MIRA INFORM REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUGAT INDUSTRIES LTD. |
|
|
|
|
Formerly Known As : |
SUGAT (1967) LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
10.02.1967 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Manufactures, exporters and marketers of sugar |
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$ 2,000,000 |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
SUGAT INDUSTRIES LTD.
Office:
Telephone 972 3 753 19 19
Fax 972 3 753 19
00
Tel Binyamin
Plant:
Telephone 972 8 687 57 77
Fax 972 8 687 57
70
Industrial Zone
KIRYAT GAT 82000-ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-048146-8 on the 10.02.1967.
Originally
registered under the name of SUGAT PACKAGING LTD., which was changed to SUGAT
(1967) LTD. on the 30.07.1992, which changed to the present name on the
25.10.2006.
SHARE CAPITAL
Authorized share
capital
200,000
ordinary "A" shares of
480,000
ordinary "B" shares of
of which shares
amounting to
SHAREHOLDERS
Subject is fully
owned by SOFPAC B.V., a fully owned subsidiary of E.D. & F. MANN LTD., of
DIRECTORS
1. David Franklin, Chairman and General Manager,
2. Ms. Dorit Rof,
3. Ofer Keli,
4. Jill Michelle Gamone,
5. Philip Gon Van Gruten,
6. Yoachim Monoz Alvais De
7.
8. Tom William Slak,
9. Niles Vesterdal, latter 5 are foreign
citizens.
BUSINESS
Manufactures,
exporters and marketers of sugar.
Also importers,
packers, exporters and marketers of other food commodities (head rice, lentils,
natural and organic foods, teabags, food preparations, canned fruit, nuts,
almonds, health products).
During 2010
subject started to manufacture and marketer flour.
Export is mainly
of sugar, rice and lentils.
Local sales are
mainly to local marketing chains.
Among suppliers:
RONOPOLIDAN, HAMAMA, etc.
Operating from a
large owned plant (some 100,000 sq. meters), in 5 Hataasiya Street, the
Industrial Zone, Kiryat Gat, and rented offices in 16 McDonald Street, Ramat
Gan.
Having 250
employees, serving the SUGAT Group.
MEANS
Investments in
subsidiary's refinery plant were estimated (during 2007) at
In November 2009 it was reported that subject purchased a plot of
18,000 sq. meters to enlarge its plant in Kiryat Gat, investing
According to a
report in December 2009, Group's digital advertising budget is
Other financial
data not forthcoming.
There are 3
charges for unlimited amounts registered on the company's assets (computer equipment),
in favor of I.B.M. ISRAEL LTD.
ANNUAL SALES
According to
reports 2008 consolidated sales were over US$ 100,000,000.
OTHER COMPANIES
SUGAT SUGER
REFINERIES LTD., 100%, a sugar refining plant (from raw to white sugar),
designed to produce 350 tons of sugar per annum.
SUGAT
INTERNATIONAL LTD.
BANKERS
Mizrahi Tefahot
Bank Ltd.,
Kikar, Hamedina Branch (No. 410), Tel Aviv, account No. 523944.
A check with the
Central Banks’ database did not reveal anything detrimental on subject’s a/m
account.
Bank Hapoalim Ltd., Branch data not
forthcoming.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
So far subject's officials refused to disclose financial data.
Subject is a
veteran leading company in the sugar field in
SUGAT is part of
the ED&F MANN concern, established in
Subject is ISO
9002 certified.
In September 1999
it was reported that subject will serve as the strategic H.Q. of its parent in
the
Subject used to
refine sugar itself but activities were stopped in the beginning of the 1980's
due to uneconomical motives and imports from
After the EU,
largest refined sugar exporter, lost in the WTO lawsuit for subsidizing refined
sugar in
In July 2008
subject received permission to erect a natural gas power plant for plant’s own
electricity production (10mv). Estimated investment is US$ 25 million.
In June 2009 it
was reported that subject will start marketing 9 types of nuts and seeds,
investing
In January 2010 it was reported that subject will export 100 tons of
sugar to
Average white
sugar consumption (in
In December 2010
it was reported that subject is entering the flour market, and will launch a
line of 8 types of flour with vitamins. According to the report, subject received
a court order which prevents subject to purchase flour from other suppliers but
from TACHANOT ISRAELIOT LTD.
The flour market
According to
Nilsen the flour market in 2010 is valued at
According to the Industrialists' Association, 2008 revenues by the local
food industries reached
In 2009, sales for exports by the food & beverages branches fell by 11% from 2008 (after a rise by 3% from 2007).
Import of food and beverages to
Local food industry employs 61,000, level which remained stagnant in
2008/9.
According to Central Bureau of Statistics (CBS) data,
investments in machinery and equipment from import for the food & beverages
industries in 2009 summed up to NIS 975 million, 9% increase from 2008 (after
several years of growth).
Imports of raw food products to
According
to the CBS, the total spending for private consumption in 2009 for food,
beverage and cigarettes reached NIS 82.5 billion, almost 5% rise (nominal) from
2008 (when it rose by some 15% from 2007), though quantity calculation reflects
a much lower rise. There has been an improvement in the first half of 2010,
with a rise of 10% comparing to 2009 1st half, reflecting the
recovery trend in the loacl market after the general slow-down in economy
earlier last year.
SUMMARY
Good for trade
engagements
Maximum unsecured
credit recommended US$ 2,000,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.