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Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
HASHLOSHA - MARKETING FOR INSTITUTIONS IN THE
FOOD BRANCH LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
13.09.1995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of raw materials for the food industry, mainly
for the baking field |
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No. of Employees : |
30 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
HASHLOSHA - MARKETING
FOR INSTITUTIONS IN THE FOOD BRANCH LTD.
Telephone 972 3 973 05 77
Fax 972 3 973 21 10
P.O. Box 160
12 Shaked Street
Industrial Park
HEVEL MODI'IN 73199 ISRAEL
A private limited company,
incorporated as per file No. 51-220489-2 on the 13.09.1995.
Subject took over all the activities of HASHLOSHA
MARKETING OF MARGARINE AND RAW MATERIALS FOR C
No. 51-127666-9) by the same shareholder’s as subject, which was voluntarily
liquidated.
Authorized share capital NIS 28,000.00, divided into:-
28,000 ordinary shares
of NIS 1.00 each,
of which 300 shares amounting to NIS 300.00 were issued.
1.
Moshe Reifer, 50%,
2.
Meir Nice, 50%.
1. Moshe Reifer,
2. Meir Nice.
Importers and marketers
of raw materials for the food industry, mainly for the baking field.
Manufacturing is done via sister companies M.A.M. and HANACHTOM A.M.I. (see
OTHER COMPANIES).
20% of purchases
are imported, the rest acquired from subject's Group affiliates.
Operates from owned premises, on an area of
3,000 sq. meters, in 12 Shaked Street, Industrial Park, Hevel Modi'in (Modi’in
Region, near Modi’in city).
Having 30 employees as of the beginning of 2010.
Last obtained B/S shows:
NIS
31.12.2005
ASSETS
Current assets
Customers 13,871,024
Other
debtors 700,955
Inventories 1,698,906
16,270,885
Investment in subsidiary 99,682
Fixed assets 8,840,278
25,210,845
=========
LIABILITIES
Current
liabilities
Short-time bank credit 2,237,747
Suppliers 14,168,014
Accounts payable 776,972
17,182,733
Long-term loans 4,350,668
Severance payments 1,059,000
Shareholders
equity 2,618,444
25,210,845
=========
Property owned in
Industrial Park Hevel Modi'in was valued at US$
We were informed
that subject owns an additional property of 3,000 sq. meters in Hevel Modi'in,
rented to 3rd parties.
Other and later
financial means not forthcoming.
There are 15
charges for unlimited amounts registered on the company's assets (financial
assets, fixed assets and vehicles), in favor of Bank Leumi LeIsrael Ltd., Bank Hapoalim Ltd., The First International Bank of Israel Ltd., and companies (last
charge placed May 2012).
2005 sales were NIS
42,462,026, making a net profit of NIS 1,471,000.
2006 sales claimed
to be NIS 46,000,000.
2007 sales claimed
to be NIS 52,000,000.
2008 sales claimed
to be NIS 60,000,000.
2009 sales claimed
to be NIS 70,000,000.
Later sales data
not forthcoming.
Bank Leumi
Le’Israel Ltd., Rishon Le-Zion Business Branch (No. 671), Rishon Le-Zion,
account No. 096900/39.
Bank Hapoalim Ltd., Shoham Branch (No. 410),
Shoham, account No. 044660.
A check with the Central Banks’ database did not
reveal any negative information regarding subject’s a/m accounts.
HANACHTOM A.M.I. -
FOOD INDUSTRIES LTD., 50% owned by subject, marketers of subject's products to
the institutional market. 2005 sales were
NIS 19,900,000.
M.A.M. FOOD
INDUSTRIES LTD., owned by subject's shareholders, manufacturers and marketers
of chocolate powders, chocolate spread, etc. 2005 sales were NIS 5,600,000.
Both a/m plants
are in Ashdod.
OFEK - PREMIUM
PROD
Nothing unfavorable learned.
Despite our efforts, we were unable to speak with subject's General
Manager, being told he is very busy, upon speaking to him, we shall update you
accordingly.
In 2006 we received
a positive opinion from subject's bankers, Bank Leumi Le’Israel Ltd. The bank's
official said that he had been dealing with subject since 1997. Subject was
described as an excellent client; its checks never bounced and is good for open
credit amounts of several hundred thousands US$.
According to the Industrialists' Association, 2008 sales by the local food
industries reached NIS 56 billion, of which NIS 53 billion were to the local
market, the rest for export. In real terms, sales fell by 1.5% from 2007. Some
NIS 43 billion of sales came from sales of food products. Local food industries
marked a decrease in 2009 due to the slow-down in local economy and global
economic crisis, although decrease was relatively mild, mainly as the economic
climate ameliorated in the 2nd half of 2009.
In 2011 sales for exports by the food & beverages industries rose by
16.6%, reaching US$ 929.8 million (rose by 9.8% in 2010 after export rate fell
in 2009 by 11% from 2008).
Local food industry employs over 61,000 workers.
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.
Notwithstanding
the lack of updated data from subject's officials, considered good for trade
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.26 |
|
UK Pound |
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.64 |
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 |
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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 |
---- |
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.