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Report No. : |
319764 |
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Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ROTEM AMFERT NEGEV LTD. |
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Formerly Known As : |
ROTEM FERTILIZERS LTD., |
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Registered Office : |
P.O. Box 75, Beer Sheva (8410001), P.O. Box 187, Yeruham (8055101), 1 Kroitzer Street, "Ashlag" (Potash) House,
Beer Sheva 8489414 |
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Country : |
Israel |
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Date of Incorporation : |
09.10.1977 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Marketing a comprehensive range of
products based on phosphate rock as raw material and leading to downstream
derivatives including phosphoric acids, fertilizers, specialty chemicals and
phosphate salts. |
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No. of Employees : |
120 |
RATING & COMMENTS
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Israel |
B1 |
B1 |
|
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 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 |
ROTEM
AMFERT NEGEV LTD.
(Also
known as: ROTEM FERTILIZERS LTD.)
Telephone 972 8
646 55 51; 646 53 44
Fax 972
8 646 55 09
E-mail: info@iclfertilizers.com
P.O. Box 75, Beer Sheva (8410001)
P.O.
Box 187, Yeruham (8055101)
1
Kroitzer Street, "Ashlag" (Potash) House
BEER SHEVA 8489414 ISRAEL
A
private limited company, incorporated as per file No. 52-003088-3 on the
09.10.1977.
As
from 01.08.1989 business activities of AMSTERDAM FERTILIZERS (AMFERT), a Dutch
fertilizers plant, were merged into subject.
On
the 09.03.1992, NEGEV PHOSPHATES LTD. was merged into subject.
NEGEV
PHOSPHATES was incorporated as a public limited company in 1971, taking over
business activities of a firm originally established in 1952.
Subject
was originally registered under the name ROTEM FERTILIZERS LTD., which changed
to the present name on the 07.02.1995.
Authorized
share capital NIS 58,324,664.00, divided into -
116,649,327
ordinary shares (111,980,876 shares issued), 1 special share (issued), all of
NIS 0.50 each, of which shares amounting to NIS 55,990,438.50 were issued.
Subject is a fully
owned by ISRAEL CHEMICALS LTD. (ICL), a public limited company whose shares are
traded on the Tel Aviv Stock Exchange (TASE) and the New York Stock Exchange
(NYSE:ICL). ICL is controlled (46.2%) by ISRAEL CORPORATION LTD., also publicly
traded on TASE, controlled (some 53%) by OFER Group, owned chiefly by Idan Ofer (other shareholders in OFER Group are
POTASH CORPORATION
OF SASKATCHEWAN (PCS) holds 13.85% of ICL The State of Israel holds one single
special share in subject (given the fact subject holds rights on Israel
national resource).
1.
Avi Doitchman,
2.
Asher Grinbaum,
3.
Eli Amit.
Stefan
Borgas, CEO of ICL, Nissim Adar, General Manager of
subject and ICL FERTILIZERS.
Subject is part of
ICL FERTILIZERS Division in the ICL Group, which is the largest division in ICL
(some 55% of total sales in 2014).
An
integrated, multinational phosphate group manufacturing and marketing a
comprehensive range of products based on phosphate rock as raw material and
leading to downstream derivatives including phosphoric acids, fertilizers,
specialty chemicals and phosphate salts.
Annual
phosphate production amount to 6.5 million tons, based on phosphate rock mined
in the Negev Desert, in 4 different sites, based on long term licenses from the
State of Israel (one valid till 2013, now extended, and 2 till 2021 and up),
paying royalties in return.
Some
95% of sales are for export, mainly to Europe, Brazil, India and China.
Producing
raw materials which are also supplied to sister division ICL PREFORMANCE PROD
Among
customers: SINOCHEM of China.
Among
local suppliers: DELTA ELKON, RAW MATERIALS IMPORT & EXPORT, L Y A
HIDRAULICS & PNEUMATIC, MABAT 3D TECH., A.Z. INDUSTRIES, ELKAYAM
INDUSTREIS, SUPERGUM (1983), S.K. MKM ENG., etc.
Also
assisted by DORMEX, which represents subject in several foreign markets.
Operating
from mining and manufacturing plants in Rotem Field (comprises of 8 large
facilities), near the Dead Sea, Hatrurim Field and in Zafir Field (Oron Zin) in
the Negev Desert. Headoffice (of ICL FERTILIZERS) in
Potash House, 1 Kroitzer Street, and further offices in in 3 Shazar Ave., both
in Beer Sheva. Also operating from offices in Yeruham in the Negev Desert. ICL headquarters
situated in 23 Osvaldo Aranya Street, Millenium Tower, Tel Aviv.
