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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SEAFOOD GOURMET LTD |
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Formerly Known as: |
KING FISH LTD |
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Registered Office : |
Hangar No. 24 (Mul Yam Restaurant) Tel Aviv
Port TEL AVIV 63501 |
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Country : |
Israel |
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Date of Incorporation : |
18.10.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Management of “Mul Yam” restaurant in Tel Aviv
Port. Subject also imports foodstuff from time to
time. |
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No. of Employees : |
50 – 55 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) |
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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 |
SEAFOOD GOURMET LTD
Telephone 972
3 546 99 20 /30
Fax 972
3 546 99 40
Email: shalom@mulyam.com
Hangar No. 24 (Mul Yam Restaurant)
Tel Aviv Port
TEL AVIV 63501 ISRAEL
A private limited company, incorporated as per
file No. 51-359772-4 on the 18.10.2004.
Originally registered under the name KING FISH
LTD., which changed to the present name on the 14.09.2009.
Authorized share capital NIS 40,000.00, divided
into -
40,000
ordinary shares of NIS 1.00 each,
of which 100 shares amounting to NIS 100.00 were
issued.
Subject is fully owned by David Litvak.
David (Dudi) Litvak.
In practice, Shalom Maharovsky is managing the
Mul Yam Restaurant.
Management of “Mul Yam” restaurant in Tel Aviv
Port.
Subject also imports foodstuff from time to
time.
Operating from the Mul Yam Restaurant, Hangar #24,
Tel Aviv Port (also known as 'Old Port'), Tel Aviv. The premises, of several
hundred sq. meters, is long-term leased (till 2020) from OTSAR MIFALEI YAM CO.
LTD. (a governmental real estate company). Other of Maharovsky's businesses
share the premises.
Registered address is at 6 Tzamarot Street,
Herzliya, which is the private residence of the owner, Dudi Litvak.
The address you gave, in 6 Bertonov Street, Tel
Aviv, is the private residence address of Shalom Maharovsky.
Having 50 – 55 employees.
Financial data not forthcoming.
There is 1 charge for an unlimited amount
registered on the company's assets (financial assets), in favor of Bank Hapoalim Ltd. (charge placed October 2010).
2010 revenues claimed to be NIS 10,445,458.
2011 revenues claimed to be NIS 11,540,939.
2012 revenues claimed to be NIS 11,324,374.
Mr. David Litvak has been known to be involved
in other companies in the past and may be presently, usually as a partner.
MAADANY YAM (SEAFOOD) ATLANTIC LTD., a private
limited company, incorporated December 1992, owned by Shalom Maharovsky,
engaged in import and marketing of fish, seafood and wines.
THE RESTAURANT BOGRASHOV LTD., also owned by
Shalom Maharovsky.
Bank Hapoalim Ltd., Hadar Yosef Branch (No.
610), Tel Aviv.
Nothing unfavorable learned.
'Mul Yam Restaurant' is a most prestigious
fish/seafood restaurant, one of Israel's finest. The restaurant was established
in 1995 by Shalom Maharovsky who, via his company MAADANY YAM (SEAFOOD)
ATLANTIC LTD., used to own and operate the Mul Yam Restaurant, and at some
stage, apparently by 2004 when subject was established the operation switched
to Mr. Litvak.
Shalom Maharovsky provided us with information
on subject, including sales figures (refused to delve into further financial
data).
It may be worth mentioning that in December 2007
it was reported that Shalom Maharovsky was accused of tax evasion of some NIS 2
million on fish, seafood and wines imported. In October 2011 a plea bargain was
approved in which Maharovsky fined NIS 25,000 and receive 6 months of community
service. It is possible that the shift in the Restaurant ownership moved due to
that affair.
David (Dudi) Litvak is a known figure in the local business community.
In his past he acted in senior public positions, including the Director General
of the Israeli Ministry of Tourism, General Manager of The Israel Export
Institute (owned by the Israeli government and Israel Industrialists'
Association), and Commercial Attache for North America. He also headed business
corporation was the chairman of KFAR HASHA'ASHUIM, a large franchise chain of
toys, managed a real estate corporation, and more.
According to a market research, as reported in August 2012, the local
Restaurants/ Dining market has annual sales of NIS 10 billion. 33% of the
restaurants are located in Tel Aviv, counting some 800 restaurants and fast
food bars (exclusive coffee houses). 15% of the restaurants in Israel are in
the exclusive category, 10% - casual restaurants, 30% - 'upgraded' fast food,
and 45% - fast food restaurants
Good for trade engagements.
Maximum unsecured credit recommended US$ 50,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
|
1 |
Rs.87.9 |
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Euro |
1 |
Rs.72.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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.