MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIRO FOODS
INTERNATIONAL LTD. |
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Formerly Known as : |
LA CUCARACHA LTD |
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Registered Office : |
P.O. Box 12751, Herzliya, 22 Maskit Street, Herzliya Pituach
Industrial Zone, HERZLIYA 46725 |
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Country : |
Israel |
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Date of Incorporation : |
07.8.1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers,
exporters and international traders of foodstuff, both raw materials for the
food industry (i.e. concentrators and by products for the soft drinks
industry) and consumer products, e.g. rice, ready-made food. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 25,000. |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
MIRO FOODS INTERNATIONAL LTD.
Telephone 972 9 956 21 88
Fax 972 9 956 21 69
P.O. Box 12751, Herzliya
22 Maskit Street
Herzliya Pituach Industrial Zone
HERZLIYA 46725
ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-121884-4 on the 7.8.1987.
Originally registered
under the name LA CUCARACHA LTD., which changed to MIRO FOOD TRADE LTD. on
20.6.1989, which changed to present name on 14.9.1989.
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 2.00 were issued.
SHAREHOLDERS
Subject is fully
owned by Michael Lustig.
Mr. Lustig reached
full control in the beginning of 2000 after acquiring 50% of the shares from
Mr. Ron Dankner, subject’s former shareholder.
SOLE DIRECTOR & GENERAL
MANAGER
Michael Lustig.
BUSINESS
Importers,
exporters and international traders of foodstuff, both raw materials for the
food industry (i.e. concentrators and by products for the soft drinks industry)
and consumer products, e.g. rice, ready-made food.
Subject also
exports, though to a relatively low extent.
Among local
clients: SHUFERSAL, BLUE SQUARE (both latter are largest supermarket chains),
JAFORA TABORI, GANIR, GAT GIVAT SHMUEL, YAD MORDECHAY APIARY, AM:PM, etc.
Among local
suppliers: ZANLAKOL, GANIR, GAT GIVAT SHMUEL, SUNFROST, etc.
Operating from
owned premises, on an area of 250 sq. meters, in 22 Maskit Street, Herzliya
Pituach Industrial Zone, Herzliya. Offices are shared with sister company.
Having 10
employees serving subject and sister company D.L. MIRO TRADE.
MEANS
Work is based on
orders.
Owned property is
valued at US$ 600,000.
Other financial
data not forthcoming.
There are 4
charges for unlimited amounts, as well as 2 charges amounting to circa US$ 550,000.00,
registered on the company's assets, in favor of Bank Leumi Le'Israel and Bank
Otsar Hahayal Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
OTHER COMPANIES
D.L. MIRO TRADE
INTERNATIONAL LTD., sister company (100% owned by subject's shareholder),
dealing in similar activities as subject.
BANKERS
Bank Leumi
Le'Israel Ltd., Ra'anana-Kfar Saba Branch (No. 744), Ra'anana.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s owner and General Manager refused to
disclose financial details.
According to the Foodstuff Industry Union in the Industrialists'
Association, 2006 sales of foodstuff and beverages 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
Notwithstanding
the refusal to disclose financial details, considered good for trade
engagements.
Maximum unsecured
credit recommended US$ 25,000.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.71 |
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UK Pound |
1 |
Rs.85.11 |
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Euro |
1 |
Rs.67.73 |
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%)