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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Name : |
OPAL S.Y. INTERNATIONAL LTD. |
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Registered Office : |
P.O. Box 4118,
10 Zarhin Street, Industrial Zone,, Ra'anana 4366238 |
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Country : |
Israel |
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Date of Incorporation : |
12.05.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, exporters,
marketers and international traders in foodstuff, e.g. frozen fruit and
vegetables, olive oil, olives, jams, juices, gourmet food. |
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No of Employees : |
15 |
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 |
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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
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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 |
OPAL S.Y.
Telephone 972 9 741 50 25
Fax 972 9 741 51 06
P.O. Box 4118
10 Zarhin Street
Industrial Zone,
Ra'anana 4366238
Israel
A private limited company, incorporated as
per file No. 51-232187-8 on the 12.05.1996 under the name OPAL IMPORTS &
EXPORT OF FOOD PROD
As of 01.01.2008, subject assumed, in a way
of merger, all the activities of sister company OPAL EXPORT A.Y. 2002 LTD.,
which ceased activities.
Authorized share capital NIS 29,400.00,
divided into -
29,400 ordinary
shares of NIS 1.00 each, of which 300 shares amounting to NIS 300.00 were
issued.
1.
Itzhak Kol, 50%,
2.
Yosef Michael Sprontz, 50%.
1. Itzhak Kol,
2. Yosef Michael Sprontz.
Importers, exporters,
marketers and international traders in foodstuff, e.g. frozen fruit and
vegetables, olive oil, olives, jams, juices, gourmet food.
10% of sales are
export (was 25% of sales in 2010-2013. The decrease is due to establishing a US
subsidiary which took over some of export activities).
Having over 100
retailers in Israel, the US, Canada, South Africa, Australia, Korea, and other
countries
Among clientele:
SHUFERSAL, TEMPO BEVERAGES, HADAROM FOOD INDUSTRIES, TOMER IMPORT &
MARKETING OF FOOD PRODUCTS, and more.
Purchasing is from
imports and local suppliers.
Agents for:
ZGODA, of Poland
(responsible for large part of imports).
PITTAFFO, of
Italy.
Operating from
rented premises (offices), on an area of 250 sq. meters, in 10 Zarhin Street,
Industrial Zone, Ra'anana (to where subject moved from 16 Hatidhar Street,
Industrial Zone, Etgarim House, Ra'anana in May 2014). Also using rented
warehouse facilities in Western Galilee, local sub-contractors warehouse
facilities in Dror Junction, as well as from subsidiary facilities in the USA.
Having 15
employees (had 14 employees in mid 2012, same as in the end of 2011).
Current stock is valued at NIS 6,000,000.
Other financial data not forthcoming.
There are 13 charges for unlimited amounts, as
well as 3 charges for the total sum of NIS 4,391,271.00 registered on the
company’s assets (financial assets and fixed assets), in favor of Mizrahi
Tefahot Bank Ltd., Israel Discount Bank Ltd., Mercantile Discount Bank Ltd.,
Bank Hapoalim Ltd. and Bank Leumi Le'Israel Ltd. (last charge placed October
2013).
2008 sales claimed
to be NIS 60,000,000, where export rate said to be high.
2008 sales rose
significantly, after subject absorbed activities of sister company OPAL EXPORT
A.Y. 2002 LTD. (whose 2007 sales summed up to NIS 35,500,000).
2009 sales claimed
to be NIS 57,000,000, of which 40% were for export.
2010 sales were
NIS 46,280,650, of which 25% were for export.
2011 sales were
NIS 49,700,000, of which 25% were for export, making a profit of circa NIS
1,000,000 before tax.
2012 sales claimed
to be NIS 50,000,000, of which 25% were for export.
2013 sales claimed
to be NIS 50,000,000, of which 25% were for export.
2014 first 6
months sales claimed to be NIS 25,000,000, of which 10% were for export.
Explore Asian
inc., 100%, USA, purchasing and selling foodstuff abroad, assumed part of
subject's export activities.
OPAL EXPORT A.Y.
2002 LTD., non-active.
Mizrahi Tefahot Bank Ltd., Bat Yam Branch (No.
425), Bat Yam, account
No. 133314.
Israel Discount Bank Ltd., Shenkar Branch
(No. 199), Herzliya, account
No. 45861.
Mercantile Discount Bank Ltd., Netanya
Branch (No. 647), Netanya, account
No. 20609.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
In January 2010 a
forwarding and logistics company FRIDENSON AIR AND OCEAN LTD. sued subject for
NIS 150,000. Case details are unavailable, but the case is closed, after ending
in a compromise.
Apart from that,
nothing unfavorable learned.
OPAL Group is
considered among the largest local dealers and importers of frozen fruit and
vegetables in Israel.
According to survey from 2013, the local food market, manufacturing, import
and trade, rolls NIS 80 billion per annum. There are some 1,700 food plants in
Israel (some also import) and hundreds of importers in the food, beverage and
consumer products, supplying raw materials and finished goods to the food
market.
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. In money terms, the market
grew by mere 0.7%, lest than the population growth rate (2% per annum). 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.
In 2013, there was a decrease in consumption
of food products in the marketing markets in terms of quantity, which was halted
in money terms due to prices rise.
The marketing chains reported on sharp drop
(7.9%) in sales of foodstuffs in the first 2 months of 2014 in terms of
quantity. The main reason for the trend is the continuous rise in cost of
living in Israel, which cause the decrease in expenditure by consumers.
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.
Good for trade
engagements
Maximum unsecured
credit recommended US$ 200,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.11 |
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|
1 |
Rs.98.15 |
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Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
TPT |
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.