|
Report No. : |
329147 |
|
Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
LUXEMBOURG PAMOL LTD. |
|
|
|
|
Formerly Known As : |
LUXEMBURG INDUSTRIES (PAMOL) LTD. PAMOL LTD |
|
|
|
|
Registered Office : |
P.O. Box 13
(6100010), 27 Hamered Street, Tel Aviv 6812509 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Year of Establishment : |
1930 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers, exporters and marketers of chemicals, agro-chemicals, raw and intermediate materials for the pharmaceutical and bio-technology fields (mainly crop protection chemicals). |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 2013, 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. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Slowing demand domestically and internationally and reduced investment due to uncertainties caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2% during 2014. 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 expected to come online no sooner than 2017, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and a 0.5% boost 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 and has started splitting up the oligopolies to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands. 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 |
LUXEMBOURG PAMOL
LTD.
Telephone 972 3 796 43 00
Fax 972 3 510 04 74
P.O. Box 13 (6100010)
27 Hamered Street
TEL AVIV 6812509 ISRAEL
Originally established in the 1930’s by the Late Israel Luxemburg.
Converted into a private limited company, incorporated as per file No. 51-050556-3 on the 17.10.1968.
Originally registered under the name of PAMOL LTD., which changed to LUXEMBURG INDUSTRIES (PAMOL) LTD. on the 01.03.1989, which changed to the present name on the 11.12.2003.
Authorized share capital NIS 10,000,000.00, divided into -
10,000,000 ordinary shares of NIS 1.00 each,
of which 8,084,210 shares amounting to NIS 8,084,210.00 were issued.
Subject is owned by Luxemburg family, i.e. David Luxemburg – 76%, and his brothers (12% each) Itzhak Luxemburg and Yoav Luxemburg.
According to the Registrar of Companies, shareholders are:
1. RUTH AND AVRAHAM LTD., 95%,
2. YARDENI – GELFAND TRUSTEES (2000) LTD., 5%.
David Luxemburg
A holding company, with no commercial activities.
Fully owns LUXEMBOURG INDUSTRIES LTD., manufacturers, exporters and marketers of chemicals, agro-chemicals, raw and intermediate materials for the pharmaceutical and bio-technology fields (mainly crop protection chemicals).
66% of the Group’s sales are exports.
Until the 01.01.2004 subject operated in the above field, when it transferred all commercial and industrial activities to the fully owned subsidiary and became a holding company.
Operating from Group’s Headquarters offices, owned by Group, in 27 Hamered Street, Tel Aviv. The Group also operates from:
1. Owned plant, on an area of 50,000 sq. meters (one third is built), in Ramat Hovav Industrial Zone.
2. Owned plant, on an area of 22,000 sq. meters, in Industrial Zone, Arad.
3. Rented warehouses, on an area of 1,200 sq. meters, in the Ashdod Port area.
Subject has no employees.
Having some 174 employees in LUXEMBOURG Group (had 170 employees in mid 2013).
MEANS
Group’s consolidated stock valued at US$ 10 million (held mainly by LUXEMBOURG INDUSTRIES).
In September 2014 we were informed by LUXEMBOURG INDUSTRIES's accountant that it is very profitable, its equity exceeds US$ 20 million, and is over 50% of total B/S.
Subject's equity to the 31.12.2008 totaled NIS 90 million.
The LUXEMBOURG Group is an “Approved Enterprise” and as such enjoys tax benefits and state incentives.
In May 2004, the Israeli Investment Center approved a US$ 1.37 million investment plan for the expansion of subsidiary LUXEMBOURG INDUSTRIES plant in Arad.
There is 1 charge for an unlimited amount registered on the company's assets (fixed assets and equipment), in favor of the State of Israel (charge placed 1990).
LUXEMBOURG Group consolidated sales (chiefly LUXEMBOURG INDUSTRIES):
2014 sales claimed to be US$ 53,000,000, of which 66% for export.
Sales for the first 6 months of 2015 claimed to be US$ 25,000,000, of which 66% for export.
LUXEMBOURG Group includes:
LUXEMBOURG INDUSTRIES LTD., 100%, manufacturers, exporters and marketers of chemicals, agro-chemicals, raw and intermediate materials for the pharmaceutical and bio-technology fields.
LUXEMBOURG-PAMOL INC., 100%, USA,
LUXEMBOURG PAMOL (CYPRUS) LTD., 100%, Cyprus,
LUXEMBOURG BRASIL LTDA., 100%, Brazil,
LUXEMBOURG D.O.O., 100%, Serbia.
LUXEMBURG CHEMICALS AND AGRICULTURE LTD., non-active,
LUXEMBOURG HOLDINGS (1955) LTD., real estate holding.
Luxembourg family also holds other real estate holdings companies.
LUXEMBOURG BIO TECHNOLOGIES LTD., controlled by Yoav Luxembourg.
Bank Leumi Le'Israel Ltd., Principal Branch Tel Aviv (No. 800), Tel Aviv.
Nothing unfavorable learned.
We spoke with subject's CFO, who confirmed to us that subject is a holding company and has no commercial activities. All the Group’s business activities are handled by subject’s subsidiary LUXEMBOURG INDUSTRIES LTD.
Subject and the Group are very long established.
Mr. David Luxemburg is a respectful businessman. He is known to be a person of very much wealth (as is the Luxemburg family), owner (some alone, some with partners) of several highly valued real estate assets.
In 1997 subject established a new company LIMA DELTA LTD., with DOW AGROSCIENCE B.V. (HOLLAND), a subsidiary of DOW CHEMICALS (one of the largest corporations in the world in the chemical field). Each party held 50% of the new company. This company was established in order to use the technologies and know how of both parent companies to manufacture the pesticide “Chlorapiripus” in a plant in Ramat Hovav and distribute it worldwide. However, during 2000, it ceased all its activities and retrenched its 60 employees. Later, in 2004, it resumed activities (in present form as LUXEMBOURG INDUSTRIES LTD.).
During 2000, subject sold its shares (50%) in LUXEMBURG PHARMACEUTICALS LTD. to MAKHTESHIM-AGAN Group (today under the name ADAMA Group).
LUXEMBOURG INDUSTRIES is part of the “Arad Initiative”, a group of industrial companies which won in mid 2008 the Chief Scientist Office (Industry & Trade Ministry) tender to establish an industrial Technological Incubator, designed to support and promote technology-based start-up ventures in various industrial areas. The programme is taking place in the Negev Region in the country’s south, and LUXEMBOURG INDUSTRIES is the partner who supports ventures in the chemistry and biology fields.
LUXEMBOURG INDUSTRIES's accountant informed us that recently LUXEMBOURG INDUSTRIES signed a deal to acquire from a Chinese firm (2 representatives who came to Israel and were escorted by David Luxemburg) raw materials in volume of US$ 6,000,000 per year.
Being a holding company and credit is irrelevant. In principle LUXEMBOURG Group is considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.