MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BISCOL LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
12.3.1962 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers exporters, marketers and wholesalers of cosmetics and
diabetic products: artificial sweeteners, synthetic
food additives for meat, baking and dairy industries, toilet preparations,
body lotions hair care products, vitamins, 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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
BISCOL LTD.
Industrial Zone
ROSH HA’AYIN 48017
Telephone 972 3 938 22 82
Fax 972 3 938 20 17
HISTORY
A private limited
company, incorporated as per file No. 51-034691-9 on 12.3.1962, by the late Tzadok
Levy.
SHARE CAPITAL
Authorized share
capital
SHAREHOLDERS
1. Reuven Levy, holding all issued shares
besides the under mentioned,
2. Lior Levy, holding 3 management shares,
3. Mrs. Batya Levy, holding 1 ordinary share,
4. Dror Levy, holding 1 management share,
5. Ms. Galia Levi, holding 1 management share.
DIRECTORS
1.
Lior Levy, General Manager, born 1965,
2.
Reuven Levy, born 1938.
BUSINESS
Manufacturers exporters, marketers and wholesalers of cosmetics and
diabetic products: artificial sweeteners
(leading brand: "Sucrazit"), synthetic food additives for meat, baking
and dairy industries, toilet preparations, body lotions hair care products
(cosmetics marketed by NEOPHARM), vitamins, etc.
25% of sales are for export.
Sells mostly to wholesalers and to companies.
Among local clients: supermarket and
drugstore chains (SUPERSOL, CO-OP BLUE SQUARE, SUPERPHARM, NEWPHARM), food
cosmetic and toiletries manufactures (ELITE FOOD, HLAVIN INDUSSTRIES, HENKEL
SOD, PNINA ROSENBLUM) and others.
Around 50% of purchases are imports and 50%
are from the local market.
Among local
suppliers: Y.S. ASHKENAZ AGENCIES, ZIFRONI CHEMICAL SUPPLIERS, TADBIK, CARMEL
CONTAINER SYSTEMS, SHEIN PACKING & PRINTING, S. KETTER PRINTING, etc.
Sole local
representatives and licensed manufactures of:
PAGLIERI
EQUAL, of the
Operating from
owned premises (a plant, offices and a warehouse), on an area of 3,000 sq.
meters in
Having 80
employees serving the BISCOL Group (including subject, BISCOL MARKETING and SUCRAZIT).
MEANS
Current stock is
valued at
Owned property in
Rosh Ha'ayin is valued at US$ 2,000,000.
There are 9 charges for unlimited amounts registered on the company's
assets, in favor of Bank Leumi LeIsrael Ltd., Mizrahi Tefahot Bank Ltd. and a
local communication company.
ANNUAL SALES
Sales figures
include sales of sister companies' part of the BISCOL Group (including subject,
BISCOL MARKETING and SUCRAZIT):
Consolidated 2005
sales were
Consolidated 2006
sales were
Consolidated first
half of 2007 sales claimed to be
OTHER COMPANIES
Sister companies owned or controlled by the
Levy family:
BISCOL MARKETING & SALES 2002 LTD.,
marketing locally subject's cosmetic products, operating from same premises as
subject.
SUCRAZIT LTD., marketing locally subject's
manufactured sweeteners, operating from same premises as subject.
DAOR COSMETICS LTD., 50% owed by subject, manufactures
and exporters of cosmetics products.
CROSSWATER LTD.
BANKERS
Bank Leumi
LeIsrael Ltd., Hahashmonaim Business Branch (No. 817), Tel Aviv, account No.
467300/34.
A check with the Central
Banks’ database did not reveal any negative information regarding subject’s a/m
bank account.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
This is a very long family business, with well-known brands locally,
mainly "Sucrazit" sweetener brand.
In the end of 2004
it was reported that the subject is a leading actor in the sweetener market in
In February 2007
it was reported that subject transferred the distribution of its cosmetic
products from DANSHAR, with whom it had been working for many years, to
NEWPHARM LTD., also a veteran and leading actor in the local market. The volume
of the deal is reported to be of
In March 2007, it was reported that subject will be among the suppliers for
the "4th Retail Chain", which is the nickname of the
organization by 6 local private supermarket chains, who are competing with the
leading large marketing chains SUPERSOL and
The 6 chains (RAMI LEVY SHIVUK HASHIKMA, A.B.A. VICTORY, SUPER-DOSH, M.M.N
(Michel Avidan), MACHSANEI LAHAV, MACHSANEI HASHUK) are the local fastest
growing chains in the retail market in recent years.
They have chose subject for their private label products in the cosmetic
and toiletry fields.
According to the
Israeli export institute, exports of the cosmetics branch in 2005 were US$ 204
million, a 7.3% increase from 2004.
The local cosmetics
estimated market value is US$ 210 million in retail prices.
As of 2004, 5,000
employees are employed directly in the branch, and another 10,000 are employed
indirectly.
According to the
Chairman of the Chemical, Pharmaceutical and Environment Division at the
Industrialists Association, total sales of the branches in 2006 witnessed a
remarkable 12.6% growth to US$ 17.4 billon, after in 2005 sales increased by
10% from 2004.
The chemical and
pharmaceutical industries are the 2nd largest export branch (after
the hi-tech) and comprise 30% of
Purchasing abroad amounted to US$ 1.5 billion in 2006 (around US$ 350
million of which were pharmaceuticals, 13% increase from 2005).
The branch projected sales in 2007 include a 15% rise in sales for
export (to US$ 10 billion) and 12% rise in total sales (to US$ 19.5 billion).
SUMMARY
Good trade engagements.
Maximum unsecured
credit recommended US$ 300,000.
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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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%)