MIRA INFORM REPORT

Report Date :

05.01.2012

IDENTIFICATION DETAILS

Name :	MIAL IMPEX 1986 LTD.

Formerly Known As :	MIAL LTD

Registered Office :	25 Lazarov Street, New Industrial Zone, Rishon Le-Zion 75654

Country :	Israel

Year of Establishment :	1976

Legal Form :	Private Limited Company

Line of Business :	Importers, exporters and marketers of dried fruits, legumes and pulses

No. of Employees :	22

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 500,000.
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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Israel

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

MIAL IMPEX 1986 LTD.

Telephone 972 3 941 60 10

Fax 972 3 941 60 20

25 Lazarov Street

New Industrial Zone

RISHON LE-ZION-75654-ISRAEL

HISTORY & LEGAL FORMATION

Originally incorporated as a private limited company under the name of MIAL LTD., in 1976.

Following changes in the nature of business, activities were taken over by subject, which incorporated as a private limited company as per file No. 51-115017-9 on 11.11.1986.

SHARE CAPITAL

Authorized share capital NIS 82,640.00, divided into -

82,640 ordinary shares of NIS 1.00 each,

of which 42,700 shares amounting to NIS 42,700.00 were issued.

SHAREHOLDERS

1. Haim Levy, 33.33%,

2. Shmuel Levy, 33.33%,

3. Joseph Karako –Yagil, 33.33%.

According to the Registrar of Companies subject itself holds 23% of the shares, equally divided between a/m shareholders.

SOLE DIRECTOR & GENERAL MANAGER

Haim Levy.

BUSINESS

Importers, exporters and marketers of dried fruits, legumes and pulses.

30% of sales are exports.

Among clientele: SAMARA FOOD MARKETING, many wholesalers.

70% of purchase is import

Amongst local suppliers: NETA AGRICULTURAL SOCIETY, SASSON & CO., etc.

Operating from premises (offices and a warehouse), on an area of 1,000 sq. meters, owned by the shareholders, in 25 Lazarov Street, New Industrial Zone, Rishon-Le-Zion and from a rented retail store, on an area of 100 sq. meters, in 19, Hachalutzim Street, Tel Aviv.

Having 22 employees.

MEANS

Current stock is valued at NIS 20,000,000.

Property in Rishon Le-Zion where subject is operating from (owned by the shareholders) is valued at US$ 3,000,000.

There are 15 charges for unlimited amounts and 1 charge for a sum of NIS 84,080.00 registered on the company's assets (financial assets, equipment and vehicles), in favor of The State of Israel, Bank Leumi Le'Israel Ltd., Israel Discount Bank Ltd., Bank Hapoalim Ltd. and leasing companies (last charge placed August 2010).

SALES

2009 sales claimed to be NIS 90,000,000, 30% for export.

2010 sales claimed to be NIS 90,000,000, 30% for export.

2011 sales claimed to be NIS 90,000,000, 30% for export.

BANKERS

Bank Leumi Le'Israel Ltd., Allenby Business Branch (No. 802), Tel Aviv, account No. 653500/87.

Bank Hapoalim Ltd., Ha'aliya Branch (No. 503), Tel Aviv, account No. 174017.

Israel Discount Bank Ltd., Tel Aviv Main Branch (No. 010), Tel Aviv, account No. 186619.

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

CHARACTER AND REPUTATION

Nothing unfavorable learned.

Subject is a long established business.

In the past suppliers reported favorably on subject's payment morality.

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 8 months, where import of food & beverages rose 24% comparing to 2010, summing up to US$ 1,626.7 million.

In 2010, sales for exports by the food & beverages industries rose by 9.8% (reaching US$ 791.7 million). This marks a recovery trend after the export rate fell in 2009 by 11% from 2008.

According to Central Bureau of Statistics (CBS) data, investments in machinery & equipment from import for the food industry in 2010 summed up to NIS 640 million, 15% rise from 2009, while investments in machinery & equipment from import for the beverage & tobacco industries rose by 9.3% to NIS 381.7 million.

CBS 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.

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.

Maximum unsecured credit recommended US$ 500,000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.