MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALASKA FOOD LTD. |
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ALASKA QUALITY PRESERVATION (1998) LTD |
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Registered Office : |
P.O. Box 436, Tel Aviv (61003), 7 Hatzabar
Street, Industrial Zone, AZUR 58001 |
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Country : |
Israel |
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Date of Incorporation : |
15.6.1998 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Foodstuff, including Canned Goods, e.g.
tuna, preserved vegetables and fruits, oil, canned food etc, as well as
commodities, rice, pulses, etc. |
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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Maximum Credit Limit : |
US$ 350,000. |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
ALASKA FOOD LTD.
Telephone 972
3 558 87 80
Fax 972
3 558 86 70
P.O. Box 436, Tel Aviv (61003)
7 Hatzabar Street
Industrial Zone
AZUR 58001 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company incorporated as
per file No. 51-264523-5 on the 15.6.1998, under the name ALASKA QUALITY
PRESERVATION (1998) LTD., which changed to the present name on 24.6.2004.
Subject is continuing the activities of ALASKA PRESERVES LTD., a private
limited company established in 1989, which ceased all activities and became a
holding company following the entrance of a new shareholder.
SHARE CAPITAL
Authorized share capital NIS 35,700.00 divided into:-
10 management shares,
35,690 ordinary shares, all of NIS 1.00
each, of which shares amounting to NIS 1,014.00 were issued.
SHAREHOLDERS
1.
ALASKA - PRESERVES LTD., 66.66%, owned by Joseph Attar (50%), Eli Reuven
and Ovadia Reuven (25% each),
2.
RAFAEL B. D. IMPORT AND DISTRIBUTION LTD., 33.33%, owned by Binyamin
Cohanim,
Subject itself is
also registered as a shareholder.
DIRECTORS
1.
Joseph Attar - General Manager
2.
Binyamin Cohanim,
3.
Reuven Ovadia.
BUSINESS
Importers and marketers of foodstuff, including canned goods, e.g. tuna,
preserved vegetables and fruits, oil, canned food etc, as well as commodities,
rice, pulses, etc.
Sales are to supermarket and marketing chains countrywide, including the
major ones SHUFERSAL and BLUE SQUARE. Other supermarket chains: HAZI HINAM, TIV
TAAM, YAD ITZHAK, YEINOT BITAN, YOCHANANOV, MADANEI MENIA, RAMI LEVI CHAIN
STORES HASHIKMA MARKETING, SUPER-DOSH, etc.
Other customers: Israel Defense Forces, SHABI FOOD MARKETING, etc.
All of subject suppliers are foreign. Some 20% of import is from china.
Sole local distributors of (main ones):
TILDA, of the UK,
PORTHOS, of Portugal,
LA ESPANIOLA, of Spain,
MASUMASU, of Japan,
TRAVERSO'S, PANOLA, both of the U.S.A.,
DOLE, of the Philippines.
Operating from premises (offices and warehouse), owned by the
shareholders, on an area of 3,600 sq. meters, in 7 Hatzabar Street, Industrial
Zone, Azur. Also operating from warehouse, rented, on an area of 1,000 sq.
meters, in the Ashdod Bonded Warehouses.
Having 36 employees (had 32 employees in 2007).
MEANS
Current stock is valued at NIS 22,000,000 (similar to 2007).
Property in Azur (owned by the shareholders), where subject is operating
from, is valued at US$ 4,000,000.
There are 6 charges for unlimited amounts registered on the company’s
assets in favor of Bank Leumi Le’Israel Ltd.
ANNUAL SALES
2003 sales claimed to be NIS 50,000,000.
2004 sales claimed to be NIS 50,000,000.
2005 sales claimed to be NIS 54,000,000.
2006 sales claimed to be NIS 65,000,000.
2007 sales claimed to be NIS 63,000,000.
Projected 2008 sales are NIS 65,000,000.
OTHER COMPANIES
VINO FOOD LTD., owned by subject's shareholders, a real estate company.
ALASKA PRESERVES LTD., a holding company.
RAPHAEL B.D IMPORT AND MARKETING LTD., owned by Binyamin Cohanim,
importers and marketers of raw materials (leather and imitation leather) mainly
for the shoes industry.
BANKERS
Bank Leumi Le’Israel Ltd. Central Branch (No. 800), Tel Aviv.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
In May 2005, it was reported that subject will market a new dressing
series from American manufacturers PANOLA. Subject General Manager said they
expect that the new dressing series will capture a 20% market share of the
local imported dressings market.
According to the
Central Bureau of Statistics, the total spending for private consumption in
2007 for food, beverage and cigarettes reached NIS 66.78 billion, a 6% rise
from 2006 (8% increase in 2006 from 2005), as part of the general trend in 2007
of higher current expenses for private consumption for durable goods.
Imports of raw food products to Israel in 2007 summed up to US$ 1,310.4
million, 18.4% increase from 2006. A further rise has been noted during the first
half of 2008 - US$ 786 million (6.5% increase comparing to 2007 first half).
Over 50% of import is from the EU.
Import of food and beverages to Israel rose in 2007 by 23% from 2006, and
totaled US$ 1,445.8 million.
SUMMARY
Good for trade engagements.
Maximum credit recommended US$ 350,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
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. |
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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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%)