MIRA
INFORM REPORT
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Report Date : |
22nd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABIC BIOLOGICAL LABORATORIES TEVA LTD. |
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Registered Office : |
P. O. Box 489 (99104) Hayetzira Street Western Industrial Zone Beit Shemesh 99051 Israel |
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Country : |
Israel |
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Financials (as on) : |
31/03/2006 |
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Date of Incorporation : |
23.5.1972 |
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Legal Form : |
Private limited company |
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Line of Business : |
Developers, manufacturers, marketers and exporters
of vaccines and compounds for animals (mainly poultry vaccines). |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name & address
ABIC BIOLOGICAL LABORATORIES TEVA LTD.
Telephone 972
2 990 69 06
Fax 972
2 990 69 00
P. O. Box 489 (99104)
Hayetzira Street
Western Industrial Zone
BEIT SHEMESH 99051 ISRAEL
HISTORY
A private limited company registered as per file No.
51-060828-4 on the 23.5.1972, under the name BIOLOGICAL PREPARATIONS TEVA 1972
LTD., which changed to M. B. T. BIOLOGICAL LABORATORIES TEVA LTD. on the
6.9.1978, which changed to the present name on the 7.9.2003.
SHARE
CAPITAL
Authorized share capital NIS 2,000,000.00 divided
into:-
100 voting shares of NIS 1.00 each, 1,999,900 ordinary
shares of NIS 1.00 each, of which shares amounting to NIS 75,100.00 were issued.
SHAREHOLDERS
Subject is fully owned by TEVA PHARMACEUTICAL
INDUSTRIES LTD. (directly and through its fully owned subsidiary ABIC LTD.).
TEVA is a public limited liability company whose shares are traded on the Tel
Aviv and Nasdaq Stock Exchanges.
DIRECTORS
1. Eliahu Hurwitz - President and Chairman,
2. Prof. Meir Heth,
3. David Shamir,
4. Leslie Dan,
5. Max Reis,
6. Mrs. Ruth Cheshin,
7. Dov Shapir,
8. Harold Schneider,
9. Ms. Leora Maridor,
10. Carlo Salvi,
11. Moshe Mani,
12. Abraham Cohen,
13. Michael Sela,
14. Ms. Gabriela Shalev,
15. Dr. Phillip Frost.
MANAGEMENT
1. Israel Makov, General Manager of TEVA
2. Yaakov Lustegarten, General Manager of
subject.
BUSINESS
Developers, manufacturers, marketers and exporters of
vaccines and compounds for animals (mainly poultry vaccines).
Operating from rented premises, on an area of 3,000
sq. meters, in Hayetzira Street, Western Industrial Zone, Beit Shemesh.
The TEVA headquarters are located in 5 Bazel Street,
Petach Tikva.
Having
14,698 employees, serving the TEVA Group (4,314 in Israel).
MEANS
Financial data is included in the consolidated B/S of TEVA PHARMACEUTICAL INDUSTRIES
LTD., which shows:
US$
(millions)
31.03.2006 31.12.2005
ASSETS
Current assets
Cash
and cash equivalents 968.3 1,275.6
Short
term investments 339.0 935.5
Accounts
receivable: trade 2,156.0 1,768.7
Other 709.4 411.3
Inventories 1,689.3 1,114.2
5,862.0 5,505.3
Investments and other assets 592.7 410.6
Property, plant and equipment (net) 2,062.8 1,360.9
Intangible assets (net) 2,096.6 648.6
Goodwill __ 7,748.5 2,462.0
18,362.6 10,387.4
======== ========
LIABILITIES
Current liabilities 3,681.5 2,260.1
Long term liabilities 5,442.4 2,077.0
Minority interest
21.1 8.0
Equity __ 9,217.6 6,042.3
18,362.6 10,387.4
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TEVA current market value US$ 28.3 billion.
Subject
and other companies in the TEVA Group are “Approved Enterprises” and as such
enjoy tax benefits and state incentives.
In June 1998, the Investment Center Administration
approved the expansion of subject’s plant, for a sum of US$ 1.5 million.
In April 2002, the Investment Center Administration
approved the expansion of subject’s plant, for a sum of US$ 1.58 million.
There are no charges registered on the company’s
assets.
ANNUAL
SALES
TEVA
PHARMACEUTICAL INDUSTRIES LTD.
Consolidated Statement of Income
US$ (millions)
Year ended 31.12
2003 2004 2005
Sales 3,276.4 4,798.9 5,250.4
Gross profit 1,518.9 2,239.3 2,480.6
Operating income 877.4 577.8 1,312.9
Income before income taxes 872.4 603.7 1,308.6
Net income 691.0 331.8 1,072.3
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TEVA
Consolidated first quarter of 2006 sales US$ 1,672.5 million (28.1% increase
compared to the parallel period in 2005), making a gross profit of US$ 723.4
million, an operating loss of US$ 945.8 million and a net loss of US$ 1,008.7
million.
