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Report No. : |
304656 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Correct 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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Com. Reg. No.: |
51-121884-4 |
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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 employees serving subject and sister company
(same as in previous years). |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
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Source : CIA |
MIRO FOODS INTERNATIONAL LTD. (Correct
name)
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 LA
CUCARACHA LTD., which changed to MIRO FOOD TRADE LTD. on 20.06.1989, which
changed to present name on 14.09.1989.
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 year 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 RETAIL (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 previous years).
Owned property in
Herzliya (where subject is operating from) was valued at US$ 600,000 several
years ago.
Holding no stock,
work is based on orders.
Other financial
data not forthcoming.
There are 6
charges for unlimited amounts, as well as 2 charges amounting to US$ 531,480
and NIS 50,000.00, registered on the company's assets (financial assets, fixed assets
and vehicles), in favor of Bank Leumi Le'Israel and Bank Otsar Hahayal Ltd.
(last 2 charges placed in June-December 2014 on vehicles).
Consolidated sales
for subject and sister company D.L. MIRO TRADE LTD.
2009 sales claimed
to be between US$20 - US$30 million.
2010 sales claimed
to be US$ 20 million.
2011, 2012 &
2013 sales not forthcoming.
2014 consolidated
sales claimed to be NIS 50,000,000
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.
Nothing
unfavorable learned.
This is a veteran
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.
According to StoreNext Market
Research survey, in 2014 sales in the FMCG bar-coded market noted 1.7% decrease
in terms of price (despite the decrease in the prices index), representing a
reverse in the rise trend in the last 3 years. The decrease in the quantity
aspect was milder – by 0.6%.
Food products sale witnessed 1.5% drop in
money terms and totaled NIS 29.09 billion, coping with slight quantity decrease
of 0.4%.
The volume of FMCG bar-coded market totaled
NIS 38.94 billion in 2014, and was divided into: 75% for food, 11% for
beverages (-2.7% in money summing up at NIS 4.24 billion, -2.8% in quantity),
and 7% for personal care goods (-3.8% in money summing up at NIS 2.72 billion,
-1.7% in quantity), and 7% for home care goods (-1% summing up at NIS 2.88
billion, though rose 1.4% in quantity).
Sales for exports by
the food products & beverages industries grew by 2.2% in 2013 from 2012,
with sales reaching US$ 1,080 million (in $ terms, though fell 4.2% in NIS
terms), after remaining stagnant in 2012 and 17% rise in export in 2011. A
slight 1.5% rise in export was noted in the first 7 months of 2014, compared to
the parallel period in 2013.
According
to Central Bureau of Statistics (CBS), import of food and
beverages to Israel in 2014 reached NIS 7,687 million, an impressive rise by
10.7% from 2013, continuing the upward growth trend in the last years (0.7% in
2013, 14% in 2012).
The
Central Bureau of Statistics data shows that import of raw food
products to Israel in 2013 summed up to NIS 8,172.2 million, 4.4 down from 2013
(in NIS terms, fell 3.2% in $ terms). That continues the downwards trend from
2013 and 2012 when it fell by 6.4% and 2.7%, respectively, whereas in both 2011
& 2010 import rose by around 20% each year. Over 50% of import is from the
EU.
From the CBS
preliminary National Accounts for 2014 on private consumption expenditure, it
turns that the current local households expenditure grew by 3.9% from 2013,
after rising by 3.3% in 2013 and by 3.2% in 2012. Expenditure on Food, Beverage & Tobacco increased in 2014
by 2.7% (after 3.7% rise in 2013, 3.2% in 2012).
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.61.41 |
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UK Pound |
1 |
Rs.93.18 |
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Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.