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Report No. : |
330476 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HAMAMA MEIR TRADE (1996) LTD. |
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Registered Office : |
30 Sheshet Hayamim Street, Champion Tower, Bnei Brak 5120261 |
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Country : |
Israel |
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Financials (as on) : |
31.12.2014 |
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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 : |
53 Employees (2014) |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Israel |
B1 |
B1 |
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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 2013, 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. Israel's economy
also has weathered the Arab Spring because strong trade ties outside the Middle
East have insulated the economy from spillover effects. Slowing demand
domestically and internationally and reduced investment due to uncertainties
caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2%
during 2014. 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 expected to come online no sooner than 2017, but
production from Tamar provided a one percentage point boost to Israel's GDP in
2013 and a 0.5% boost 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 and has started splitting up the oligopolies to address some of the
grievances but has maintained that it will not engage in deficit spending to
satisfy populist demands. 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
Fax 972 3 510 70 10
30 Sheshet Hayamim Street
Champion Tower
BNEI BRAK 5120261 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 14,333,450 shares
amounting to NIS 14, 333,450.00 were issued.
1. Eliyahu Hamama, 37.49%,
2. Meir Hamama, 32.55%,
3. Josef Hamama, 7.34%,
4. EXCELLENCE
INVESTMENTS LTD., 7.49%, an institutional inventor,
5. PSAGOT
TRUST FUNDS LTD., 5.58%, 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 2014, 88.2% of sales were sold to clients in Israel, 8.1% to the
Palestinian market, and the rest, 3.7% for export.
Subject has some 450 local customers, divided into 4 sectors:
Most (86.3%) 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 premises, on an area of 700 sq. meters in 30
Sheshet Hayamim Street, Champion Tower, Bnei Brak (to where subject moved
from 4 Koifman Street, Sharbat House, Tel Aviv in March 2015), from
logistic center in Kiryat Gat (owned by sister company) on an area of 15,720
sq. meters (8,500 sq. meters are built), as well as using storage facilities
throughout Israel according to need.
Having 53 employees as of end of 2014 (had 57 employees in the end of
2013).
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$ 18.7 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)
31.12.2014 31.03.2015
ASSETS
Current assets:
Cash
and cash equivalents 999 3,291
Customers 171,334 171,709
Other debtors 3,315 7,035
Stock 226,835 220,644
402,483 402,679
Non-current assets:
Customers 2,185 2,100
Fixed assets, net 5,724 6,683
Other non-current assets 1,894 2,597
9,803 11,380
412,286 414,059
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LIABILITIES
Current liabilities 240,007 246,755
Non-current liabilities 65,878 65,866
Equity 106,401 101,438
412,286 414,059
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REVENUES
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2012 2013 2014
Sales 480,763 529,584 525,268
Gross profit 40,326 44,282 39,400
Operating income 21,255 27,754 20,448
Pre-tax income 14,817 21,687 6,695
Net income 12,914 16,184 4,963
======= ======= =======
Consolidated revenues for the first 3 months of 2015 were NIS 129,212,000
(3.3% decrease compared to the parallel period in 2014), making a gross profit
of NIS 4,136,000, an operating loss of NIS 478,000, and a net loss
of NIS 1,963,000. Main cause for loss is deduction for decrease in stock value.
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., Principal Branch
Tel Aviv (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. The Ministry of Health revoked
subject's stortage for a month until these defalts were taken care of. In May
2014 subject reported that the appopriate mesures were taken and the facilty
received a storage permit. Subject invested some NIS 1 million these mesures.
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% in 2014 (same as in 2013, 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.
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 1.9% in 2014 from 2013,
with sales reaching US$ 1,100 million (in $ terms, grew 1% in NIS terms), after
2.2% grow in 2013. A 10.4% plunge in export in $ terms was noted in the first 5
months of 2015, compared to the parallel period in 2014 (in NIS term there was
a 1.3% increase).
According
to Central Bureau of Statistics (CBS), import of food and
beverages to Israel in 2014 reached NIS 7,688 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 positive trend continued into 2015, with import rising by 12.5% in
the first 5 months compared to the parallel period in 2014.
Local food industry employs directly 62,000 workers in some 1,550 plants,
72% of which are considered small plants (with sales of up to NIS 10 million).
According to the CBS data, investments in machinery &
equipment from import for the food industry in 2014 increased by 18.6% from
2013 and summed up to NIS 559 million (after couple of years import decreased,
by 14.4% in 2013 and by 21.5% in 2012), while investments in machinery &
equipment from import for the beverage & tobacco industries witnessed a
fall by 21% in 2014 to NIS 129.7 million (after plunging by 14.5% in 2013 and a
2% increase in 2012).
From the CBS
National Accounts for 2014, it turns that private consumption expenditure, in
fixed prices, grew by 4% from 2013 (rose 3.3% in 2013 and 3.1% in 2012).
Current local households' expenditure grew in 2014 by 2.8% (rose 3% in 2013),
of which expenditure on Food, Beverage &
Tobacco increased in 2014 by 3.5% (after 3.7% rise in 2013, 3.2% in
2012).
Per-capita
expenditure in 2014 rose by 2% (after rise of 1.4% in 2013 and 1.2% in 2012).
Good for trade engagements.
Note: The telephone
number you provided (+972 3 5106969) is no longer relevant to subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.98.22 |
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Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.