MIRA INFORM REPORT
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Report Date : |
15th May 2006 |
IDENTIFICATION DETAILS
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Name : |
GADOT LAB SUPPLIES LTD. |
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Registered Office : |
16
Habonim Street South
Industrial Zone NETANYA 42504 ISRAEL |
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Date of Incorporation : |
16.5.1990 |
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Legal Form : |
Private limited company |
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Line of Business : |
Importers, manufacturers, and marketers of chemicals for laboratories,
hospitals, and the pharmaceutical industry |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
GADOT LABORATORY SUPPLIES LTD.
REGISTERED NAME & ADDRESS
GADOT LAB SUPPLIES 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
A private limited company, incorporated as per file No. 51-147662-4 on the
16.5.1990.
Originally registered under the name D. N. COLUMBUS SHIPPING LTD., which
changed to CONMART LTD. on the 28.6.1991, which changed to the present name on
the 14.10.2002.
SHARE CAPITAL
Authorized share capital NIS 14,000.00, divided into -
14,000 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is a fully owned subsidiary of GADOT CHEMICAL TERMINALS (1985) LTD., fully
owned by GADOT CHEMICALS TANKERS 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.
GENERAL MANAGER
Yehiel Sobol.
BUSINESS
Importers, manufacturers, and marketers of chemicals for laboratories,
hospitals, and the pharmaceutical industry.
Operating from the GADOT Group rented premises in 16 Habonim Street, South
Industrial Zone, Netanya, and from a rented plant, on an area of 1,100 sq.
meters, in Or Akiva.
The group is also operating from large premises in the Kishon port (near
Haifa), Kiryat Ata, Ashdod and Greece, and from offices in the Netherlands and
the USA.
Having in all 12 employees (335 in the Group).
MEANS
Financial data is included in the consolidated B/S of parent company, GADOT CHEMICALS
TANKERS AND TERMINALS LTD., which shows:
NIS
(thousands)
31.12.2005 31.12.2004
ASSETS
Current Assets
Cash and cash equivalents 70,552 23,579
Short term investments 79,153 29,219
Customers 261,035 244,357
Debtors 19,479 13,532
Stock 73,512 _87,489
503,731 398,176
Long term investments and
loans 4,670 21,433
Fixed Assets 208,501 114,283
Other assets and deferred expenses __28,531 __16,529
745,433 550,421
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LIABILITIES
Current liabilities 380,016 363,663
Long-term liabilities 234,015 101,268
Minority interests 131 516
Equity _131,271 _84,974
745,433 550,421
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Parent’s current market value US$ 77.6 million.
There are 2 charges for unlimited amounts and one charge for a sum of
US$ 60,000 registered on the company's assets, in favor of Bank Hapoalim
Ltd.
ANNUAL SALES
GADOT CHEMICALS
TANKERS
AND TERMINALS
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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OTHER COMPANIES
GADOT CHEMICALS CONTAINERS AND TANKERS LTD., parent company, also controls:
TANCO INTERNATIONAL
(97) LTD, 50%, liquids chemical transportation,
ZUR GADIM LTD.,
100%, a holding company,
GADOT STORAGE
& CONVEYING LIMITED PARTNERSHIP, 99%, terminal operators,
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 Leumi
LeIsrael B.M., Netanya Business Branch (No. 717).
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject’s officials refused to disclose any
details.
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
Maximum unsecured credit recommended US$
500,000.
RATING EXPLANATIONS
RATING
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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 |