|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
HAMAMA MEIR TRADE (1996) LTD. |
|
|
|
|
Registered Office : |
P.O. Box 50434, Tel Aviv (6150302), 4 Koifman Street, Sharbat House, Tel Aviv 6801296 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
20.11.1996 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Traders, importers, exporters, marketers and distributors in dried
foodstuff, mostly commodities, including cereals, dried fruits, nuts, rice,
legumes, sesame, coffee, spices, etc. |
|
|
|
|
No. of Employees : |
52 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 |
HAMAMA MEIR TRADE (1996) LTD.
Telephone 972
3 519 55 55; 510 69 69
Fax 972
3 510 70 10
P.O. Box 50434, Tel Aviv (6150302)
4 Koifman Street, Sharbat House
TEL AVIV 6801296 ISRAEL
A private limited company, incorporated as per file No. 51-239801-7 on the
20.11.1996.
Subject was incorporated in view of continuing
the trade in food activities of HAMAMA BROS. & CO. LTD., owned and founded
by the Hamama family in 1951 (incorporated in 1972), which turned into a real
estate holding company.
In May 2007 published a prospectus offering
shares to the public through the Tel Aviv Stock Exchange, following which
subject converted into a public limited company and its shares started trading
on 07.06.2007 (keeping same registration number).
Authorized share capital NIS 20,000,000.00, divided into -
20,000,000 ordinary
shares of NIS 1.00 each,
of which 14,300,000 shares amounting to NIS 14,300,000.00 were issued.
1. Eliyahu Hamama, 36.6%,
2. Meir Hamama, 32.6%,
3. Josef Hamama, 7.4%,
4. EXCELLENCE
INVESTMENTS LTD., 8.2%, an institutional inventor,
5. PSAGOT
TRUST FUNDS LTD., 6.8%, an institutional inventor,
6. Shares
are also traded on the Tel Aviv Stock Exchange.
1. Zvika Amit, Chairman,
2. Meir Hamama, President,
3. Eliyahu (Eli) Hamama, General
Manager,
4. Avi Diamant
5. Yehonatan Shamir,
6. Ms. Shoshana Shif,
7. Ido Hamama.
Traders, importers, exporters, marketers and distributors in dried
foodstuff, mostly commodities, including cereals, dried fruits, nuts, rice,
legumes, sesame, coffee, spices, etc.
Subject is selling, mostly wholesale, some 50 families of products, imported
from different countries.
In 2011, 91.7% of sales were sold to clients in Israel, 5.4% to the
Palestinian market, and the rest, 2.9% - for export.
Subject has some 450 local customers, divided into 4 sectors:
Most (some 90%) of
the local clients are from the Commercial market: mostly to wholesalers,
supermarket chains, packing and roasting houses, as well as food manufacturers
and retailers. The reminder, is sold to the Institutional market: government
institutes.
Purchasing (of finished goods, no raw materials) are both locally and from
abroad, some 120 suppliers, mainly from Ethiopia, Turkey, North America,
Argentina, Far East (India, Thailand, China).
Among local suppliers are corn growers, etc.
Operating from offices, owned by sister company, in 4 Koifman Street,
Sharbat House, Tel Aviv, from logistic center in Kiryat Gat (owned by sister
company) on an area of 15,720 sq. meters (8,500 sq. meters are built), a rented
(from 3rd party) storage facility on an area of 1,700 sq. meters in
Kiryat Gat, and from bonded warehouses, rented according to needs, in the
Ashdod Port, as well as cold storage facilities according to need.
Subject intends to
establish a new logistic center (currently in search for a location).
Having 52 employees, as of end of 2011 (same as in the end of 2010).
In May 2007 subject made a public offering
of its shares and bonds, raising a gross proceeds of NIS 91.5 million.
Current market value US$ 16.4 million.
There are 7
charges for unlimited amounts registered on the company’s assets in favor of
Bank Leumi Le’Israel Ltd., The First international Bank of Israel Ltd., and
Mizrahi Tefahot Bank Ltd. (last charge placed August 2008).
