|
|
|
MIRA INFORM REPORT
|
Report No. : |
486995 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
M.IK.I WINES LTD. |
|
|
|
|
Registered Office : |
23 Hamelacha Street, Afek Industrial Park,
Rosh Ha’ayin 4809173 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
22.12.2003 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers and marketers of wine, spirits, etc., wine accessories and wine
refrigerators. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
Company
Name And Address
M.IK.I WINES LTD.
(In Hebrew M.IK.I YEINOT
LTD.)
Telephone 972 3 562 92 22
Fax 972 3 750 56 16
23 Hamelacha
Street
Afek Industrial
Park
ROSH
HA’AYIN 4809173 ISRAEL
HISTORY
& LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-348108-5 on the 22.12.2003.
SHARE
CAPITAL
Authorized share
capital NIS 100,000.00, divided into -
100,000 ordinary
shares of NIS 1.00 each, of which 1,000 shares amounting to NIS 1,000.00 were
issued.
SHAREHOLDERS
Subject is fully
owned by Gal Shamia.
(Full registered
name is Gal-Eli Shamia)
SOLE
DIRECTOR
Gal Shamia
JOINT
GENERAL MANAGERS
1. Gal Shamia,
2. Amit Slovatic.
BUSINESS
Importers and
marketers of wine, spirits, etc., wine accessories and wine refrigerators.
Also operating a chain
of wine stores under the name of ''Yayin Ba'ir' ('Wine in the City') of some 50
branches.
Also selling to
restaurants, bars and alike.
Working with local
firm TIMINI (Arik Segal), which is a consultant and a contractor for handling
all import on behalf of subject.
Among suppliers:
HACAREM – SPIRITS, TAVOR WINERY, EFRAT WINE & BEVERAGE MANUFACTURERS
(TEPERBERG WINERY), CLOS DE GAT, MARGALIT, YATIR WINERY, CARMEL WINERY, and
many more.
Sole local
representatives of:
CIACOBAZZI, of
Italy.
Operating from rented premises (office and
warehouse), on an area of 800 sq. meters, in 23 Hamelacha Street, Afek
industrial Park, Rosh Ha’ayin (subject operates a retail store (at the
address you provided) - 4 Hamelacha Street, Afek Industrial Park, Rosh
Ha’ayin), and from additional some retail wine stores (had 25 branches in 2014,
some 40 in 2016). Also lease space from bonded warehouse facilities according
to need.
Website: www.wine-direct.co.il
Had 50 employees
in 2016 (same as in the end of 2014). Current number of employees not
forthcoming, believed to be similar or more.
MEANS
Stock was valued
at NIS 5,000,000 in the beginning of 2011.
Current stock
value and other financial data not forthcoming.
There are 2 charges for unlimited amounts
registered on the company's assets (financial assets), in favor of The First
International Bank of Israel Ltd. (charges placed in 2014 and 2015).
REVENUES
2009 sales claimed to be NIS 7,000,000.
2010 sales claimed to be NIS 12,000,000.
Later sales data
not forthcoming, believed to be well higher.
BANKERS
The First
International Bank of Israel Ltd., Ramat Hachayal Branch (No. 121), Tel Aviv.
CHARACTER
AND REPUTATION
Nothing
unfavorable learned on subject.
Amit Slovatic
filed for bankruptcy in 2005. Mr. Slovatic (together with other members of the
Slovatic family) held shares in SLOVATIC PROD
In May 2014 the
bankruptcy case against Amit Slovatic was closed.
We spoke with subject's secretary, who told us she is passing our
request to the general managers (who were too busy to take our calls). So far,
they did not return to us. In the last interviews, officials refused to update
financial data.
Subject's owner,
Mr. Gal Shamia, is known to be of a very well-off family. His father is a
well-known contactor in Israel.
In late 2016 it was reported that CARMEL WINERY, local largest wine
company (manufacturer and importer), is entering into a joint venture with
subject for wine import, to be sold in the retail chain ''Yayin Ba'ir”.
The local alcohol
market has been going through regulatory changes in recent years, where tax
tariffs on expensive alcohol brands are in decreasing trend, while cheap
spirits prices were elevated (to fight youth alcoholism).
Alcohol
consumption has also been in a rising trend, also as result of the lowering in
tariffs.
According to the Central Bureau of
Statistics (CBS), import of alcoholic drinks in 2016 reached US$ 152.8 million,
up from US$ 131.7 million in 2015, US$ 115.3 million in 2014, and US$ 107.3
million in 2013. Import in the first 11 months of 2017 totaled US$ 184.1
million, representing 31% increase compared to the parallel period in 2016.
Total wine market in Israel is estimated at NIS
1.25 billion per annum, out of private consumption on all alcohol and
spirits, estimated at NIS 4 billion.
Most of the wine turnover is from local
wineries, the rest is from import, 25% of which from France.
According to a report from April 2017, in 2016, sale of wine was in
volume of NIS 900 million (NIS 1.78 billion in retail prices).
Wine consumption was estimated at 5 litres per capita, per year.
SUMMARY
Notwithstanding the refusal to update details, considered good for trade
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
|
ILS |
1 |
INR 18.73 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
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.