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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
MIRO FOODS INTERNATIONAL LTD. |
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Formerly Known As : |
MIRO FOOD TRADE LTD. |
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Registered Office : |
P.O. Box 12751 22 Maskit Street Herzliya Pituach Herzliya 4673322 |
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Country : |
Israel |
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Date of Incorporation : |
07.08.1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, exporters and international traders of foodstuff, both raw materials for the food industry (i.e. concentrators and by products for the soft drinks industry) and consumer products, e.g. rice, ready-made food. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
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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. 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
MIRO FOODS
Telephone 972 9 956 21 88
Fax 972 9 956 21 69
P.O. Box 12751
22 Maskit Street
Herzliya Pituach
HERZLIYA 4673322
ISRAEL
A private limited company,
incorporated as per file No. 51-121884-4 on the 07.08.1987.
Originally
registered under the name
Authorized share capital NIS 2,640.00,
divided into -
2,640 ordinary shares of NIS
1.00 each,
of which 2 shares amounting to NIS 2.00 were
issued.
Subject is fully owned by Michael Lustig.
Mr. Lustig reached
full control in the beginning of 2000 after acquiring 50% of the shares from
Mr. Ron Dankner, subject’s former shareholder.
Michael Lustig.
Importers,
exporters and international traders of foodstuff, both raw materials for the
food industry (i.e. concentrators and by products for the soft drinks industry)
and consumer products, e.g. rice, ready-made food.
Subject also
exports, though to a relatively low extent.
Among local
clients: SHUFERSAL, MEGA (both latter are largest supermarket chains), JAFORA
TABORI, GANIR, GAT GIVAT SHMUEL, YAD MORDECHAY APIARY, AM:PM, etc.
Among local
suppliers: ZANLAKOL, GANIR, GAT GIVAT SHMUEL, SUNFROST, etc.
Sole
representative of (main agencies):
RIVERSIDE, SUMMERPRIDE,
LANGBERG, all of South Africa, and more.
Operating from
owned premises, on an area of 250 sq. meters, in 22 Maskit Street, Herzliya
Pituach Industrial & Hi-Tech Zone, Herzliya. Offices are shared with sister
company D.L. MIRO TRADE LTD.
Having 10
employees serving subject and sister company (same as in mid 2011 2010 and
2009).
Work is based on
orders.
Owned property in Herzliya (where subject is operating from) was valued
at
US$ 600,000 few years ago.
Other financial
data not forthcoming.
There are 4
charges for unlimited amounts, as well as 2 charges amounting to
US$ 531,480.00 and NIS 50,000.00, registered on the company's assets (financial
assets, fixed assets and a vehicle), in favor of Bank Leumi Le'Israel and Bank
Otsar Hahayal Ltd. (last charge placed in December 2012 on a vehicle).
Consolidated sales
for subject and sister company D.L. MIRO TRADE LTD.
2008 sales claimed
to be between US$20 - US$30 million.
2009 sales claimed
to be between US$20 - US$30 million.
2010 sales claimed
to be US$ 20 million.
Later sales data
not forthcoming.
D.L. MIRO TRADE
INTERNATIONAL LTD., sister company (100% owned by subject's shareholder), dealing
in similar activities as subject, varies in products and customers.
Bank Leumi
Le'Israel Ltd., Herzliya Business Branch (No. 744), Herzliya.
(Note: we are
informed that subject switched to a new (above) branch since our last
interview).
Nothing
unfavorable learned.
Subject's General Manager refused to disclose financial data.
Subject is a veteran business.
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.
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.
CBS
data
shows that import of raw food products to Israel in 2012
summed up to NIS 9,135.6 million, 2.7% decrease from 2011 (marked a 9.8%
decrease in $ terms). This represents a reverse trend from the previous couple
of years, when it rose in both years in around 20%. Over 50% of import is from
the EU.
From CBS preliminary National Accounts for
2012, it turns that in 2012 expenditure on private consumption grew by 2.8%
from 2011, after rising by 3.8% in 2011. Per-capita expenditure increased by
0.9% (1.9% 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 and
tobacco and 4.5% expenditure on clothing,
footwear and personal effects.
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.29 |
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|
1 |
Rs.91.18 |
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Euro |
1 |
Rs.78.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.