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Report Date : |
31.08.2012 |
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 2 Denmark Street Kiryat Arie Industrial Zone Petach Tikva 4959279 |
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Country : |
Israel |
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Financials (as on) : |
30.06.2012 |
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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 : |
Developers, manufacturers, exporters and marketers of Active Pharmaceutical Ingredients (API) and fine chemicals and raw materials for the pharmaceutical industry. |
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No. of Employees : |
750 |
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 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Israel |
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 |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced
market economy. It depends on imports of crude oil, grains, raw materials, and
military equipment. Cut diamonds, high-technology equipment, and agricultural
products (fruits and vegetables) are the leading exports. Israel usually posts
sizable trade deficits, which are covered by tourism and other service exports,
as well as significant foreign investment inflows. The global financial crisis
of 2008-09 spurred a brief recession in Israel, but the country entered the
crisis with solid fundamentals - following years of prudent fiscal policy and a
resilient banking sector. The economy has recovered better than most advanced,
comparably sized economies. In 2010, Israel formally acceded to the OECD.
Natural gasfields discovered off Israel's coast during the past two years have
brightened Israel's energy security outlook. The Leviathan field was one of the
world's largest offshore natural gas finds this past decade. In mid-2011,
public protests arose around income inequality and rising housing and commodity
prices. The government formed committees to address some of the grievances but
has maintained that it will not engage in deficit spending to satisfy populist
demands.
|
Source
: CIA |
ASSIA CHEMICAL INDUSTRIES LTD.
(Also trading as:
TEVA ASSIA)
Telephone 972 3 925 55 55
Fax 972 3 924 60 53
P.O. Box 3190, Petach Tikva
2 Denmark Street
Kiryat Arie Industrial Zone
PETACH TIKVA
4959279 ISRAEL
2nd Address:
P.O. Box 2049
Emek Sara
BEER SHEVA
8412316 ISRAEL
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 06.02.1977.
On the 08.07.2002,
TEVA TECH LTD. (established in 1983) was merged into subject.
Authorized share
capital NIS 300,000,000.00, divided into: -
300,000,000
ordinary shares of NIS 1.00 each,
of which
20,556,739 shares amounting to NIS 20,556,739.00 were issued.
Subject is fully owned by TEVA PHARMACEUTICAL
INDUSTRIES LTD.
TEVA is a public limited company, whose shares
are traded on the Tel Aviv Stock Exchange, the New York Stock Exchange (NYSE:TEVA),
as well as on Seaq International in London and the Frankfurt and Berlin Stock
Exchange.
1. Dov Primovich,
2. Aharon Ya'ari,
3. Evgeni Valdman,
4. Erez Israeli,
5. Uri Umid.
Dr.
Jeremy Levin (of subject and of parent co. TEVA).
Evgeny Valdman is
the Plant Manager in Teva Tech Site.
Subject is part of
the A.P.I Div. of TEVA Group (known as TAPI – Israel).
Developers,
manufacturers, exporters and marketers of Active Pharmaceutical Ingredients
(API) and fine chemicals and raw materials for the pharmaceutical industry.
Most sales are for
exports.
Operating from
main premises (offices, plant, R&D facilities), on an area of 11,800 sq.
meters, owned by the TEVA Group, in 2 Denmark Street, Kiryat Arie Industrial
Zone, Petach Tikva and from facilities (plant, R&D and offices), on an area
of 110,000 sq. meters, in Teva Tech Site, Ramat Hovav.
TEVA Israel also operates from several other facilities in
Israel, including from Group's headquarters in 5 Basel Street, Kiryat Arie
Industrial Zone, Petach Tikva (including Labs and Chain Supply Div. in 16 Basel
Street) and from a new logistic
center in Hevel Modi'in Industrial Park (near Shoham), on an owned area of 77,000
sq. meters, as well as facilities abroad.
Having some 750
employees.
There are 45,754
employees serving TEVA Group, of which 7,110 in Israel (had 39,660 employees in
2011, rise is mainly due to CEPHALON acquisition).
TEVA current
market value US$ 37,985.1 million.
Subject and other
companies in the TEVA Group are “Approved Enterprises” and as such enjoy tax
benefits and State incentives.
There
Financial data is
included in the consolidated B/S of parent company TEVA PHARMACEUTICALS
INDUSTRIES LTD., which shows:
US$
(millions)
30.06.2012 31.12.2011
ASSETS
Current assets
Cash and cash equivalents 1,188 1,096
Accounts receivable 5,430 6,213
Inventories 5,293 5,012
Prepaid expensed and other
current assets 2,314 2,132
14,225 14,453
Long-term investments and receivables 1,115 991
Property, plant & equipment (net) 6,082 5,947
Identifiable intangible assets (net) 8,978 10,316
Goodwill 18,369 18,293
Other assets 112 142
48,881 50,142
====== ======
LIABILITIES
Current liabilities 10,005 13,676
Long-term liabilities 15,983 14,123
Equity 22,893 22,343
48,881 50,142
====== ======
REVENUES
TEVA
PHARMACEUTICALS INDUSTRIES LTD.
