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Report No. : |
302661 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
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Name : |
RONOPOLIDAN LTD |
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Registered Office : |
P.O. Box 88 4 Hashoham Street Industrial Zone Barkan 4482000 Israel |
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Country : |
Israel |
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Date of Incorporation : |
16.05.1969 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers and exporters of flexible plastic packaging, mainly for the food and beverages industries. |
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No. of Employees : |
80 |
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 : |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
|
Source
: CIA |
TOAM FOR RONOPOLIDAN LTD.
TOAM IMPORT AND EXPORT
AGRICULTURAL COOPERATIVE SOCIETY LTD. (hereinafter “TOAM”), importers of
equipment, industrial raw materials and other supplies, acting as a central buying
organization. Goods are ordered by TOAM on behalf of the clients (mainly
agricultural communal settlements i.e. “kibbutzim”, but also other
manufacturers), and sent by the suppliers directly to customers. It also
handles the importing procedures on behalf of its clients, as well as providing
them with credits.
Operating from offices
in 11, Meytav Street, Tel Aviv.
We hereby report on RONOPOLIDAN
LTD.
RONOPOLIDAN LTD.
(Also trading as: RONOPOLIDAN PACKAGING LTD.)
Telephone 972 3 936 71 31
Fax 972 3 936 71 51
Email: rpp@rpp.co.il
P.O. Box 88
4 Hashoham Street
Industrial Zone
Barkan 4482000 Israel
Website: www.rrp.co.il
A private limited company, incorporated as per file No. 51-051745-1 on the 16.05.1969.
Originally registered under the name RONOPOL PLASTIC INDUSTRIES LTD., which changed to the present one on the 03.03.2002 after merging, as of 01.01.2002, the activities with POLIDAN LTD. (registration No. 51-061895-2), which was established by Alon Family in 1972.
Authorized share capital NIS 8,000,000.00, divided into -
7,999,995 ordinary shares (7,625,000 shares issued),
5 senior shares, all of NIS 1.00 each,
of which shares amounting to NIS 7,625,000.00 were issued.
Subject is fully owned by Oded and Jacob Neumark, holding as follows (according to the Registrar of Companies):
RONOPOLIDAN LTD. (subject itself), 60%,
Oded Neumark, 20%,
Jacob Neumark, 20%,
Jacob Neumark,
Oded Neumark.
Manufacturers, marketers and exporters of flexible plastic packaging, mainly for the food and beverages industries.
Activities consist of manufacturing, printing and marketing of polyethylene bags.
Level of export is relatively minor.
Amongst clients are leading local food and consumer goods industries: THE CENTRAL BOTTLING CO. (Coca Cola Israel), UNILEVER ISRAEL, TNUVA, SUNFROST, KIMBERLEY-HOGLA, SANO, MAADANOT, MILUOUT, BEIGEL & BEIGEL, STRAUSS GROUP, OSEM-NESTLE, ZOGLOWEK, GOLF-KITAN, MEY EDEN, etc.
Most purchasing is from import.
Subject imports raw materials for production and machinery (machinery is imported from Germany, Italy, Spain, etc.).
Among local suppliers & service providers: PIONEER PLATES, C.N.F., CONSULTANTS, A.G.S.
Operating from rented premises (offices, plant and warehouses), on an area of 8,000 sq. meters (of which 4,200 sq. meters are built), in 4 Hashoham Street, Industrial Zone, Barkan.
Having 80 employees as of mid 2013, current number unavailable (same as in the end of 2012, had 85 employees in the beginning of 2011).
Inventory was valued at over NIS 10,000,000 in mid 2013 (similar to previous years' levels).
Later and other financial data not forthcoming.
There are 33 charges for unlimited amounts and a further 10 charges for the sums of US$ 46,000.00 and NIS 11,576,172.00 registered on the company's assets (fixed assets, financial assets equipment and vehicles), in favor of the State of Israel, Bank Massad Ltd., Bank Otsar Hahayal Ltd., Bank Hapoalim Ltd, Israel Discount Bank Ltd., Union Bank of Israel Ltd. and companies.
2007 sales claimed to be NIS 80,000,000.
2008 sales claimed to be NIS 80,000,000.
2009 sales claimed to be NIS 72,000,000.
2010 sales claimed to be NIS 70,000,000.
2011 sales claimed to be NIS 70,000,000.
2012 sales claimed to be NIS 70,000,000.
2013 first 8 months sales claimed to be NIS 48,000,000.
Later sales figures not forthcoming.
NIR – EFRAT LTD., controlled by Neumark family.
Israel Discount Bank Ltd., Main Branch (No. 010), Tel Aviv.
Bank Hapoalim Ltd., Neve Monoson Branch (No. 573), Neve Monoson/ Yehud.
Nothing unfavorable learned on subject itself.
Despite our efforts, we were unable to speak with both subject's general managers, as they were always unavailable or too busy to take our calls. We sent an email with our request, which so far remains unanswered. We shall update you after we manage to speak with them and get fresh data.
Subject is ISO-9002 certified.
This is a very long established company and considered one of the leading local companies in its field.
In May 2006 the Securities Authority brought to the arrest of Giora Naftali, one of the shareholders of MEY EDEN, a public company whose shares are traded on the Tel Aviv Stock Exchange and a client of subject (Giora Naftali also a director in subject at the time), together with 3 of his friends, Oded Neumark (shareholder in subject) being one of them.
Mr. Naftali was suspected in violating the securities rules, by using inside information of MEY EDEN towards a major deal.
According to suspicions, he tipped the data to his 3 friends, who gained considerable amounts of money as a result of the data. The 4 were bailed out and the Securities Authority announced it is continuing the investigation.
In July 2007 it was reported that the Securities Authority transferred the file to the Attorney General's Office with their suspicions of findings.
We found no further data on case, which may have been closed.
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 (4.5% from 2011), while investments rose in 2011 and 2010.
Notwithstanding the refusal to disclose details, considered good for trade engagements.
NOTE: The address, as well as the telephone numbers you provided, belongs to TOAM (as mentioned in caption).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.15 |
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1 |
Rs.94.24 |
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Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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.