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MIRA INFORM
REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
KOFFOLK (1949) LTD. |
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Formerly Known As : |
FOLKMAN & DR. KOFFLER LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
30.06.1949 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers
and exporters of fine chemicals
and animal health & nutrition products |
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$ 1,800,000. |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
KOFFOLK (1949) LTD.
Telephone 972 3 927 31 00
Fax 972 3 923 03 41
Kiryat Matalon Industrial Zone
PETACH TIKVA, 49348,
E-mail: markovits@koffolk.co.il
Web-site: www.koffolk.co.il
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-005760-7 on the
30.06.1949.
Originally incorporated under the name of FOLKMAN & DR. KOFFLER LTD.,
which changed to the present one on the 14.03.1979.
In June 1992 subject took over all activities of its subsidiary, AGROZAN
LTD.
SHARE
CAPITAL
Authorized share capital
429,940,000 ordinary
shares (375,395,341 shares issued),
60,000 ordinary
"A" shares (all issued), all of
of which shares amounting to
SHAREHOLDERS
Subject is fully owned by PILLIP BROTHERS CHEMICALS INC., fully owned by
PHIBRO ANIMAL HEALTH CORPORATION ("PAHC") of the U.S.A., a private
limited company, controlled by Jacob (Jack) Bendheim (of the USA).
Note: Jacob (Jack) Bendheim himself holds 56 ordinary
shares.
DIRECTORS
1. Jacob Bendheim, Chairman and
President of PAHC, of the
2. Yehuda Markovitz,
3. Richard Johnson, of the
4. Avner Birenboim,
GENERAL
MANAGER
Jonathan Bendheim (also manages sister ABIC)
BUSINESS
Manufacturers, marketers and exporters of fine chemicals and animal health
& nutrition products.
In the fine chemicals field, subject supplies intermediates for
pharmaceuticals as well as for the agro-chemicals and cosmetics markets.
In the animal health & nutrition field, subject supplies active
veterinary pharmaceuticals, vitamin concentrates, mineral medicated and
non-medicated premixes as well as other specialty ingredients.
55% of subject's sales are for export.
Distribution is
also carried out by ABIC VETERINARY PROD
Subject operates as manufacturing
sub-contractors for NUTRITION & HUSBANDRY OF LIVESTOCK LTD., suppliers of animal nutrition, feed supplements
and preventive medicines.
Among clients: AMBAR CENTRAL FEED MILLS, RANAN FISH FEED, MILOUBAR, etc.
Among local suppliers: NUMINOR - CHEMICAL INDUSTRIES, RINGEL BROS., DEAL
ENGINEERS, APPLIED CHEM, DORMEX TRADE AND INVESTMENTS CO., E.S.T. PROJECTS INDUSTRIAL SUPPLIES & SERVICE, etc.
Operating from:
1.
Offices, plant and warehouses,
owned by the shareholders, on a built area of 5,000 sq. meters (on a plot of
10,000 sq. meters), in
2.
Owned plant, on an area of 76,000
sq. meters in the Industrial Zone, Ramat Hovav (south of Beer Sheva).
Having 190 employees in the KOFFOLK Group, of which 170 employees in
MEANS
Consolidated current stock is valued US$ 11,000,000, (was circa US$
Owned property in Petach Tikva is valued at several
Subject is an “Approved Enterprise” and as such is entitled to State
benefits and incentives.
Consolidated B/S shows (fiscal year ends 31st March, last obtainable`):
US$
(thousands)
31.03.2008 31.03.2009
ASSETS
Current assets:
Cash & cash equivalents 1,681 921
Accounts receivable 31,101 28,924
Inventory 17,007
13,103
49,789 42,948
Loans to related parties 18,490 21,677
Property, plant & equipment (net) 12,490 14,571
Other assets & deferred charges 234 213
81,003 79,409
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LIABILITIES
Current liabilities
Short term bank credit 35 -
Accounts payable and accruals: Trade 14,826 13,899
Other 3,487 3,535
18,348 17,434
Long term liabilities 4,363 4,928
Equity 58,292
57,047
81,003 79,409
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There are 11 charges for unlimited amounts registered on subject's assets
(fixed and financial assets), in favor of the State of
ANNUAL
SALES
·
Consolidated
2006 sales claimed to be US$ 59,000,000, 60% of which for export.
·
Consolidated
2007 sales claimed to be US$ 59,000,000, 60% of which for export.
·
Consolidated
2008 sales claimed to be US$ 70,000,000, 60% of which for export.
·
Consolidated
2009 sales claimed to be US$ 70,000,000, 55% of which for export.
·
Consolidated
2010 sales claimed to be US$ 70,000,000, 55% of which for export.
