MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HEMO GALMIT LTD. |
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Formerly Known as : |
OZ – GALMIT LTD |
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Registered Office : |
25 Haorgim Street, Opera House, Industrial Zone, Ashdod77609 |
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Country : |
Israel |
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Date of Incorporation : |
January 1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Marketers of Paper Sacks (packaging) for flour mills. Exporters to Cyprus and Jordan of Paper Sacks for Flour Mills. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name & address
HEMO GALMIT LTD.
Telephone 972 72 221 50 00
Fax 972 72 221 50 10
25 Haorgim Street
Opera House
Industrial Zone
ASHDOD 77609 ISRAEL
HISTORY
Originally
established by Shimon Hemo in January 1996 in the framework of S. GALMIT
TRADING LTD., a private limited company.
Due to low levels of
activity, the company converted into a sole proprietorship in 1997.
In 2003, subject
was established as a private limited company, registered as per file No.
51-341400-3 on the 26.05.2003, assuming all the business activities of the sole
proprietorship (Mr. Shimon Hemo decided to join forces with a partner).
Originally
registered under the name OZ – GALMIT LTD., which changed to the present name
on the 26.06.2007 following the departure of one of the partners in mid 2007.
SHARE CAPITAL
Authorized share
capital NIS 37,200.00, divided into -
37,200 ordinary
shares of NIS 1.00 each,
of which shares
amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Shimon Hemo.
SOLE DIRECTOR & GENERAL
MANAGER
Shimon Hemo.
BUSINESS
Subject operates
in the following lines:
1. Importers and
marketers of paper sacks (packaging) for flour mills.
2. Exporters to
Cyprus and Jordan of paper sacks for flour mills.
3. Importers,
marketers and installers of artificial synthetic grass, under brand name "Simply
Green".
4. Importers and
marketers of sugar from India and Brazil – activity started in the 2nd
half of 2007.
Among local
customers: HAGARIN, flour mills.
All purchasing is
from import.
Sole local
representatives of (main agencies):
PERGAMENKA, VLADIMIR,
both of the Czech Republic.
Sugar is imported
from CARGILL of India, not on exclusive basis, though in practice subject is
their sole importer in Israel.
Operating from
rented premises (offices), on an area of 230 sq. meters, in 25 Haorgim Street,
Opera House, Industrial Zone, Ashdod and from a rented warehouse, on an area of
500 sq. meters, in Sde Uziya village.
Having 6
employees.
MEANS
Financial data not
forthcoming.
There is 1 floating charge for an unlimited
amount registered on the company's assets, in favor of Mizrahi Tefahot Bank
Ltd.
ANNUAL SALES
2006 sales claimed to be NIS 5,000,000.
2007 sales claimed to be NIS 7,946,000.
First 4 months of 2008 sales said to be on a
monthly pace of NIS 3,500,000, chiefly due to the sale of sugar.
OTHER COMPANIES
Also owned by Shimon Hemo:
S. GALMIT TRADING LTD., non-active.
GALMIT ADIGAL LTD., non-active (see more
below).
BANKERS
Mizrahi Tefahot
Bank Ltd., Ness Ziona Branch (No. 511), Ness Ziona,
account No. 153875.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject claims to
capture 70% of the local market in the area of paper sacks for flour mills.
Subject's owner and
General Manager Shimon Hemo informed us that he intends to move all the sugar
activities to the recently registered company GALMIT ADIGAL LTD. by the
1.1.2009. He added that American investors may join the firm.
The artificial
synthetic grass is fast growing in Israel, as part of the consumers' current
trend.
SUMMARY
Good for trade
engagements.
Maximum unsecured
credit recommended US$ 100,000 (based on 2008 pace of sales subject may be good
for higher credits, however besides the fact that it is a relatively new field
for subject, one should also take into account that this activity is scheduled
to be transferred to a sister company).
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%)