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Report Date : |
25.09.2012 |
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Tel. No.: |
972 3 751 10 04 |
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Fax No.: |
972 3 752 35 08 |
IDENTIFICATION DETAILS
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Name : |
SHINTRACO LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.11.1991 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of fodder and basic
foodstuff, e.g. raw materials, commodities, sugar, edible oil, rice, etc, as
well as feed for animals |
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No. of Employees : |
31 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
--- |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
israel - ECONOMIC OVERVIEW
Israel has a
technologically advanced market economy. It depends on imports of crude oil,
grains, raw materials, and military equipment. Cut diamonds, high-technology
equipment, and agricultural products (fruits and vegetables) are the leading
exports. Israel usually posts sizable trade deficits, which are covered by
tourism and other service exports, as well as significant foreign investment
inflows. The global financial crisis of 2008-09 spurred a brief recession in
Israel, but the country entered the crisis with solid fundamentals - following
years of prudent fiscal policy and a resilient banking sector. The economy has
recovered better than most advanced, comparably sized economies. In 2010,
Israel formally acceded to the OECD. Natural gasfields discovered off Israel's
coast during the past two years have brightened Israel's energy security
outlook. The Leviathan field was one of the world's largest offshore natural gas
finds this past decade. In mid-2011, public protests arose around income
inequality and rising housing and commodity prices. The government formed
committees to address some of the grievances but has maintained that it will
not engage in deficit spending to satisfy populist demands.
|
Source : CIA |
SHINTRACO LTD.
Telephone 972 3 751 10 04
Fax 972 3 752 35 08
P.O. Box 1825, Ramat Gan (5211702)
5 Hahilazon Street
RAMAT GAN 5252269 ISRAEL
A private limited
company, incorporated as per file No. 51-161820-9 on the 05.11.1991.
Authorized share
capital NIS 430,000.00, divided into -
430,000 ordinary shares of
NIS 1.00 each,
of which 426,000
shares amounting to NIS 426,000.00 were issued.
1. PROALUM S.A., 76%, of Genčve, Switzerland,
2. Shalom Hatuka, 24%.
Shalom Hatuka.
Importers and
marketers of fodder and basic foodstuff, e.g. raw materials, commodities,
sugar, edible oil, rice, etc, as well as feed for animals.
Among clients:
ANGEL'S BAKERY, TELMA – UNILEVER ISRAEL, EDEN CANDY & FOOD INDUSTRIES,
ACHDUT BAKERY, STRAUSS-ELITE, PRINCE TEHINA MANUFACTURING, etc
All purchases are
from import.
Operating from
rented premises:
1. Offices, on an area of 580
sq. meters in 5 Hahilazon Street (to where they moved from 16 Aba
Hillel Silver Street), Ramat Gan,
2. Warehouse in Kibbutz Hulda,
on an area of 1,400 sq. meters.
3. Warehouse in Mabo’im Village,
on an area of 5,000 sq. meters.
4. Warehouse in Beit Elazar
Village, on an area of 10,000 sq. meters.
Having 31
employees (had 20 employees in the end of 2010, had 15 employees in 2009).
Current stock is
valued at NIS 40,000,000 (was valued at NIS 35,000,000 in the end of 2010, NIS
NIS
31.12.2006 31.12.2007
ASSETS
Current assets:
Customers 8,933,663 6,546,115
Investment in future contracts 2,408,812 2,133,235
Negotiable securities 3,104,007 3,264,368
Accounts receivable 59,669,795 53,440,412
Stock _16,148,296 _33,983,538
90,264,573 99,367,668
Fixed assets, net ___669,329 ___660,391
90,933,902 100,028,059
========= ==========
LIABILITIES
Current liabilities
Banks 17,946,814 933,553
Short-term loan 17,533,033 40,244,036
Liability for buying foreign
currency 2,423,096 2,123,373
Suppliers 27,242,212 6,935,367
Other accounts payable 11,313,151 _22,085,528
76,458,306 72,321,857
Long-term liabilities 151,680 86,750
Equity and surpluses 14,323,916 _27,619,452
90,933,902 100,028,059
========= ==========
There are 23
charges for unlimited amounts, as well as 1 charge for the sum of NIS
650,000.00 registered on the company's assets (financial assets, stock and
vehicles), in favor of Mizrahi Tefahot Bank Ltd., Israel Discount Bank Ltd.,
Bank Hapoalim Ltd., Bank Leumi Le’Israel Ltd. and a company (last charge placed
May 2012).
Statement
of Income
NIS
(thousands)
Year
ended 31.12
2006 2007
Sales 335,758,324 429,429,906
Gross profit 13,313,305 18,320,670
Operating income 9,188,346 13,374,570
Profit before taxes 8,931,869 18,762,448
Net profit for the year 6,157,129 13,259,536
========== ==========
2008 sales claimed
to be NIS 470,000,000.
2009 sales claimed
to be NIS 343,000,000.
2010 sales claimed
to be NIS 391,000,000.
2011 sales claimed
to be NIS 612,000,000.
Sales for the
first 6 months of 2012 claimed to be NIS 422,000,000.
Subject's
Accountant reported a significant increase in sales.
ISHBAR WHEAT LTD.,
50%, importers, traders and marketers of edible wheat, assumed activities of
SHAR BAR TVUOT LTD. (50% by subject) on the 30.06.2012. Having 4 employees.
SHLOMTZIYON
ENTERPRISE K.P. LTD., 40% held by Shalom Hatuka, engaged in international
trade, import and marketing in several lines: heavy-duty equipment, iron for
the building sector, machinery for tin and metal plants, energy drinks.
· Bank Hapoalim Ltd., Ramat Gan Business Branch (No. 176), Ramat Gan, account No. 145522.
· Mizrahi Tefahot Bank Ltd., Hamigdal Branch (No. 477), Ramat Gan,account No. 285840.
· Israel Discount Bank Ltd., Main Tel Aviv Branch (No. 010), Tel Aviv, account No. 43374.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m accounts.
In February 2007
Police forces and the Tax Authorities raided subject's offices, following
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 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 knowingly dealt directly with a Palestinian company, ABU
AKAR, supplying them with foodstuffs. This company was announced by the
Minister of Defense in December 2005 as an "Unauthorized
Association", 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.
In March 2008, the
State filed an indictment to the Tel Aviv District Court against subject and
Mr. Shalom Hatuka, on the charges mentioned above of indirectly, though
knowingly, financing terror parties.
In January 2009,
subject and Shalom Hatuka agreed to a plea bargain, and were convicted on a/m
accusations. Subject was sentenced to a fine of
NIS 250,000, and
Shalom Hatuka was sentenced to 15 months imprisonment, of which 5 months in
practice (which were converted to community work), and a fine of NIS 250,000.
Nothing
unfavorable learned on subject in the business aspect.
Subject is a
veteran business, well-known in its field.
The
Central Bureau of Statistics data shows that import of raw food
products to Israel in 2011 summed up to US$ 2,062.6 million, 23% increase from
2010 (a similar growth trend to 2010 from 2009, a year which witnessed a 20%
decrease from 2008). Over 50% of import is from the EU.
Notwithstanding
a/m affair, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
UK Pound |
1 |
Rs.86.44 |
|
Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.