MIRA INFORM REPORT

 

 

Report Date :           

28.09.2011

 

IDENTIFICATION DETAILS

 

Name :

NEPTUNE FOOD PRODUCTS (1990) LTD.

 

 

Registered Office :

P.O. Box 2247, 41 Hachsharat Hayeshuv Street, Emek Sara Industrial Zone, Beer Sheva 84870

 

 

Country :

Israel

 

 

Date of Incorporation :

07.01.1990

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers, Marketers, Exporters and Importers spices, seasoning mixes, oriental snacks and sauces.

 

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$ 150,000.

 

 

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 – 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

 

Company name & address   Bottom of Form

 

 

NEPTUNE FOOD PRODUCTS (1990) LTD.

(Known also as "Yoni Toem Olam")

Telephone    972 8 623 01 63

Fax             972 8 628 84 18

P.O. Box 2247

41 Hachsharat Hayeshuv Street

Emek Sara Industrial Zone

BEER SHEVA                            84870        ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-144293-1 on the 07.01.1990, continuing family business activities founded years earlier.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 500,000.00, divided into -

                1,000 management shares (2 shares issued),

                499,000 ordinary shares (20 shares issued), all of NIS 1.00 each,

of which shares amounting to NIS 22.00 were issued.

 

 

SHAREHOLDERS

 

1.    Yonatan Gershon,

2.    Ms. Liora Gershon, holding 1 single ordinary share.

 

 

DIRECTORS

 

1.    Yonatan Gershon, General Manager,

2.    David Gershon.

 

 

BUSINESS

 

Manufacturers, marketers, exporters and importers spices, seasoning mixes, oriental snacks and sauces.

5% of sales are export.

 

Among clientele: TAAM VEREACH SPICES, BLUE SQUARE/ Mega (a large supermarket chain), etc.

 

All purchase is from import

Mostly importing raw materials for production, and import very little finished products.

 

Operating from premises, owned by shareholders, on an area of 2,600 sq. meters, in 41 Hachsharat Hayeshuv Street, Emek Sara Industrial Zone, Beer Sheva.

 

Having 40 employees (same as in the end of 2009).

 

 

MEANS

 

Current stock is valued at NIS 5,000,000 (was valued at NIS 3,500,000 in the end of 2009).

 

Property owned by the shareholders in Emek Sara Industrial Zone, Beer Sheva (where subject is operating from) is valued at NIS 7,000,000.

 

Subject is an “Approved Enterprise” and as such entitled for State support, grants and tax relief.

 

There are 8 charges for unlimited amounts, as well as 3 charges for the total sum of NIS 452,200.00 registered on the company's assets (financial assets, fixed assets and vehicles), in favor of the State of Israel, Bank Leumi Le'Israel Ltd., Bank Hapoalim Ltd. and a company (last charge placed in August 2011).

 

 

SALES

 

·         2007 sales claimed to be NIS 18,000,000, 5% for exports.

·         2008 sales claimed to be NIS 19,000,000, 5% for exports.

·         2009 sales claimed to be NIS 19,000,000, 5% for exports.

·         2010 sales claimed to be NIS 22,000,000, 5% for exports.

·         2011 first 8 months sales claimed to be NIS 16,000,000, 5% for exports.

 

 

BANKERS

 

Bank Hapoalim Ltd., Beer Sheva Business Branch (No. 177), Beer Sheva, account No. 302577.

 

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

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

Subject is a veteran business, well known in its field.

 

Subject's manager Mr. Yonatan Gershon is a veteran in the spice business, continuing family activities which have started many years ago in India, by his grandfather.

Subject is ISO 9001:2000 certified.

 

In 2006 subject launched a new product line under the brand name "Yoni Toem Olam" intended for sale to retail store chains and hotels in the USA.

 

In November 2009 it was reported that subject is doing a re-branding, with an investment of NIS 300,000.

 

Central Bureau of Statistics 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.

 

 

SUMMARY

 

Good for trade engagements.

Maximum unsecured credit recommended US$ 150,000.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.76.65

Euro

1

Rs.66.63

 

 

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.