Also
having fertilizers plants in Holland, Germany, Belgium and Spain,
phosphate-based feed additives plant in Turkey, and offices worldwide.
Having
1,100 - 1,200 employees in subject. There are 12,457 employees in ICL Group (of which
4,940 employees in Israel), of which 5,995 employees in ICL FERTILIZERS
Division. Recent reports say that as part of its streamlining, ICL is going
dismiss several hundred employees, incl. 120 employees in subject.
Financial data is included
in the consolidated B/S of parent company, ISRAEL CHEMICALS LTD., which shows:
US$ (thousands)
ASSETS 31.12.2013 31.12.2014
Current assets:
Cash and cash equivalents 188,340 130,831
Investments and short term
deposits 96,388 116,492
Customers 1,057,028 1,039,146
Other receivables and assets 291,587 518,472
Stock 1,408,297 1,335,098
3,041,640 3,140,039
Non-current assets:
Investments and other
non-current assets 454,431 477,756
Fixed assets 3,686,240 3,926,873
Intangible assets 791,174 802,920
4,931,845 5,207,549
7,973,485 8,347,588
======== ========
LIABILITIES
Current liabilities 1,960,041 2,002,852
Non-current liabilities 2,334,770 3,344,510
Equity 3,678,674 3,000,226
7,973,485 8,347,588
======== ========
ICL’s current
market value US$ 9,000 million.
Subject
is an “Approved Enterprise” and as such enjoys tax benefits and State
incentives.
According to the financial statements of
parent ICL, total assets attributed to the Phosphate
segment (practically subject and subsidiaries in the phosphate area) as of 31.12.2014 totaled US$
1,669 million (US$ 1,660 million as of 31.12.2013).
In
November 2013 ICL raised US$ 275 million in private placemenst of bonds.
In
September 2014 ICL published a prospectus to the SEC, listing its shares on the
NYSE, raising US$ 550 million, and further US$ 800 million raised in a private
placement to institutional investors by early December 2014.
In
March 2015, ICL sined an agreement with a group of 11 international banks for a
revolving credit facility in a total amount of US$ 1,705 million.
There
are 2 charges (placed 2005 and 2010) for unlimited amounts registered on the
company's assets, in favor of CRYSTAL PURCHASING LTD.
Subject pays royalties
to the State of Israel as part of the rights given for mineral production from
the Negev Desert: paid US$ 3 million, US$ 4 million & US$ 6 million, in
2014, 2013 & 2012, respectively.
Subject
ended 2011 with a net profit of US$ 316.1 million.
Subject
ended 2012 with a net profit of US$ 234.4 million.
Subject
ended 2013 with a net profit of US$ 234.7 million.
Phosphate &
Fertilizers sales by ICL FERTILIZERS Div. from
ICL statements, including by subject (chiefly) and local & foreign
subsidiaries, were:
(in US$, Million) 2012 2013 2014
Sales 1,727 1,754 1,678
Gross profit 462 424 n/a
Operating profit 162 79 133
Subject's
reported solo 2010 sales for export were US$ 611 million.
Subject's
reported solo 2011 sales for export were US$ 800 million.
Subject's
reported solo 2012 sales for export were US$ 753 million.
Later
sales figures unavailable.
ISRAEL
CHEMICALS LTD.
Consolidated
Statement of Income
US$
(thousands)
Year
ended 31.12
2012 2013 2014
Sales 6,471,433 6,271,542 6,110,710
Gross profit 2,711,198 2,409,970 2,196,137
Operating income 1,553,632 1,101,366 757,670
Income before income
taxes 1,519,293 1,100,196 632,254
Net income 1,301,732 820,173 466,102
======== ======== ========
Subject’s owned subsidiaries (main ones, among
others):
NEGEV STAR LTD.
EDOM MINERALS & DEVELOPMENT LTD.
EUROCHIL HOLDINGS B.V. (ICL FERTILIZERS
EUROPE), Holland, marketing arm in Europe, holds ICL FI POTASH B.V. and many
others subsidiaries.
AMSTERDAM FERTILIZERS B.V., Holland, owns
ICL FERTILIZERS EUROPE CV, ROTEM TURKEY, AMSTERDAM FERTILIZERS DEUTSCHLAND OHG
(AMFERT GERMANY), ICL FERTILIZERS DEUTSCHLAND,
EVERRIS INTERNATIONAL B.V., Holland,
P.M. CHEMICALS SRL, Italy,
ICL ASIA LTD., Hong Kong,
ZUARI ROTEM SPECIALTY FERTILIZERS, 50%,
India.
