|
|
|
MIRA INFORM REPORT
|
Report No. : |
503881 |
|
Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
FLORMA LTD. |
|
|
|
|
Formerly Known As : |
IMPORT COMPANY FOUNDATION OF FLORMA LTD., |
|
|
|
|
Registered Office : |
P.O.
Box 1404 (4511401) 5 Habanai Street Gil Amal Industrial Zone Hod Hasharon
4531905 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
1941 |
|
|
|
|
Legal Form : |
Private limited company |
|
|
|
|
Line of Business : |
Agencies, traders, importers
and marketers of pigments, allied equipment & machinery and additives for
the industry, with specialty regarding color, dyeing and dyes, dyeing
methods, powders, additives and color concentrates of all kinds. |
|
|
|
|
No. of Employees : |
22 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
ISRAEL - ECONOMIC
OVERVIEW
Israel has a technologically advanced free market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among its leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are offset 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 weathered the 2011 Arab Spring because strong trade ties outside the Middle East insulated the economy from spillover effects.
Slowing domestic and international demand and decreased investment resulting from Israel’s uncertain security situation reduced GDP growth to an average of roughly 2.8% per year during the period 2014-17. 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 in the last decade. Political and regulatory issues have delayed the development of the massive Leviathan field, but production from Tamar provided a 0.8% boost to Israel's GDP in 2013 and a 0.3% boost in 2014. One of the most carbon intense OECD countries, Israel generates about 57% of its power from coal and only 2.6% from renewable sources.
Income inequality and high housing and commodity prices continue to be a concern for many Israelis. 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. Government officials have called for reforms to boost the housing supply and to increase competition in the banking sector to address these public grievances. Despite calls for reforms, the restricted housing supply continues to impact the well-being of younger Israelis seeking to purchase homes. Tariffs and non-tariff barriers, coupled with guaranteed prices and customs tariffs for farmers kept food prices high in 2016. Private consumption is expected to drive growth through 2018 with consumers benefitting from low inflation and a strong currency.
In the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultraorthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only about 8% of the workforce, with the rest mostly employed in manufacturing and services - sectors which face downward wage pressures from global competition. Expenditures on educational institutions remain low compared to most other OECD countries with similar GDP per capita.
|
Source
: CIA |
Company
name and address
FLORMA
LTD.
Telephone 972 9 744 29 21
Fax 972
9 744 29 20
Email:
info@florma.co.il
P.O.
Box 1404 (4511401)
5
Habanai Street
Gil
Amal Industrial Zone
HOD
HASHARON 4531905 ISRAEL
HISTORY
& LEGAL FORMATION
Originally established in 1941
as a non-registered firm.
Converted into a private limited
company, and registered as such as per file
No. 51-051998-6 on the
25.06.1969.
Originally registered under the
name IMPORT COMPANY FOUNDATION OF FLORMA LTD., which changed to the present
name on the 03.03.2004.
SHARE
CAPITAL
Authorized share capital NIS
100,000.00, divided into –
100,000 ordinary shares of NIS
1.00 each,
of which 2,005 shares amounting
to NIS 2,005.00 were issued.
SHAREHOLDERS
1. Mrs. Aliza Florental, 50.1%,
2. Eliyahu Florental, 49.9%.
SOLE
DIRECTOR
Eliyahu (Eli) Florental,
President.
JOINT
GENERAL MANAGERS
1. Daniel Florental,
2. Ms. Efrat Moreh (nee Florental).
BUSINESS
Agencies, traders, importers and
marketers of pigments, allied equipment & machinery and additives for the industry,
with specialty regarding color, dyeing and dyes, dyeing methods, powders,
additives and color concentrates of all kinds.
Sales are from stock and on
commission basis.
Also developers and processors
of above related products/ solutions on demand.
Among clients: KAFRIT
INDUSTRIES, SANO, GENIGAR PLASTIC PROD
Almost
all suppliers are foreign.
Sole local agents of (among
others):
HCA HOLLAND COLORS, GEOTECH,
MOVACOLOR, PARADOX, all of the Netherlands,
CLIQ SWISSTECH, EVONIK
INDUSTRIES, GÖTTFERT, AMIXON, AZO, A.B.S, VISCO JET, all of Germany,
HOLLIDAY PIGMENT, of France,
RADIANT, of Belgium,
PROMIXON, CHROMAFLO TECHNOLOGIES,
KRONOS, FERRO, MAGUIRE, CHEM TREND, CONNEL BROS., NOVATECC, all of USA,
PROMIX, of Switzerland,
LAWER, of Italy,
OCSiAl, of Luxembourg,
LABTECH ENGINEERINING, of
Thailand,
PRITTY, CINIC, both of China,
MEGHMANI, of India.
Operating from premises
(offices, labs, storage facilities), owned by the shareholders, on an area of
1,700 sq. meters (in a 2 floor building, of which 1,200 sq. meters serve
subject and 500 sq. meters are rented to 3rd parties), in 5 Habanai
Street, Gil Amal Industrial Zone, Hod Hasharon.
Website: www.florma.co.il
Having 22 employees.
MEANS
Stock was valued over NIS
2,500,000 in the end of 2012 (similar to the end of 2011). Current stock value
not forthcoming.
Property
owned by the shareholders in Hod Hasharon (where subject is operating from) was
valued at US$ 1,600,000 several years ago.
There are 5 charges for
unlimited and limited amounts registered on the company's assets (financial
assets and vehicles), in favor of Bank Leumi Le'Israel Ltd. and Bank Hapoalim
Ltd.
REVENUES
2010 revenues claimed to be NIS
14,000,000 from sales from stock and further commission from sales of NIS
20,000,000.
2011 revenues claimed to be NIS
15,000,000 from sales from stock and further commission from sales of NIS
20,000,000.
2012 revenues claimed to be NIS
16,000,000 from sales from stock and further commission from sales of NIS
18,000,000.
Later sales data not
forthcoming.
OTHER
COMPANIES
FLORENTAL ELIYAHU LTD., owned by
subject’s shareholders, a real estate company.
BANKERS
Bank
Leumi Le'Israel Ltd., Hod Hasharon Branch (No. 943), Hod Hasharon, account No.
169000/52.
Bank Hapoalim Ltd., Hod Hasharon
Branch (No. 626), Hod Hasharon, account No. 598079.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m accounts.
Union Bank of Israel Ltd.,
Raanana Branch (No. 075), Raanana.
CHARACTER
AND REPUTATION
Nothing unfavorable learnt.
Subject's President, Mr. Eli
Florental, refused to disclose financial data.
This is long established family
business, well-known in its field.
The paint and allied sealants market in Israel is
estimated at NIS 1.2 billion per annum, from which some two thirds are for the home
sector (49% acrylic, 11% lime and 28% for wood and metal) and the balance for
the industrial sector.
According to the Central Bureau of Statistics, import of
chemical raw materials for the local industries in 2017 marked 13% rise from
2016, reaching US$ 4,857 million (in local NIS currency terms import rose by
5.4%). In comparison, in 2016 import (in US$ terms) fell by 6.1% from 2015
(-7.2% in NIS), and in 2015 import of chemical raw materials decreased by 3.8%
from 2014 (+4.6% in NIS terms).
SUMMARY
Good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.22 |
|
|
1 |
INR 92.84 |
|
Euro |
1 |
INR 81.27 |
|
ILS |
1 |
INR 18.72 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.