MIRA INFORM REPORT

 

 

Report Date :           

08.07.2011

 

IDENTIFICATION DETAILS

 

Name :

MAYA FOOD INDUSTRIES M.T.M LTD.

 

 

Formerly Known As :

MAYA THE JERUSALEM SPICES OF LIFE CO. LTD

 

 

Registered Office :

P.O. Box 92, Mishor Adumim, 7 Eitam Street, Mishor Adumim Industrial Zone, Ma'ale Adumim 98510

 

 

Country :

Israel

 

 

Year of Establishment :

1983

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Processors, Traders, Packers, Exporters and Marketers of spices, baking raw materials, legumes, sweets and snacks, dried fruits and nut products.

 

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$ 500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address 

                                                                                                       

MAYA FOOD INDUSTRIES M.T.M LTD.

(Also trading as: MAYA SPICES OF LIFE JERUSALEM LTD.)

Telephone                  972 2 535 79 91

Fax                            972 2 535 64 95

P.O. Box 92, Mishor Adumim

7 Eitam Street

Mishor Adumim Industrial Zone

MA'ALE ADUMIM       98510-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

Originally established as a partnership in 1983.

 

Converted into a private limited company and incorporated as such as per file No. 51-127166-0 on the 04.02.1988.

 

Originally established under the name MAYA THE JERUSALEM SPICES OF LIFE CO. LTD., which changed to the present one on the 24.01.2011.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 2,640.00, divided into -

                 2,640 ordinary shares of NIS 1.00 each,

of which 300 shares amounting to NIS 300.00 were issued.

 

 

SHAREHOLDERS

 

1.    Yehuda Wirtheimer, 20%,

2.    Amihai Wirtheimer, 20%,

3.    Moshe Wiessman, 20%,

4.    Shmuel Rivlin, 20%,

5.    Israel Ganzel, 20%.

 

According to the Registrar of Companies subject has no registered directors.

 

 

JOINT GENERAL MANAGERS

 

1     Yehuda (Udi) Wirtheimer,

2.    Amihai Wirtheimer,

3.    Moshe Wiessman

 

 

BUSINESS

 

Processors, traders, packers, exporters and marketers of spices, baking raw materials, legumes, sweets and snacks, dried fruits and nut products.

 

Subject also produces products for "private label".

 

Among customers are supermarket chain stores, e.g. HATZI HINAM, SHUFERSAL, MEGA, RAMI LEVI SHIVUK HASHIKMA, A.B.A. VICTORY, COHEN MACHSANEI HASHUK, BAR KOL, KIMAT HINAM, etc.

Subject also markets and export to the ultra-religious sector, as its products are "kosher" according to the strictest requirements ("Badatz").

 

Operating from owned premises (offices, warehouse and plant), on an area of 15,000 sq. meters, in 7 Eitam Street, Mishor Adumim Industrial Zone, Ma'ale Adumim.

 

Having 200 employees (had 150 employees in 2007).

 

 

MEANS

 

Current stock is valued at NIS 16,000,000.

 

Equity as of 31.12.2010: NIS 5,600,000.

 

Property in 7 Eitam Street, Mishor Adumim Industrial Zone (where subject is operating from) is valued at NIS 20,000,000.

 

There are 42 charges for unlimited amounts registered on the company’s assets, in favor of local banks and companies.

 

 

REVENUES

 

2006 sales claimed to be NIS 70,000,000, of which some 3% for export.

2007 sales claimed to be NIS 80,000,000, of which NIS 2,000,000 for export.

2008 sales claimed to be NIS 90,000,000, of which NIS 3,000,000 for export.

2009 sales claimed to be NIS 100,000,000, of which NIS 3,500,000 for export.

2010 sales claimed to be NIS 95,000,000, of which NIS 4,000,000 for export.

Subject ended 2010 in balance.

 

2011 first 6 months sales claimed to be NIS 50,000,000.

 

 

BANKERS

 

Israel Discount Bank Ltd., Main Jerusalem Branch (No. 060), Jerusalem, account No. 9632352.

 

Mizrahi Tefahot Bank Ltd., Givat Shaul Branch (No. 479), account No. 177175.

 

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

 

Bank Hapoalim Ltd., Jerusalem Business Branch (No. 436), Jerusalem.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

This is a long established business.

 

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 revenues 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, revenues 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.

 

In 2010, sales for exports by the food & beverages industries rose by 9.8% (reaching US$ 791.7 million). This marks a recovery trend after the export rate fell in 2009 by 11% from 2008.

 

Import of food and beverages to Israel in 2009 decreased by 9.4% comparing to 2008, but recovered and rose by 15.5% in 2010, reaching US$ 1,986.5 million. A further improvement has been noted in 2011 first quarter, where import of food & beverages rose 21% comparing to 2010 1stQ, summing up to US$ 827.7 million.

 

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).

 

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 trend continued in the 1st 4 months of 2011 –24% rise (compared with 2010), totaling US$ 643.6 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.

 

According to Ministry of Agriculture data from February 2009, 3,600 tons of pistachio and 3,100 tons of almonds are imported to Israel each year.

The whole local nuts/almonds and dried fruits market rolls some NIS 600 million annually. Most of it arrives from import from Turkey, China, USA, Far East countries and South Africa.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 500,000.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.42

UK Pound

1

Rs.70.95

Euro

1

Rs.63.63

 

 

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.