ROTEM BKG LLC, USA,
ROTEM DO BRAZIL LTDA, ICL BRAZIL LTDA, both
of Brazil,
ICL FERTILIZERS (INDIA) PRIVATE LIMITED,
India,
ROTEM MANUFACTURING PLC, Ethiopia.
ISRAEL CHEMICALS
LTD. (ICL), parent holding company.
Subject is part of
ICL FERTILIZERS Division which includes 4 main companies (each with
subsidiaries), subject being one of the 4, the 3 others are:
FERTILIZERS AND
CHEMICALS LTD., 100% owned by subject, manufacturers, importers and marketers of
fertilizers and chemicals, mainly for the agriculture sector, e.g. nitrogen and
phosphorus fertilizers, industrial chemicals, water treatment, gases, paint
dyers, solvents, feed additives, etc.
MIFALEI TOVALA
LTD., land transportation, bulk
transportation.
DEAD SEA WORKS
LTD., producers, manufacturers, exporters and marketers of potash and other
chemicals from the Dead Sea. Holds 100%, among others, in ICL IBERIA SCS, GRUPO
EMPRESARIAL AGROMEDITERRANO S.A, TRAFICO D MARCINANCE S.A., IBER POTASH S.A.,
all of Spain, W.H.M.S. INVESTMENT ESTABLISHMENT (Liechtenstein), CLEAVLAND
POTASH LIMITED (CLP) and ICL IBERIA LTD., both of the U.K., ASHLEY CHEMICALS
(HOLLAND) B.V., POTASH TECHNOLOGY INDUSTRIES LTD.
Other companies
part of the ICL Group, among many others:
ICL
Industrial
Products (ICL-IP) Div.:
DEAD SEA BROMINE
COMPANY LTD., heading the DEAD SEA
BROMINE GROUP (known as “DSBG”). Mainly via wholly-owned subsidiary BROMINE
COMPOUNDS LTD., operating as manufacturers and marketers of bromine compounds
and other industrial chemicals based on minerals extracted from the Dead Sea.
Among subsidiaries:
BROMINE COMPOUNDS
MARKETING (2002) LTD.,
DEAD SEA MAGNESIUM LTD., producers,
manufacturers, exporters, marketers of magnesium and related products,
producing magnesium from the Dead Sea.
TETRABROM
TECHNOLOGIES LTD.,
CHEMADA FINE
CHEMICALS LTD., 26%,
TAMI IMI INSTITUTE
FOR RESEARCH & DEVELOPMENT LTD.,
DEAD SEA PRICLASE
FUSED PROD
ICL-IP AMERICA
INC., USA, owns HY YIELD BROMINE, 80%, USA.
ICL-IP JAPAN LTD.,
Japan,
LANDCAM LIMITED,
South Africa,
BROMINE &
CHEMICALS LIMITED, UK,
EUROCLEARON B.V.,
the Netherlands, owns CLEARON CORP., USA,
ICL-IP EUROPE
B.V., the Netherlands, holds several subsidiaries, including BROMOCHEMIE HOLDINGS
B.V., ICL IP TERNEUZEN B.V., SINOBROM (75%, China), LIANYONGANG DEAD SEA
BROMINE COMPOUNDS LTD (60%, China), BROMISA INDUSTRIAL E COMERCIAL LTDA
(Brazil), etc.
ROTEM AMFERT NEGEV
B.V., Holland.
ICL Performance
Products Div.:
ICL PERFORMANCE
PROD
B.K. GIULINI GmbH,
a subsidiary in Germany,
BKG PURIPHOS B.V.,
PEKAFERT B.V.,
holds EUROCIL LUXEMBOURG,
ASTARIS INC. of
the U.S.A. and Brazil,
ICL NORTH AMERICA
INC, USA.
Others:
I.D.E.
TECHNOLOGIES LTD., 50%, desalination facilities and water treatment, ICL
FINANCE B.V., The Netherlands, ICL FINANCE INC., USA, ICL FINANCE & ISSUING LTD., ICL FINE CHEMICALS LTD.,
TWINCAP FOERSAEKRINGS AB (Sweden), HOYERMANN CHEMIE GMBH (Germany), and many
others, including companies in ICL Group and ISRAEL CORP. concern.
ISRAEL CORP. LTD.
(IC), a holding company, current market value US$ 2,787 million. Its main
holding, besides ICL, is 37.1% in OIL REFINERIES LTD., oil refiners, also publicly traded on
TASE, current market value US$ 1,115 million.
Bank
Leumi Le’Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv.
Bank Hapoalim
Ltd., Beer Sheva Branch (No. 631), Beer Sheva.
