MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
AMBROSIA SUPHERB LTD. |
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Formerly Known As : |
SUPHERB LTD. |
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Registered Office : |
P.O. Box 626
(42106), 48 Yad Harutzim Street, Park Siyim Industrial Zone, Netanya 42505 |
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Country : |
Israel |
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Date of Incorporation : |
04.10.1994 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, Manufacturers, Exporters and Marketers of nutrition
supplements, minerals, vitamins and photo-homeopathic preparations |
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 : |
No Complaints |
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Litigation : |
Clear |
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, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
AMBROSIA SUPHERB LTD.
Telephone 972
9 863 72 22
Fax 972 9 863 72 30
P.O. Box 626 (42106)
48 Yad Harutzim Street
Park Siyim Industrial Zone
NETANYA 42505 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-202902-6 on the
04.10.1994.
Originally registered under the name SUPHERB LTD., which changed to the
present name on the 12.07.2001, when parent company AMBROSIA LTD. (established
1986) transferred all its activities to subject.
SHARE
CAPITAL
Authorized share capital of NIS 1,085,519.00 divided into:
209,351 prime shares of
NIS 0.01 each (issued),
90,649 prime “A” shares
of NIS 0.01 each (issued),
95,000 deferred shares of
NIS 1.00 each (issued),
987,519 ordinary shares
of NIS 1.00 each (982,519 shares issued),
of which shares amounting to NIS 1,080,519.00 were issued.
SHAREHOLDERS
1. AMBROSIA LTD., owned by Eitan
Markovitz and Alex Maor,
2. Amir Stein, holding 1.5% of
ordinary shares.
AMBROSIA LTD. bought 80% of subject’s shares in February 2000, according to
a company value of US$ 600,000, from the former shareholders of subject, Mrs.
Ariela Dagan and Dr. Moshe Puder.
DIRECTORS
AND JOINT GENERAL MANAGERS
1. Eitan Markovitz,
2. Alex Maor.
BUSINESS
Developers, manufacturers, exporters and marketers of nutrition
supplements, minerals, vitamins and photo-homeopathic preparations.
Also importers and marketers of natural health products, nutrition
supplements and vitamins.
Sole representative of SOLGAR, of the USA (main agency, among others).
Exports comprise small part of total sales and are mainly to the UK,
Bulgaria and the Netherlands.
More than 300 different products are sold at over 1,000 points of sale nationwide.
Also producers of printed materials and literature on nutrition, health and
life style issues.
Amongst clients: all local healthcare funds, DR. FISCHER, SUPER-PHARM,
NEW-PHARM (latter 2 are the leading local drugstore chains), HERZL BIBI NITZAT
HADUVDEVAN, etc.
Amongst local suppliers: GRAPHOLIT PRINTING, S.L.E. (of the TEVA
PHARMACEUTICALS Group), etc.
Advertising agency: BAUMAN-BAR-RIVNAY.
Operating from rented (owned by the shareholders) premises (offices and
warehouse), on an area of around 2,000 sq. meters, in 48 Yad Harutzim Street,
Park Siyim Industrial Zone, Netanya, and from plant, on an area of 2,400 sq.
meters, rented, in 12 Hama'ayan Street, Har Yona Industrial Zone, Nazareth
Ilite. In total, subject’s premises lay on built area of some 4,000 sq. meters.
Note: Subject's correct street number- 48, not
42 (in Yad Harutzim Street).
Having 115 employees.
MEANS
Current stock is valued at NIS 15,000,000.
Other financial data not forthcoming.
In March 2001, the AMBROSIA Group purchased a plot, on an area of 5,000 sq.
meters, including a building, on an area of around 2,000 sq. meters in the
Poleg Industrial Zone, Netanya, in consideration of US$ 2.9 million. Subject is
operating from this place (also known as Park Siyim).
In August 2007 it was reported that subject leased further 1,000 sq. meters
in Park Siyim from AMOT INVESTMENTS LTD., paying US$ 8.5 per meter per month in
a 5 year contract.
Initial investment in the plant in Nazareth Ilite in 1999 reported to be
NIS 20 million, and later further investments were made.
Subject is an “Approved Enterprise” and as such is entitled to tax
exemption and State grants.
There are 5 charges
for unlimited amounts registered on the company’s assets (fixed assets and
financial assets), in favor of Bank Leumi Le’Israel Ltd., Israel Discount Bank
Ltd. and Bank Hapoalim Ltd.
