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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
PINUKIM FOOD INDUSTRIES (1998) LTD. |
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Registered Office : |
P.O. Box 157 Ramat Gavriel Industrial Park Migdal Haemek 2310101 |
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Country : |
Israel |
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Date of Incorporation : |
05.02.1998 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers and marketers
of sweets |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
israel - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. It depends on imports
of crude oil, grains, raw materials, and military equipment. Cut diamonds,
high-technology equipment, and agricultural products (fruits and vegetables)
are the leading exports. Israel usually posts sizable trade deficits, which are
covered by tourism and other service exports, as well as significant foreign
investment inflows. The global financial crisis of 2008-09 spurred a brief
recession in Israel, but the country entered the crisis with solid fundamentals
- following years of prudent fiscal policy and a resilient banking sector. The
economy has recovered better than most advanced, comparably sized economies. In
2010, Israel formally acceded to the OECD. Natural gasfields discovered off
Israel's coast during the past two years have brightened Israel's energy
security outlook. The Leviathan field was one of the world's largest offshore
natural gas finds this past decade. In mid-2011, public protests arose around
income inequality and rising housing and commodity prices. The government
formed committees to address some of the grievances but has maintained that it
will not engage in deficit spending to satisfy populist demands.
|
Source : CIA |
INTERMEDIATE REPORT
PINUKIM FOOD INDUSTRIES (1998) LTD.
Telephone 972 4 604 24 44
Fax 972 4 604 27 77
P.O. Box 157
Ramat Gavriel Industrial Park
MIGDAL HAEMEK 2310101 ISRAEL
A private limited company incorporated as per file No. 51-259704-8 on
the 05.02.1998.
Originally registered under the name GLOBE PRECISION INDUSTRIES LTD.,
which changed to the present name on the 19.06.2005.
Learning from the company's former name, we assume that subject dealt in
a whole different area than today, and switch to the present line of activity
in 2005. Since so far we could not speak with subject's officials, we cannot
confirm this point.
Furthermore, based on our, a private limited company called ROSEBEN
INDUSTRIES 94 LTD. used to operate from the same premises as subject (same
telephone numbers). This company was incorporated in 1994 (continuing
activities of a former company ROSEBEN LTD. incorporated in 1972) but both are
currently dissolved. ROSEBEN, operated as manufacturers and marketers of
marshmallow sweets, was owned by M.R.C HOLDINGD S.A (see below, also part of
subject's Group), and managed by Benny Tennenbaum and Yaakov Chai, both
directors in subject. It is likely that subject continues ROSEBEN's activities.
Authorized share capital NIS 34,000.00, divided into -
34,000 ordinary shares
of NIS 1.00 each,
of which 20,100 shares amounting to NIS 20,100.00 were issued.
Subject is fully owned by PALM INTERNATIONAL HOLDINGS S.A, owned by
GLOBE INTERNATIONAL HOLDINGS S.A (both foreign companies registered in Panama),
controlled (87%, via M.R.C HOLDINGD S.A) by Yaakov and Mrs. Margaret Chai.
Binyamin (Benny) Tennenbaum, General Manager,
Arie Lev Carasso,
Yaakov Chai.
Manufacturers and
marketers of sweets, specializing in 3 main
product categories:
Chocolate specialties,
such as pralines and chocolate wafer balls.
Ice pops & drinks
encased in toy shaped flexible packaging.
Marshmallow products
& Toffee candies
Also provide O.E.M labeling, packing and product design.
Operating from premises, in Ramat Gavriel
Industrial Park, Migdal Ha'emek.
According to our records dated some 10 years ago, the property where
subject is operating from is owned by shareholders and lie on an area of 1,000
sq. meters.
Number of employees not forthcoming.
Financial data not forthcoming.
There are 5 charges for unlimited amounts, as well as 2 charges for
total sum of NIS 14,000,000.00 registered on the company's assets (various
assets, including financial, real estate), in favor of Bank Leumi Le’Israel
Ltd. Charges were placed between the years 2005 to November 2011, the latest
charge placed.
Sales figures not forthcoming.
GLOBE EXPLORATION (Y.C.D.), LIMITED PARTNERSHIP, and its general partner,
GLOBE OIL EXPLORATION LTD., jointly referred to as GOE, incorporated in 2009,
engaged in exploring for on-shore oil and gas in Israel. It is publicly traded
on the Tel Aviv Stock Exchange (current market value US$ 6.8 million), and
Yaakov and (spouse) Mrs. Margaret Chai hold 16.6% (via C.P.H. INVESTMENTS
LTD.). Arie Lev Carasso serves as the Chairman.
TELEBILL (ISRAEL) LTD.
PRO-LINE ENGINEERING SERVICES LTD.
According to our records, working with:
Bank Leumi Le'Israel Ltd., branch data unavailable.
Nothing unfavorable learned on subject or its owner.
Subject's General Manager, Mr. Benny Tennenbaum, the only person
authorized to disclose details on the company, is presently abroad and due back
in about a week's time. The secretary we spoke to did not wish to tell
anything, including subject's line of operation. We shall call Mr. Tennenbaum
upon his return and update you accordingly.
GLOBE Group includes several
companies/investments around the world, controlled by Yaakov Chai and managed by Arie Lev Carasso. GLOBE EXPLORATION, which explores oil in
Israel, has experienced failure earlier this year, when its main drillings
ceased due to technical problems, without results, leaving it short of cash (it
raised this month further NIS 5.5 million).
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 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.
Considering the lack of data from subject's officials, dealings are
recommended on secured basis.
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.55.08 |
|
UK Pound |
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.