Thursday, 30 August 2012
AMPAL - AMERICAN ISRAEL CORPORATION
MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Company name
AMPAL - AMERICAN ISRAEL CORPORATION
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
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United States of America
ZIP code and city
10022 - NEW YORK
Address
555, MADISON AVENUE +1 212 593 9842 www.ampal.com
Legal form Account
Consolidated
Incorporation date
1942
NACE 2 Sector
2014 - Manufacture of other organic basic chemicals
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Country
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 3 types of reports:
Turnover (th e) Rating s-peek
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ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
31/12/2010
31/12/2009
444,655
377,712
299,288
CC
CCC
B
42.00%
16.00%
3.80%
100%
100%
100%
Leverage ratio
9.85
6.57
3.43
Total asset/Total liabilities
1.10
1.15
1.29
Current Ratio
0.45
1.06
0.95
Quick Ratio
0.38
1.00
0.83
Probability of default
Plus
Basic
31/12/2011
Confidence Level
TM
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-10.81
-2.43
0.30
-122.15
-24.16
-8.99
0.68
0.36
0.45
-0.48
-1.30
11.64
0.18
0.14
0.17
0.22
-0.29
0.14
Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio
Analysis and trend of financial strength
modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
9.85
0.55
1.58
3.74
-2.94
Total asset/Total liabilities
1.10
2.79
1.63
1.19
0.93
Current Ratio
0.45
2.36
1.51
1.15
0.76
Quick Ratio
0.38
1.78
1.03
0.76
0.41
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-10.81
11.42
5.78
1.20
-6.53
Return on equity ROE (%)
-122.15
11.89
8.00
-5.38
-87.35
Asset turnover
0.68
1.11
1.12
1.10
0.97
Interest paid weight
-0.48
0.02
0.17
0.31
-0.22
Gross Profit/Operating revenue
0.18
0.31
0.22
0.19
0.22
0.22
55.53
4.72
0.33
-2.17
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
24
39
46
51
48
Days Sales Outstanding (DSO)
71
64
65
63
54
Days Payable Outstanding (DPO)
38
34
42
50
71
Cash Conversion Cycle (DIO + DSO - DPO)
57
69
71
61
40
-
734
1,353
299
53
CC
A
BBB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 20 with financial data of year 2011.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate USD - EUR
0.77286
0.748
0.69416
Total assets
654,308
1,048,880
666,417
Fixed assets
464,932
571,317
475,899
59,732
65,624
57,206
Tangible fixed assets
147,248
150,297
104,105
Other fixed assets
257,953
355,396
314,589
189,376
477,563
190,518
Stocks
29,181
26,038
23,049
Debtors
85,920
85,150
76,143
Other current assets
74,275
366,375
91,326
51,930
38,482
77,003
Shareholders funds
60,312
138,548
150,374
Capital
48,904
47,331
43,924
Other shareholders funds
11,408
91,217
106,450
Total liabilities
593,996
910,332
516,043
Non current liabilities
176,629
457,852
315,146
Long term debt
100,724
364,799
237,561
75,905
93,053
77,585
Current liabilities
417,367
452,480
200,897
Loans
Intangible fixed assets
Current assets
Cash & cash equivalent
Other non-current liabilities
346,341
157,511
124,598
Creditors
46,339
41,526
37,175
Other current liabilities
24,687
253,443
39,125
654,308
1,048,880
666,417
NET DEBT (th e)
31/12/2011
31/12/2010
31/12/2009
Short term debts
346,341
157,511
124,598
Long term debt
100,724
364,799
237,561
51,930
38,482
77,003
395,136
483,827
285,155
Total shareh. funds & liab.
