MIRA INFORM REPORT

 

 

 

 

Report Date :           

01.07.2011

 

IDENTIFICATION DETAILS

 

Name :

TRIMA ISRAEL PHARMACEUTICAL PRODUCTS MAABAROT LTD.

 

 

Formerly Known As :

ISRAEL PHARMACEUTICAL PRODUCTS LTD

 

 

Registered Office :

Maabarot 40230

 

 

Country :

Israel

 

 

Date of Incorporation :

03.09.1941

 

 

Legal Form :

Private Limited Company

 

 

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

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 300,000.

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Israel

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name & address 

 

TRIMA ISRAEL PHARMACEUTICAL PRODUCTS MAABAROT LTD.

Telephone                              972 74 714 11 11

Fax                                       972 74 714 13 33

MAABAROT                          40230          ISRAEL

 

 

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 PRODUCTS LTD., which changed to ISRAEL PHARMACEUTICAL PRODUCTS LTD. on the 20.08.1965 and then to the present one on the 29.08.1973.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 60,000.00, divided into -

                60,000 ordinary shares of NIS 1.00 each,

fully issued.

 

 

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.         Andi Kaddar, General Manager

3.         Yehosua Mass,

4.         Omri Avishai,

5.         Ron Tomer,

6.         Gil Tomer,

7.         Ronen Bar Nir,

8.         Horatio Mugolevski.

 

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 are drugstore chains, e.g. SUPER PHARM, NEW PHARM, all health institutions and healthcare funds, pharmacies, etc.

Also developers and suppliers for sister company MAABAROT PRODUCTS.

 

Among local suppliers: FRUTAROM, AGIS/ PERRIGO, LAGEEN, 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 labs and R&D center, on an area of 1,000 sq. meters, rented, in Even Yehuda.

 

Having 200 employees as of mid 2010 (had 180 employees in the end of 2008).

 

 

MEANS

 

Stock was valued at NIS 8,500,000 in the end of 2008.

 

Other and later financial data not forthcoming.

 

There is 1 charge for unlimited amounts registered on the company's assets, in favor of Bank Hapoalim Ltd. (charge placed in September 2004).

 

 

ANNUAL SALES

 

2007 sales claimed to be NIS 50,000,000, of which US$ 1,000,000 were for export,

2008 sales claimed to be circa NIS 50,000,000 (of which US$ 600,000 for export).

2009 sales claimed to be over NIS 50,000,000.

Later sales figures not forthcoming.

 

 

OTHER COMPANIES

 

Kibbutz Maabarot controls:

 

MAABAROT PRODUCTS LTD., 58.9%, manufacturers, exporters and distributors of raw materials for the food industry and developers, manufacturers and distributors of milk substitutes and vaccinations for calves and lambs (the agricultural division using the brand name HALAVIT). Publicly traded on the Tel Aviv Stock Exchange, market value US$ 157.5 million. Among main subsidiaries:

 

JOHNSON IMPORTERS AND TRADE (2003) LTD., 100%, importers and marekters of canned food products, holds 51% in ADAMA ORGANIC FOOD PRODUCTS LTD., organic food,

 

BIOPET LTD.,100%, importers, manufactjurers, exporters and distributors of animal feed, holds 51% of GLOBAL BIOPET, in Turkey and 100% of SHIFF & RIBOBSKY MANUFACTURING IMPORT & MARKETING OF PETS LTD. (S&R).

 

MATERNA LABORATORIES LTD., 49%, 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, 76%, importers, marketers and distributors of vitamins and food supplements.

 

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 2005, a NIS 250 million class motion act was submitted against subject and PFEIZER ISRAEL. The companies were accused in distributing a painkiller which may cause medical damages.

 

In May 2009, PFEIZER reached a compromise according to which it will pay NIS 800,000. Subject’s case is still pending (It should be noted that the procedure for such claims to be approved by the court are usually long and in many cases eventually turned down).

 

Apart from that, nothing unfavorable learned.

 

So far subject's officials were too busy to update data. They asked us to send them an email with our request – which we did – and they will consider our request. We shall update you as soon as we receive fresh details.

 

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 crop areas and other framing branches. There are some 400 members in the Kibbutz and a total population of 800.

 

In December 2009 OSEM INVESTMENTS LTD. completed the acquisition of 51% of MATERNA LABORATORIES LTD shares from MAABAROT PRODUCTS LTD. for the sum of NIS 163.5 million. The deal includes selling OSEM 51% of MATERNA rights and liabilities, exclusive goodwill, that 51% of which will be acquired by NESTLE S.A. Both sides have options to sell/purchase the reminder of the shares.

 

Exports of pharmaceuticals in 2010 rose by 41.5% from 2009, reaching US$ 6,614 million. This comes after in 2009 exports fell by 6.7% from 2008, due to the global economic crisis.

Sales for export are to over 120 countries. Products included drugs, raw materials for medicine production, veterinary medication.

 

The Israeli market for pharmaceuticals was estimated at US$ 1,600 million in 2008, of which US$ 1,124 million for human consumption (including from import).

The non-prescription drugs market in Israel is valued at some 15% of the local whole drugs market, with annual growth rate of circa 15%.

 

There are some 13 generic pharmaceutics production companies in Israel and the industry employs 9,000 employees.

 

Further to our intermediate report, despite our strenuous efforts, we were unable to get subject's officials updated data. They asked us to send them an email with our request, left several messages, but to no avail.

 

 

SUMMARY

 

Notwithstanding the lack of updated data from subject's officials so far, considered good for trade engagements.

Maximum unsecured credit recommended US$ 300,000.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.71.96

Euro

1

Rs.64.79

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

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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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.