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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
CANCUN PRODUCTS LTD. |
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Formerly Known as: |
UZI PATAEL LTD. |
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Registered Office : |
4 Shimon Israeli Street,
New Industrial Zone, Rishon Le Zion 7565404 |
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Country : |
Israel |
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Date of Incorporation : |
27.05.1991 |
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Com. Reg. No.: |
51-157335-4 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, processors and marketers of foodstuff, specializing in meat,
fish, seafood, and cheeses |
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No. of Employees |
Not Available |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 since 2011 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 Tamar field started meeting all of Israel's natural gas demand in 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. In May 2013 the Israeli government, in a politically difficult process, passed an austerity budget to reign in the deficit and restore confidence in the government’s fiscal position.
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Source : CIA |
CANCUN PRODUCTS LTD.
Telephone 972
3 951 80 74
Fax 972
3 951 80 73
Email: ronit@cancun.co.il
4 Shimon Israeli Street
New Industrial Zone
RISHON LE ZION 7565404 ISRAEL
A private limited company registered as per file No. 51-157335-4 on the
27.05.1991.
Originally registered
under the name UZI PATAEL LTD., which changed to the present name on the
22.12.2003.
Authorized share capital NIS 2,640.00, divided into -
2,640
ordinary shares of NIS 1.00 each,
of which 420 shares amounting to NIS 420.00 were issued.
1. Ezra Patael, 50%,
2. Ms. Dorit Patael, 50%.
1. Ezra (Uzi) Patael, General
Manager,
2. Ms. Dorit Patael,
Importers, processors and marketers of foodstuff, specializing in meat,
fish, seafood, and cheeses.
Sales are mainly to the local restaurants and delicatessens.
Most of subject’s suppliers are foreign.
Note: Since subject's general Manager refused to disclose
any details, we are regarding subject's and sister company's activities as a
Group. From our investigation subject operates most of the Group's activities.
Amongst local suppliers: NETTO GROUP, LAHOVICH, etc.
Shipping services: ZIM NAVIGATION.
Operating from Group's owned premises (plant, cold-storage facilities and
retail store), in 4 Shimon Israeli Street, Rishon Le-Zion.
Number of employees not forthcoming.
According to our, subject employs over 60 employees.
Financial data not forthcoming.
Group's owned premises are valued at several NIS millions.
There are 22 charges for unlimited amounts registered on the company’s
assets, in favor of Mizrahi Tefahot Bank Ltd., Mercantile Discount Bank Ltd.,
Bank Leumi Le'Israel Ltd., Bank Otsar Hahayal Ltd., and a company (last 5
charge placed during 2013 on financial assets and vehicles).
Group's 2003 sales claimed to be NIS 50,000,000.
Later sales figures not forthcoming.
According to our sources, subject sales exceed NIS 50,000,000.
CANCUN TRADE MANUFACTURING MARKETING AGRICULTURAL PRODUCTS LTD., sister
company, part of CANCUN Group.
EZRA PATAEL ASSETS LTD.
Based on our:
Mercantile Discount Bank Ltd., Rishon Le Zion Branch (No. 668), Rishon Le
Zion, account No. 120340.
A check with the central banks’ database did not reveal any negative
information regarding subject’s a/m account.
Note: Since so far we could not speak to subject's officials, we are
unable to verify a/m bank details.
Nothing unfavorable learned (in an incident in 2012 subject was accused and
convicted for violating business license regulation, however the matter is
relatively insignificant).
Despite our efforts, we were unable to speak with subject's General
Manager, Mr. Uzi Patael, as he was always unavailable. We left messages which
so far remain unanswered.
Subject is a veteran business, well-known in its field.
There are about 10
large importers of meat to Israel, due to the high entry barriers to the
branch. One third of the local meat market is comprised of fresh meat, mainly
from local cattle herds (60%), the rest from import.
In 2010, some 91
thousand cattle heads (calves) were imported to Israel, mainly by TNUVA with
30% share.
In 2009 106,600
tons of meat (cattle) was sold, of which 36,000 tons from local suppliers and
the rest from frozen imported meat.
Meat consumption
rate in 2009 was estimated at 17 kg per person.
According
to Central Bureau of Statistics (CBS), import of food and
beverages to Israel in 2013 reached NIS 6,946 million, rising by mere 0.7% (in
NIS terms, 7.4% rise in $ terms), continuing the upward growth trend from 2012
(14% rise), 2011 and 2010.
From the CBS National Accounts for 2013, it
turns that expenditure by local households on private consumption grew by 3.7%
from 2012, after rising by 3.2% in 2012 and by 3.8% in 2011. Expenditure on food, beverage & tobacco increased by 3.8% (after
3.5% rise in 2012).
Notwithstanding the refusal to disclose
details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.32 |
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UK Pound |
1 |
Rs.100.04 |
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Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
MNL |
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.