Cash & cash equivalent Net debt
31/12/2011 Working capital Net Current Assets
31/12/2010
31/12/2009
68,762
69,662
62,017
-227,991
25,083
-10,380
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
24
25
28
Days Sales Outstanding (DSO)
71
82
93
Days Payable Outstanding (DPO)
38
40
45
Cash Conversion Cycle (DIO + DSO - DPO)
57
67
76
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate USD - EUR
0.77286
0.748
0.69416
Sales
418,118
371,701
287,761
12.5
29.2
-
26,537
6,011
11,527
Operating revenue / turnover
444,655
377,712
299,288
Total operating costs
437,232
387,379
296,157
Costs growth (%)
13
31
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
EBITDA
27,236
4,076
14,448
Depreciation
19,813
13,743
11,317
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBIT Financial P/L
7,423
-9,667
3,131
-112,026
-48,918
-24,170
Financial revenue Financial expenses
-
-
48,918
24,170
33,891
33,086
23,017
-104,602
-58,586
-21,039
43,117
19,829
295
-
-
-
Interest paid P/L before tax
112,026
Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation
-
-
-
-61,485
-38,756
-20,744
12,184
-5,289
-7,221
-73,670
-33,467
-13,523
31/12/2011
31/12/2010
31/12/2009
P/L for period
Costs of Good Sold
363,479
324,498
248,805
Gross Profit
81,176
53,213
50,484
Other Operating Expenses
73,753
62,881
47,352
31/12/2011
31/12/2010
31/12/2009
-53,857
-19,724
-2,206
-
-
-
Cash flow Added value
31/12/2011 Number of employees
24
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2010
31/12/2009
25
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
30
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
It is primarily engaged in acquiring interests in businesses located in the State of Israel or that are Israel - related. The company invests in companies which are engaged energy, real estate, project development and leisure. Founded in 1942, the company’s corporate headquarters is located in Tel Aviv, Israel. Investment Objectives: An important objective of the company is to make investments in companies that grow in Israel initially and then expanded abroad. As a general guideline, it seeks to acquire and maintain a sufficient interest in a company to permit it, on its own or with investment partners, to have a significant influence in the management and operation of that company. In determining whether to acquire an interest in a specific company, it considers quality of management, return on investment, growth potential, projected cash flow, investment size and financing and reputable investment partners. It invests in the following companies: East Mediterranean Gas Company (EMG), an Egyptian joint stock company which has been given the right to export natural gas from Egypt to Israel and other locations in the East Mediterranean basin; Bay Heart Ltd., which was established to develop and lease a shopping mall in the Haifa Bay area, Israel; Country Club Kfar - Saba Ltd.; and Hod Hasharon Sport Center L. P., which operates a country club facility (the H. H. Club).
History
Not available.
Primary business line
Engaged in acquiring interests in businesses.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Acquiring interests in businesses.
Size estimate
Not available.
Strategy, organization and policy
To acquire and maintain a sufficient interest in a company to permit it, on its own or with investment partners, to have a significant influence in the management and operation of that company; To make investments in companies that grow in Israel initially and then expanded abroad.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
United States of America.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
KESSELMAN & KESSELMAN The Bank of New York
Auditor Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Mr. Mr. Mr. Mr. Mr.
08/02/1946 21/07/1952 30/07/1957 -
United States -
Chairman of the Board, President, Chief Executive Officer Independent Director Chief Financial Officer, Senior Vice President - Finance, Treasurer, Director Director Director Independent Director
-
-
Director Independent Director
Yosef A Maiman Revital Degani Irit Eluz Leo Malamud Erez I. Z. Meltzer Menahem Morag
Mr. Sabih Saylan Mr. Daniel Vaknin
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
DE - MAJORCA HOLDINGS LTD. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
IL 33.58 -
Total Assets (MIL $) Number of Employees Information date
IL 17.19
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address: Not available
-
Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
Information date
IL 10.76 -
0 2012/04
Rating:
MERHAV (M.N.F.) LIMITED
0 2012/04
Rating:
DI - RAPALLO HOLDINGS LTD. Country ISO code NACE Rev. 2, Core code Direct %
-
Operating revenue (MIL $)
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
0 2012/04
