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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
J. KAHAN LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.05.1941 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, processors, packers, importers, exporters and marketers
of food powder mixtures (e.g. coffee powders, dessert powders, soft drink
powders, etc). |
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No. of Employees : |
100 |
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
J. KAHAN LTD.
Telephone 972 4 875 87 80
Fax 972 4 877 24 29
P.O. Box 2420
Industrial Zone Milu'ot South
Mateh Asher Council
KIRYAT YAM 2912302 ISRAEL
Originally established in 1938 as a non-registered business.
Converted into a private limited company and registered as such as per
file No. 51-000770-1 on the 22.05.1941.
Authorized share capital NIS 0.20, divided into
2,000 ordinary shares of NIS 0.0001 each,
fully issued.
(Note: The currency in
share capital was originally in Old Israeli Shekel whose nominal value
was 1 thousandth of the current New Israeli Shekel (NIS), converted in
1986).
Subject is fully owned by Ram Teren.
Ram Terem, who used to hold 50% until 2011, gained his father Shlomo
Teren's 50% shares.
Ram (Ramy) Teren
Manufacturers, processors, packers, importers, exporters and marketers
of food powder mixtures (e.g. coffee powders, dessert powders, soft drink
powders, etc.).
Also importers, marketers and packers of foodstuff
commodities (tea, coffee, sugar and sugar substitutes, baking powders, etc.), activity
acquired from EL ZAN IMPORT PACKAGING AND MARKETING CO. LTD. in the beginning
of 2011.
25% of sales are for export.
Export is to Europe, USA, South Africa and more.
Among clientele are leading local companies: SHUFERSAL (largest
supermarket chain), OSEM FOOD INDUSTRIES, UNILEVER ISRAEL (latter 2 are leading
foodstuff manufacturers), AROMA (largest Coffee Chain), VITA PRI GALIL,
BLUEBERRY YOGURT BAR, NE’EMAN LEHORECH ZMAN, HANAMAL PACKAGING,
SUGAT FOOD, EL AL AIRLINES, Ministry of Defense, etc.
Among local suppliers: GALILEE HERBS, ISRAEL
SALT CO., ORDA PRINT, SUGAT FOOD, ELITE FOODS, GALAM, ARIZ DISTRIBUTION OF
PACKAGING MATERIALS, S.N. PACKAGING, WISSOTZKY, etc.
Operating from premises, owned by the shareholders, on an area of 12,000
sq. meters (4,000 sq. meters built), in Industrial Zone Milu'ot South, Mateh
Asher Council (in the north of the country).
Having 100 employees (similar to 2011).
Subject had 50 employees in the end of 2010, and the increase is related
to the acquisition of the EL ZAN activity.
Current stock said to valued NIS 7,500,000, well higher than the figures
we were given in the end of 2010, then it was valued at NIS 6,000,000, mainly
due to the addition of EL ZAN (which was valued at NIS
Property owned by shareholders in Industrial Zone Milu'ot South (where
subject is operating from) is valued at NIS 20,000,000.
Former property of subject in 2 Ha’histadrut Blvd., Kiryat Yam, is owned
by subject’s shareholders and rented to 3rd parties.
There are 45 charges for unlimited amounts registered on the company’s
assets (financial assets, fixed assets), in favor of Bank Leumi Le'Israel Ltd.,
Bank Hapoalim Ltd. and leasing companies (LEASE CAR RAM LTD., HAMIT LEASING CO.
LTD., DAIMLER FINANCIAL SERVICES LTD., MEIT LEASING LTD.). Most charges are on
the company’s vehicles, machinery & equipment. Charges were placed between
the years 1986 to 2012.
2008 sales claimed to be NIS 50,000,000, of which 30% were for export.
2009 sales claimed to be NIS 50,000,000, of which 30% were for export.
2010 sales claimed to be NIS 52,000,000, of which 25% were for export.
2011 sales claimed to be NIS 60,000,000, of which 25% were for export.
The increase in sales in 2011 are following the acquisition of EL ZAN's
activity (whose 2010 sales claimed to be NIS 14,000,000).
Bank Hapoalim Ltd., Hamifratz Business Branch (No. 169), Haifa, account
No. 330907.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
Bank Leumi Le'Israel Ltd., Hamifratz Business Branch (No. 898), Kiryat
Bialik.
Nothing unfavorable learned.
Subject is a very veteran business, enjoying good reputation in their
field.
In the beginning of 2011 subject acquired the veteran activities of EL
ZAN IMPORT PACKAGING AND MARKETING CO. LTD., established 1966 by Ouzan family (the sellers), and integrated it into subject (price of
acquisition not forthcoming). EL ZAN has been well known in their field.
The local market for current consumption of consumer products grew in
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).
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 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.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.93 |
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|
1 |
Rs.85.85 |
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Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.