OTHER COMPANIES
Parent
company also controls:
(all
100% stake unless otherwise stated)
PLANTEX
U.S.A. INC., active pharmaceutical ingredients,
ABIC
LTD.,
TEVA
PHARMACEUTICALS EUROPE B.V.
TEVA
PHARMACEUTICALS U.S.A. INC.,
TEVA
PHARMA ITALIA S.R.L.,
PHARMACHEMIE
GROUP,
NOVOPHARM
LTD., acquisition of the second largest generic drug company in Canada
TEVA
NEUROSCIENCE INC. (United States),
PROSINTEX
INDUSTRIE CHIMICHE ITALIANE (S.r.l.) (Italy),
TEVA
CLASSICS S. A. (France),
TEVA
SANTE SAS (France),
TEVA
PHARMACEUTICAL FINE CHEMICALS s. r. l. (Italy),
ABIC
VETERINARY PRODUCTS LTD.,
PLANTEX
LTD.,
SICOR
INC.,
SICOR
PHARMACEUTICALS SALES INC.,
SICOR
PHARMACEUTICALS INC.
RAKEPOLL
HOLDING B.V., the Netherlands,
SICOR
BIOTECH UAB, Lithuania,
SICOR
EUROPE S.A., Switzerland,
SICOR
SOCIETA CORTIOSTEROIDI S.p.A., Italy,
TIANJIN
HUALIDA BIOTECHNOLOGY COMPANY LTD., 45%, China,
LEMERY
S.A. DE D.V., Mexico,
SICOR DE
MEXICO DE C.V., Mexico,
SICOR
LATINOAMERICA DE C.V., Mexico.
HUMANTRADE
KFT., 97.4%, Hungary
TEVA
HUNGARY PHARMACEUTICAL MARKETING CO. LTD., 98%,
TEVA
PHARMACEUTICAL WORKS CO. LTD., 98%, Hungary,
DOROM
SRL, Italy,
ORPHAHELL
B.V., the Netherlands,
TEVA UK
LTD.
TEVA MEDICAL LTD.
SALOMON LEVIN & ELSTEIN LTD.,
GENCHEM PHARMA LTD., 100%, USA,
TEVA PHARMACEUTICALS GERMANY GmbH,
HUMANTRADE PHARMACEUTICAL WHOLESALE COMPANY LTD.,
Hungary,
MEDICA AG, Switzerland,
ASSIA CHEMICAL INDUSTRIES LTD.
BANKERS
Bank
data not forthcoming.
CHARACTER
AND REPUTATION
Nothing unfavorable learnt.
Subject’s
parent, TEVA, was named 8th in Israel’s leading exporters in the
last decade. It is ranked 1st in the list of leading Israeli
industrial companies in terms of market value and 4th in terms of
sales (the first privately owned). In the local market TEVA has a 25% market
share.
TEVA is
Israel’s 2002 leading exporter after its 2002 exports amounted to over US$ 1
billion.
TEVA
American Market Share is estimated to be between 12-15%.
In June 2002, TEVA completed its latest acquisition of
HPFC (HONEYWELL PHARMACEUTICAL FINE CHEMICALS), the raw material for medicines
division of HONEYWELL in Italy, in consideration of US$ 90 million.
In
November 2003, TEVA announced that it signed a deal to acquire full ownership
in SICOR, developers of API products and generic pharmaceuticals, for a sum of
US$ 3.4 billion, US$ 2 billion in cash and US$ 1.4 billion in shares. The deal
will be financed by Bank Leumi LeIsrael B.M. and Bank Hapoalim Ltd.
SICOR
2003 sales are expected to reach US$ 550 million.
In
January 2004, TEVA, in order to finance the SICOR deal, completed a US$ 1
billion capital raise by issuing convertible bonds on the Nasdaq Stock
Exchange.
In
August 2004, TEVA signed a deal to acquire DOROM of Italy, of the PFIZER Group,
for an estimated sum of EUR 70 million.
In July
2005, TEVA announced it signed a deal to acquire IVAX, its main competitor in
the generic drugs field, for a sum of US$ 7 billion in cash and shares. The
deal was finalized in January 2006.
The
local pharmaceutical industry employs 5,700 employees directly and an
additional 20,000 indirectly.
The
manufacturers in this field invest US$ 175 million per year, of which
US$ 125
million are for R&D.
According
to the Industrials Association sales of the pharmaceutical sector reached US$ 1.83 billion in 2003, a 19% increase
from 2002 (excluding sales of Israeli companies whose manufacturing sites are
abroad, which amounted to US$ 1.5 billion in 2003).
Out of
the pharmaceutical products sold, export increased in 2003 by 26%, reaching US$
1.4 million.
Import
of pharmaceutical products in 2003 reached US$ 729 million, a 10% increase from
2002. A total of 73% of medicines in the local market are imports, compared to
a global average of 40%.
The
pharmaceutical market is considered stable and payment morality is good.
SUMMARY
Good for trade engagements.
NOTE
1. Please note subject’s
correct registration number.
2. P.O Box 3190, Petach
Tikva, belongs to TEVA PHARMACEUTICAL INDUSTRIES LTD.
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 |