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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
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Name : |
HAMAMA MEIR TRADE
(1996) LTD. |
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Registered Office : |
P.O. Box 50434, Tel
Aviv (6150302) 4 Koifman Street, Sharbat House Tel Aviv6801296 |
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Country : |
Israel |
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Financial As On : |
31.12.2013 |
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Date of Incorporation : |
20.11.1996 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Traders, importers,
exporters, marketers and distributors in dried foodstuff, mostly commodities,
including cereals, dried fruits, nuts, rice, legumes, sesame, coffee, spices, |
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No. of Employees |
57 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by exports. 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. 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. The economy has recovered better than most advanced, comparably sized economies, but slowing demand domestically and internationally, and a strong shekel, have reduced forecasts for the next decade to the 3% level. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is not due to come online until 2018, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. 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. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition
|
Source
: CIA |
HAMAMA MEIR TRADE (1996) LTD.
Telephone 972 3 519 55 55; 510 69 69
Fax 972
3 510 70 10
P.O. Box 50434, Tel
Aviv (6150302)
4 Koifman Street,
Sharbat House
TEL AVIV 6801296 ISRAEL
A private limited
company, incorporated as per file No. 51-239801-7 on the 20.11.1996.
Subject was
incorporated in view of continuing the trade in food activities of HAMAMA BROS.
& CO. LTD., owned and founded by the Hamama family in 1951 (incorporated in
1972), which turned into a real estate holding company.
In May 2007 published
a prospectus offering shares to the public through the Tel Aviv Stock Exchange,
following which subject converted into a public limited company and its shares
started trading on 07.06.2007 (keeping same registration number).
Authorized share
capital NIS 20,000,000.00, divided into -
20,000,000 ordinary
shares of NIS 1.00 each,
of which 14,326,157
shares amounting to NIS 14,326,157.00 were issued.
1. Eliyahu Hamama, 37.5%,
2. Meir Hamama, 32.6%,
3. Josef Hamama, 7.3%,
4. EXCELLENCE INVESTMENTS LTD., 7.6%, an
institutional inventor,
5. PSAGOT TRUST FUNDS LTD., 5.6%, an
institutional inventor,
6. Shares are also traded on the Tel Aviv
Stock Exchange (TASE).
1. Zvika Amit, Chairman,
2. Avi Diamant,
3. Yehonatan Shamir,
4. Ms. Shoshana Shif.
Eliyahu (Eli) Hamama.
Traders, importers,
exporters, marketers and distributors in dried foodstuff, mostly commodities,
including cereals, dried fruits, nuts, rice, legumes, sesame, coffee, spices,
etc.
Subject is selling,
mostly wholesale, some 50 families of products, imported from different
countries.
In 2013, 91.6% of
sales were sold to clients in Israel, 7.2% to the Palestinian market, and the
rest, 1.2% for export.
Subject has some 450
local customers, divided into 4 sectors:
Most (89.7%) of the
local clients are from the Commercial market: mostly to wholesalers,
supermarket chains, packing and roasting houses, as well as food manufacturers
and retailers. The reminder is sold to the institutional market and government
institutes.
Purchasing (of
finished goods, no raw materials) are both locally and from abroad, some 150
suppliers, mainly from Ethiopia, Turkey, North America, Argentina, Far East
(India, Thailand, China).
Among local suppliers
are corn growers, etc.
Operating from rented
offices, owned by sister company, in 4 Koifman Street, Sharbat House, Tel Aviv,
and an additional rented office on an area of 625 sq. meters in Champion Tower,
Bnei Brak, from logistic center in Kiryat Gat (owned by sister company) on an
area of 15,720 sq. meters (8,500 sq. meters are built), a rented (from 3rd
party) storage facility on an area of 1,700 sq. meters in Kiryat Gat, and from
bonded warehouses, rented according to needs, in the Ashdod Port, as well as
cold storage facilities according to need.
Having 57 employees
(had 54 employees in the end of 2012).
In May 2007 subject made a public offering of its shares and bonds, raising a gross proceeds of NIS 91.5 million.
Current market value US$ 31.8 million.
In July 2013 subject raised NIS 81,000,000 issuing bonds on the TASE.
There are 7 charges for unlimited amounts registered on the
company’s assets in favor of Bank Leumi Le’Israel Ltd., The First international
Bank of Israel Ltd., and Mizrahi Tefahot Bank Ltd. (last charge placed August
2008).
