Does the following proves that there is a problem with my ntp server?

[Shaul Karl <shaulk@israsrv.net.il>]

[18:40:18 /tmp]$ ntptrace 192.115.3.254
core.israsrv.net.il: stratum 3, offset -3599.179944, synch distance 0.03766
iix.net.il:     *Timeout*
[18:40:36 /tmp]$ date -u
Fri Jan 14 16:40:44 UTC 2000
[18:40:44 /tmp]$ date 
Fri Jan 14 18:40:45 IST 2000
[18:40:45 /tmp]$ 

Assuming that the current UTC time is indeed 16:40:00 +/- 5 minutes, does the 
above proves that there is a problem with my ntp server? Does it shows that 
my ntp server's time is about 15:40 UTC?