters of recycled plastic,
operating a plastic recycling plant, producing P.E.T. flakes. Subject uses
mainly plastic bottles, and enjoys incentives from the Ministry of
Environmental Protection. |
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No of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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. 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 |
AVIV RECYCLING
LIMITED
AVIV - RECYCLING INDUSTRIES LTD.
Telephone 972 3 970 29 93
Fax 972 3 970 29 96
Email: pniot@avivplastic.co.il
P.O. Box 127
Farm No. 8
Kfar Truman 7315000 Israel
A private limited company, incorporated as
per file No. 51-155811-6 on the 31.03.1991.
Authorized share capital NIS 7,700,000.00,
divided into -
7,700,000 ordinary shares of NIS 1.00 each,
of which 1,000,000 shares amounting to NIS 1,000,000.00 were issued.
1. Itzhak
Mizrahi, 35%,
2. Mrs.
Aliza Mizrahi, 35%,
3. ISRAEL
PLASTICS INC., 15%, a foreign company owned by Mizrahi family,
4. Ziv
Mizrahi, 3.75%,
5. Ms.
Dafna Ben Yaakov, 3.75%,
6. Yaron
Mizrahi, 3.75%,
7. Oded
Mizrahi, 3.75%.
In practice, subject is owned by Mizrahi
family.
1. Itzhak
Mizrahi, General Manager,
2. Mrs.
Aliza Mizrahi.
Marketers and exporters of recycled plastic,
operating a plastic recycling plant, producing P.E.T. flakes. Subject uses
mainly plastic bottles, and enjoys incentives from the Ministry of
Environmental Protection.
20% of sales are export.
Subject signed a contract with local
municipalities, positioning at street corners containers for collecting plastic
bottles (P.E.T) for recycling.
Operating from office premises, owned by the
Mizrahi family, in Farm No. 8, Kfar Truman, and from an owned plant, on an area
of 25,000 sq. meters, in Neot Hovav.
Having 100 employees (same as in 2013).
Financial data not forthcoming.
Subject is an “Approved Enterprise” and as such
entitled for State support, grants and tax relief.
In May 1998 the Israeli Investment Centre
(IIC) approved a US$ 4.7 million investment plan for the expansion of subject’s
plant.
There are 12 charges for unlimited amounts
registered on the company's assets (financial assets, fixed assets equipments
and vehicles), in favor of Bank Leumi Le'Israel Ltd., Mercantile Discount Bank
Ltd. and Mizrahi Tefahot Bank Ltd. (last 5 charges placed May-September 2014).
Sales figures not forthcoming.
ISRAEL PLASTICS INC., a foreign company
registered also in Israel, incorporated in 1952 and owned by Mizrahi family.
Union Bank of Israel Ltd., Jerusalem Main
Branch (No. 051), Jerusalem.
Mizrahi Tefahot Bank Ltd., Keshet Airport City
Branch (No. 418), Lod.
Although itself being an environmental
plant, subject was involved in environmental violations. In June 2011 it was
reported that the Chief of Ramat Hovav Council ordered an administrative closing
of subject's plant due to a fire which broke out, which was caused by
violations of fire regulations and faults in plants maintenance.
Also in June 2011 it was reported that the
Ministry of Environmental Protection ordered a criminal investigation against
subject's plant in Ramat Hovav, due to sewerage violations.
We did not find further data on a/m matters.
Apart from that, nothing unfavorable
learned.
Subject's officials refused to disclose
financial data.
Subject is the largest local plant of
plastic recycling, processing some 6,000 tons per year. Subject won the tender
of the Ministry of Environmental Protection for the recycling of plastic
bottles, collects the plastic bottles from containers stationed at
municipalities
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. 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).
Sales for export by the Plastic and Rubber Industry in 2013 climbed by
7.6% from 2012 up to US$ 1,969 million, after it fell by some 3% in 2012 from
2011, returning to the growth trend in 2011 (by 15% from 2010). Growth in
export trend continued into the first 7 months of 2014, with 7.7% rise compared
to the parallel period in 2013.
According to the
Central Bureau of Statistics, import of Plastic and Rubber raw material for the
local industry in 2013 summed up to US$ 2,409.6 million, compared to US$
2,345.7 in 2012. The positive trend continued in the first 4 months of 2014,
where import rose by 6.7% compared to the parallel period in 2013.
Investment in imported machinery and equipment by the Plastic &
Rubber industries fell in 2013 by 20% from 2012, totaling NIS 383.5 million.
This is after a decrease in 2012 by 4.5% from 2011, whereas investments rose in
2011 and in 2010.
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
Maximum unsecured credit recommended US$
100,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs76.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.