MIRA INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Correct Name : |
TRIMA ISRAEL PHARMACEUTICAL PRODUCTS MAABAROTH LTD. |
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Formerly Known As : |
ISRAEL PHARMACEUTICAL PROD |
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Registered Office : |
Maabarot 60980 |
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Country : |
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Date of Incorporation : |
03.09.1941 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers, importers, marketers
and exporters of prescription and over the counter (OTC) pharmaceutical
goods, focusing on the allergy, dermatology, gastroenterology, orthopedics
and rheumatology fields. |
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$ 250,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct
Name
TRIMA ISRAEL
PHARMACEUTICAL PRODUCTS MAABAROTH LTD.
Telephone 972 9 898
28 62
Fax 972 9
898 28 79
MAABAROT 60980
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-000840-2 on the
03.09.1941.
Originally incorporated under the name of PALESTINE PHARMACEUTICAL PROD
SHARE
CAPITAL
Authorized share capital
60,000
ordinary shares of
SHAREHOLDERS
1.
Kibbutz Maabarot, 50%, a
cooperative society, operating a communal agricultural settlement,
2.
MOTIVAN LTD., 50%,
controlled by the Tomer Family.
DIRECTORS
1.
Zevulon Tomer, Chairman,
2.
David Novelman,
3.
Ms. Shoshana Tomer,
4.
Amos Halpern,
5.
Giora Ram (Forman),
6.
Omri Avishai,
7.
Ron Tomer,
8.
Gil Tomer,
9.
Ms. Dafna Tomer-Yaacobs,
10. Ms. Irit Sharon.
GENERAL
MANAGER
Andi Kaddar.
BUSINESS
Developers, manufacturers, importers, marketers
and exporters of prescription and over the counter (OTC) pharmaceutical goods,
focusing on the allergy, dermatology, gastroenterology, orthopedics and
rheumatology fields.
Most sales are to the local market, little is
exported.
Local distributor: CHEMIPAL.
Amongst clients: SUPER PHARM, NEW PHARM (latter 2 are largest drugstore
chains), all health institutions and healthcare funds, pharmacies, etc.
Also developers and suppliers for sister
company MAABAROT PROD
Among local suppliers: FRUTAROM, AGIS/ PERRIGO,
LAGIN, POLYCAD, etc.
Operating from premises (offices, storage facilities and plant), owned by the
Kibbutz Maabarot, on an area of 6,000 sq. meters, in Kibbutz Maabarot, and from
a development center, on an area of 1,000 sq. meters, rented, in Even Yehuda.
Having 180 employees.
MEANS
Current stock is valued at
Other financial data not forthcoming.
There are 11 charges for unlimited amounts registered on the company's
assets in favor of Mizrahi Tefahot Bank Ltd., Bank Hapoalim Ltd., I.B.M. ISRAEL LTD. and the State of Israel.
ANNUAL
SALES
2007 sales claimed to be
Estimated 2008 sales are
OTHER
COMPANIES
Kibbutz Maabarot controls:
MAABAROT PROD
JOHNSON IMPORTERS AND TRADE
(2003) LTD., 100%, importers and marekters of canned food products, holds 51%
in ADAMA ORGANIC FOOD PROD
BIOPET LTD.,100%, importers,
manufactjurers, exporters and distributors of animal feed, holds 51% of GLOBAL
BIOPET, in
MATERNA LABORATORIES LTD.,
99%, developers, manufacturers, exporters and distributors of baby food, raw
materials for the food industry (milk substitutes, ice cream powder).
ALTMAN NATURAL PHARMACY
(1993) LTD., 100%.
TAAM TEVA – ALTMAN, GENERAL
PARTNERSHIP, 68%, importers, marketers and distributors of vitamins and food
supplements.
Kibbutz Maabarot also controls:
MAABAROT METAL WORKS, designers, manufacturers and marketers of machinery
for the food, pharmaceutical and the agriculture field.
UNIPHARM LTD.,
controlled by the Tomer Family, importers and marketers of pharmaceuticals.
BANKERS
Bank Hapoalim Ltd., Netanya Branch (No. 612), Netanya.
Mizrahi Tefahot Bank Ltd., Hadera Branch (No. 420), Hadera.
CHARACTER
AND REPUTATION
In December
In October 2008, PFEIZER reached a compromise according to which it will
pay US$ 1 million. Subject’s case is still pending.
Apart from that, nothing unfavorable learned.
Subject is long established and well known, considered a leading in dermatological
preparations.
Kibbutz Maabarot,
established in 1925, is a co-operative society, operating a communal
agricultural settlement. Besides subject and a/m companies, also cultivate
large crops areas and deal in other farming branches. There are 400 members and
a total population of 800.
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.
Maximum credit recommended US$ 250,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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%)