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MIRA INFORM REPORT
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Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED VISION TECHNOLOGY (A.V.T.) LTD. |
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Formerly Known As : |
KING DAN THE SEC |
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Registered Office : |
P.O. Box 7295, 6 Hanagar Street, Neve Neeman B Industrial Zone, Hod Hasharon 45251 |
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Country : |
Israel |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
25.10.1992 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, Manufactures, Exporters and Marketers of
automatic inspection systems for web applications |
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$ 500,000. |
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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
ADVANCED VISION
TECHNOLOGY (A.V.T.) LTD.
Telephone 972 9 761 44 44
Fax 972 9 761 45 55
P.O. Box 7295
6 Hanagar Street
Neve Neeman B
Industrial Zone
HOD HASHARON-45251 ISRAEL
HISTORY & LEGAL FORMATION
Originally incorporated as a private limited company, registered as per
file No. 51-172889-1 on 25.10.1992 under
the name KING DAN THE SEC
In February 2000 published a prospectus offering shares to the public on
the Neuer Market Frankfurt Stock Exchange, raising a sum of US$ 50 million
according to a company value of US$ 160 million.
Subject started to trade on the 28.02.2000. Following its listing,
converted into a public limited company on the 01.11.2001 (keeping the same
registration number).
SHARE CAPITAL
Authorized share capital NIS 30,000,000.00, divided into -
15,000,000 ordinary shares of NIS 2.00 each,
of which 6,296,898 shares amounting to NIS 12,593,796.00 were issued.
SHAREHOLDERS
1. RONIN INVESTMENT MANAGING COMPANY LTD, 51%,
owned by George Horesh,
2. Shares are also traded on the Prime Standard of the
Frankfurt Stock Exchange (Symbol: VSJ), around 53% of shares are held by the
public.
DIRECTORS
1. Yehoshua Agassi, Chairman,
2. Shlomo
Amir, General Manager,
3. Ytzhak
Edelman,
4. Arie
Weisberg,
5. Ofer
Ne’eman,
6. Ms.
Nurit Nahum.
BUSINESS
Developers, manufactures, exporters and marketers of
automatic inspection systems for web applications in the packaging, labels, forms and converting
sectors, press automation and quality control solutions for the printing
industry.
Subject developed integrated solutions for improving print quality via
on-line automatic monitoring, inspection, alert, and other vision-based press controls
for both the packaging printing and labels printing markets.
Most sales are for export.
Subject and subsidiary (GMI) have almost 6,000
installations worldwide.
Operating from rented premises, on an area of 5,000 sq meters, in 6
Hanagar Street, Neve Neeman B Industrial Zone, Hod Hasharon, and additional
marketing, sales and support offices in the United States, Europe and China.
Having 199 employees (had 205 employees in the end of 2010), of which 90
employees in Israel.
MEANS
Consolidated B/S shows:
US$
(thousands)
31.03.2011 31.12.2010
ASSETS
Current assets:
Cash
and cash equivalents 6,435 7,816
Short term deposits 3,575 3,000
Trade receivables 7,383 5,696
Inventories 6,402 5,928
Other accounts receivable and pre-paid
expenses 3,372 3,051
27,167 25,491
Severance pay fund 2,492 2,358
Property and equipment,
net 1,416 1,436
Intangible assets, net 1,349 1,443
32,424 30,728
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LIABILITIES
Current liabilities 10,849 9,897
Accrued severance pay 3,465 3,295
Shareholders’
equity * 18,110 17,536
32,424 30,728
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* Accumulated deficit in shareholders’ equity as of 31.03.2011: US$
39,580,000 (was US$ 40,033,000 as of 31.12.2010).
Current market value € 24.56 million.
There are 4 charges for unlimited amounts registered on the company’s
assets, in favor of Bank Hapoalim Ltd, Mizrahi Tefahot Bank Ltd. and a leasing
firm.
ANNUAL SALES
Consolidated
Statement of Income
US$
(thousands)
Year
ended 31.12
2008 2009 2010
Revenues 60,320 37,231 39,681
Gross profit 26,344 15,951 19,636
Operating income (loss) (23,883) (8,916) 356
Net income (loss)
(25,151) (10,706) 561
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Consolidated first 3 months of 2011 sales were
US$ 10,555,000 (7.6% increase compared to the parallel period in 2010), making
a gross profit of US$ 5,180,000, an operating income of US$ 399,000, ending
with a net income of US$ 466,000.
Order Booking in
the first quarter of 2011 totaled US$ 11.8 million representing an increase of
18.2% compared to parallel period of 2010. The ratio of order booking to
revenues in the first quarter of 2011 was 112%.
OTHER COMPANIES
· ADVANCED VISION TECHNOLOGIES INC., USA, 100%.
· ADVANCED VISION TECHNOLOGIES (GERMANY) GmbH, Germany, 100%.
· AVR EMEA SCRL, Belgium, 100%.
· GRAPHICS MICROSYSTEMS INC (GMI), USA, 100%.
RONIN INVESTMENT MANAGING COMPANY LTD., parent company, founded in 2006,
retains a diversified investment portfolio that stretches across a variety of business
sectors and geographic locations (see more below).
BANKERS
Bank Hapoalim Ltd., Ra’anana Branch (No. 661), Ra’anana.
Mizrahi Tefahot Bank Ltd., Ashkelon Branch (No. 427), Ashkelon.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject was adversely affected by the effects of the global financial
crisis. It took streamlining measures to face the situation, including
workforce cuts and other cost-saving actions. Workforce cuts were also due to
the integration of GMI into subject (in fact it doubled the dismissals – total
of some 80 employees were fired since a 2009). However during 2010 subject
financial situation improved ascan be seen in the current financial statements.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
Subject is considered among the world leading in their field.
George Horesh, owner of parent company RONIN, is a well-known local
businessman. He took control in subject since the 2nd half of 2007
(25%) after hefty power struggle among the former shareholders and increased
his stake in September 2008 (by additional 22%).
Mr. Horesh owns UNION MOTORS LTD., the local importer and agency for
Toyota and Lexus automobiles (2007 sales NIS 3.2 billion). His other holdings
include real estate investments in Israel and overseas (including 11.7% in
GILATZ INVESTMENT LTD., publicly traded on Tel Aviv Stock Exchange), as well as
many other investments throughout the world. Last year, Horesh gained the
concession for operating H&M retail
In June 2002, subject acquired certain assets of GEIGER VISION SYSTEMS
GmbH, a German corporation developing and manufacturing quality assurance
solutions for the labels print market, for a sum of US$ 1,068.
In October 2007 subject acquired GRAPHICS
MICROSYSTEMS, INC (GMI) of the USA for US$ 33.5
million, in cash. GMI developed unique technologies enabling it to provide solutions
for the most advance and accurate print color control, including ColorQuick,
the first and only in-line dual beam spectrophotometer, and Microcolor, a
unique digital servo based remote ink control technology.
In March 2010 PMP PRINT, part of Australia’s leading integrated provider
of consumer insight and printed communications solutions, installed GMI systems
at its facility, in contract value of US$ 1.57 million.
During 2010 subject became a business partner of HP INDIGO, which will
help subject to strengthen its hold in the digital printing field.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 500,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.21 |
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UK Pound |
1 |
Rs.74.31 |
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Euro |
1 |
Rs.64.40 |
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.