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Report No. : |
343316 |
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Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
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Name : |
POLIVA LTD. |
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Registered Office : |
P.O. Box 672 (7210601), 1
Har Atzmon Street, Industrial Zone B, Ramla 7225201 |
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Country : |
Israel |
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Year of Establishment : |
1983 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, importers and marketers of raw materials and substances for
bakeries. Also manufacturers and marketers of jams and spreads (margarine,
spreadable oils, etc.), for industrial uses. |
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No. of Employees : |
150 |
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 |
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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 |
POLIVA LTD.
Telephone 972 8 921 30 22
Fax 972 8 922 52 11
P.O.
Box 672 (7210601)
1 Har Atzmon Street
Industrial Zone B
RAMLA 7225201 ISRAEL
Originally established as a sole proprietorship in 1983, under the style
"POLIVA".
Converted into a private limited company and registered as such as per file
No. 51-134706-4 on the 22.12.1988.
On the 15.01.2003, P.A.P. FOOD INDUSTRIES LTD. and P.A.I.J. INVESTMENTS
LTD. were merged into subject.
Later, subject also assumed the activities of affiliated company AHARONI
M.A. BROTHERS FOOD AGENCIES LTD.
Authorized share capital NIS 50,000.00, divided into -
50,000 ordinary shares of NIS 1.00 each, of which 34,974 shares amounting
to NIS 34,974.00 were issued.
1. ILAN POLIVA LTD., 35%, owned by
Ilan Poliva,
2. AHARON POLIVA LTD., 35%, owned
by Aharon Poliva,
3. J.D.P. HOLDINGS LTD., circa 12.3%,
owned by Jimmy Parselani,
4. S.
HAMAMA HOLDINGS INDUSTRY & HI-TECH LTD., 12%, part of HAMAMA MEIR Group,
controlled by Meir Hamama and Eli Hamama,
5. Yuval Bejerano, 5.7%.
1. Ilan Poliva, born 1954,
2. Aharon Poliva, born 1961,
brother of Ilan.
Traders, importers and marketers of raw materials and substances for
bakeries.
Also manufacturers and marketers of jams and spreads (margarine, spreadable
oils, etc.), for industrial uses.
Subject also has minor sales for export.
Amongst clients are leading local food manufacturers: ZOGLOWEK, OSEM,
STRAUSS GROUP/ ELITE, HANAMAL, MILOUMOR, TETH BETH, ANGEL'S BAKERY, MANAMIM
FOOD INDUSTRIES, FILL TUNA INDUSTRIES, etc.
Amongst suppliers: STERN SHAVIT, MIGDANOT HABAIT, OSEM, STYBEL, etc.
Operating from owned premises (offices, warehouses and plant), on an area
of 32,000 sq. meters (on which 16,000 sq. meters are built), in 1 Har Atzmon
Street, Industrial Zone B, Ramla.
Had 195 employees as of the 1st half of 2014 (had 175 employees
in the beginning of 2013, some 150 employees in 2011, 140 in early 2010 and 150
employees in early 2009). According to subject's website, having 150 employees
(we do not know how updated is the site).
Stock was valued at NIS 45,000,000 in the beginning of 2014 (similar to
previous years).
Later and other data not forthcoming.
Owned property in 1 Har Atzmon Street, Industrial Zone B, Ramla (where
subject is operating from) was valued at US$ 13,000,000 several years ago.
There are 34 charges for unlimited amounts registered on the company's
assets (financial assets, fixed assets equipment and vehicles), in favor of
Bank Hapoalim Ltd., Bank Leumi Le’Israel Ltd., Bank Otsar Hahayal Ltd., Union
Bank of Israel Ltd. and companies (last 5 charges were placed June 2014- March
2015 on vehicles).
2007 sales claimed to be NIS 170,000,000 (2% were for export).
2008 sales claimed to be NIS 265,000,000 (2% were for export).
2009 sales claimed to be NIS 245,000,000 (2% were for export).
2010 sales claimed to be NIS 270,000,000 (1% for export).
2011 sales claimed to be NIS 370,000,000 (small portion was for export).
2012 sales claimed to be NIS 400,000,000 (small portion was for export).
2013 sales claimed to be NIS 380,000,000 (small portion was for export).
Later sales data not forthcoming.
Note: The significant rise in sales since 2011 is attributed to the closure of a
rival local manufacturing plant TETH BETH.
AHRON POLIVA LTD., holding company.
ILAN POLIVA LTD., holding company.
Meir Hamama and Eli Hamama, owners of S. HAMAMA HOLDINGS INDUSTRY &
HI-TECH LTD., also control HAMAMA MEIR TRADE (1996) LTD., publicly traded on
the Tel Aviv Stock Exchange, traders, importers, exporters, marketers and
distributors in dried foodstuff. Current market value US$ 15.8 million.
Hamama Bros. control other companies as well in the food and real estate
fields.
Bank Leumi Le’Israel Ltd., Ayalon Business
Branch (No. 693), Lod,
account No. 352000/64.
A check with the Central Banks' database did not
reveal anything detrimental on subject’s a/m account.
Bank Hapoalim Ltd., Central Business Center Branch (No. 453), Ramat Gan.
In January 2015 it was reported that a motion was submitted to the Central
District Court for the approval as a class action lawsuit against subject, claiming subject is causing severe odor hazards and dust. It should be noted
that the procedure for such claims to be approved are usually long and in most
cases eventually turned down. We found no further information regarding this
matter.
Apart from that, nothing unfavorable learned.
Despite our
efforts, we were unable to speak with subject's officials, as they were always
unavailable or too busy to speak with us. We left messages which so far remain
unanswered.
This is a long
established company, enjoying good reputation.
Subject is one of the leading suppliers of margarine for the industry.
Subject is ISO 9001:2000 certified.
HAMAMA Group, which is an investor in subject, is a veteran well-known
foodstuff trading company.
In mid 2006, it was reported that UNITRONICS will install automated storing
system in subject's plant, in a project valued NIS 7 million.
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.
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).
The
Central Bureau of Statistics data shows that import of raw food products
to Israel in 2014 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.
Notwithstanding
the lack of updated data from subject's officials, considered 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.65.39 |
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|
1 |
Rs.99.05 |
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Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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.