|
|
|
%20LTD%20-%20486310%2018-Jan-2018_files/image007.jpg){kind=small}
%20LTD%20-%20486310%2018-Jan-2018_files/image008.jpg)
%20LTD%20-%20486310%2018-Jan-2018_files/image010.gif)
MIRA INFORM REPORT
|
Report No. : |
486310 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL ROTO SHEKA (1983) LTD |
|
|
|
|
Formerly Known As : |
GLOBAL CELLULOSE FILM LTD |
|
|
|
|
Registered Office : |
P.O. Box 3026 (3088900), 11 Harduf Hanechalim Street, Industrial Park South, Caesarea, 3890000, |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
11.03.1955 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Developers, manufacturers and marketers of
flexible packaging (plastic bags, wrappers, food package etc.) for the food
industry. |
|
|
|
|
No. of Employees : |
90 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 2.6% per year during the period 2014-16. 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 2017 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
GLOBAL ROTO SHEKA (1983) LTD.
Telephone 972 4 627 92 22
Fax 972 4 627 92 02
Email: global@globalrs.co.il
P.O. Box 3026 (3088900)
11 Harduf Hanechalim Street
Industrial Park South
CAESAREA, 3890000, ISRAEL
HISTORY
& LEGAL FORMATION
Originally incorporated as a private limited
company under the name of GLOBAL CELLULOSE FILM LTD. and registered as such on
11.03.1955.
Following the joining of new partners to the
business, Subject Company incorporated as a private limited company as per file
No. 51-100545-6 on the 17.11.1983, and took over business activities of GLOBAL
CELLULOSE FILM LTD., which ceased all activities.
Subject was registered under the name
ASCROPACK LTD., which changed to GLOBAL CELLULOSE FILM (1983) LTD. on the
27.06.1984.
In 1991 the company acquired the
manufacturing facilities of ROTO SHEKA LTD., incorporated in 1967 (which turned
inactive and then liquidated), and consequently on the 15.09.1991 name changed
to the present one.
SHARE
CAPITAL
Authorized share capital NIS 12,501.00,
divided into -
4,167,000 ordinary "A" shares
(4,166,064 shares issued),
4,167,000 ordinary "B" shares
(3,857,962 shares issued),
4,167,000 ordinary "C" shares
(3,857,962 shares issued),
all of NIS 0.001 each,
of which shares amounting to NIS 11,881.988
were issued.
SHAREHOLDERS
According to the Registrar of Companies
subject is owned by 3 foreign shareholders: Leon Fonseki Feldman, Haim Fonseki
Feldman and GRUPO FELNI S.A. DE C.V. In the past years we were informed by
subject's CFO that the company is fully owned by MAR ALEGRE LTD., a private
company registered in Panama and owned by foreign investors, the Feldman and
Derzavich families of Mexico.
DIRECTORS
1.
Reuven Feldman,
2.
Israel Feldman,
3.
Enrice Derzavich.
JOINT
GENERAL MANAGERS
1. Reuven
Feldman,
2. Yoram
David.
BUSINESS
Developers, manufacturers and marketers of flexible
packaging (plastic bags, wrappers, food package etc.) for the food industry.
15% of sales are for export.
Clientele includes
some of Israel’s largest manufacturing concerns, such as: STRAUSS GROUP/ ELITE,
TNUVA, COCA COLA ISRAEL, TIVALL, SANO, LANDWER COFFEE, DUBEK, ZOGLOWECK, TEVA
PHARMACEUTICALS, OSEM, UNILEVER ISRAEL, KETER PLASTIC, etc.
35% of raw
materials are imported, rest is purchased locally.
Amongst local
suppliers: C.L.P. INDUSTRIES, NIRY AGENCIES, GADOT CHEMICALS, DOR FILMS, DOLEV
G.C. PRINTING SUPPLIES & MATERIALS, N. L. MANAGEMENT, etc.
Among service suppliers (IT): INTENTIA
ISRAEL.
Operating from owned premise (offices,
storage facilities and a plant), on an area of 8,000 sq. meters (of which 3,800
sq. meters built), in 11 Harduf Hanechalim Street, Industrial Park, Caesarea.
Website: www.globalrs.co.il
Having 90 employees (same as in end of 2015,
had 85 employees in the end of 2013, same as in 2012).
MEANS
Stock was valued at NIS 7,000,000 in the end
of 2015 (was valued at NIS 6,000,000 in the end of 2013, similar to 2012).
