MIRA
INFORM REPORT
|
Report Date : |
6th March, 2007 |
Company Name & Address
SHINTRACO LTD.
Telephone 972
3 751 10 04
Fax 972
3 752 35 08
P.O. Box 1825 (52117)
16 Aba Hillel Silver Street
RAMAT GAN 52506 ISRAEL
On 25.2.07 it was reported that Police forces and the Tax Authorities
raided subject's offices, following a suspicions of assisting in financing
Palestinian terror organizations, which were outlawed by Israel. Subject's
General Manager, Shalom Hatuka, was detained, as well as other workers.
The Petch Tikva Magistrate Court extended the detention of Mr. Hatuka
for further 2 days.
The raid comes following the completion of an undercover investigation
that took place during 2006, by the police with local Government Authorities.
According to the accusations, subject dealt, knowingly, directly with a
Palestinian company, ABU AKHAR, supplying them with foodstuffs. This company
was announced by the Minister of Defense in December 2005 as an
"unauthorized entity", due to proven continuous finance of terror
organizations in the Palestinian Territories.
It is claimed, that subject assisted ABU AKHAR to bypass the Israeli
Authorities import barriers, even after the Authorities explained the situation
to subject's officials and warned them.
Another local customs agency is also accused on their part in the
affair.
SUMMARY
This affair may have immediate severe consequences on subject,
therefore, at this stage, we recommend dealings on a secured basis only (reversing
our earlier credit opinion for unsecured credit terms).
MIRA
INFORM REPORT
IDENTIFICATION DETAILS
|
Name : |
SHINTRACO LTD. |
|
|
|
|
Registered Office : |
P.O. Box 1825 (52117), 16 Aba Hillel
Silver Street, Ramat Gan 52506 Israel. |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
05.11.1991 |
|
|
|
|
Com. Reg. No.: |
51-161820-9 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Importers and marketers of fodder and
basic foodstuff, e.g. raw materials, commodities, sugar, edible oil, rice,
etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 2,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name & Address
SHINTRACO LTD.
Telephone 972
3 751 10 04
Fax 972
3 752 35 08
P.O. Box 1825 (52117)
16 Aba Hillel Silver Street
RAMAT
GAN 52506 ISRAEL
HISTORY
A Private Limited Company, incorporated as
per file No. 51-161820-9 on the 5.11.1991.
SHARE CAPITAL
Authorized share capital NIS 430,000.00,
divided into -
430,000 ordinary shares of NIS 1.00 each, of
which shares amounting to NIS 426,000.00 were issued.
SHAREHOLDERS
1. PROALUM
S.A., 76%, of Genève, Switzerland,
2. Shalom
Hatuka, 24%.
There are no registered directors.
GENERAL MANAGER
Shalom Hatuka.
BUSINESS
Importers and marketers of fodder and basic foodstuff,
e.g. raw materials, commodities, sugar, edible oil, rice, etc.
Among clients: ANGEL'S BAKERY, TELMA –
UNILEVER, EDEN CANDY & FOOD INDUSTRIES, ACHDUT BAKERY, STRAUSS-ELITE,
PRINCE TEHINA MANUFACTURING, etc
All purchases are from import.
Operating from rented premises:
1. on
an area of 180 sq. meters in 16 Aba Hillel Silver Street, Ramat Gan,
2. Kibbutz
Hulda- warehouse on an area of 1,000 sq. meters.
Having 10 employees.
MEANS
Current stock is valued at NIS 10,000,000.
There are 18 charges for unlimited amounts,
and a further charge on the sum of Austrian Schillings 2,394,000 registered on
the company's assets, in favor of local banks.
ANNUAL SALES
1996 sales claimed to be NIS 40,000,000.
1999 sales claimed to be NIS 80,000,000.
2000 sales claimed to be NIS 70,000,000.
2001-2003 sales figures not forthcoming.
2004 sales claimed to be NIS 216,000,000.
2005 sales claimed to be NIS 255,000,000.
Projected 2006 sales NIS 300,000,000.
OTHER COMPANIES
SHLOMTZIYON ENTERPRISE K.P. LTD., 25% held
by Shalom Hatuka, importers and marketers of heavy-duty equipment.
BANKERS
Bank Hapoalim Ltd., Pinkas Branch (No. 754),
Tel Aviv, account No. 145522.
Mizrahi Tefahot Bank Ltd., Hamigdal Branch
(No. 477), Ramat Gan, account No. 285840.
Israel Discount Bank Ltd., Kikar Yahalom
Branch (No. 123), Ramat Gan, account No. 350400.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
accounts.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
According to the
Foodstuff Industry Union in the Industrialists' Association, exports of the
foodstuff branch in 2005 were US$ 656.4 million, 10% increase from 2004.
Exports were mainly
to the EU (US$ 297.6 million, 12% increase) and the USA (US$ 84 million, 26%
increase).
In the first quarter
of 2006, exports were US$ 175.8 million, 1.6% decrease compared to the parallel
period in 2005. Exports were mainly to the EU (US$ 75.7 million, 7.7% decrease)
and the USA (US$ 25.9 million, 4.9% increase).
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.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 2,000,000.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)