MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
GALDOR - SECOTEC LTD |
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Registered Office : |
100 Hadar Street, Kidron - 70795 |
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Country : |
Israel |
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Date of Incorporation : |
16.11.2005 |
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Legal Form : |
A Private Limited Company |
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Line of Business : |
Developers, manufacturers (assembly), exporters and marketers of
industrial and Homeland Security systems, specializing in perimeter intrusion
detection systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name & address
GALDOR - SECOTEC LTD.
Telephone 972
8 859 46 64
Fax 972
8 868 01 72
100 Hadar Street
KIDRON 70795
ISRAEL
HISTORY
A private limited company, incorporated as per file No. 51-375111-5 on the
16.11.2005.
Subject is continuing activities of SECOTEC TECHNOLOGIES (1986) LTD. and
GAL-DOR SYSTEMS LTD., established in 1986 and 1990 respectively by Zvi Nachman
and Yehuda Nachman (father of subject's shareholder).
SHARE CAPITAL
Authorized share capital NIS 39,100.00 divided into -
39,100 ordinary shares
of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Ilan Nachman.
SOLE DIRECTOR
Ilan Nachman, Technical Manager, of 7 Ha'amoraim Street, Yavne.
GENERAL MANAGER
Yehuda Nachman
BUSINESS
Developers, manufacturers (assembly), exporters and marketers of
industrial and Homeland Security systems, specializing in perimeter intrusion
detection systems, command and control centers and video surveillance
Systems are designed for protecting power stations, prisons, oil
refineries, international borders, government facilities, airports, and many
other civil and military facilities.
All sales are for export.
Among local suppliers: G BERES MARKETING, RIT TECHNOLOGIES, etc.
Operating from offices and assembly
facilities, situated at the private residence of Yehuda Nachman (estate lying on
an area of 2,700 sq. meters), in 100 Hadar Street, Moshav Kidron
("Moshav" is an agricultural settlement), near Gedera.
Having 10 employees.
MEANS
Holding no stocks, work is based on orders
Subject's financial data not forthcoming.
The property owned by General Manager Yehuda Nachman in Kidron is valued circa US$ 1,000,000.
There are 2 charges for unlimited amounts registered on the company's
assets (2 vehicles), in favor of an insurance company.
ANNUAL SALES
2006 sales claimed to be US$ 1,000,000.
2007 sales claimed to be US$ 1,000,000.
BANKERS
Bank Hapoalim Ltd., Gedera Branch (No. 646), Gedera.
CHARACTER AND REPUTATION
Nothing unfavorable learned on subject itself.
Both companies SECOTEC TECHNOLOGIES (1986) LTD. and GAL-DOR
SYSTEMS LTD. operated for years since late 1980s/ beginning of the 1990s in the areas of
security and facilities protection, with sales worldwide.
At some stage, GAL-DOR SYSTEMS LTD. stumbled upon
grave financial difficulties, until reaching bankruptcy. In November 2006, the
Tel Aviv District Court Judge issued a liquidation order for the company and
appointed Attorney Ran Buchman as the special manager for the company's assets
(bankruptcy file No. 1754/06).
In February 2007, it was reported that Attorney Ran Buchman is asking
the Court to summon the company's former managers Zvi Nachman and
Yehuda Nachman to provide details regarding the moves which led to the company's
collapse. The attorney claims that there are grounds for suspicion that certain
unlawful actions were taken by the above managers prior to the liquidation and
there are motives to investigate their responsibility for the company collapse.
We assume that
this may be a reason to the fact that Mr. Ilan Nachman is the registered
shareholder and director in subject, while it is quite clear that the business
know-how and experience is of Yehuda Nachman.
SUMMARY
In principle, subject itself is suitable for trade relations, however
taking into account the above mentioned affair, we strongly recommend cautious
in providing credits and follow-up.
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. |
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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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%)