For the year ended 30 June 2009, PAHC sales were US$ 550 million,
8% up from previous year. 84% of sales were from its Animal Health and
Nutrition business (of which subject is part of).
First 3 Quarters (ending 31.03.2010) sales US$ 437.5 million.
Later data not forthcoming.
OTHER
COMPANIES
Subsidiaries (100%):
·
KOFIMEX
LTD., manufacturers and marketers of veterinary medicines,
·
AGROZAN
LTD., marketing of animals feed supplements,
·
PLANALQUIMICA
INDUSTRIAL LTDA.,
Also fully owned by PAHC in
ABIC BIOLOGICAL LABORATORIES LTD., developers, manufacturers, marketers and
exporters of vaccines and compounds for animals, mainly poultry vaccines.
ABIC VETERINARY
PROD
PHIBRO ANIMAL HEALTH CORPORATION (PAHC), manufacturers and marketers of a
broad range of animal health and nutrition products to the poultry, swine and
cattle markets. Also a manufacturer and marketer of performance products for
the ethanol, wood preservation and personal care industries.
Other companies of "PAHC":
Animal Health & Nutrition Division (of which subject is part of):
PRINCE AGRI PROD
Performance Products Division (previously known as the Specialty Chemicals Group and includes the
Distribution and Industrial Chemicals segments):
PHIBRO-TECH, INC. is a metal-based manufacturer, recycler, and marketer of
performance chemicals, serving the metal finishing, printed circuit board,
catalyst, and related industries,
PHIBROCHEM, International Sourcing Specialist,
FERRO METAL & CHEMICAL CORPORATION LTD., manufactures and distributes
on a world wide basis a range of specialty chemicals from its locations in the
PHIBROWOOD, supplier of technologically advanced, environmentally friendly,
wood preservation treatment products
BANKERS
·
Union Bank
of Israel Ltd., Main Branch (No. 063), Tel Aviv, account No. 827400/90.
· Bank Leumi Le’Israel Ltd., Kiryat Arie Business Branch (No. 670), Petach Tikva, account No. 84100/95.
· Mizrahi Tefahot Bank Ltd., Jabotinski Bnei Brak Branch (No. 431), Bnei Brak, account No. 151299.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m accounts.
CHARACTER
AND REPUTATION
On January 4th, 2011 The Ministry of Environment Protection
notified subject (and another 4 companies) that they must stop transferring waste
to the evaporation pools in Ramat Hovav by the end of the month, or be exposed
to legal procedures.
Apart from that, nothing unfavorable learned.
Subject is Iso 9002
certified.
Subject is a large and long established company, leading in their field.
Subject is a member of the PHIBRO ANIMAL HEALTH CORPORATION (formerly known
as PHILLIP BROS. CHEMICALS INC.), a global player in the veterinary field,
which operates around the world
and sells products to 2,500 customers in over 50 countries.
In December 2000, subject’s parent company acquired the medical food
additives division for animals of the
In the beginning of the 2000s subject acquired British company WYCHEM,
manufacturers of industrial chemical and pharmaceutical products.
It was reported in May 2008 that two thirds of subject's Ramat Hovav Plant
workers which have joined the General Workers’
Subject is a member of the PHIBRO ANIMAL HEALTH CORPORATION (formerly known
as PHILLIP BROS. CHEMICALS INC.), a global player in the veterinary field,
which operates around the world
and sells products to 2,500 customers in over 50 countries and over 1,000
employees.
PAHC completed (April 2008) an
institutional placement of its shares (via London AIM Stock Exchange). PAHC
realized US$45 million of gross proceeds from the sale of new shares on AIM
representing 13% of the post-transaction equity, reflecting an equity valuation
of US$ 345 million. Shares of the PAHC as that date were held 70% by BFI CO.
LLC, a Bendheim family investment vehicle (controlled by Jack Bendheim), and
30% by other non-U.S. institutional investors including 3I QUOTED PRIVATE
EQUITY LIMITED., who invested US $97.2 million for a 29.9% interest in PAHC.
In February 2009, parent company PAHC completed the acquisition of ABIC VETERINARY
PROD
In June 2010 parent company PAHC, following a private share issuing (some 30%) to a private investor,
completed a successful purchase offer for its shares which were traded on the
AIM London Stock Exchange and shares were de-listed from trade and PAHC became
a private limited company.
The yearly value
of veterinary drugs produced by local companies estimated in mid 2007 amounted
to US$ 50 million, of which 50% were for export.
SUMMARY
Good for trade engagements.
Maximum unsecured
credit recommended US$ 1,800,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.58 |
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1 |
Rs.72.73 |
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Euro |
1 |
Rs.61.45 |
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 |
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.