MIRA INFORM REPORT

 

 

Report Date :

15.09.2012

 

IDENTIFICATION DETAILS

 

Name :

HEMO GALMIT LTD.

 

 

Formerly Known As :

OZ – GALMIT LTD

 

 

Registered Office :

25 Haorgim Street, Opera House, Industrial Zone, Ashdod 7760936           

 

 

Country :

Israel

 

 

Date of Incorporation :

January 1996

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importers and marketers of paper sacks (packaging) for flour mills

 

 

No. of Employees :

11 employees

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

 

* Note: In your original enquiry you wrote in the Ref. No. 119201206, however in your "Pending Orders List" reminder you wrote Ref. 193512 (which we assume is the correct ref. no.)

 

 

Company name & address

 

HEMO GALMIT LTD.

Telephone    972 72 221 50 00

Fax             972 72 221 50 10

25 Haorgim Street

Opera House

Industrial Zone

ASHDOD     7760936            ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

Originally established by Shimon Hemo in January 1996 in the framework of S. GALMIT TRADING LTD., a private limited company.

 

Due to low levels of activity, the company converted into a sole proprietorship in 1997.

 

In 2003, subject was established as a private limited company, registered as per file No. 51-341400-3 on the 26.05.2003, assuming all the business activities of the sole proprietorship (Mr. Shimon Hemo decided to join forces with a partner).

 

Originally registered under the name OZ – GALMIT LTD., which changed to the present name on the 26.06.2007, following the departure of one of the partners in mid 2007.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 37,200.00, divided into -

                   37,200 ordinary shares of NIS 1.00 each,

of which 300 shares amounting to NIS 300.00 were issued.

 

 

SHAREHOLDERS

 

1.    ANOY LLC, 66.66%, a US company, controlled by Randall Stein,

2.    Shimon Hemo, 33.33%.

 

In November 2009 ANOY LLC acquired 67% of subject from Shimon Hemo.

 

SOLE DIRECTOR & GENERAL MANAGER

 

Shimon Hemo.

 

 

BUSINESS

 

Subject operates in the following lines:

1.         Importers and marketers of paper sacks (packaging) for flour mills.

2.         Exporters to Cyprus of paper sacks for flour mills.

3.         Importers, marketers and installers of artificial synthetic grass, under brand name "Simply Green".

4.         Importers and marketers of synthetic decks, as well as other gardening artifacts.

 

Among local customers: HAGARIN, flour mills.

 

All purchasing is from import.

Sole local representatives of (main agencies):

PERGAMENKA, of the Czech Republic,

AERT, of USA,

BELLINTURF, of China.

 

Operating from rented premises (offices), on an area of 230 sq. meters, in 25 Haorgim Street, Opera House, Industrial Zone, Ashdod, and from a rented warehouse, on an area of 800 sq. meters, in Sde Uziyahu village.

 

Having 11 employees.

 

 

MEANS

 

Current stock is valued at NIS 2,500,000.

Other financial data not forthcoming.

 

There are 13 charges for unlimited amounts registered on the company's assets (financial assets, fixed assets and vehicles), in favor of Bank Hapoalim Ltd., Bank Leumi Le'Israel Ltd. and a leasing company (last 5 charges placed March – May 2012).

 

 

saleS

 

2006 sales claimed to be NIS 5,000,000.

2007 sales claimed to be NIS 7,946,000.

2008 and 2009 sales not forthcoming.

2010 sales claimed to be NIS 18,000,000.

2011 sales claimed to be NIS 20,000,000.

Sales for the first 4 months of 2012 claimed to be NIS 5,600,000.

OTHER COMPANIES

 

Also owned by Shimon Hemo:

 

S. GALMIT TRADING LTD., non-active.

 

GALMIT ADIGAL LTD., importers and marketers of sugar (see more below).



BANKERS

 

Bank Hapoalim Ltd., Ashdod Branch (No. 658), Ashdod, account No. 385048.

Bank Leumi Le'Israel Ltd., Rehovot Business Branch (No. 978), Rehovot, account No. 044600/05.

 

A check with the Central Banks' database did not reveal anything detrimental on subject’s a/m accounts.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

In past, subject claimed to capture 70% of the local market in the area of paper sacks for flour mills.

 

Subject transferred its sugar import activity to sister company GALMIT ADIGAL LTD. in 2009.

 

In November 2009 ANOY LLC of USA, headed by Randall Stein, acquired 67% of subject. Randall Stein deals in US real estate.

 

In July 2010 it was reported that subject acquired 120,000 wood railway sleepers for gardening uses.

 

In January 2012 the Tel Aviv Magistrate Court ruled that PARTNER COMMUNICATIONS will pay subject NIS 49,000 for the sale of 2nd hand mobile phones (instead of new ones) and overcharging.

 

The local artificial grass market has been constantly growing in recent years, due to customers’ preferences trends, as well as from the increasing water crisis Israel has been suffering from. The market annual turnover is estimated at NIS 10 million, though this number includes also bad quality products imported by smaller importers.

 

 

SUMMARY

 

Good for trade engagements.

 

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.54.73

UK Pound

1

Rs.88.61

Euro

1

Rs.71.34

 

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.