MIRA INFORM REPORT

 

 

Report Date :           

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

A.L. SPICE MANUFACTURE AND MARKETING LTD.

 

 

Registered Office :

P.O. Box 2301, 23 Haplada Street, Emek Sara Industrial Zone, Beer Sheva 84871

 

 

Country :

Israel

 

 

Date of Incorporation :

15.10.1998

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers and marketers of spices and spices blend.

 

 

No. of Employees :

120 Persons (Group)

 

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$ 250,000.

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address

 

A.L. SPICE MANUFACTURE AND MARKETING LTD.

(Trading as MAIMON SPICES)

Telephone    972 8 627 07 08

Fax             972 8 627 86 22

P.O. Box 2301

23 Haplada Street

Emek Sara Industrial Zone

BEER SHEVA-84871                  ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-268785-6 on the 15.10.1998, continuing a family business, originally founded as a sole proprietorship some 40 years ago by Late Tanni Maimon.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 468,000.00, divided into -

                468,000 ordinary shares of NIS 1.00 each,

of which 432,100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

1.    Avraham Maimon, 56.2%,

2.    Mrs. Esther Maimon, wife of Avraham, 43.8%,

 

SOLE DIRECTOR AND GENERAL MANAGER

 

Avraham Maimon.

 

 

BUSINESS

 

Manufacturers and marketers of spices and spices blend.

 

Products are sold under brand name "Tavlinei Maimon" (in English "Maimon Spices").

 

Subject sells to supermarket chains, including SHUFERSAL, MEGA BOOL (latter 2 are Israel's largest chains), TIV TAAM, ABA VICTORY, RAMI LEVY SHIVUK HASHIKMA, BITAN WINES, etc.

 

Subject imports raw materials for production.

Amongst local suppliers: HAMAMA MEIR TRADE, SULEMA INTERNATIONAL TRADE, SONS OF GEORGE SHUKHA, MOGA INTERNATIONAL, A.Y. COHEN PLAST, etc.

 

Operating from owned premises (offices and plant), on an area of 5,000 sq. meters (of which 2,000 sq. meters are built), in 23 Haplada Street, Emek Sara Industrial Zone, Beer Sheva.

 

Having 120 employees in Group (subject and sister company MAIMON'S BAKING).

 

 

MEANS

 

Current consolidated (subject and sister company MAIMON'S BAKING) stock is valued at several NIS millions.

 

Owned property in 23 Haplada Street, Emek Sara Industrial Zone (where subject is operating from) is valued at US$ 1,200,000.

 

There are 28 charges for unlimited amounts, as well as 2 charges for the total sum of NIS 675,000 registered on the company's assets (fixed asset, vehicles and financial assets), in favor of Bank Hapoalim Ltd., Mercantile Discount Bank Ltd., The State of Israel, Union Bank of Israel Ltd. and leasing companies 9last 5 charges placed February – October 2011).

 

 

SALES

 

·         2005 sales claimed to be NIS 17,000,000.

·         2006 sales claimed to be NIS 21,000,000.

·         2007 sales claimed to be NIS 25,000,000.

·         2008 sales not forthcoming.

·         2009 consolidated sales claimed to be NIS 32,000,000.

·         2010 consolidated sales claimed to be NIS 48,000,000.

·         2011 projected consolidated sales are NIS 50,000,000.

 

 

OTHER COMPANIES

 

MAIMON'S BAKING LTD., sister company, manufacturers, processors and marketers of baking aiding product (186 products).

 

BANKERS

 

·         Union Bank of Israel Ltd., Beer Sheva Branch (No. 094), Beer Sheva, account No. 721500/91.

·         Bank Hapoalim Ltd., Hanesiim Branch (No. 668), Beer Sheva, account No. 520401

 

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

 

                                                                                                                        

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Subject’s officials refused to update financial data.

 

This is a long established business, whose brand widely recognized and among the leading in its field.

 

Subject meets the ISO-9002 and food GMP standards.

 

In April 2006 it was reported that subject invested US$ 100,000 in a new packaging line for its products, in view of penetrating the wholesale market.

 

According to reports from April 2007, subject acquired 5,000 sq. meters plot for its facilities, with total investment of NIS 8 million (including real estate). The new facility will enable subject to increase its production capacity by 200%. Subject plans to export its products to Cyprus and the U.S.A.

 

In July 2007 it was reported that subject will export spices to South Africa for NIS 800,000.

 

According to a report from May 2010, subject holds 35% of the retail spice market in Israel.

 

In May 2010 it was reported that subject is launching its baking aid line with an investment of NIS 5 million.

 

The local market for current consumption of consumer products grew in 2010 in money terms by 3.7% from 2009, while in the food & beverage market 3.9% growth was noted (summing up to NIS 33.3 billion). These numbers reflect the improvement in the local economy after the slow-down in 2009.

 

According to the Industrialists' Association, 2008 sales by the local food industries reached NIS 56 billion, of which NIS 53 billion were to the local market, the rest for export. In real terms, sales fell by 1.5% from 2007. Some NIS 43 billion of sales came from sales of food products. Local food industries marked a decrease in 2009 due to the slow-down in local economy and global economic crisis, although decrease was relatively mild, mainly as the economic climate ameliorated in the 2nd half of 2009.

 

According to Central Bureau of Statistics (CBS) data, investments in machinery & equipment from import for the food industry in 2010 summed up to NIS 640 million, 15% rise from 2009, while investments in machinery & equipment from import for the beverage & tobacco industries rose by 9.3% to NIS 381.7 million.

 

CBS data shows that imports of raw food products to Israel in 2010 summed up to US$ 1,673 million, 23% increase from 2009, after in that year there was a 20% decrease from 2008, due to the slow-down trend in local economy. Over 50% of import is from the EU. The growth trend continued in the first 8 months of 2011 –28% rise (compared with 2010), totaling US$ 1,387 million.

 

According to the CBS, the total household expenditure for private consumption in 2010 on food, beverage and cigarettes rose 4.5% from 2009, reflecting an improvement comparing to 2009, part of the recovery trend in the loacl market after the general slow-down in economy earlier last year.

 

The spices growing branch is considered the highest growing agricultural export branch in Israel in recent years. Exports of grown spices reached €73 million in 2006. The volume of demand in the local market for grown spices was expected to reach NIS 40 million in 2006.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 250,000.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.