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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEMIPRINT |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13.11.2003 |
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Com. Reg. No.: |
54-021524-1 |
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Legal Form : |
General Partnership |
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Line of Business : |
Importers, manufacturers, exporters and
marketers of chemicals and accessories for printing field |
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No. of Employees : |
24 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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.
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Source
: CIA |
CHEMIPRINT
Telephone 972
3 516 38 24 (Tel Aviv)
972
2 990 18 80 (Beit Shemesh)
Fax 972
3 516 42 21 (Tel Aviv)
972
2 999 58 60 (Beit Shemesh)
Email: info@chemiprint.co.il
2 Kaufman Street
Textile House
TEL AVIV 6801294 ISRAEL
A general partnership, registered as per file
No. 54-021524-1 on the 13.11.2003.
1. AVCO
CHEMICALS LTD., 70%, owned by Avner Cohen (via A. AMORA LTD.),
2. MELDAN CHEMICALS
LTD., 30%, controlled by Shaul Milstein.
In October 2012 Zeev Lahat sold his holdings (50%)
in AVCO CHEMICALS to Avner Cohen (who held 50%, now the full owner).
Shaul Milstein.
Importers, manufacturers, exporters and
marketers of chemicals and accessories for printing field (inks, solvents,
etc.).
5% of sales are export.
Among customers: CANIEL PACKING INDUSTRIES,
CARGAL, CARMEL CHEMICALS, PLASTNIR, MIBA PLAST, etc.
Sole local agencies and distributors of:
HUBER Group, INX C.B.G, AKE BOOSE, BOSTIK,
EUKALIN, DYO, FRIMPEKS, ONCO Group, SASOL, API.
Among local service providers: TECHNOCOM.
Operating from AVCO offices (owned by AVCO), in
2 Kaufman Street, Textile House, Tel Aviv, and from the AVCO plant, in Hamesger
Street, Beit Shemesh Industrial Zone, Beit Shemesh. AVCO plant is owned by
AVCO's shareholders, on an area of 15,000 sq. meters (subject utilizes 5,000
sq. meters).
Having 24 employees.
There are 60 employees serving AVCO Group (had
over 100 employees in the previous years). Change in personnel is part of
Group's a/m strategy.
Current stock is valued at NIS 4,100,000.
AVCO Group's consolidated stock was valued at
NIS 10,000,000 in mid 2013 (valued at NIS 16,000,000 in the end of 2012).
Machinery and equipment were valued at NIS
2,000,000 in 2008.
2012 sales claimed to be NIS 48,000,000.
2013 sales claimed to be NIS 48,000,000.
Sales for the first 6 months of 2014 claimed to
be NIS 24,000,000.
AVCO CHEMICALS Groups' consolidated sales:
2012 sales claimed to be NIS 139,000,000, 28% for export.
Sales for the first 6 months of 2013 claimed to be NIS 71,000,000, 33% for export.
Group's later sales data unavailable.
OTHER COMPANIES
AVCO CHEMICALS LTD, parent company,
manufacturers, marketers and exporters of chemical auxiliaries and pigment
colors for the textile and techno-textile industries.
Also part of AVCO CHEMICALS Group:
DYCOL, a general partnership, 60%, importers and
marketers of dyes for the textile industries.
SINTOCHEM TECHNOLOGIES LTD., manufacturers,
exporters and marketers of chemical substances.
AVCO MEX SA DE CV., 50%, Mexico, a production
plant.
AVCO VIETNAM, 50%, Vietnam.
AVCO DO BRASIL, 40%, Brazil.
Also part of AVCO Group:
AVCO FRANCE Sarl, France,
AVCO KIMYEVI MADDELER TICARET LTD. (AVCO
SYSTEMAS), Turkey,
AVCO CHEM SA (PTY) LTD., South Africa, a
production plant,
DYE INC., USA,
Also hold some 7% in COLDIS INVESTMENTS LTD., an investment and holding
company.
MILSTEIN SHIMON AND SON LTD., owned by Shaul Milstein, importers and
marketers of industrial chemicals. Also exporters of chemicals and partly
processed leathers. Also controls:
MELDAN CHEMICALS LTD., 60%, a holding company, holding 30% in subject.
Mizrahi Tefahot Bank Ltd., Tel Aviv Main
Business Center Branch (No. 461), Tel Aviv, account No. 78267.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
Nothing unfavorable learned on subject.
In January 2010 it was reported that the
Jerusalem Magistrate Court ruled a
NIS 1.1 million penalty on AVCO CHEMICALS for violating several environment
related regulations, including storage of hazardous substances. In addition, a
penalty was also given to AVCO CHEMICALS’s General Manager and Chief Chemist.
In the past, were other reports regarding
environment violations and suspicions. AVCO CHEMICALS’s officials claimed that
the company meets all requirements and has invested high sums in environmental
and safety facilities.
AVCO CHEMICALS is well established and enjoys a
favorable business reputation.
Investments in machinery and equipment from import for the printing and
publishing industries in 2012 summed up to NIS 518 million. In terms of
quantity change (percent change on previous year) it decreased by 15.6%, after
in 2011 it rose by 2.3% from 2010.
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$ 11,248 million, 18% increase from 2012. In the first 7 months of 2014,
export witnessed a slight decrease by some 2% from the parallel period in 2013.
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.
Note: Since February
2013 Israel Post has started using a new area code method of 7 digits (the old
method of 5 digits is no longer valid).
This report is furnished to you in strict confidence
for your EXCLUSIVE use. The correctness of same is not guaranteed, but it has
been obtained in good faith from sources deemed reliable as of this date.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.46 |
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UK Pound |
1 |
Rs.98.21 |
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Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
SHG |
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.