NIS
(thousands)
31.12.2011 30.06.2012
ASSETS
Current assets:
Cash
and cash equivalents 543 1,167
Customers 149,001 151,317
Other debtors 1,822 1,057
Stock 138,753 166,728
290,119 320,269
Non-current assets:
Customers 1,989 1,864
Fixed assets, net 2,900 2,891
Other non-current assets 1,466 1,564
6,355 6,319
296,474 326,588
=======
=======
LIABILITIES
Current liabilities 203,386 235,009
Non-current liabilities 17,466 9,470
Equity 75,622 82,109
296,474 326,588
=======
=======
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2009 2010 2011
Sales 390,442 388,652 444,410
Gross profit 27,528 27,686 40,821
Operating income 7,347 11,467 23,364
Pre-tax income
(loss) (143) 5,615 11,770
Net income (loss) (362) 4,267 8,923
======= ======= =======
Consolidated first 6 months of 2012 sales
were NIS 235,568,000 (9% increase comparing to the parallel period in 2011),
making a gross profit of
NIS 21,388,000, an operating income of NIS
13,847,000, and a net profit of
NIS 6,475,000.
Subject has non-active wholly-owned subsidiaries, which participate in
the Ministry of Agriculture tenders for receiving import licenses:
FOOD–TRONICS LTD., A.A. SHIBOLET LTD., GRICIA LTD., SHAKED HAKESEM LTD.,
BOTEN HAMAHATZ LTD., MAZON SAME'ACH LTD., TE'ENAT CAN'AN LTD.
Other
companies owned by Hamama family:
TENE NEGEV LTD., marketers and exporters of peanuts
HAMAMA MEIR DEVELOPMENT AND INVESTMENTS CO.
(1991) LTD.,
HAMAMIT LTD.,
TENE PEANUTS LTD.,
TENE PEANUTS 91 SORTING
AND MARKETING LTD.
HAMAMA BROTHERS
& CO. LTD., real estate,
MILGAD LTD.,
HAMAMA TENE HAI PEANUTS 1997 LTD.
POLIVA LTD., 12%, traders, importers and marketers of raw materials and
substances for bakeries.
S. HAMAMA HOLDINGS INDUSTRY & HI-TECH LTD.
· Bank Leumi Le’Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv.
· Union Bank of Israel Ltd., Main Branch (No. 063), Tel Aviv.
Above 2 banks are the main ones. Also
working with:
The First International Bank of Israel Ltd.,
Industrialists' House Branch (No. 057), Tel Aviv.
In January 2011 subject received a claim that it violated
a lease agreement and is seued for NIS 3.8 million. In September 2012 matter ended
in a comprmise, in which subject will pay NIS 160,000 and all claimes will be
dropped.
Nothing unfavorable learned apart from the above.
Subject is veteran, one of the two leading
companies in their field in the local market, with an estimated market share of
15% (2010/2011/2012).
In 2000, the HAMAMA Group sold
all activities of MILOUMOR OIL INDUSTRIES (1992) LTD., processors of oil, to
the SHEMEN Group, for sum of US$ 10 million.
In March 2006 subject sold its rights in a plot in Kiryat Gat, including
the structures, to a third party in consideration of NIS 20.78 million.
According to
Ministry of Agriculture data from February 2009, 3,600 tons of pistachio and
3,100 tons of almonds are imported to Israel each year.
The whole local
nuts/almonds and dried fruits market rolls some NIS 600 million annually. Most
of it arrives from import from Turkey, China, USA, Far East countries and South
Africa.
In 2011 sales for exports by the food & beverages industries rose by
16.6%, reaching US$ 929.8 million (rose 9.8% in 2010 after falling by 11% in
2009).
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). However, the trend has shown a reverse in 2012
first half, with a decrease in import of food.
The
Central Bureau of Statistics (CBS) 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.
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.53.29 |
|
UK Pound |
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.