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Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
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Name : |
JOSEPH LEVY - FOOD ENTERPRISES LTD. |
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Formerly Known as: |
JOSEPH LEVY - FOOD BUSINESS LTD. |
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Registered Office : |
P.O. Box 5154,
Tel Aviv (61051), 65 Matalon Street, Tel Aviv 6685616 |
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Country : |
Israel |
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Year of Incorporation : |
1952 |
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Com. Reg. No.: |
51-053262-5 |
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Legal Form : |
Private Limited
Company |
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line of business
: |
Importers and
marketers of foodstuffs (e.g. canned food, dried fruit, herbs and spices,
legumes & pulses, nuts, etc.). |
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No. of Employees : |
22 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
JOSEPH
LEVY - FOOD ENTERPRISES LTD.
Telephone 972 3 687 95 44
Fax 972 3 687 01 66
P.O. Box 5154, Tel
Aviv (61051)
65 Matalon Street
TEL AVIV 6685616ISRAEL
Originally
established as a sole proprietary business in 1952, by Joseph Levy.
Converted into a
private limited company and registered as such as per file
No. 51-053262-5 on the 13.01.1970, under the name JOSEPH LEVY - FOOD BUSINESS
LTD., which changed to the present one on the 14.06.1990.
Authorized share
capital NIS 2,000,000.00, divided into -
1,000 management shares (200 shares issued),
1,999,000 ordinary
shares (951,916 shares issued), all of NIS 1.00 each,
of which shares
amounting to NIS 952,116.00 were issued.
1. MENASHE LEVY MANAGEMENT AND HOLDINGS
LTD., 75% of ordinary shares and 81% of management shares issued, fully owned
by Menashe Levy,
2. ANAT GEVA MANAGEMENT AND HOLDINGS LTD,
25% of ordinary shares and 19% of management shares issued, fully owned by Ms.
Anat Geva.
1. Menashe Levy,
2. Ms. Anat Geva.
Importers and
marketers of foodstuffs (e.g. canned food, dried fruit, herbs and spices,
legumes & pulses, nuts, etc.).
Amongst subject’s
clients are supermarket chains, including leading SHUFERSAL, MEGA BOOL, EDEN
TEVA MARKET, as well as KATIF and others.
Sales are also to
companies in the Palestinian Authority. Among clientele: SHAREKAT MASNA
ZATAR WA BHARAT ALAQSA, HANI SHAHROURI.
All purchases are
imports.
Operating from
rented offices, on an area of 400 sq. meters, in 65 Matalon Street, Tel Aviv,
and from owned warehouse, on a built area of 3,000 sq. meters, in the
Industrial Zone, Ariel.
Had 22 employees
in 2008 (had 17 employees in 2007). Current number not forthcoming, believed to
be similar.
Stock was valued
at NIS
Later and other
financial data not forthcoming.
There are 6
charges for unlimited amounts registered on the company's assets (fixed assets,
financial assets and vehicles), in favor of Israel Discount Bank Ltd. and Bank
Hapoalim Ltd. (last charge placed June 2012, prior charge placed in July 2007).
2005 sales claimed
to be NIS 90,000,000.
2006 sales claimed
to be NIS 100,000,000.
2007 sales claimed
to be NIS 110,000,000.
2008 sales are known
to exceed NIS 100,000,000.
2009 sales are
known to exceed NIS 100,000,000.
Later sales
figures not forthcoming.
Israel Discount
Bank Ltd, Kikar Hamoshavot Branch (No. 014), Tel Aviv,
account No. 258253.
Bank Hapoalim
Ltd., Haaliya Branch (No. 503), Tel Aviv, account No. 77755.
A check with the
Central Banks' database did not reveal any negative information regarding
subject's a/m accounts.
Nothing
unfavorable learned.
Subject's General
Manager refused to disclose any data, following the change in their policy
since 2011, saying they do not use credit.
Subject is a long
established business, showing constant growth in sales.
The local market for food & beverages
grew by 11.4% from 2008 to 2011, summing up to NIS 35.15 billion, around 4.5%
increase (in money terms) in 2011 from 2010.
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).
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.
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.
Notwithstanding the refusal to update data,
considered good 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.53.89 |
|
UK Pound |
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.