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Report No. : |
304900 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SHACHAM GIVAT ADA LTD. |
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Formerly Known As : |
· SHACHAM MINERALS LTD ·
SHACHAM –MINERALS $ CHEMICALS FOR THE INDUSTRY
AND AGRICULTURE LTD |
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Registered Office : |
P.O. Box 12
(3780801), Binyamina Local Council, Givat Ada 3780800 |
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Country : |
Israel |
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Date of Incorporation : |
19.05.1964 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Designers, manufacturers, exporters and marketers of organic pellets for
fertilizers. Also recyclers and producers of organic materials in four categories:
organic fertilizer in pellet form, bio compost, soil-less growing media and
animal feed. |
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No. of Employees : |
50 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Unknown |
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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
|
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 |
SHACHAM GIVAT ADA
LTD.
Telephone 972 4 638 95 51
Fax 972 4 638 95
56
Email: shacham1@netvision.net.il
P.O. Box 12 (3780801)
Binyamina Local Council
GIVAT ADA 3780800
ISRAEL
A private limited
company, incorporated as per file No. 51-043238-8 on the 19.05.1964.
Originally
registered under the name of SHACHAM MINERALS LTD., which changed to SHACHAM –MINERALS
$ CHEMICALS FOR THE INDUSTRY AND AGRICULTURE LTD. on 10.03.1981, which changed
to the present name on the 10.05.1984.
Authorized share
capital NIS 33,100.00, divided into:
4,999,994 ordinary shares, of NIS 0.0001
each (3,619,700 shares issued),
32,500 ordinary shares, of NIS 1.00 each,
100 management shares, of NIS 1.00 each (6
shares issued)
6 management
shares, of NIS 0.0001 each (issued), of which shares amounting to NIS 367.9706
were issued.
Subject is fully owned by the heirs of the
Late Elisha Kalai (who is still the registered shareholder).
1. Yaron Shapira, General Manager,
2. Chaim Kalai,
3. Boaz Naor,
4. Yohanan Filtz,
5. Menachem Einan.
Designers, manufacturers, exporters and marketers of organic pellets for
fertilizers. Also recyclers and producers of organic materials in four
categories: organic fertilizer in pellet form, bio compost, soil-less growing
media and animal feed.
According to our, 25%-30% of sales are for export, mainly to Southern Spain
and Portugal, as well as to Germany and Holland.
Among local clients: AMIR SUPPLY, HAGARIN, HAMASHBIR FOR AGRICULTURE, GIVAT BRENNER NURSERIES, etc.
Among local suppliers: FERTILIZER S & CHEMICALS, GENIGAR, HAMASHBIR FOR AGRICULTURE, etc.
Operating from
owned premises, offices, plant and warehouse, on an area of 12,000 sq. meters,
in Givat Ada, a village within the Binyamina Local Council, in the Sharon Area.
Having 50
employees, as of end of 2012. Current employees number unavailable.
Financial
data not forthcoming.
There are 28 charges for unlimited amounts,
as well as 3 charges for the total sum of NIS 501,190.41 registered on the company’s
assets (financial assets, fixed assets, equipment and vehicles), in favor of
Bank Leumi Le'Israel Ltd., Bank Hapoalim Ltd. and local companies (last charge
placed July 2012, prior 3 charges placed September 2009).
Sales figures not forthcoming.
Sister companies
also controlled by the Late Elisha Kalai:
KFIR MINERALS
LTD., marketing special sand platforms for pets.
DEKEL INFRASR
Bank Hapoalim Ltd., Hadera Business Branch
(No. 072), Hadera, account
No. 524987.
A check with the
Central Banks' database did not reveal any negative information regarding
subject's a/m account.
In 2011, a group of
residents from the villages in proximity to subject's plant in Givat Ada,
organized and started a public struggle against subject, due to severe odor
hazards for many years.
In May 2012 it was
reported that a local resident of Regavim (in close proximity to subject's
plant) filed a motion to the Haifa District Court for the approval as a class
action lawsuit for the sum of NIS 40 million, on that matter (it should be
noted that the procedure for such claims to be approved are usually long and
mostly eventually turned down or reach compromise).
In November 2013
there was a hearing for subject at the Ministry of Environment concerning the
claims, after the Ministry collected evidence of the claimed hazards.
In December 2014
it was reported that subject's plant near Givat Ada will be closed down by the
end of 2015, as reported in a meeting of the environmental committee of
Binyamina-Givat Ada Council held in November 2014. It is noted that the
decision was taken despite the fact that the odor disturbances actually has
been decreasing in recent years, after subject installed filtering systems in
their main plant, following the complaints.
At this stage we
have been unable to speak with any of subject's officials, as all the officials
who are authorized to disclose data are currently out of office and due back in
a week's time. Therefore, at present we do not know the status of the closure
of the plant, whether it is scheduled to be transferred to elsewhere, or else.
We shall contact the officials upon their return and update you accordingly.
Nothing
unfavorable learned apart from the above.
This is a very
long established company. It is considered the largest plant in its field in
Israel.
Investments in the
Agriculture sector fell by 8.1% in 2013, continuing the decrease by 10% in 2012
(and 5% rise in 2011). Investments in machinery & equipment in the sector
also fell, by 4.9% in 2013 (after rising by 6% in 2012).
In principle, subject
is known to be good for trade engagements. However, in view of the above said concerning the possibility of closing subject's plant, we prefer to wait
with our recommendation till we get to speak with subject's officials.
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
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|
1 |
Rs.93.12 |
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Euro |
1 |
Rs.69.32 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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.