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MIRA
INFORM REPORT
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Report Date : |
12th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
GADOT
CHEMICAL TERMINALS (1985) LIMITED |
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Registered Office : |
16 Habonim Street South Industrial Zone, P.O Box :8757 NETANYA 42504, ISRAEL |
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Country : |
ISRAEL |
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Financials (as on) : |
31.03.2006. |
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Date of Incorporation : |
03.12.1985 |
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Com. Reg. No.: |
51-109363-5 |
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Legal Form : |
Public
Limited Liability Company |
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Line of Business : |
Importers,
agents and marketers of bulk, raw materials and commodity of chemicals, operates
chemical terminals. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
GADOT
CHEMICAL TERMINALS (1985) LTD.
Telephone :972 9 892 95 00
Fax :972 9 835 70 40
P.O
Box :8757
16
Habonim Street South Industrial Zone
NETANYA
42504, ISRAEL
HISTORY
Originally
incorporated as a private limited company, and registered as per file No.
51-109363-5 on the 3.12.1985.
Company
was founded with the view to take over and carry on the activities of the
following companies;
1. GADOT
CHEMICAL TANKERS AND TERMINALS LTD., incorporated 1958, a holding public
limited company, Registration No. 52-003703-7, (previously 51-019462-4),
2. CHEMICLAL LTD. (incorporated 1964).
3. JOHANANOFF
STAPLES AND SPECIALITIES CO. LTD.
(incorporated 1949).
Converted
into a public limited liability company and registered as such as per file No.
52-004077-5 on the 21.12.1993.
On the
15.12.2002, GADOT CHAROSHET (1975) LTD., also of the GADOT CHEMICALS Group, was
merged into subject, which took over all of its activities.
SHARE CAPITAL
Authorized
share capital NIS 400,001.00, divided into -
1 deferred share,
400,000 ordinary shares, all of NIS 1.00 each, fully
issued.
SHAREHOLDERS
Subject is fully owned by GADOT CHEMICAL CONTAINERS AND TERMINALS LTD., a public limited
company whose shares are traded on the Tel Aviv Stock Exchange, controlled by the Johananoff family.
DIRECTORS
1.
Moshe Johananoff, Chairman,
2.
Yehuda Cohen, General Manager of the group,
3.
Shmuel Avisar,
4.
Yossef (Joe) Johananoff,
5.
Daniel (Dani) Johananoff,
6.
Arnon Goldfareb,
7.
Amnon Sade,
8.
Avinoam Finkelman,
9. Ms.
Rina Ron.
BUSINESS
Importers,
agents and marketers of bulk, raw materials and commodity of chemicals,
operates chemical terminals.
The
GADOT Group also deals in shipping and storing of chemicals and oil in bulk and
brokerage in the chemicals.
Subject’s
clientele includes chemical plants, detergent plants, agricultural enterprises,
such as MAKHTESHIM; FERTILIZERS & CHEMICALS; AGAN CHEMICALS; TAMBOUR;
BROMINE COMPOUNDS, TEVA, MAKHTESHIM-AGAN, TAAS, INDIGO-HP, ISRAEL CHEMICALS,
TARO, HAOGENPLAST, TERAFLEX, SEFEN, AGIS, etc, all of Israel. Among Greek
customers: VERNICAL, SMALTOLIN, VIVECHROM, HELLENIC CABLES, ZYGOURARIS, etc.
The
GADOT Group also operates as the local agents of leading international
suppliers, among which: PHILLIPS PETROLEUM, UNION CARBIDE, DUPONT, KYOCERA,
ECC, CALENESE.
Operating from the GADOT Group rented premises in 16
Habonim Street, South Industrial Zone, Netanya.
The group is also operating from large premises in the
Kishon port (near Haifa), Kiryat Ata, Ashdod, Or Akiva and Greece, and from
offices in the Netherlands and the USA.
Having 77 employees (335 serving
the whole group).
MEANS
Financial
data is included in the consolidated B/S of parent company, GADOT CHEMICAL
TANKERS AND TERMINALS LTD., which shows:
NIS
(thousands)
31.12.2005 31.03.2006
ASSETS
Current Assets
Cash and cash equivalents 70,552 32,036
Short term investments 79,153 88,628
Customers 261,035 290,771
Debtors 23,064 28,756
Stock 73,512 _83,979
507,316 524,170
Long term
investments and loans 5,292 12,313
Fixed Assets 208,501 207,530
Other assets and deferred
expenses __28,531 __26,920
749,640 770,933
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LIABILITIES
Current liabilities 383,600 416,261
Long-term liabilities 234,638 225,914
Minority interests 131 304
Equity _131,271 _128,454
749,640 770,933
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Parent's
current market value US$ 73.3 million.
There
are 17 charges for unlimited amounts registered on the company's assets, in
favour of local banks and companies.
ANNUAL
SALES
GADOT
CHEMICAL CONTAINERS
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AND CHEMICALS LTD.
Consolidated
Statement of Income
NIS
(thousands)
Year
ended 31.12
2003 2004 2005
Revenues 690,554 909,419 1,049,198
Gross profit 103,671 140,204 161,668
Operating income 45,670 69,203 87,819
Pre-tax income 34,149 56,082 68,789
Net income 24,783 35,688 48,114
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Parent’s
consolidated first quarter of 2006 sales NIS 299,885,000 (24.5% increase
compared to the parallel period in 2005), making a gross profit of NIS
45,550,000, an operating income of NIS 25,228,000 and a net income of NIS
15,397,000.