Later and other financial data not
forthcoming.
Owned property in 11 Harduf Hanechalim
Street, Industrial Park South, Caesarea (where subject is operating from) is
highly valued.
Subject is an "Approved
Enterprise", and as such receives tax benefits and State financial aid.
There are 5 charges for unlimited amounts
registered on the company's assets (fixed assets, equipment and vehicles), in
favor of the State of Israel, Israel Discount Bank Ltd. and companies (all
charges placed over a decade ago).
REVENUES
2010 sales claimed to be NIS 41,000,000, of
which 10% were for export.
2011 sales claimed to be NIS 41,000,000, of
which 10% were for export.
2012 sales claimed to be NIS 47,000,000, of
which 15% were for export.
2013 sales claimed to be NIS 48,000,000, 15%
were for export.
2014 sales claimed to be NIS 58,000,000,
10%-15% were for export.
2015 sales claimed to be NIS 61,000,000, 10%-15%
were for export.
Later sales figures not forthcoming.
OTHER
COMPANIES
KAL-KAD LTD., 50%, manufacturers and
marketers of plastic containers for foodstuffs, established in year 2000 as
partnership with POLYCAD INDUSTRIES LTD.
GLOBAL ROTO SHEKA MÉXICO, S.A. DE C.V.,
Mexico, marketing for North America and Latin America.
BANKERS
Israel Discount
Bank Ltd., Poleg Netanya Branch (No. 526), Netanya,
account No. 33588.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
Bank Leumi Le'Israel Bank Ltd., branch data
not forthcoming.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject's CFO, Mr. Yaniv, refused to update
information, saying they are a private company (thus not obliged in disclosing
any data). It should be noted that in past years subject's officials generally
cooperated and gave information.
This is a long established company, among
the leading in their field.
Subject is ISO 9001:2008 and ISO 22000:2005
certified, as well as holding other quality approvals.
In past years, we obtained favorable
opinions on subject form suppliers.
In January 2000 subject was amongst the 3
companies which won the “Environment Shield” for 1999. Subject was awarded for investing
NIS 1.2 million in reducing industrial waste. Subject is ISO 9002 certified.
Subject entered as a strategic partner in
BIOPACK LTD., a local private biotechnology company established in 2001. The
company is engaged in R&D in the field of insect-repellent packaging and
materials for the food industry; subject is a strategic partner in the field of
flexible packaging. Other partners are EITAN AMICHAI LTD. in the field of pest
control, and the Volcani Center Agricultural Research Organization, the research
arm of Israel's Ministry of Agriculture.
According to a market research firm
published in mid-2014 (ordered by the Ministry of Economy), total revenues of
the local Plastic & Rubber Industry reached US$ 5 billion, half of which
was for export (which is comprised US$ 2.3 billion from goods, the rest from
raw products).
Sales breakdown: 30% of the branch's sales
are for the Household, 23% - Agriculture, 16% - Packaging, 9% - Building
sector, 9% Industry, 5% Furniture, 4% - Compounds (rest is to other fields).
There were 23,700 workers employed in the
Plastic & Rubber branch in 2013.
According to the
Central Bureau of Statistics (CBS), import of Plastic and Rubber raw material
for the local industry totaled US$ 2,299 million in 2016, 4% rise from 2015
(rise at same rate in NIS terms), and totaled US$ 1,256.7 million in the 1st
half of 2017, also 4% increase compared to the 1st half 2016 (in US$
terms, fell 1% in NIS terms). In 2015, 12% decrease from 2014 was noted (though
in NIS terms fell 4.5%), after in 2014 import increased by 4.5% from 2013 (all
in $ terms).
Plastic &
rubber raw materials consumption by the local industry is of around 1 million
tons, 70% of which derives from import, the rest from local production (which
is comprised mainly of simple raw materials).
According to the CBS, sales for export from
the manufacturing of Plastic and Rubber products in 2016 rose by 5.3% from
2015, summing up to US$ 2,039 million, which comes after 7.2% decrease in
export in 2015 from the previous year (compared to 6% rise in 2014 and rise
7.6% in 2013).
SUMMARY
Notwithstanding the refusal to update
details, considered good for trade engagements.
Note: Since 2013
Israel Post started using a new area code method of 7 digits (the old method of
5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.98 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
|
ILS |
1 |
INR 18.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KET |
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.