B/S shows:
NIS (thousands)
31.12.2013 31.03.2014
ASSETS
Current assets:
Cash and cash equivalents 1,354 582
Customers 175,990 180,188
Other debtors 2,433 6,944
Stock 176,653 198,135
356,430 385,849
Non-current assets:
Customers 1,720 1,761
Fixed assets, net 3,395 3,479
Other
non-current assets 1,280 1,315
6,395 6,555
362,825 392,404
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LIABILITIES
Current liabilities 177,037 205,520
Non-current liabilities 81,186 80,976
Equity 104,602 105,908
362,825 392,404
======= =======
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2011 2012 2013
Sales 444,410 480,763 529,584
Gross profit 40,821 40,326 44,282
Operating income 23,364 21,255 27,754
Pre-tax income 11,770 14,817 21,687
Net income 8,923 12,914 16,184
======= ======= =======
Consolidated revenues
for the first 3 months of 2014 were NIS 133,624,000 (3.6% increase compared to
the parallel period in 2013), making a gross profit of NIS 12,056,000, an
operating income of NIS 7,459,000, and a net income of
NIS 4,306,000.
Subject has non-active wholly-owned subsidiaries, which participate in the Ministry of Agriculture tenders for receiving import licenses:
FOOD–TRONICS LTD., A.A. SHIBOLET LTD., GRICIA LTD., SHAKED HAKESEM LTD., BOTEN HAMAHATZ LTD., MAZON SAME'ACH LTD., TE'ENAT CAN'AN LTD.
Other
companies owned by Hamama family:
TENE
NEGEV LTD., marketers and exporters of peanuts
HAMAMA MEIR DEVELOPMENT AND INVESTMENTS CO. (1991) LTD.,
HAMAMIT LTD.,
TENE PEANUTS LTD.,
TENE PEANUTS 91 SORTING AND MARKETING LTD.
HAMAMA BROTHERS & CO. LTD., real estate,
MILGAD LTD.,
HAMAMA TENE HAI
PEANUTS 1997 LTD.
POLIVA LTD., 12%,
traders, importers and marketers of raw materials and substances for bakeries.
S. HAMAMA HOLDINGS
INDUSTRY & HI-TECH LTD.
Bank Leumi Le’Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv.
Union Bank of Israel Ltd., Main Branch (No. 063), Tel Aviv.
Above 2 banks are the main ones. Also working with:
The First International Bank of Israel Ltd., Industrialists' House Branch (No. 057), Tel Aviv.
In
January 2011 subject received a claim that it violated a lease agreement and is
seued for NIS 3.8 million. In September 2012 matter ended in a comprmise, in
which subject will pay NIS 160,000 and all claimes will be dropped.
In
April 2014 subject's storage facilities in Kiryat Gat did not meet the Ministry
of health regulations. In May 2014 subject reported that the appopriate mesures
were taken and the facilty received a storage permit for the next 6 months in
which a re-inspection will take place.
Nothing
unfavorable learned apart from the above.
Subject is veteran, one of the two leading companies in their field in the local market, with an estimated market share of 20% (was 15% in 2010, 2011 & 2012).
In
2000, HAMAMA Group sold all activities of MILOUMOR OIL INDUSTRIES (1992) LTD.,
processors of oil, to SHEMEN Group, for US$ 10 million.
In March 2006 subject
sold its rights in a plot in Kiryat Gat, including the structures, to a third
party in consideration of NIS 20.78 million.
According to Ministry of Agriculture data from February 2009, 3,600 tons of pistachio and 3,100 tons of almonds are imported to Israel each year.
The whole local nuts/almonds and dried fruits market rolls some NIS 600 million annually. Most of it arrives from import from Turkey, China, USA, Far East countries and South Africa.
Sales for exports by
the food & beverages industries grew by 1.5% in 2013 from 2012, with sales
reaching US$ 1,072.5 million (in $ terms, though fell 5% in NIS terms), after
remaining stagnant in 2012 and 17% rise in export in 2011.
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.
The Central Bureau of
Statistics data shows that import
of raw food products to Israel in 2013 summed up to NIS 8,552.7 million, 6.4%
decrease from 2012 (in NIS terms, was stagnant in $ terms). That continues the
downwards trend from 2012, when it fell by 2.7% from 2011, whereas in both 2011
and 2010 import rose by around 20% in each of the years. Over 50% of import is
from the EU.
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).
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.
Good for trade engagements.
Note: Since February 2013 Israel Post has started using a new area code method of 7 digits (the old method of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.34 |
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1 |
Rs.103.44 |
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Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
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.