MIRA INFORM REPORT
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Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
HERZL BIBI NITZAT HADUVDEVAN LTD. |
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Formerly Known As : |
HERZL BIBI TRADING CO. LTD |
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Registered Office : |
P.O. Box 28437 Jerusalem (91285), M.P. Harei Yehuda, Ma'ale Hahamisha 90835 |
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Country : |
Israel |
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Date of Incorporation : |
08.04.1980 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers
of organic and natural food products |
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No. of Employees
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180 |
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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Maximum Credit Limit : |
US$ 700,000. |
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Status : |
Good |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Company name & address
HERZL BIBI NITZAT HADUVDEVAN LTD.
(Trading as: NITZAT HADUVDEVAN)
Telephone 972 2 533 02 35
Fax 972 2 533 02 36
P.O. Box 28437 Jerusalem (91285)
M.P. Harei Yehuda
MA'ALE HAHAMISHA-90835 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per
file No. 51-084816-1 on the 08.04.1980.
Originally registered under the name HERZL
BIBI TRADING CO. LTD., which changed to the present name on 22.05.1995.
SHARE
CAPITAL
Authorized share capital NIS 10.00, divided into
–
99,980 ordinary shares (107
shares issued),
20 management shares (2 shares
issued), all of NIS 0.0001 each,
of which shares amounting to NIS 0.0109 were issued.
SHAREHOLDERS
1.
Herzl Bibi, all management shares issued and 91.6%
of ordinary shares,
2.
Ezra Bibi, 8.4% of ordinary shares.
SOLE
DIRECTOR & GENERAL MANAGER
Herzl Bibi.
BUSINESS
Importers and marketers of organic and natural food products.
Also operating via
retail store chain of the NITZAT HADUVDEVAN Group, selling organic and
natural products (food, vitamins, organic cleaning products, etc.), of 16 stores, 13 owned and 3 by concessionaires.
Note: each owned
store in a company on it own, owned by Herzl Bibi.
Sales are to the Group’s stores, as well as
to 3rd parties, such as HAMAMA, ANGEL BAKERY, ORGANIC MARKET, EDEN
TEVA MARKET.
60% of purchasing
is from import, the rest is from local suppliers.
Main local
supplier: HAMAMA MEIR TRADE, etc.
Sole local
representatives of (among others):
TOMPSON, GIERT (name
may be spelled differently), both of Canada,
NATIVE, of Brazil,
LA-TERRA, of Italy,
IRUPANA, of Bolivia.
Operating from
rented premises, on an area of 700 sq. meters, in Ma'ale Hahamisha, a locality near Jerusalem, and from a rented warehouse in
Tel Aviv (at CAREFREE storage facilities).
Also operating
from the 13 branches of the NITZAT HADUVDEVAN chain
stores, including the central store in 22 Kanfei Hanesharim Street, Jerusalem,
and stores in Tel Aviv, Ra'anana, Zichron Yaakov, Haifa, Petach Tikva,
Herzliya, Pardes Hana (and other stores elsewhere), as well as from 3 franchised
stores.
Having 180
employees serving subject and the Group's owned stores, not including the
franchised stores employees (had 160 employees in 2009).
MEANS
Current Group’s consolidated inventory is valued
at NIS 20,000,000 (was valued at NIS 18,000,000 in 2009).
Other financial data not forthcoming.
There are 2 charges for an unlimited amounts
registered on the company's assets (financial assets, fixed assets and vehicle),
in favor of The First International Bank of Israel Ltd. (last charge placed
July 2011, prior to it charge placed June 1997).
REVENUES
· Group’s 2007 consolidated sales claimed to be NIS 120,000,000.
· Group’s 2008 consolidated sales claimed to be NIS 180,000,000.
· Group’s 2009 consolidated sales claimed to be NIS 180,000,000.
· Group’s 2010 consolidated sales claimed to be NIS 200,000,000.
· Group’s 2011 consolidated sales claimed to be NIS 210,000,000.
OTHER
COMPANIES
Each of the 13
stores owned by Herzl Bibi is a company on its own.
RESHET NITZAT
HADUVDEVAN - LICENSING MANAGEMENT
LTD.
NITZAT HADUVDEVAN
ORGANIC (JERUSALEM) (1995) LTD.
NITZAT HADUVDEVAN
ARIZOT (1998) LTD.
NITZAT HADUVDEVAN
HOLDINGS LTD.,
And several others.
BANKERS
The First International Bank of Israel Ltd., Jerusalem Main Branch (No. 012), Jerusalem, account No. 306363.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
CHARACTER
AND REPUTATION
In September 2011 it
was reported that a claim and a request for a class action suit for the sum of
NIS 25 million against subject was filed to the Tel Aviv District Court on the
ground of improper price display. No further data was found on matter.
Apart from that,
nothing unfavorable learned.
Subject is
considered to be one of the most prominent companies in the local organic and
natural food market.
In April 2011 it was
reported that RAMI LEVI SHIVUK HASHIKMA, one of the leading private supermarket
chains in Israel, is negotiating to acquire subject, first opening side organic
stores by the supermarket and later acquire subject's Group stores. Subject's
General Manager refused to relate to this report.
In January 2012 it
was reported that NITZAT HADUVDEVAN is opening a retail store in Pardes Hana
with an investment of NIS 1.8 million.
The local market
volume for organic food is estimated at NIS 300 million per year (steady over
the last few years). This market has been developing in recent years with expectations
to be growing, however in practice, also due to the economic situation (which
harms mainly the market for products which are considered luxuries), it does
not reach a mere 1% of total foodstuffs sales in Israel.
Most purchasing by consumer is in the large marketing chains (around
50%), while some 28% is from nature stores.
SUMMARY
Good for trade
engagements.
Maximum unsecured
credit recommended US$ 700,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.92 |
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UK Pound |
1 |
Rs.77.31 |
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Euro |
1 |
Rs.64.12 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.