MIRA INFORM REPORT

 

 

Report Date :

28.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SULEMA INTERNATIONAL TRADING LTD.

 

 

Formerly Known As :

SHALOSH SHALOSH LTD

 

 

Registered Office :

P.O. Box 12372, Kokhav Yair (44862) 1 Granite Street Mitzpe Sapir, Industrial Zone Zur Yigal - Kokhav Yair 44864        

 

 

Country :

Israel

 

 

Date of Incorporation :

23.12.1984

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers, exporters and marketers of dried foodstuffs.

 

                                

No. of Employees :

15 Persons

 

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

 

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 and address      

 

SULEMA INTERNATIONAL TRADING LTD.

Telephone         972 9 749 90 00

Fax                  972 9 749 90 09

P.O. Box 12372, KOKHAV YAIR (44862)

1 Granite Street

Mitzpe Sapir, Industrial Zone

ZUR YIGAL - KOKHAV YAIR-44864-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-104903-3 on the 23.12.1984, under the name SHALOSH SHALOSH LTD., which changed to present name on the 18.04.1985.

 

Subject is continuing a family business originally established by Late Josheph Sulema, father of the current shareholders in 1943, in view of separating some marketing from import activities.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 600,520.00, divided into -

                600,520,000 ordinary shares of NIS 0.001 each,

of which 200,520,000 shares amounting to NIS 200,520.00, were issued.

 

 

SHAREHOLDERS

 

1.         Aharon Sulema, 49%,

2.                   Jacob Sulema, 49%,

3.                   The Late Josheph Sulema, 1.99%,

4.                   Ms. Victoria Sulema, 0.01%.

We are informed that in practice, the shares of the Late Josheph Sulema were passed to his widow, Ms. Victoria Sulema.

 

 

SOLE DIRECTOR

 

Ms. Victoria Sulema.

 

 

JOINT GENERAL MANAGERS

 

1.         Aharon Sulema,

2.         Jacob Sulema.

 

 

BUSINESS

 

Importers, exporters and marketers of dried foodstuffs.

 

Primary focus: dried fruits (also frozen), dehydrated exotic fruits, nuts, seeds, spices, pulses, health foods, milk powder, butter, olive oil, agricultural crops and baking and catering ingredients.

Around 5% of sales are for export.

 

Among clients: ELITE/ STRAUSS GROUP, SHUFERSAL, OSEM, NOF HADAGAN, PITZUCHEY HATIV, EDEN TEVA MARKET, etc.

 

Most purchasing is from import (USA, Europe, India, Jordan, Turkey, etc.).

Among local suppliers: SASSON & ASSOC. DRIED FRUITS, HAMAMA MEIR TRADE, SHUKHA TRADING CO. and more.

 

Operating from owned premises (main office, storage -dry and refrigerated facilities-, factory and retail outlet), on a built area of 3,500 sq. meters, in 1 Granite Street, Mitzpe Sapir Industrial Zone, Zur Yigal - Kokhav Yair and a branch (office and shop) in 13 Hachalutzim Street, Tel Aviv.

 

Having 15 employees (same as in previous years).

 

 

MEANS

 

Current stock valued at NIS 24,000,000 (was valued at NIS 28,000,000 in mid 2010 and at NIS 25,000,000 in 2009).

Other financial data not forthcoming.

 

There are 26 charges for an unlimited amounts, as well as 1 charge for NIS 128,578.00 registered on the company’s assets (fixed and financial assets), in favor of Israel Discount Bank Ltd., Bank Leumi Le’Israel Ltd., Bank Hapoalim Ltd. and Mizrahi Tefahot Bank Ltd.

 

 

ANNUAL SALES

 

2006 sales claimed to be NIS 80,000,000, of which 5% were for export.

2007 sales claimed to be NIS 100,000,000, of which 5% were for export.

2008 sales claimed to be NIS 85,000,000, of which 5% were for export.

2009 sales claimed to be NIS 85,000,000, of which 5% were for export.

2010 sales claimed to be NIS 90,000,000, of which 5% were for export.

 

 

BANKERS

 

Israel Discount Bank Ltd., Tel Aviv Main Branch (No. 010), Tel Aviv, account
No. 183733 – main account.

Bank Leumi Le’Israel Ltd., Allenby Business Branch (No. 654), Tel Aviv, account No. 352000/92.

A check with the Central Banks’ database did not reveal anything detrimental on a/m accounts.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Subject is a veteran family firm, well-known established in its line of 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.

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.

 

According to Central Bureau of Statistics (CBS) data, 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 quarter of 2011 –24% rise (compared with 20101stQ), 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.

 

 

SUMMARY

 

Good for trade engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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

--

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.