MIRA INFORM REPORT

 

 

Report Date :

29.10.2012

 

IDENTIFICATION DETAILS

 

Name :

MOGA INTERNATIONAL LTD.

 

 

Formerly Known As :

MOGA INTERNATIONAL (1989) LTD.

 

 

Registered Office :

P.O. Box 162 (Hevel Modi'in), 17 Hashaked Street, Hevel Modi'in Industrial Park

Modi'in Regional Council 73199                                

 

 

Country :

Israel

 

 

Date of Incorporation :

13.08.1989

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers, exporters, dealers and international traders in raw materials, chemicals, spices and other food ingredients for the food industry

 

 

No. of Employees :

35 employees (same as in previous years).

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

 

Company name & address 

 

MOGA INTERNATIONAL LTD.

Telephone  972 3 970 24 44

Fax           972 3 970 25 55

P.O. Box 162 (Hevel Modi'in)

17 Hashaked Street

Hevel Modi'in Industrial Park

MODI'IN REGIONAL COUNCIL-73199-ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-140646-4 on the 13.08.1989.

 

Subject was established in order to take over all activities of MOGA LTD., established in 1963 (which became non

active), following a change in ownership.

 

Originally registered under the name HOPESA LTD., which changed to MOGA INTERNATIONAL (1989) LTD. on the 21.11.1991, which changed to present name on the 02.12.2009.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 2,640.00, divided into -

                2,640 ordinary shares of NIS 1.00 each,

of which 102 shares amounting to NIS 102.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by MOGA HOLDINGS LTD., fully owned by MOGA LTD., fully owned by Moshe Horberg.

 

Mr. Alfred (Alfi) Fass, who held 50% of N.T.S.I. LTD. (the former name of MOGA HOLDINGS LTD.), sold his shares to Mr. Horberg and retired in 2005.

 

 

SOLE DIRECTOR AND GENERAL MANAGER

 

Moshe Horberg.

 

BUSINESS

 

Importers, exporters, dealers and international traders in raw materials, chemicals, spices and other food ingredients for the food industry.

 

Also importers and marketers of vitamins for the beverage industry, including vitamin C, vitamin B12, etc.

Among products: herbs, spices, seeds, nuts, dried vegetables, etc.

 

Amongst clients: UNILEVER ISRAEL, SHARON LABORATORIES, SHARON PURATUS, OSEM, TZABAR SALADS, SUPER DRINK, JAFORA TABORI, FRUTAROM, EDOMIM CHEMICALS, MAYA THE JERUSALEM SPICES OF LIFE, etc.

 

Amongst suppliers:

·         CORN PRODUCTS INC., IDAHO PACIFIC, ROGERS FOODS, TREE TOP,
US FOODS, all of the USA,

EL NASR, of Egypt,

GAUTAM, of India,

JZANGSU, of China,

THERCOURY, of Belgium,

VEDAN, of Taiwan.

 

Operating from premises, offices and warehouses, owned by parent company, on an area of 3,500 sq. meters, in 17 Hashaked Street, Hevel Modi'in Industrial Park, located near Shoham, in the Modi'in Regional Council District.

 

Having 35 employees (same as in previous years).

 

 

MEANS

 

Stock at high season is valued at NIS 20,000,000.

 

Stock at off-season is valued at NIS 15,000,000.

 

Property owned by the shareholders in Hevel Modi'in Industrial Park (where subject is operating from) was valued at NIS 25 million in the end of 2010.

 

Shareholders also own a property on an area of 1,000 sq. meters in Rosh Haayin, rented to 3rd parties, valued over US$ 1,300,000.

 

Total B/S (total assets) as of 31.12.2005 (last obtainable) was NIS 42.01 million, equity NIS 2.59 million.

 

There are 7 charges for unlimited amounts registered on the company's assets (financial assets, fixed assets, equipment and vehicles), in favor of Bank Leumi Le'Israel Ltd., Mizrahi Tefahot Bank Ltd. and Bank Hapoalim Ltd. (last charge placed August 2012).

 

 

 

sales

 

2006 sales were NIS 53,997,000, of which NIS 1,600,000 were for export.

2007 sales claimed to be NIS 54,000,000 (export data unavailable).

2008 sales claimed to be NIS 65,000,000, of which NIS 2,500,000 were for export.

2009 sales claimed to be NIS 50,000,000, of which NIS 2,500,000 were for export.

2010 sales claimed to be NIS 58,000,000, of which NIS 3,000,000 for export.

2011 sales claimed to be NIS 60,000,000, of which NIS 3,000,000 for export.

First 9 months of 2012 sales claimed to be NIS 50,000,000, export is at same pace as previous years.

 

 

OTHER COMPANIES

 

MOGA LTD., a holding company.

 

MOGA HOLDINGS LTD., parent company, a holding company, owns the real estate properties where subject is operating from in Hevel Modi'in Industrial Park and the property in Rosh Ha'ayin.

 

BANKERS

 

Bank Leumi Le’Israel Ltd., Petach Tikva Business Branch (No. 707), Petach Tikva, account No. 329100/82.

 

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

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

This is a long established business.

 

Subject is ISO 9001:2000 certified.

 

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.

 

The food supplements and vitamins field is showing constant growth and its annual turnover (retail) was estimated at NIS 780 million in 2007, up 4% from 2006 (then it rose 6% from 2006), according to the Federation of Israeli Chambers of Commerce. It is estimated that about 30% of Israelis use food supplements and vitamins.

 

Sales are through nature stores (35%), drugstore chain stores (30%), health care services (20%) and privet pharmacies (15%)

Most of the food supplements and additives are multi-vitamins (25%), the health herbs (15%) and others.

 

75% of the food supplements are from import, mainly the U.S.A, Switzerland and France.

 

The leading companies in this field are Solgar (AMBROSIA SUPHERB), Hadas, GNC, NUTRA LIFE and / MAABAROT (TAAM TEVA ALTMAN).

 

 

SUMMARY

 

Good for trade engagements.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.63

UK Pound

1

Rs.86.18

Euro

1

Rs.69.75

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.