MIRA
INFORM REPORT
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Report Date : |
5th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HAMASHBIR FOR AGRICULTURAL LTD. |
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Registered Office : |
P.O. Box 3935, 9 Hadassim
Street, Industrial Zone, Kadima 60920, Israel. |
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Country : |
Israel |
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Date of Incorporation : |
04.10.1992 |
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Com. Reg. No.: |
51-172544-2 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Marketers and suppliers of
agriculture materials and inputs, including fertilizers, pesticides,
packaging materials, as well as technical and irrigation equipment. |
RATING & COMMENTS
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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 : |
Regular |
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Litigation : |
Clear |
Company Name
Correct Name:
HAMASHBIR FOR AGRICULTURAL LTD.
(known in Hebrew as HAMASHBIR
LAHAKLAI)
Telephone 972 9 866 18 00
Fax 972 9 866 18 06
P.O. Box 3935
9 Hadassim Street, Industrial
Zone
KADIMA 60920 ISRAEL
HISTORY
Originally established as a
private limited company, incorporated as per file No. 51-172544-2 on 4.10.1992.
Converted into a public limited
liability company and registered as such as per file No. 52-004235-9 on
28.8.1995.
SHARE CAPITAL
Authorized share capital NIS
15,000,000.00, divided into - 15,000,000 ordinary shares of NIS 1.00 each, of
which shares amounting to NIS 20,805.00 were issued.
SHAREHOLDERS
Company is fully owned by
HAMASHBIR HOLDINGS (1999) LTD., controlled by Benny Gaon (through B. GAON
HOLDINGS LTD.) and Avraham (Bondi) Livnat.
DIRECTORS
1. Ishay Cohen - Managing Director,
2. Shai Preminger,
3. Yoram Ben-Haim,
4. Shaul Ben-Zeev,
5. Yehezkel Dovrat.
BUSINESS
Marketers and suppliers of
agriculture materials and inputs, including fertilizers, pesticides, packaging
materials, as well as technical and irrigation equipment.
5% of purchases are imported, the
rest is purchased in the local market.
Among suppliers: FERTILIZES AND
CHEMICALS, EFAL CHEMICAL INDUSTRIES, GENIGAR PLASTIC PRODUCTS, MAKHTESHIM
CHEMICAL WORKS, CARGAL, etc.
Operating from rented premises,
on an area of 2,000 sq. meters in 9 Hadassim Street, Industrial Zone, Kadima,
and from 20 sales branches nationwide.
Having 120 employees (same as in
2005).
MEANS
Current stock is valued at NIS
25,000,000.
Other financial data not
forthcoming.
There are 15 charges for
unlimited amounts registered on the company's assets, in favor of local banks
and companies.
ANNUAL SALES
2004 sales claimed to be NIS
230,000,000.
2005 sales claimed to be NIS
230,000,000.
2006 sales claimed to be NIS
230,000,000.
OTHER COMPANIES
ARAVA EXPORT GROWERS LTD., 50%,
exporters of agricultural produce (e.g. tomatoes, peppers, melons, flowers and
spices) manufactured by growers of the “Arava” Cooperative Settlements.
B. GAON HOLDINGS LTD., controlled
by businessmen Benny Gaon, owned by several local and foreign investors. It is
a holding company involved in financial services, agro-industries, retail and
commerce. Also controls, among many others:
H&O FASHION LTD., importers
and retailers of fashion wear and accessories.
GAON CAPITAL MARKETS LTD., MIDDLE
EAST TUBES CO. LTD., GAON-AGRO INDUSTRIES LTD., GAON INDUSTRIES LTD., AMIAD
FILTERING, TNUVAT HASADE LTD., ACE MARKETING CHAINS LTD., AUTO DEPOT LTD., DEAD
SEA LABS LTD., GROUNDNUTS MARKETING LTD., etc.
The Livne Family also controls,
among many others:
TASHTIT CONSTRUCTION MACHINERY
LTD., mining machinery, cranes, trucks, buses. Also earthmoving contractors.
UNIVERSAL TRACKS ISRAEL LTD.
(U.T.I.), importers and marketers of ISUZU trucks in Israel, 50%.
TAAVURA CEMENT CONTAINERS LTD.,
50%, established in 1960, transporters, including transports of ready mixed
concrete, also carrying out heavy road haulage and earthmoving works.
BANKERS
Bank Hapoalim Ltd., Itzhak Sade
Branch (No. 780), Tel Aviv,
account No. 276760.
Bank Leumi LeIsrael Ltd.,
Hacharoshet Business Branch (No. 651), Holon, account No. 180800/90.
A check with the Central Banks'
database did not reveal anything detrimental on subject’s a/m accounts.
CHARACTER AND REPUTATION
In October 1999 the District
Court of Jerusalem convicted subject of being a member of a cartel of pesticide
manufacturers (comprising 5 leading companies), following a plea bargain. The
cartel was active during 1993-5.
The Court adopted a severe
approach and sentenced the General Manager of the companies involved (subject
included) for 2 to 5 months imprisonment, to be converted into community work
and fines ranging between NIS 30,000 to NIS 50,000.
Subject was also fined the sum of
NIS 580,000.
In October 2002, subject’s
current General Manager, Ishay Cohen, was also convicted of forming an illegal
cartel and fined a sum of NIS 10,000.
In January 2004, his appeal to
the Supreme Court was also rejected.
Apart from that, nothing
unfavorable learnt.
Avraham (Bondi) Livnat is a
leading local businessman, specializing in industrial activities,
transportation, infrastructure, heavy machinery and real estate.
Benjamin (Benny) Gaon is one of
Israel’s leading businessmen. Annual reserves of all the companies in the GAON
Group are estimated at US$ 1 billion.
In July 2000 subject acquired 50%
of ARAVA EXPORT GROWERS LTD., (exporters of agricultural goods such as
tomatoes, peppers, melons, flowers and spices to the US
and Europe) for a sum of US$ 3.25 million.
In August, 2003, it was reported
that subject acquired BROSH NURSERIES, for a sum of NIS 1.5 million. BROSH
annual sales reported to be NIS 8 million.
In July 2005, it was reported
that Benny Gaon and the Livnat family reached full ownership in HAMASHBIR
Group, after acquiring 32% from a group of villages and Kibbutzim, according to
a company value of US$ 15 million.
The local agriculture sector has
witnessed an improvement in recent couple of years after several years of
slow-down.
According
to the Citrus Growers estimations 2006/7 harvest season will sun up to 160,000
tons of fruits, a 15% increase comparing to the 2005/6 season, and total NIS 1
billion in money terms (mostly for export). In 2006 8,000,000 sq. meters of
citrus were planned to be planted, and in 2007 they are expecting to plant
further 12,000,000 sq. meters.
According
to the Bureau of Statistics data, Israel’s total agricultural output in 2005
amounted to NIS 19.6 billion, 6% increase from 2004, from which NIS 7.7 billion
were from livestock, 7.5% increase from 2004.
2005
Gross revenues of the branch was NIS 3.4 billion, 7.7% increase from 2004.
Exports of the branch (in terms of weight) increased by 10% and summed up at
NIS 4.76 billion, 7% increase from 2004.
SUMMARY
Good for trade engagements.
NOTE: The telephone numbers
provided belong to the company's VP Trade.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base
with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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