MIRA INFORM REPORT

 

 

Report Date :           

21.03.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

CONTACT (INTERNATIONAL FOODS) LTD.

 

 

Formerly Known As :

CONTACT INTERNATIONAL

 

 

Registered Office :

P.O. Box 8217 (7718102), 3 Habanaim Street, Unit No. 45, Light Industrial Zone, Ashdod 7760903

 

 

Country :

Israel

 

 

Year of Establishment :

2002

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and marketers of dry food, as well as chilled/frozen foods

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

---

 

 

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

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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 

 

CONTACT (INTERNATIONAL FOODS) LTD.

Telephone                972 8 853 48 14

Fax                         972 8 852 32 98

P.O. Box 8217 (7718102)

3 Habanaim Street, Unit No. 45

Light Industrial Zone

ASHDOD-7760903    ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

Originally established as a sole proprietorship in 2002 under the name CONTACT INTERNATIONAL.

 

Converted into a private limited company and registered as such as per file No. 51-408276-7 on the 13.01.2008.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 100,000.00, divided into -

                 100,000 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Alexander Sanderov.

 

 

SOLE DIRECTOR & GENERAL MANAGER

 

Alexander Sanderov.

 

 

BUSINESS

 

Importers and marketers of dry food, as well as chilled/frozen foods.

 

Among clientele: PROTARI MARKETING, KESHET TASTES.

 

Operating from rented office premises, on an area of 80 sq. meters, in 3 Habanaim Street, Unit No. 45, Light Industrial Zone, Ashdod. Also leasing facilities of subcontractors, according to needs, warehouses in Kanot Industrial Zone, and cooling storage in Tel Aviv and Ashdod.

 

Number of employees not forthcoming.

 

                                                                                                                          

MEANS

 

Financial data not forthcoming.

 

There are 5 charges for unlimited amounts registered on the company's assets (financial assets), in favor of Mizrahi Tefahot Bank Ltd., Bank Hapoalim Ltd., Bank Leumi Le'Israel Ltd. and The First International Bank of Israel Ltd. (last 4 charges placed December 2011).

 

 

sales

 

Sales figures not forthcoming.

 

 

BANKERS

 

Mizrahi Tefahot Bank Ltd., Ashdod Branch (No. 416), Ashdod, account  No. 692209.

 

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

 

 

CHARACTER AND REPUTATION

 

In March 2010, an arbitrator ruled that Alexander Sanderov has to pay a former partner in a food sale business NIS 131,762 after splitting up, claiming that Alexander Sanderov was unreliable with faulty books.  Based on Sanderov appeal, in July 2011 the Ashkelon Magistrate Court ruled that the arbitrator should re-examine his ruling due to exceeding his authority.

 

Apart from that, nothing unfavorable learned.

 

So far subject's General Manager refused to disclose financial and employee data. He asked us to send him a fax with our request – which we did – and he will consider our request.

 

In case we receive further data, we shall update you accordingly.

 

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). The food & beverage market continued to rise in 2011, marking close to 6% increase (in money terms) in the first 11 months of 2011.

 

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.

 

 

SUMMARY

 

Considering the refusal to disclose financial data, and a/m affair, dealings are recommended on secured basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.25

UK Pound

1

Rs.79.76

Euro

1

Rs.66.52

 

 

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.