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Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
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Name : |
JOSEPH LEVY –
FOOD ENTERPRISES LTD. |
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Formerly Known As : |
JOSEPH LEVY - FOOD BUSINESS LTD. |
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Registered Office : |
P.O. Box 5145, Tel Aviv (6105101), 65 Matalon Street , Tel Aviv 6685616 Israel |
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Country : |
Israel |
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Date of Incorporation : |
1952 |
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Legal Form : |
Sole Proprietary |
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Line of Business : |
Importers and marketers of foodstuffs (e.g. canned food, dried fruit,
herbs and spices, legumes & pulses, nuts.) |
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No of Employees : |
22 |
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 |
JOSEPH LEVY - FOOD ENTERPRISES LTD.
Telephone 972 3 687 95 44
Fax 972
3 687 01 66
P.O. Box 5145, Tel Aviv (6105101)
65 Matalon Street
Tel Aviv 6685616 Israel
Originally established as a sole proprietary business in 1952, by Joseph
Levy.
Converted into a private limited company and registered as such as per
file
No. 51-053262-5 on the 13.01.1970 under the name JOSEPH LEVY - FOOD BUSINESS
LTD., which changed to the present one on the 14.06.1990.
Authorized share capital NIS 2,000,000.00, divided into -
1,000 management shares (200
shares issued),
1,999,000 ordinary shares (951,916 shares issued), all of NIS 1.00 each,
of which shares amounting to NIS 952,116.00 were issued.
1. MENASHE
LEVY MANAGEMENT AND HOLDINGS LTD., 75% of ordinary shares and 81% of management
shares issued, fully owned by Menashe Levy,
2. ANAT
GEVA MANAGEMENT AND HOLDINGS LTD, 25% of ordinary shares and 19% of management
shares issued, fully owned by Ms. Anat Geva.
1. Menashe Levy,
2. Ms. Anat Geva.
Importers and marketers of foodstuffs (e.g. canned food, dried fruit,
herbs and spices, legumes & pulses, nuts.)
Amongst subject’s clients are supermarket chains, including leading
SHUFERSAL, MEGA BOOL, EDEN TEVA MARKET, as well as KATIF and others.
Sales are also to companies in the Palestinian Authority. Among
clientele: SHAREKAT MASNA ZATAR WA BHARAT ALAQSA, HANI SHAHROURI.
All purchases are imports.
Operating from rented offices, on an area of 400 sq. meters, in 65
Matalon Street, Tel Aviv, and from owned warehouse, on a built area of 3,000
sq. meters, in the Industrial Zone, Ariel.
Had 22 employees in 2008 (had 17 employees in 2007). Current number not
forthcoming, believed to be similar.
Stock was valued at NIS
Later and other financial data not forthcoming.
There are 6 charges for unlimited amounts registered on the company's
assets (fixed assets, financial assets and vehicles), in favor of Israel Discount
Bank Ltd. and Bank Hapoalim Ltd. Charge were placed in 1986,1996, 1998, 2007
and last charge placed June 2012.
2006 sales claimed to be NIS 100,000,000.
2007 sales claimed to be NIS 110,000,000.
2008 sales are known to exceed NIS 100,000,000.
2009 sales are known to exceed NIS 100,000,000.
Later sales figures not forthcoming.
Israel Discount Bank Ltd, Kikar Hamoshavot Branch (No. 014), Tel Aviv,
account No. 258253.
Bank Hapoalim Ltd., Haaliya Branch (No. 503), Tel Aviv, account No.
77755.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Nothing unfavorable learned.
Subject's General Manager refused to disclose any data, following the
change in their policy since 2011, saying they do not use credits.
This is a long established business.
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.
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. There
has been a recovery in the sale of food products in the following months, and
food chains sales index marked a 3.3% rise in annual calculation.
According to Nilsen Market
Research survey of the consumer market for the first half of 2014, in money
terms, the market experienced an erosion, and stagnant in terms of quantity,
besides the beverage market, which presented a decrease. The volume of FMCG
bar-coded market totaled NIS 20.6 billion, and was divided into: 79% for food
(-0.5% in money terms, stagnant in quantity), 12% for beverages (-3.3% in
money, -1.9% in quantity), 7% for personal care goods
(-2.3%, stagnant in quantity), and 7% for home care goods (-3%, stagnant in
quantity).
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. In the first 8 months of 2014 import increased by
8% compared to the parallel period in 2013 (by 13% in $ terms).
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 update data, considered good trade engagements.
NOTES:
1.
Please note subject's correct P.O. Box – 5145 (and
not 5154)
2. 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
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|
1 |
Rs.99.12 |
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Euro |
1 |
Rs.78.89 |
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.