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Report No. : |
332634 |
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Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
A.A. SHIBOLET
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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Date of Incorporation : |
11.09.2003 |
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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 : |
No Available |
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) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
A.A.
SHIBOLET 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. 51-345414-0 on the 11.09.2003.
Authorized share capital NIS 50,000.00,
divided into, -
50,000 ordinary shares of NIS 1.00 each,
fully issued.
Subject is fully owned by HAMAMA MEIR TRADE
(1996) LTD., a public limited company, whose shares are
traded on the Tel Aviv Stock Exchange, controlled by Eliyahu Hamama, 37.5%, Meir Hamama, 32.6% and Josef Hamama, 7.3%.
Eliyahu (Eli) Hamama.
Operating as an
import arm of parent company HAMAMA MEIR TRADE, traders, importers,
exporters, marketers and distributors in dried foodstuff, mostly commodities,
including cereals, dried fruits, nuts, rice, legumes, sesame, coffee, spices.
All a/m good are sold to parent company,
which markets these goods.
Import is carried out according to import
licenses and quotas which they receive from time to time from the Ministry of
Economy and Ministry of Agriculture (besides that, subject has no other
commercial activity).
Operating from
offices premises at HAMAMA MEIR TRADE rented headquarters, on an
area of 700 sq. meters, in 30 Sheshet Hayamim Street, Champion Tower, Bnei Brak.
Having no employees in subject.
Having 53 employees in HAMAMA MEIR
TRADE as of end of 2014.
In May 2007 HAMAMA MEIR TRADE made
a public offering of its shares and bonds, raising gross proceeds of NIS 91.5
million.
Financial data is included in the
consolidated B/S of parent company, HAMAMA MEIR TRADE (1996) LTD., which 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
=======
=======
LIABILITIES
Current liabilities 240,007 246,755
Non-current liabilities 65,878 65,866
Equity 106,401 101,438
412,286 414,059
=======
=======
HAMAMA MEIR TRADE current market value US$
19.1 million.
There are no charges registered on the company's assets.
REVENUES
HAMAMA
MEIR TRADE (1996) LTD.
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
======= ======= =======
HAMAMA MEIR TRADE (1996) LTD. 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.
HAMAMA MEIR TRADE (1996) LTD., parent
company, having non-active wholly-owned subsidiaries, which participate in the
Ministry of Agriculture and Ministry of Economy tenders for receiving import
licenses:
FOOD–TRONICS LTD., BOTEN HAMAHATZ LTD., GRICIA LTD., SHAKED HAKESEM
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.
Nothing unfavorable learned.
HAMAMA MEIR TRADE 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).
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.
According to the
CBS data, prices of dried fruits rose by 8.2% in 2014. Monthly expenditure on
dried fruits and nuts in Israel per family in 2013 was NIS44.4.
Import of dried
fruits and nuts to Israel amounted to around US$ 220,000 in 2013, mostly of
nuts, mainly from the USA.
Being a subsidiary of HAMAMA MEIR TRADE
(1996) LTD., considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.