MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
NOVETIDE LTD. |
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Registered Office : |
P.O. Box 10140, Haifa Bay Hadshanim Rd.KIRYAT
ATA 26111 |
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Country : |
Israel |
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Date of Incorporation : |
11.11.1999 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers,
Manufacturers, Exporters and Marketers of Peptide Based Active Pharmaceutical
Ingredients for the Pharmaceutical Field. |
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 : |
No Complaints |
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Litigation : |
Clear |
name & address
NOVETIDE LTD.
Telephone 972 4 846 94 00
Fax 972 4 846 93 59; 846
93 50
P.O. Box 10140, Haifa Bay
Hadshanim Rd.
KIRYAT ATA 26111 ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-285336-7 on the 11.11.1999, as a
spin-off the ISRAEL CHEMICALS Group.
SHARE CAPITAL
Authorized share capital
NIS 20,000.00, divided into -
18,000 ordinary
“A” shares,
2,000 ordinary “B”
shares, all of NIS 1.00 each,
of which shares
amounting to NIS 17,850.00 were issued.
SHAREHOLDERS
1. TAMI IMI INSTITUTE FOR
RESEARCH & DEVELOPMENT LTD., 50%, fully owned by ISRAEL CHEMICALS LTD.
(hereinafter ICL), a public limited liability company whose shares are traded
on the Tel Aviv Stock Exchange, part of THE ISRAEL CORP., controlled by OFER
BROS. Group,
2. TEVA PHARMACEUTICAL INDUSTRIES LTD. (hereinafter TEVA), 50%, a public
limited liability company whose shares are traded on the Tel Aviv Stock
Exchange and NASDAQ Stock Exchange.
DIRECTORS
1. Dr. Reinhard Effenberger,
2. Dr. Gilad Fortuna,
3. Eyal Ginzberg,
4. Zvi Harel.
GENERAL MANAGER
Dr. Avi Tovi.
BUSINESS
Developers,
manufacturers, exporters and marketers of peptide based active pharmaceutical
ingredients for the pharmaceutical field.
Most sales are for
export.
Operating from premises (offices, R&D and manufacturing facilities)
within IMI (TAMI) INSTITUTE leased premises, in Hadshanim Rd., Kiryat Ata,
which is in the Haifa Bay area.
Having several
tens of employees (between 50 to 100 employees, exact number not forthcoming.
MEANS
Subject is an
“Approved Enterprise” and as such enjoys tax benefits and State incentives.
In August 2001 the
Investment Center Administration approved a US$ 1.7 million investment plan for
the erection of subject’s plant.
Other financial
data not forthcoming.
Subject is a subsidiary
of TEVA and ICL, and its financial data is included in the their consolidated
financial statements.
Main indicators
from TEVA B/S to the 31.12.2007:
Total B/S: US$
23,412,000,000.
Equity: US$
13,724,000,000.
Stock: US$
1,879,000,000.
TEVA current
market value US$ 36.32 billion.
Main indicators
from ICL B/S to the 31.12.2007:
Total B/S: US$
4,633,300,000.
Equity: US$
1,795,000,000.
Stock: US$
975,000,000.
ICL current market
value US$ 24.74 billion.
There are no
charges registered on the company’s assets.
ANNUAL SALES
Subject's sales
figures not forthcoming.
TEVA consolidated
2007 sales were US$ 9,408,000,000, making an operating income of US$
2,395,000,000 and a net profit of US$ 1,952,000,000.
ICL consolidated
2007 sales were US$ 4,100,280,000, making an
operating income of US$ 714,660,000 and a net
profit of US$ 535,640,000.
OTHER COMPANIES
TAMI IMI INSTITUTE FOR RESEARCH & DEVELOPMENT LTD., a research and
development institute, specializing in chemical, plastic and pharmaceutical
fields.
ISRAEL CHEMICALS LTD., a chemical concern operating internationally,
mineral and natural resources excavators, processors, exporters and marketers.
TEVA
PHARMACEUTICAL INDUSTRIES LTD., pharmaceuticals, chemicals
anf healthcare corporation operating internationally, developers,
manufacturers, marketers and exporters of pharmaceuticals, chemicals, and
veterinary products.
Any many more in
the TEVA and ICL Groups.
BANKERS
Union Bank of
Israel Ltd., Haifa Main Branch (No. 081), Haifa.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s CFO
refused to disclose financial details.
Both subject’s
parent companies are the leading industrial companies in Israel.
ICL is considered to
be one of the largest industrial concerns in Israel, and among the world's
leading suppliers of minerals. It is the world's largest producer of PK
fertilizers (compound of potash and phosphate fertilizers).
THE ISRAEL CORPORATION LTD. is one of the largest concerns in Israel and
the OFER BROS. Group, which it, is one the largest and most influential groups
in the Israeli market, as well as businesses worldwide.
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 20%.
Israel is
considered one of the leading countries in the world in terms of investments in
the bio-technology industry.
According to an
Ernst & Young survey of 2006 Israel is ranked 4th in investments
in the bio-technology to GDP ratio. They state the volume of investments by
venture capital funds in the field at US$ 40 million in 2005.
According to the
Israeli Export Institute, 2006 exports by the Israeli Life Science industry
amounted to US$ 4.7 billion, an annual increase in rate of 35% (US$ 3.4 in 2005
and US$ 2.6 billion). Exports are expected to reach US$ 6 billion in 2007.
In 2005 Medical
devices comprised 54% of Life Science industry total exports.
Geographical
division of the export is to the USA - 71%, Europe - 20% and Far East and
others - 8%.
There are over 33,000
employees in the Life Science industries, in some 900 companies, of which 49%
deal in medical devices.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended up to
several US$ hundred thousands.
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%)