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Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
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Name : |
MAYA FOOD INDUSTRIES M.T.M LTD. |
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Registered Office : |
7 Eitam
Street, Mishor Adumim Industrial Zone, MA'ALE ADUMIM 9851393 |
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Country : |
Israel |
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Date of Incorporation : |
04.02.1988. |
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Legal Form : |
partnership |
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Line of Business : |
Processors, traders, packers,
exporters and marketers of spices, baking raw materials, legumes, sweets and snacks, dried fruits and nut products |
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No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 9851393 ISRAEL
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.
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.
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.
1 Yehuda
(Udi) Wirtheimer,
2. Amihai
Wirtheimer,
3. Moshe
Wiessman
Processors, traders, packers,
exporters and marketers of spices, baking raw materials, legumes, sweets and snacks, dried fruits and nut products. Also manufacturers and marketers of spreads.
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 2 owned premise (offices, warehouses
and plant), on a total area of 15,000 sq. meters, in 5-7 Eitam Street, and 2-4
Holit Street, both in Mishor Adumim Industrial Zone, Ma'ale Adumim.
Having 200 employees (same as in 2011).
Current stock is valued at NIS 18,000,000 (was NIS
16,000,000 in mid 2011).
Equity as of 31.12.2011 NIS 15,000,000 (31.12.2010:
NIS 5,600,000).
The increase is due to re evaluation of subject's real
estate property.
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 (last 6 charges
placed June – November 2010).
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 sales claimed to be NIS 102,000,000, of which NIS
7,000,000 for export.
Subject ended 2010 with a net profit of NIS 200,000.
The first 6 months of 2012 sales claimed to be NIS
57,000,000, of which NIS 1,200,000 for export.
3/…
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.
Nothing unfavorable learned.
This is a long established business.
In March 2009 it was reported that subject started
manufacturing spreads, investing over NIS 1 million in a 'dulce de leche' line.
The local market for food & beverages grew by 11.4% from
2008 to 2011, summing up to NIS 35.15 billion, around 4.5% increase (in money
terms) in 2011 from 2010.
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 2011 sales for exports by the food & beverages
industries rose by 16.6%, reaching US$ 929.8 million (rose by 9.8% in 2010
after export rate fell in 2009 by 11% from 2008).
Import of food and beverages to Israel in 2011 summed
up to US$ 2,358.2 million, rising by 18.7% from 2010, which comes after a by
15.5% increase in 2010 from 2009 (when import decreased by 9.4% comparing to
2008 due to the slow-down in local economy).
Local food industry employs over 61,000 workers.
According
to Central Bureau of Statistics (CBS)
data, investments in machinery & equipment from import for the food
industry in 2011 summed up to NIS 929.5 million, 47.7% rise from 2010 (after
15.4% increase in 2010), while investments in machinery & equipment from
import for the beverage & tobacco industries rose by 2% to NIS 379.7
million (rose 9.7% in 2010).
The Central Bureau of Statistics data
shows that import of raw food products to Israel
in 2011 summed up to US$ 2,062.6 million, 23% increase from 2010 (a similar
growth trend to 2010 from 2009, a year which witnessed a 20% decrease from
2008). Over 50% of import is from the EU.
According to the CBS, the total household expenditure for
private consumption in 2011 on food, beverage and tobacco rose 3.7% from 2010,
after 4% rise in 2010 from 2009, reflecting an improvement trend in the loacl
market after the general slow-down in economy in 2009.
Good for trade engagements.
Note:
Since the beginning of 2012 Israel Post started using a new area code method of
7 digits (the old method of 5 digits will still be valid till end of 2012).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.14 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.