MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
ASSIA CHEMICAL INDUSTRIES LTD. |
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Formerly Known as : |
CHEMICAL EXPORT INDUSTRIES OF ASSA LTD |
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Registered Office : |
P.O. Box 3190, Petach Tikva, P.O. Box 2049, Beer Sheva (84874), 2, Denmark Street, Petach Tikva 49517 |
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Country : |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
14.08.1957 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, Exporters and Marketers of Fine Chemicals for the Human and Veterinary Pharmaceutical Industry.. |
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
ASSIA CHEMICAL
INDUSTRIES LTD.
(Also trading as: TEVA ASSIA)
Telephone 972 3 925 55 55
Fax 972 3 924 60 53
2,
PETACH TIKVA 49517
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-016828-9 on the 14.08.1957.
Originally registered under the name CHEMICAL EXPORT INDUSTRIES OF ASSA LTD., which changed to the present name on the 6.2.1977.
On 8.7.2002, TEVA TECH LTD. was merged into subject.
SHARE CAPITAL
Authorized share capital
50,000,000 ordinary
shares of
of which shares amounting to
SHAREHOLDERS
Subject is fully owned by TEVA PHARMACEUTICAL INDUSTRIES LTD.
TEVA is a public limited liability company, whose shares are traded on
the Tel Aviv Stock Exchange, the NASDAQ Exchange Stock Exchange (symbol TEVA),
as well as on Seaq International in London and the Frankfurt Stock Exchange..
DIRECTORS
1. Shlomo Yanai, General Manager/ CEO of subject and the TEVA Group,
2. Aharon Ya'ari,
3. David Mizrachi,
4. Ms. Eilzabeth Kogan,
5. Edward Scwartz,
6. Uri Umid,
7. Dov Primovich.
BUSINESS
Manufacturers, exporters and marketers of fine chemicals for the human and veterinary pharmaceutical industry.
Most sales are for exports.
Operating from a main plant in Ramat Hovav and from premises (offices, plant), owned by the TEVA Group (serves also other members of the Group), on an area of 11,500 sq. meters, in 2 Denmark Street, Industrial Area, Petach Tikva.
The TEVA Group operates from many other locations in the
country (including labs in
Having some 600 employees.
There are 27,900 employees serving the TEVA Group, of which
5,530 employees in
MEANS
Financial data is included in the Consolidated B/S of TEVA PHARMACEUTICAL INDUSTRIES LTD., which shows:
US$ (millions)
30.09.2008 31.12.2007
ASSETS
Current assets 10,951 9,859
Investments and
other assets 905
712
Fixed assets (net) 2,741 2,515
Intangible assets
(net) 1,956 1,919
Goodwill _8,414
_8,407
24,967 23,412
====== ======
LIABILITIES
Current liabilities 4,982
5,371
Long term
liabilities 5,108
4,281
Minority interest 34 36
Equity
14,843 13,724
24,967 23,412
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TEVA current market value US$ 35.52 billion.
Subject and other companies in the TEVA Group are “Approved Enterprises” and as such enjoy tax benefits and State incentives.
There
ANNUAL SALES
TEVA consolidated 2006
sales US$ 8,408,000,000, making a gross profit of
US$ 4,259,000,000, an operating income of US$ 801,000,000 and a net profit of
US$ 546,000,000.
TEVA consolidated 2007
sales US$ 9,408,000,000,
making a gross profit of
US$ 4,877,000,000,
an operating income of US$ 2,395,000,000 and a net profit of US$ 1, 952,000,000.
TEVA consolidated first 9
months of 2008 sales US$ 8,237 million (20.5% increase compared to the parallel
period in 2007), making a gross profit of
US$ 4,369 million, an operating profit of US$ 1,557 million and a net profit of
US$ 1,323 million.
OTHER COMPANIES
Parent company TEVA PHARMACEUTICALS INDUSTRIES LTD., developers, manufacturers, marketers and exporters of pharmaceuticals, chemicals, and veterinary products. TEVA and its subsidiaries develop generic and proprietary drugs in all major therapeutic categories, which are distributed worldwide.
TEVA’s worldwide operations are conducted through a network
of subsidiaries primarily located in North America, Europe, Latin America and
IVAX CORPORATION INC.,
GOLDLINE LABORATORIES, INC.,
DORAL MANUFACTURING INC.,
TEVA PHARMACEUTICALS USA, INC.