CLAL INSURANCE ENTERPRISES HOLDINGS LIMITED
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
2,589 19,051 0
Information date
2012/04
Total % Address: Not available
IL 5.65 -
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
Direct % Total % Address: Not available
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2,018 1,830 9,500 2012/03
Rating:
BB
US -
Operating revenue (MIL $) Total Assets (MIL $)
9,081 179,896
0.24
Number of Employees Information date
10,100 2012/03
US 0.22
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
RENAISSANCE TECHNOLOGIES LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
-
US 0.85
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code
-
-
Address: Not available
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
1,245 948 42 2012/03
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
HAREL INSURANCE INVESTMENTS AND FINANCIAL SERVICES LTD via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
2,273 13,036 0
Information date
2010/07
Total % Address: Not available
IL 0.16
-
ANALYST I.M.S. INVESTMENT MANAGEMENT SERVICES LTD. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
IL 0.14
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US -
Operating revenue (MIL $) Total Assets (MIL $)
Rating:
JANE STREET HOLDING II LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
A
0.13
29 42 127 2010/08
-
Number of Employees Information date
0 2012/03
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
012 SMILE TELECOM LTD. Country ISO code NACE Rev. 2, Core code Direct % Total %
IL >50.00 -
Total Assets (MIL $) Number of Employees Information date
NACE Rev. 2, Core code Direct % Total %
IL
NACE Rev. 2, Core code Direct % Total %
>50.00 -
Total Assets (MIL $) Number of Employees Information date
NACE Rev. 2, Core code Direct % Total %
2009/12
Rating: IL
-
Operating revenue (MIL $)
>50.00 -
Total Assets (MIL $) Number of Employees Information date
IL
-
Operating revenue (MIL $)
>50.00 -
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2009/12
Rating:
AMPAL COMMUNICATION LP Country ISO code
-
Operating revenue (MIL $)
AMPAL COMMUNICATION HOLDINGS LTD Country ISO code
2009/12
Rating:
AMPAL (ISRAEL) LTD. Country ISO code
-
Operating revenue (MIL $)
2009/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
AMPAL COMMUNICATIONS INC Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IL >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
AMPAL DEVELOPMENT (ISRAEL) LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
Country ISO code NACE Rev. 2, Core code Direct % Total %
Country ISO code NACE Rev. 2, Core code Direct % Total %
Country ISO code NACE Rev. 2, Core code Direct % Total %
Country ISO code NACE Rev. 2, Core code Direct % Total %
Country ISO code NACE Rev. 2, Core code Direct % Total %
Country ISO code NACE Rev. 2, Core code Direct % Total %
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2009/12 -
Rating:
AMPAL PROPERTIES LTD.
2009/12 -
Rating:
AMPAL INTERNATIONAL VENTURES (2000) LTD.
2009/12 -
Rating:
AMPAL INDUSTRIES, INC.
2009/12 -
Rating:
AMPAL HOLDINGS (1991) LTD.
2009/12 -
Rating:
AMPAL FINANCIAL SERVICES LTD.
2009/12 -
Rating:
AMPAL ENTERPRISES LTD
2009/12 -
Rating:
AMPAL ENERGY LTD Country ISO code NACE Rev. 2, Core code Direct % Total %
-
US >50.00 -
2009/12 -
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2009/12
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
AMPAL REALTY CORPORATION Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
NL >50.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
NL >50.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
B
Rating:
BAX CHEMICALS EXPORT OVERSEAS B.V. Country ISO code NACE Rev. 2, Core code Direct % Total %
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
IT >50.00
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MH >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MT >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MT >50.00 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
BBB
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2009/12 -
Rating:
CHEMICAL SAILOR LTD.
3 0 2009/12 -
Rating:
CHEMICAL MARKETER LTD.
Country ISO code NACE Rev. 2, Core code Direct % Total %
14 4 2 2009/12
Rating:
BLUE SKY SHIPPING LTD.
Country ISO code NACE Rev. 2, Core code Direct % Total %
115 31 10 2009/12 BBB
BAX CHEMICALS ITALIA SOCIETA’ A RESPONSABILITA’ LIMITATA IN BREVE BAX CHEMICALS S.R.L.
Country ISO code NACE Rev. 2, Core code Direct % Total %
2009/12
Rating:
BAX CHEMICALS B.V. Country ISO code NACE Rev. 2, Core code Direct % Total %
-
US >50.00 -
2009/12 -
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
2009/12
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AMPAL - AMERICAN ISRAEL CORPORATION
Thursday, 30 August 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741