There are several
lawsuits against subject, mainly due to environmental issues. None of the
lawsuits seem to be significant. ICL has been investing tens of NIS millions in
recent years in environmental protection ends.
Apart from that
and other issues below, some of which are related to subject also as part of
the Group, nothing unfavorable learned in the legal aspect.
In
the recent periods, ICL Group has been facing pressures from various aspects,
including harsh competition and slowdown in global market and drop in prices in
the potash and fertilizers fields, elevation of royaltees on State resources by
the Israeli Government, and others.
Due
to a heavy losses of Maroccoean phosphate manufacturer OCP, which controlled
the world market (70%), prices of the mineral plunged.
All
these, some detailed below, forces the Group to go through streamlining measeurs,
including layoffs –repotedly 11% of its local manpower, which in turn, put
further pressure from the Labor Union aspect. In January 2014 the Labor Union declared
labor dispute in ICL's 6 local southern plants, including subject's plants, and
in March 2014 subject's workers started a strike, which caused damages to ICL
in volume of US$15 million. The labor dispute in subject ended in settlements
that included retirement of 115 of subject's employees (in generous terms). The
strikes in sister companies continues to-date.
ICL is a multi-national concern, among the world's leading suppliers of
minerals and one of the largest industrial concerns in Israel. It is ranked as
the world's 6th largest potash manufacturer (No. 2 in Western
Europe) and the world's largest producer of PK fertilizers
(compound of potash and phosphate fertilizers), and leading producer
of specialty phosphates based on purified phosphoric acid. Its subsidiary DSBG
is considered of world leading company in the bromine market, with estimated
production of 40% of the total elementary bromine production in the world and
lead in the bromine-based flame retardant products market.
DEAD SEA WORKS was
declared monopoly in Israel for part of its products.
OFER Group, which ISRAEL CORP. is part of, is a veteran holding company, one the largest
and influential groups in the Israeli market, operating worldwide also in the
fields of energy, shipping, high tech & electronics and real estate.
As part of
strategic move by ISRAEL CORP. in the end of September 2014 it completed a sale
offer for some 6% of ICL shares, some half in direct sale (public offering,
listing ICL's shares on the NYSE) and the rest in options given, in
consideration of over US$ 500 million. This move was designed to boost the
value of the core businesses and lower its financial debt, thus attract a
broader range of investors by a spin-off into 2, leaving ICL and ORL in the
Group, and the other under newly established KENON HOLDINGS LTD.
The move was
completed in January 2015 and KENON's shares listed to trade via NYSE and via
TASE. KENON has holdings in the fields of
energy (IC POWER), automobiles (QOROS), shipping (ZIM) and hi-tech
(TOWER-JAZZ).
Canadian PCS,
publicly traded on NYSE and Toronto (TSX: POT, NYSE: POT) with market value of
US$ 27.13 billion, which holds some 14% in ICL, is the world’s largest potash
producer (20% market share). In October 2012 ISRAEL CORP. held negotiations
with PCS on a merger deal, where PCS will take over full ownership of ICL in a
shares swap deal. Such a transaction requires the State of Israel
authorization, which holds a golden share in ICL that acquires it veto rights,
as subject has concession to Israel's natural resources. After the Minister of
Finance expressed his resistance to such transaction, in April 2013 PCS
announced it withdraws its intention to pursuit with the merger at this time.
Subject
is ISO 9001:2000 certified.
A major aspect for
the concerns of ICL is the matter of higher payments of royalties to the State
for excavating and selling minerals, considered as natural resources. In
December 2010 the Israeli Parliament voted to cancel ICL Group's special tax
benefits (NIS 2.3 billion in 2007-2011), including for phosphate (was enjoying
both from low royalties rate and tax benefits). The State filed a lawsuit
claiming ICL has to compensate the State for unpaid royalties of US$ 265
million in years 2000-2009, which went to a long mediation process. In October
2014 a governmental committee published its conclusions, which include
elevating the royalties to 5% rate, and the tax on "extra" profits,
ICL to pay for its IP products.
ICL fears that
higher royalties will erode their profitability further, estimating that
implementing the current offered royalties scheme by the government would have
lessen ICL's profits in 2013 –of US$ 820 million- by US$ 160 million.
In parallel, ICL has been
also facing harsh competition and slowdown in global market and drop in prices in
its main products in the potash and fertilizers fields. In view of the
above, ICL decided to freeze further strategic investments in Israel in volume
of US$ 750 million (and on the other hand invest in overseas operations and
sites), make structural changes and streamlining in the Group's operations and
more, all which will bring to saves of US$ 350 million by 2016.
