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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SH. FRANCIS HOLDINGS & TRADE LTD. |
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Registered Office : |
P.O. Box |
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Country : |
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Date of Incorporation : |
22.07.2012. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and
marketers of dried foodstuff. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. Its
major imports include crude oil, grains, raw materials, and military equipment.
Cut diamonds, high-technology equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the
Arab Spring because strong trade ties outside the Middle East have insulated
the economy from spillover effects. 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, and production from the Tama field is expected to meet all of
Israel's natural gas demand beginning mid-2013. 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
SH. FRANCIS HOLDINGS & TRADE LTD.
Telephone 972 77 201 82 16
Fax 972 77 201 52 15
Email: shukhamt@actcom.co.il
P.O. Box 33379
(3133301)
58 Ha'atzmaut Road
HAIFA 3303520 ISRAEL
A private limited company, incorporated as
per file No. 51-480149-7 on the 22.07.2012.
Authorized share capital NIS 50,000.00,
divided into -
50,000
ordinary shares of NIS 1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
Subject is fully owned by Ms. Lila Shukha.
Ms. Lila Shukha.
Sami Shukha, a relative of Ms. Lila Shukha.
Importers and
marketers of dried foodstuff.
According to the
website you provided (www.magicspices.co.il), subject operates
also as importers, processors and marketers of spices (which
is/was among affiliated company FRANCIS SHUKHA SONS LTD.'s activities - see more in CHARACTER).
According to our files this spices activity is affiliated also to MAGIC SPICES
LTD.
Subject's General
Manager, Sami Shukha, did not mention spices specifically, only died food.
Sami Shukha denied any affiliation to FRANCIS
SHUKHA SONS (which seems odd to us), only said he is a relative of Ms. Lila
Shukha.
Operating from premises in 58 Ha'atzmaut
Road, Haifa.
Note: according to our, these premises serve as
warehouse and plant of FRANCIS SHUKHA SONS LTD.
Number of employees not forthcoming.
Financial data not forthcoming.
There are no charges registered on the company's assets.
Sales figures not forthcoming.
Also belonging to the Late Francis Shukha
family:
FRANCIS SHUKHA SONS LTD.,
FRANCIS SHUKHA
SONS IMPORT & TRADE LTD.
FRANCIS SHUKHA
SONS MANUFACTURING & MARKETING SPICES LTD.
MAGIC SPICES LTD.
MAGIC SPICES 2005 LTD.
Bank data not forthcoming.
As noted above, subject's General Manager denied
affiliation to FRANCIS SHUKHA SONS. Yet, subject is operating from a premises
used by FRANCIS SHUKHA SONS, and subject's P.O. Box (33379) was/is used by them
too.
Furthermore, Ms. Lila Shukha, owner of
subject, is the widow of the late Mr. Francis Shukha, founder of FRANCIS SHUKHA
SONS, founded in 1979 and incorporated in 1998. Following her husband's death
in 1992 ownership passed to Ms. Lila Shukha, until it incorporated as FRANCIS
SHUKHA SONS LTD. in 1998 by her son Wasim Shukha who took over the business.
It should also be remarked that roots of
Shukha business lie in food marketing business founded by the Late George
Shukha in 1930, which during the 1970s was split among his sons, Francis Shukha
being one of them.
From all the above said and data gathered,
there remains much confusion regarding subject's activities and its affiliation
to the family's other companies, which so far we cannot explain.
So far subject's General Manager refused to disclose data. He asked us to
send him an email with our request – which we did – and he will consider our
request.
In case he returns to us with further data, we will update you accordingly.
Otherwise, we did not find detrimental data
on subject.
After several years of
constant growth, the consumer products market, which includes food, beverages
and household and personal care goods, ended 2012 with fixation and even
decrease in sales, according to Nilsen Market Research. The decrease intensified
over the last quarter of 2012, but was compensated by prices rise. In money
terms, the market grew by mere 0.7%, lest than the population growth rate (2%
per annum), reflecting the slow-down trend in the local economy which started
in 2011 2nd half. Sales in the bar-coded consumer market reached NIS
40.4 billion. Sales of food in 2012 grew by 1.1%, reaching NIS 29.8 billion,
while in the beverage market sales fell by 2% to NIS 5.1 billion. Volume of personal care goods rose by 3% to NIS 3
billion, while sale of household increased by
1.5% to NIS 2.7 billion.
According
to Central Bureau of Statistics (CBS), import of food and
beverages to Israel in 2012 summed up to NIS 6,898 million, rising by 13.8%
from 2011 (a 5.5% rise in $ terms), continuing the upward growth trend from
2011 and 2010.
From the CBS National Accounts for 2012, it
turns that expenditure by local households on private consumption grew by 2.7%
from 2011, after rising by 3.8% in 2011. Expenditure on food, beverage & tobacco increased by 3.4% (after 4% rise in
2011).
Per capita expenditure for private consumption on non-durable goods
rose in 2012 by 1.4% per-capita (1.3% rise in 2011). This rise reflects
increases by 1.3% in expenditure on food,
beverage & tobacco and 4.5% expenditure
on clothing, footwear and personal effects.
Considering the confusion in subject's
activity, and lack of data from subject's officials, dealings are recommended
on fully secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
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.