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Report No. : |
309544 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
K.B. RECYCLING INDUSTRIES LTD |
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Registered Office : |
P.O. Box 704 (1171502), 3 Ha'avoda Street, Industrial Zone, Beit
She'an 1171703 |
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Country : |
Israel |
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Date of Incorporation : |
22.01.2008 |
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Com. Reg. No.: |
51-409002-6 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a plastic recycling plant using plastic waste to produce
raw materials for the plastic industry (bags, molding) |
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No. of Employee : |
55 |
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 : |
Exist |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Israel |
B1 |
B1 |
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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.
|
Source
: CIA |
K.B. RECYCLING INDUSTRIES LTD.
Telephone 972 4 648 14 44
Fax 972 4 981 10 19
Email:
Zohar.sukenik@kb-recycling.com
P.O.
Box 704 (1171502)
3
Ha'avoda Street
Industrial
Zone
BEIT SHE'AN 1171703 ISRAEL
A private limited company, incorporated as
per file No. 51-409002-6 on the 22.01.2008.
Authorized share capital NIS 2,000,000.00,
divided into -
2,000,000
ordinary shares of NIS 1.00 each,
of which 573,200 shares amounting to NIS
573,200.00 were issued.
1. GANDYR INVESTMENTS LTD., 37%, owned by Ms.
Yehudit Racanati and family,
2. SULAM HOLDINGS L.R. LTD., 37%, owned by
Lenny Recanati,
3. Miron Mann, 25%, a member of the Racanati
family,
4. Asher Crystal, Shlomo Crystal and Amihai
Krupic, hold the remaining 1%.
In June 2012 Asher Crystal, Shlomo Crystal
and Amihai Krupic (who founded subject and were its shareholders) sold their
holdings to Racanati family.
1. Asher
Crystal,
2. Yonatan
Ironi,
3. Haim
Dvir,
4. Lion
(Lenny) Recanati,
5. Miron
Mann,
6. Tal
Recanati.
Guy Crystal.
A plastic recycling plant using plastic
waste to produce raw materials for the plastic industry (bags, molding).
Operating 5 recycling plants.
40%-50% of sales are for export (including
to India).
Among clientele: NETAFIM, NAANDANJAIN
IRRIGATION, POLYTIV, KETER PLASTIC, GENIGAR PLASTIC PRODUCTS, and more.
Operating from premises (office and plant),
on an area of 7,000 sq. meters, in 3 Ha'avoda Street, Industrial Zone, Beit
She'an, and from additional plants (each on an area of ~ 3,000 sq. meters) in
Idan, Tzofar, Emek Hefer and Beit Shean.
Having 55 employees.
Financial data not forthcoming.
Subject is an “Approved Enterprise” and as
such entitled for State support, grants and tax relief.
In June 2009 the Israeli Investment Centre (IIC)
approved NIS 500,000 investment plan for the expansion of subject’s plant in
Beit Shean.
There are 10 charges for unlimited amounts, as well as 2 charges fir the
total sum of NIS 3,400,000 registered on the company's assets (financial
assets, fixed assets and equipment), in favor of The State of Israel, Mizrahi
Tefahot Bank Ltd., Israel Discount Bank Ltd. and companies (last charge placed
October 2014).
2013 sales claimed to be NIS 30,000,000, 40%-50% were for export.
2014 sales claimed to be NIS 30,000,000, 40%-50% were for export.
SULAM FINANCIAL HOLDINGS LTD., owned by
Lenny Recanati, holds 17% (based on 2013) in ELCON RECYCLING CENTER (2003)
LTD., engaged in industrial wastewater treatment, specializing in highly polluted
aqueous hazardous wastes (patented technology), mainly in the chemical and
pharmaceutical markets.
Lenny Recanati and Recanati family has
holdings and investments in many companies and assets – see also below.
Mizrahi Tefahot Bank Ltd., Beit She'an Branch (No. 439), Beit She'an.
Israel Discount Bank Ltd., Poleg Netanya Branch (No. 526), Netanya.
Currently there is a legal dispute between subject
and Beit Shean Municipality, where the Municipality has filed a suit against
subject for operating without proper licensing. Matter is currently pending in
the Beit She'an Magistrate Court.
Apart from that, nothing unfavorable
learned.
Subject is among the leading companies in
its field in Israel.
Lenny Recanati is a well-known businessman
of the notorious wealthy Racanati family, who used to control Israel Discount
Bank Ltd., the 3rd largest bank in Israel until the early 2000's.
Mr. Lenny Recanati has holdings –via his
investment arm SULAM in several other companies, in the Hi-Tech, finance and
real estate, as well as in RECANATI WINERY, a local well-known premium winery.
Mr.
Meron Mann headed the Europe operation of Israeli-based giant pharmaceuticals
company TEVA PHARMACEUTICAL INDUSTRIES LTD. and has holdings in several
companies including EQUASHIELD MEDICAL LTD. (30%, a bio-med
firm), in PLASTMED LTD. and in E.M.C.L ENGINEERING AND MARKETING CO. LTD.
According to a
market research firm published in mid 2014 (ordered by the Ministry of
Economy), total revenues of the local Plastic & Rubber Industry reached US$
5 billion (return to the levels in 2007, prior to the global economic crisis,
when revenues fell and started to climb back since 2010), half of which was for
export (which is comprise US$ 2.3 billion from goods, the rest from raw
products). Sales breakdown: 30% of the branch's sales are for the Household,
23% - Agriculture, 16% - Packaging, 9% - Building sector, 9% Industry, 5%
Furniture, 4% - Compounds (rest is to other fields).
There were 23,700
workers employed in the Plastic & Rubber branch in 2013.
According to the Central Bureau of Statistics (CBS), sales for export
from the manufacturing of Plastic and Rubber products in 2014 climbed by 5.6%
from 2013 up to US$ 2,078.5 million, continuing the upward trend from 2013
(rose 7.6% from 2012, after it fell by some 3% in 2012 from 2011).
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.
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.04 |
|
|
1 |
Rs.96.02 |
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Euro |
1 |
Rs.70.42 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ASH |
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 |
-- |
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.