Subject's
2000 sales claimed to be NIS 297,535,000.
Subject's
2001 sales claimed to be NIS 300,000,000.
Subject
ended 2001 with a net profit of NIS 5,640,000.
Subject's
2002 sales claimed to be slightly over NIS 350,000,000.
Subject
ended 2002 with a net profit of NIS 12,294,000.
Subject's
first half of 2003 sales claimed to be NIS 160,000,000.
Subject
ended 2003 with a profit of NIS 16,431,000.
Subject
ended 2004 with a profit of NIS 22,937,000.
Subject
ended 2005 with a profit of NIS 27,030,000.
OTHER COMPANIES
Also owned by parent GADOT CHEMICAL CONTAINERS
AND TERMINALS LTD.
TANCO INTERNATIONAL (97) LTD, 50%, liquids chemical
transportation,
ZUR GADIM LTD., 100%, a holding company,
GADOT STORAGE & CONVEYING LIMITED PARTNERSHIP,
99%, terminal operators,
GADOT LAB SUPPLIES LTD., 100%, Importers,
manufacturers, and marketers of chemicals for laboratories, hospitals, and the
pharmaceutical industry.
CHEMSHIP
B.V, - Holland. 100%, trading and logistics,
G.C.T.
ESTABLISHMENT LTD., Lichtenstein, 100%,
G.C.T.
LTD., 100%, USA, trading in chemicals,
GADOT
A.S.M. LTD.., import and distribute edible vegetable oils, acid oils for feed
mills,
S.L.H.
CHEMICAL HAULAGE SERVICES CO. LTD., 77%, chemical land transport,
GADOT
YAM CHEMICALS SHIPPING LTD., 100%,
EURO-GAMA
ASSETS LTD., 100%,
CHEMIPHARM
AGENCIES LP, 99%,
CONNMART
(SHIPPING AGENTS) LTD., 50%,,
CHYMA
BULK CHEMICALS AND SHIPPING S.A., 100%, Greece,
EUROCHEM
ITALIA S.R.L., 50%,
EUROCHEM
MARITIME B.V., 100%, Netherlands,
GADOT
A.S.M LTD., 100%,
CHEMICLOR
(2005) CHEMICALS MARKETING LTD., 75%,
CHEM
TANKERS MANAGEMENT B.V., 50%, the Netherlands,
CHEM
TANKERSB.V., 50%, the Netherlands.
BANKERS
Bank
Hapoalim Ltd., Harimon Branch (No. 500), Tel Aviv,
Bank
Leumi LeIsrael B.M., Netanya Business Branch (No. 717).
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject
is the leading company in its field in Israel.
Subject
is ISO-9002 certified.
The
Controller of Restrictive Practices approved the merger of GADOT and DELEK
INVESTMENT, in a deal in which businessman Gad Zeevi sold its shares in GADOT
CONTAINERS to DELEK plus all its shares in subject to GADOT CONTAINERS.
At the
end of 1999, the Johannanoff family (which founded the group), exercised its
right to acquire 50% of DELEK INVESTMENTS holdings in GADOT in consideration of
US$ 14.75 million, thus completing the acquisition of 100% of the GADOT GROUP.
This transaction includes DELEK’s holdings in all the members of the
group. DELEK sold its shares in the
framework of its strategic decision to focus on core operations in the fields
of energy, real estate and motorcars
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For the
Johannanoff family this is the completion of a circle that started when they
were forced to sell their holding due to a fierce batle among the brothers in
the family and it ends now when they have re-purchased the shares.
On the
30.9.2001, all of the activities of subject’s subsidiary, GADOT INDUSTRIAL
ENTERPRISES (1975) LTD., were transferred to subject.
GADOT
INDUSTRIAL ENTERPRISES (1975) LTD. operated in the same line of activities as
subject.
On the
30.11.2003, the GADOT Group, through GADOT CHEMICAL CONTAINERS AND TERMINALS
LTD., published a prospectus offering shares to the public on the Tel Aviv
Stock Exchange, raising a sum of NIS 74 million.
In
January 2004, it was reported that GADOT leased a new ship for a sum of US$ 20
million for 5 years. Later, In August 2004, it was reported that GADOT will
acquire the ship, for a sum of US$ 16.3 million.
In
March 2005, subject signed a deal to acquire 75% of CHEMICHLOR activities (distributors
and conveyors of non organic chemicals), for a sum of NIS 20 million.
According to the chairman of the
chemical, pharmaceutical and environment union in the industrialists
association, sales of the branch in 2004 increased by 18% to US$ 11.93 billion.
Exports of the branch were US$
6.43 billion, a 27% increase from 2003, and sales to the local market were US$
5.5 billion, a 9% increase from 2003.
In the first 3 quarters of 2005,
exports were US$ 5.6 billion, 22% increase from the parallel period in 2004.
The chemical industry comprises
of 14% of Israel’s industrial manufacturing and 17% of its industrial exports.
The industry employs close to 26,000 employees.
SUMMARY
Good for
US$ 1,500,000.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |