MIRA INFORM REPORT

 

 

Report Date :

01.02.2008

 

IDENTIFICATION DETAILS

 

Name :

MOGA INTERNATIONAL (1989) LTD.

 

 

Formerly Known As :

HOPESA LTD

 

 

Registered Office :

P.O. Box 162 (Hevel Modi'in) Hevel Modi'in Industrial Park Modi'in Regional Council 73199

 

 

Country :

Israel

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

13.8.1989.

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers, Exporters, Dealers and International Traders in Raw Materials, Chemicals, Spices and Other Food Ingredients for the Food Industry

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 400,000.

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name & address of the company

 

MOGA INTERNATIONAL (1989) LTD.

Telephone 972 3 970 24 44

Fax 972 3 970 25 55

P.O. Box 162 (Hevel Modi'in)

Hevel Modi'in Industrial Park

MODI'IN REGIONAL COUNCIL    73199   ISRAEL

 

 

HISTORY

 

A private limited company, incorporated as per file No. 51-140646-4 on the 13.8.1989.

 

Subject was established in order to take over all activities of MOGA LTD., established in 1963 (which became non active), following a change in ownership.

 

Originally registered under the name HOPESA LTD., which changed to the present name on the 21.11.1991.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 2,640.00, divided into - 2,640 ordinary shares of NIS 1.00 each, of which shares amounting to NIS 102.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by MOGA HOLDINGS LTD., owned by Moshe Horberg.

 

Mr. Alfred (Alfi) Fass, who held 50% of N.T.S.I., sold his shares to Mr. Horberg and retired at the beginning of 2006.

 

 

SOLE DIRECTOR AND GENERAL MANAGER

 

Moshe Horberg.

 

 

BUSINESS

 

Importers, exporters, dealers and international traders in raw materials, chemicals, spices and other food ingredients for the food industry.

 

Among products: herbs, spices, seeds, nuts, dried vegetables, etc.

 

Also importers and marketers of vitamins for the beverage industry, including vitamin C, vitamin B12, etc.

 

 

 

Amongst clients: UNILEVER ISRAEL, SHARON LABORATORIES, SHARON PURATUS, OSEM, TZABAR SALADS, SUPER DRINK, JAFORA TABORI, FRUTAROM, EDOMIM CHEMICALS, MAYA THE JERUSALEM SPICES OF LIFE, etc.

 

Amongst suppliers:

CORN PRODUCTS INC., IDAHO PACIFIC, ROGERS FOODS, TREE TOP,
US FOODS, all of the USA,

EL NASR, of Egypt,

GAUTAM, of India,

JZANGSU, of China,

THERCOURY, of Belgium,

VEDAN, of Taiwan.

 

Operating from premises, offices and warehouses, owned by parent company, on an area of 3,000 sq. meters in the Hevel Modi'in Industrial Park, which is near Shoham, in the Modi'in Regional Council region (to where they moved from 10 Hamelacha Street, New Industrial Zone, Rosh Ha'ayin).

 

Having 35 employees.

 

MEANS

 

urrent stock is valued at NIS 13,000,000 in season and NIS 8,000,000 off-season (season months are September to March).

 

There are 6 charges for unlimited amounts registered on the company's assets, in favor of Bank Leumi LeIsrael Ltd., Mizrahi Tefahot Bank Ltd. and Bank Hapoalim Ltd.

 

 

B/S shows:

                                                                                                  NIS

                                                                             31.12.2004                 31.12.2005

ASSETS

Current assets

       Cash                                                                        54,770                    347,714

       Checks for collection                                            2,508,777                  3,544,004

       Clients and other debtors                                      7,824,349                  9,663,413

       Shareholders                                                            65,840                               -

       Stock                                                                  8,560,227                  7,571,165

       Other debtors                                                     _2,302,548                 __728,287

                                                                                21,316,511                21,854,583

 

Severance Pay fund, net                                                 151,736                    122,508

Fixed assets                                                               1,570,131                    940,904

Pre-paid expenses                                                      ________-                _1,092,939

                                                                                23,038,378                24,010,934

                                                                              =========              =========

 

LIABILITIES

Current liabilities                                                        14,551,517                17,036,280

Long term loans                                                             182,913                               -

Capital note                                                                4,080,672                  4,381,290

Equity                                                                       _4,223,276                _2,593,364

                                                                                23,038,378                24,010,934

                                                                              =========              =========

 

 

ANNUAL SALES

                                                                                                Statement of Income

                                                                                                  Year ended 31.12

                                                                                                              NIS

                                                                                                2004                       2005

Sales                                                                                   43,773,786               44,122,364

 

Gross profit                                                                           12,628,891               11,039,492

 

Operating income                                                                    3,486,176                3,136,009

 

Profit before taxes on income                                                   2,782,109                2,109,020

 

Net profit for the year                                                               1,878,149                1,370,087

                                                                                         =========             =========

 

Export in 2004 were NIS 6,600,000 and in 2005 - NIS 5,000,000.

 

2006 sales were NIS 53,997,000, of which NIS 1,600,000 were for export.

First half of 2007 sales were NIS 33,000,000, of which around NIS 500,000 were for export.

 

 

OTHER COMPANIES

 

MOGA LTD., non active,

MOGA HOLDINGS LTD., parent company, a holding company, owns the real estate properties where subject is operating from in Hevel Modi'in Industrial Park and the property where subject operated from in Rosh Ha'ayin (1,500 sq. meters), which are leased to 3rd parties.

 

 

BANKERS

 

Bank Leumi LeIsrael Ltd., Petach Tikva Business Branch (No. 707), Petach Tikva, account No. 329100/82.

 

A check with the Central Banks' database did not reveal any negative information regarding subject's a/m account.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

This is a long established business.

 

According to the Foodstuff Industry Union in the Industrialists' Association, 2006 sales of foodstuff by the food industry rose by 2.9% from 2005, reaching
NIS 45.5 million. Sales for exports of the foodstuff branch in 2006 were US$ 686 million, 4.1% increase from 2005, while sales to the local market rose by 2.1%.

Imports of foodstuff to Israel in 2006 were US$ 1.18 billion, 13.4% increase from 2005.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 400,000.

 

 

NOTE

 

Subject's correct new address and telephone numbers.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions