MIRA
INFORM REPORT
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Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SONS
OF GEORGE SHUKHA LIMITED |
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Registered Office : |
Post
Office Box 33325 (31332), 10 Hamashbir Street, Check Post Junction, Haifa
32953, Israel |
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Country : |
Israel |
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Date of Incorporation : |
1930 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of packed foodstuffs (rice,
cheese, spices, yeast, beans, coffee, edible oil, etc.). |
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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name & address
SONS OF GEORGE SHUKHA LTD.
Telephone :972 4 841 40 82
Fax :972 4 841 97 85
Post
Office Box 33325 (31332)
10
Hamashbir Street, Check Post Junction
HAIFA
32953, ISRAEL
HISTORY
Originally
established in 1930, by the late George Shukha.
Converted
into a general partnership and registered as such as per file No. 54-011047-5
on the 26.8.1973.
Later
converted into a private limited company and registered as such as per file No.
51-094308-7 on the 6.8.1982.
Originally
established under the name A.I.R.H. MANAGEMENT AND INVESTMENTS LTD., which
changed to SONS OF GEORGE SHUKHA (HOLDINGS) LTD., on the 4.10.1984, which
changed to the present name on the 29.11.1984.
SHARE CAPITAL
Authorized share capital NIS 2,500.00, divided into -
2,500 ordinary shares of NIS 1.00 each, of which shares amounting to NIS
360.00 were issued.
SHAREHOLDERS
1. Hisham
Shukha -
27.8%,
2. SONS OF
GEORGE SHUKHA LTD. (subject) -
25%,
3. Riad
Shukha -
13.9%,
4. Jules
Shukha -
9.7%,
5. Ihab
Shukha -
9.7%,
6. Moshe
Shachal -
8.3%.
7. Hulud
Shukha -
5.6%.
DIRECTORS
1. Riad Shukha - Managing
Director,
2. Jules Shukha,
3. Hisham Shukha.
BUSINESS
Importers and marketers of packed foodstuffs (rice, cheese, spices,
yeast, beans, coffee, edible oil, etc.).
55% of sales are to Israeli food marketing chains (BLUE SQUARE, HETZI
HINAM, SUPERZOL, etc.) and 45% to the Palestinian Territories.
90% of purchases are imports.
Local agents of:
HEBRA, of Spain
BOMBA, INDUS VALLEY, of India,
RICE GROWERS, of Australia,
BEL, LEIEUR, of France,
TOUPNOT, GENERAL MILLS, FRICO, DSM, LISKO, ALTUNYAG, JASMINE RICE, etc.
Operating from premises owned by the shareholders:
1.
10 Hamashbir Street, Check Post Haifa, on an area
of 8,000 sq. meters,
2.
Har Yona Industrial Zone, Upper Nazareth, on an
area of 2,000 sq. meters.
Having in all 70 employees (same as in 2005).
MEANS
Stock is valued at NIS 25,000,000 (same as in 2005).
Property owned by the shareholders, the Shukha family:
Haifa’s premises are valued at US$ 5,500,000.
Nazareth’s premises are valued at US$ 1,500,000.
The Shukha Family also owns several other real estate assets.
Equity to the 31.12.2004 totaled NIS 80,000,000.
There are 9 charges for unlimited amounts registered on the company's
assets, in favor of local banks.
ANNUAL SALES
2003 sales claimed to be NIS 260,000,000, ending with a net profit.
2004 sales claimed
to be NIS 260,000,000, ending with a net profit.
2005 sales claimed
to be NIS 260,000,000, ending with a net profit.
First 10 months of
2006 sales claimed to be NIS 220,000,000.
OTHER COMPANIES
SONS OF GEORGE SHUKHA FOODSTUFF IMPORT 1991 LTD., 100%,
EUROFOOD LTD., 50%, marketers of foodstuff,
SHUKHA TRADING COMPANY LTD. - sister company registered in Ramallah, in the
same line of business as subject.
GABI INDUSTRIAL CO. NAZARETH LTD.,
BENTALIA LTD., partly controlled by the Shukha Family, local agents of
BENETTON.
BANKERS
Israel Discount Bank Ltd., Main Branch (No. 070), Haifa, account No.
3050.
Bank Hapoalim Ltd., Nazareth Branch (No. 726), Nazareth, account No.
11535.
A check with the Central Bank database did not reveal anything
detrimental regarding subject a/m accounts.
CHARACTER AND REPUTATION
In 1998, subject
and its General Manager were questioned regarding tax allegations.
Subject and its
General Manager were not charged.
In 2000, subject
claimed that no indictment was filed, and that the case will be closed in the
near future.
Apart from that,
nothing unfavorable learnt.
Subject is one of
the largest foodstuff importers in Israel.
Subject is a very
long established company.
In October 2002,
it was reported that the Shukha Family acquired a 20,000 sq. meter plot in
Nazareth Ilith, for a sum of US$ 2.4 million. The family intends to erect a
warehouse on the premises.
According to the Industrialists
Association economic review, import of raw foodstuff increased in 2005 by 3%
comparing to the previous year, summing up to US$ 1 billion.
Imports of foodstuff to Israel in 2005 were US$ 1.04 billion,
6% increase from 2004. In the first quarter of 2006, imports were US$ 302
million, 5.1% increase compared to the parallel period in 2005.
According to the Economic Division at the Chambers of
Commerce Association import of foodstuff and beverages noted a 13% increase in
the first 8 months of 2006 comparing to the parallel period in 2005, summing up
to US$ 88 million.
SUMMARY
Good
for US$ trade engagements.
Maximum
unsecured credit recommended US$ 1,500,000.
NOTE
Subject's
correct address and postal box. Subject has no connection to the P.O. Box No.
2244 in Tel Aviv which you mention.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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