In that framework, ICL also contemplates
closing down its Magnesia plant, cutting down in the BROMINE COMPOUNDS
activities, and selling non-core activities. ICL decided on investing in
overseas operations and sites, including hundreds millions in ventures for
phosphate production and products in China.
Subject has been operating
to obtain permits to develop a large field in the Negev Desert which contains
large reserves of the phosphate rock. As the land is situated only few km from
the town of Arad (and not far from one of subject’s plants) there is a strong
resistance from citizens of Arad, and the matter has been under revision by
Government authorities. Subject received excavation permit for 'Brir Field'
(part of a larger Zohar Field), with large with reserves potential estimated at
least of US$ 25 billion (250-500 tons), yet prospects remain vague as to the
development of this field. ICL estimated that it will have to cut 10% of
subjewct's workforce if it would not operate Brir Field (though this is also
part of ICL way to pressure the decision makers).
In view of the
recent public debate on the above royalties and permits issues, and uncertainties,
ICL launched a strategic plan to become less dependent on potash and Israel's
natural resources and seek global resources. In that aspect, ICL signed in mid
2013 a memorandum for cooperation with DUC GIANG in Vietnam for erection and
operation of a phosphate excavation
project, and in December 2014 it entered into a joint venture (50%) in the
erection of phosphate mining and process plant in China with the partner YUNNAN
YUNTIANHUA, the 2nd largest
chemicals manufacturer in China and the 3rd largest phosphate
manufacturer in the world, with investment of US$ 452 million (incl. 15% stake
in YUNNAN). The mine will produce 2.5 tons of
phosphate p/year in the next 30 years.
In 1994 the Group purchased PENNGAR in France, manufacturer of detergents for
the dairy products industry.
In 1996, ICL German subsidiary GIULINI acquired BK LADENBURG from HOECHST
for US$ 60 million and in 1997 the two merged.
In
2000, subject aqcuired OPAL, a feed phosphate producer in Turkey and started
operating under the name of ROTEM TURKEY.
In
2005 ICL acquired ASTARTIS, producers of phosphate-based products of the USA
and Brazil, for a sum of US$ 255 million.
In 2007 ICL
started a joint venture in India with a local ZUARI (of BIRLA CHEMICALS),
designed to penetrate the dissolvable fertilizers market in India. The venture
comprises of a manufacturing plant in India and marketing activity. In August
2011 ICL announced on the expansion of its manufacturing capacity in India,
with the erection of 2 plants with cooperation of ZUARI.
ICL Group's plants
started to benefit from the shift of the Group's use in natural gas as energy
source (replacing the ISRAEL ELECTRICITY CORP. conventional electricity power).
In June 2010 ICL signed transportation contracts
with ISRAEL RAILWAYS for cargo from the Dead Sea and Negev Desert until
In June 2010 it
was reported that in view of the global economic climate and credit
suffocation, ICL started to use the credit insurance facilities of State-owned
ASHRA – THE ISRAEL EXPORT INSURANCE CORP. LTD. (jointly with private credit
insurance company ICIC) for subject’s (and sister company DEAD SEA WORKS)
short-term deals with Brazil in value of tens of US$ millions.
During 2011 ICL acquired: EVERRIS (formerly
SCOTTS GLOBAL), for US$ 270 million; Spain's largest specialty chemical
manufacturer FUENTES MENDEA, for US$ 122 million; Mexican COSMOCEL QUIMICA,
food additives and specialty chemicals manufacturers, for US$ 35 million; The
activities of American HALOX, a global leader in phosphate-based products for the colors and coatings industry in
the building field, for several tens US$ million; 50% (on top of 50% already
held) of Belgian fertilizer components maker NUTRISI HOLDINGS, which holds 50%
in NU3, the world's largest manufacturer of soluble NPK.
ICL also bought
CHEMTURA’s 50% share in their TETRABROM TECHNOLOGIES bromine compounds joint
venture, the world's largest flame retardants manufacturer, becoming the sole
owner of the operation.
In February 2013
ICL acquired Knapsack plant of THERMPHOS of Germany (from its Receiver),
manufacturers of phosphate, for US$ 50 million.
In end of 2013
subject signed an agreement to buy German HAGESUD's activities (food additives
manufacturing) for estimated sum of US$ 60-70 million.
In December 2014, ICL acquired 100% of
FOSBRASIL (increasing our holdings from 44.25% to 100%, estimated invested of
US$ 65 million), the leading manufacturer in Latin America of purified
phosphoric acid for the food and special fertilizer markets and a manufacturer
of secondary products based on phosphates and special fertilizers.
Good
for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.