TEVA CLASSICS S.A., France
TEVA PHARMACEUTICAL WORKS LTD.,
CORTICOSTEROIDI S.R.L.,
TEVA PHARMA ITALIA S.R.L.,
NORTON HEALTHCARE LIMITED,
TEVA U.K. LIMITED,
PLANTEX U.S.A. INC.,
PHARMACHEMIE GROUP,
NOVOPHARM LTD.,
SICOR
PHARMACEUTICALS INC.
TIANJIN HUALIDA
BIOTECHNOLOGY COMPANY LTD., 45%,
MEDICA
AG,
SALOMON
LEVIN & ELSTEIN LTD., importers and distributors of pharmaceuticals and
allied goods.
PLANTEX
LTD., developers, manufacturers, exporters and marketers of raw
materials for generic medicine.
TEVA MEDICAL LTD., manufacturers, importers, marketers and exporters of medical equipment, pharmaceuticals, systems and materials for hospitals.
ABIC LTD., developers, manufacturers, exporters and marketers of pharmaceutical & fine chemicals, human & veterinary chemicals, vaccines, anti-cancer products, animal feed additives & vitamins, agricultural chemicals, etc.
And
many more in the TEVA Group.
BANKERS
Bank Hapoalim Ltd., Belinson Branch (No. 552), Petach Tikva.
Bank Leumi Le’Israel Ltd., Central Branch (No.800), Tel Aviv.
Israel Discount Bank Ltd.,
Mizrahi Tefahot Bank Ltd., Main Business Branch (No 461), Tel Aviv.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject is considered one of TEVA’s principal operating subsidiaries in terms of pharmaceutical or API sales.
TEVA PHARMACEUTICALS is ranked 1st in the list of leading Israeli companies in terms of market value. It is ranked among the top 20 pharmaceutical companies in the world and the leading generic pharmaceutical company.
TEVA’s global share in the generic pharmaceutical market is 11% and in the American market share is estimated to be 18.5%.
In the local market TEVA has a 25% market share in the pharmaceutical
field. TEVA is the largest non-governmental supplier of healthcare products and
services in
In June 2002, TEVA completed its acquisition of HPFC (HONEYWELL
PHARMACEUTICAL FINE CHEMICALS), the raw material for medicines division of
HONEYWELL in
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.
In January 2006, TEVA finalized a major acquisition of IVAX CORP., its main competitor in the generic drugs field, in a transaction valued US$ 8 billion in cash and shares. The IVAX acquisition became accretive during the 2nd quarter of 2006.
In February 2008 TEVA acquired the American bio-pharmaceutical company CoGenesys, operating in the biological treatments, for US$ 400 million.
In July 2008 subject completed the acquisition of BENTLEY
PHARMACEUTICALS of
In July 2008 TEVA announced it acquires BARR PHARMACEUTICALS, INC. (NYSE: BRL), the fourth largest generic drug company worldwide (est. 1970), in consideration of US$ 7.46 billion (40% in shares, rest in cash). In addition, TEVA will take upon itself BARR's debt in volume of US$ 1.5 billion.
This major acquisition is expected to further enhance TEVA's
leadership position in the
The Israeli market
for pharmaceuticals was circa US$ 900 million based on the manufacturers’
selling prices.
According to the
Chairman of the Pharmaceutical Division at the Industrialists Association,
total sales of the branch in 2007 witnessed a continuing growing trend of 12%
from 2006 with sales reaching US$ 4.5 billon (US$ 4 billion in 2006 and US$
3.173 billion in 2005). Products included drugs, raw materials for medicine
production, veterinary medication.
2007 exports by the
pharmaceutical industries to over 120 countries exceeded US$ 3.6 billion,
representing a 13% increase from 2006. According to the Chairman of the
Pharmaceutical Division, there was a rise of 43% in the sale of drugs during
the first half of 2008 (comparing to the first half of 2007), totaling US$ 2.2
billion.
The Israeli market
for pharmaceuticals was circa US$ 900 million based on the manufacturers’
selling prices.
There are 13 generic
pharmaceutics production companies in
SUMMARY
Good for trade engagements.
Being a TEVA PHARMACEUTICALS subsidiary, good for maximum unsecured credit of up to
several US$ millions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.39 |
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1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
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. |
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%)