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MIRA INFORM REPORT
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Report No. : |
493802 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
JOSEPH LEVY - FOOD ENTERPRISES LTD. |
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Registered Office : |
65 Matalon Street Tel
Aviv 6685616 |
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Country : |
Israel |
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Date of Incorporation : |
1952 |
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Legal Form : |
Private limited company |
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Line of Business : |
Subject is engaged in 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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced free market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among its leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are offset 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 weathered the 2011 Arab Spring because strong trade ties outside the Middle East insulated the economy from spillover effects.
Slowing domestic and international demand and decreased investment resulting from Israel’s uncertain security situation reduced GDP growth to an average of roughly 2.8% per year during the period 2014-17. 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 in the last decade. Political and regulatory issues have delayed the development of the massive Leviathan field, but production from Tamar provided a 0.8% boost to Israel's GDP in 2013 and a 0.3% boost in 2014. One of the most carbon intense OECD countries, Israel generates about 57% of its power from coal and only 2.6% from renewable sources.
Income inequality and high housing and commodity prices continue to be a concern for many Israelis. 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. Government officials have called for reforms to boost the housing supply and to increase competition in the banking sector to address these public grievances. Despite calls for reforms, the restricted housing supply continues to impact the well-being of younger Israelis seeking to purchase homes. Tariffs and non-tariff barriers, coupled with guaranteed prices and customs tariffs for farmers kept food prices high in 2016. Private consumption is expected to drive growth through 2018 with consumers benefitting from low inflation and a strong currency.
In the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultraorthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only about 8% of the workforce, with the rest mostly employed in manufacturing and services - sectors which face downward wage pressures from global competition. Expenditures on educational institutions remain low compared to most other OECD countries with similar GDP per capita.
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Source
: CIA |
Company
name and address
JOSEPH LEVY - FOOD ENTERPRISES LTD.
Telephone
972 3 687 95 44
Mobile 972 54 784 08 94 (Ori Levy)
Fax
972 3 687 01 66
Email:
info@levyfood.com
P.O.
Box 5145 (6105101)
65
Matalon Street
TEL AVIV 6685616 ISRAEL
HISTORY
& LEGAL FORMATION
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.
SHARE
CAPITAL
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.
SHAREHOLDERS
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.
DIRECTORS
1. Menashe Levy, Joint General Manager,
2. Ms. Anat Geva, Joint General
Manager.
BUSINESS
Importers and marketers of foodstuffs, e.g. canned food, dried fruit,
herbs and spices, legumes & pulses, nuts, etc.
Sales are to retail stores and chains, roasting-houses, packing-houses,
etc.
According to our, amongst subject’s clients are supermarket chains,
including leading SHUFERSAL, BIATN WINES, TIV TAAM/ EDEN TEVA MARKET, as well
as KATIF and others.
Sales are also to companies in the Palestinian Authority. Among clientele
(based on our past records): SHAREKAT MASNA ZATAR WA BHARAT ALAQSA, HANI SHAHROURI.
All purchases are from import.
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.
Note: Sizes of premises is based on our records
from 2010
Website: www.levyfood.com
Had 22 employees in 2008. Current number of employees not forthcoming.
MEANS
Stock was valued at NIS
Later and other financial data not forthcoming.
There are 5 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.
REVENUES
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.
BANKERS
According to our records (as subject’s officials refused to update data,
we are unable to verify the u/m bank details):
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.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject's official refused to disclose any business data (as they have
been reluctant to cooperate in the past years).
This is a long established business.
According
to Central Bureau of Statistics (CBS), import of food and
beverages to Israel in 2017 reached NIS 9,501.2 million, 4.6% rise from 2016
(11.6% rise in US$ currency terms), continuing the upward steady growth trend
in last years (including by 9.1% & 8.3% in 2016 and 2015, respectively from
the previous year, in NIS terms).
From the CBS
National Accounts for 2016, it turns that current expenditure by local
households on Food, Beverage & Tobacco
grew by 4.9% from 2015, compared to growth rates of 3.5% in the last couple of
years.
The StoreNext Market
Research survey (based on circa 80% of the sales in the local FMCG bar-coded
market) on 2017, points on 1.7% rise in the food and beverages sales from 2016,
to total of NIS 35.7 billion, though estimated to be most from price rise, not
quantity, taking into account the population growth, so in practice point on
stagnation in the market.
In 2016 the FMCG market summed up to NIS
40.8 billion, practically a freeze from 2015, with 0.5% decrease in sales in
terms of price, sided by a mild increase of 0.6% in real terms (the prices
index fall by 1.1%), while the growth in population is 2% per annum. That comes
after mild increases in sales in 2015 and 2014, compared to the previous year.
Food products sale in 2016 witnessed 0.8%
fall in money terms from 2015 and totaled NIS 30.5 billion, beverages sales
rose by 1.5% to NIS 4.5 billion.
SUMMARY
Notwithstanding
the refusal to update data, considered good trade engagements.
(subject may be
well-worthy for higher credit sums but at this stage, due to lack of
cooperation, we prefer to remain cautious).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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ILS |
1 |
INR 18.53 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.