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Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PINUKIM FOOD INDUSTRIES (1998) LTD. |
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Formerly Known As : |
GLOBE PRECISION INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 157,
Ramat Gavriel Industrial Park, Migdal Haemek 2310101 |
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Country : |
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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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
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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 |
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 |
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.
1.
Binyamin (Benny) Tennenbaum, General Manager,
2.
Arie Lev Carasso,
3.
Yaakov Chai.
Manufacturers and marketers of sweets, specializing
in 3 main product categories:
1. Chocolate specialties, such as pralines and
chocolate wafer balls.
2. Ice pops & drinks encased in toy shaped
flexible packaging.
3. 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 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.53.63 |
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UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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.