SALES
Consolidated 2004 sales claimed to be NIS 43,000,000.
Consolidated 2005 sales claimed to be NIS 43,000,000.
First half of 2006 sales said to be continuing at same levels of last year.
Later sales figures not forthcoming, though according to reports 2008 – 2009
sales amounted to NIS 60 – NIS 65 million.
OTHER
COMPANIES
AMBROSIA LTD., parent company, a holding company since July 2001.
SOLGAR ISRAEL, AMBROSIA LTD., owned by Eitan Markovitz and Alex Maor.
PEVONIA ISRAEL LTD. (known and Pevonia Botanica), cosmetics company,
importers and marketers of the natural skincare brand “Pevonia Botanica”,
EITAN MARKOVITZ LTD., holding company, owned by Eitan Markovitz,
ALEX MAOR LTD., holding company, owned by Alex Maor,
MARKOVITZ MAOR ASSETS LTD., owned by Eitan Markovitz and Alex Maor, real
estate.
LIFE STYLE – MAGAZINE FOR CORRECT NUTRITION, HEALTH & QUALITY OF LIFE
LTD.
Also holding and operating a subsidiary in Poland.
BANKERS
Bank Leumi Le’Israel Ltd., Halutzei Hata’assiya Business Branch (No. 889),
Haifa.
Bank Hapoalim Ltd., Hasharon Business Center Branch (No. 455), Netanya.
CHARACTER
AND REPUTATION
In December 2004 the nature products retail chain EDEN filed a NIS 2.3
million lawsuit against subject, claiming it decided at once to cease supply to
their chain, allegedly as a pressure to improve trade terms.
In December
In April 2008, yet
another motion for class action lawsuit was filed, this time against 3
manufacturers and importers of nutrition supplements, subject being one of
them. The motion, on the total sum of NIS 834 million, claims for misleading
advertising by the defendants regarding the supplements for treating prostate
cancer.
Subject’s officials deny the allegations for both.
We found no further data on the a/m matters
Apart from that, nothing unfavorable learned.
Subject's CFO refused to update sales and financial details (besides
current stock evaluation).
Subject is considered the leading company in their field, with estimated
30% market share in the food supplements area. The SOLGAR line of products is a
leading brand.
All Homeopathic ingredients in “Sup-Herb” products are listed in the
Homeopathic Pharmacopoeia of the United States (HPUS), conform to the standards
of the US. Food and Drug Administration (FDA), and are licensed by the Israeli
Ministry of Health.
Subject’s plant is authorized under ISO-9001/2000 and manufacturing
processes conform to GMP requirements.
In February 2003, it was reported that subject singed a US$ 1 million
contract to export to Turkey through an intermediate agent TELEPHARMA.
In February 2006 it was reported that subject opened a branch in Poland,
via an owned subsidiary, with investment of US$ 200,000. Subject's products
will be distributed to pharmacies and drugstores in Poland, as well as marketed
to neighboring countries, based on export agreements signed.
Subject intends, according to the reports, to invest further US$ 800,000 in
expending the activities in Eastern Europe, including the Baltic States,
Romania and Moldova.
Subject is already exporting to Turkey and Hungary.
In mid 2009 subject acquired PEVONIA ISRAEL LTD., the Israeli branch of the
international natural body care and spa brand “Pevonia Botanica”, thus entering
the cosmetics field for the first time. Reportedly, PEVONIA was acquired for
NIS 6 million. It has 7 branches nationwide and its 2009 sales reported to be
NIS 3 million.
The local food
supplements and vitamins market is growing and estimated of a volume
of NIS 800 million per year.
The food supplements and vitamins field is showing constant growth. It is
estimated that about 30% of Israelis use food supplements and vitamins.
Sales are through nature stores (35%), drugstore chain stores (30%), health
care services (20%) and privet pharmacies (15%)
Most of the food supplements and additives are multi-vitamins (25%), the
health herbs (15%) and others.
75% of the food supplements are from import, mainly the U.S.A, Switzerland
and France.
The leading companies in this field are Solgar (subject), Hadas, GNC, NUTRA
LIFE and / MAABAROT (Taam Teva Altman).
SUMMARY
Good for trade
engagements.
Maximum unsecured credit recommended US$ 300,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.57 |
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UK Pound |
1 |
Rs.71.75 |
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Euro |
1 |
Rs.62.60 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.