Consolidated
Statement of Income
US$
(millions)
Year
ended 31.12
2009 2010 2011
Sales 13,899 16,121 18,312
(of which sales of API) 565 641 747
Gross profit 7,367 9,065 9,515
Operating income 2,405 3,871 3,109
Income before income
taxes 2,203 3,646 2,956
Net income 2,004 3,339 2,768
====== ====== ======
TEVA PHARMACEUTICALS consolidated first half of 2012 sales were
US$ 10,096 million (22% increase compared to the 1stH of 2011), making a
gross profit of US$ 5,266 million, an operating income of US$ 1,935 million and
a net income of US$ 1,714 million.
Sales of API for the
period totaled US$ 399 million.
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.
Worldwide
operations are conducted through a network of subsidiaries primarily located in
North America, Europe, Latin America and Asia. Having direct operations in some
60 countries, including 56 finished dosage pharmaceutical manufacturing sites
in 23 countries, 17 pharmaceutical R&D centers and 21 API manufacturing
sites.
Principal operating subsidiaries are (all 100% stake unless otherwise
stated):
TEVA
PHARMACEUTICALS USA, INC.,
IVAX INTERNATIONAL B.V., Holland, and IVAX
PHARMACEUTICAL IRELAND,
TEVA ANIMAL HEALTH INC., USA,
CEPHALON INC., USA.
RATIOPHARM GMBH, Germany,
TEVA CLASSICS
S.A.S, France,
NOVOPHARM LTD.,
Canada,
TEVA PHARMA ITALIA
S.R.L., Italy
TEVA PHARMACEUTICALS CR s.r.o, Czech Republic,
BARR PHARMACEUTICALS,
INC., USA,
TEVA HUNGARY PHARMACEUTICAL MARKETING LTD., Hungary,
TEVA PHARMACEUTICALS POLSKA sp. Z.o.o., Poland,
AWD PHARMA GmbH & CO. KG, Germany,
TEVA DEUTCHLAND GmbH, Germany,
TAIYO PHARMACEUTICAL INDUSTRY CO. LTD.,
Japan,
TAISHO PHARMACEUTICAL INDUSTRIES, LTD.,
Japan,
TEVA U.K. LIMITED,
U.K,
PHARMACHEMIE B.V.,
the Netherlands,
PLANTEX CHEMICALS B.V., the Netherlands,
LEMERY S.A. DE C.V., Mexico,
LABORATORIOS ELMOR S.A., Venezuela,
LABORATORIO CHILE S.A., Chile,
PLIVA HRVATSKA d.o.o., Croatia,
PLIVA d.d., Croatia, 98%,
PLIVA KRAKOW SA, Poland, 97%,
LABORATORIOS DAVUR S.L., Spain,
PLIVA RUS LLC, Russia,
GALENA PHARMA LLC, Russia,
TEVA-KOWA PHARMA CO., LTD., a joint venture in Japan, owns
TAISHO PHARMACEUTICAL INDUSTRIES LTD., Japan.
SALOMON LEVIN & ELSTEIN LTD. (S.L.E), importers and
distributors of pharmaceuticals and allied goods.
TEVA
MEDICAL LTD., manufacturers, importers,
marketers of medical equipment, specializing in dialysis systems and solutions.
PLANTEX LTD.,
developers, manufacturers and marketers of raw materials for generic medicine,
part of API Division.
ABIC LTD.,
developers, manufacturers, exporters and marketers of pharmaceutical & fine
chemicals.
And many more in the TEVA Group.
Bank Hapoalim
Ltd., Belinson Branch (No. 552), Petach Tikva.
Bank Leumi
Le’Israel Ltd., Tel Aviv Central Branch (No.800), Tel Aviv.
Israel Discount
Bank Ltd., Jerusalem Main Branch (No. 060), Jerusalem.
Mizrahi Tefahot
Bank Ltd., Main Business Branch (No 461), Tel Aviv.
Nothing
unfavorable learned.
Subject is
considered one of TEVA’s principal operating subsidiaries in terms of
pharmaceuticals and API R&D, manufacturing and 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 24% (and market share of 16% in
total prescription drugs in USA).
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
Israel.
Other significant
developments in TEVA Group history:
In June 2002, TEVA
completed its acquisition of HPFC (HONEYWELL PHARMACEUTICAL FINE CHEMICALS),
the raw material for medicines division of HONEYWELL in Italy, in consideration
of US$ 90 million.
At end of 2003
TEVA acquired SICOR, developers of API products and generic pharmaceuticals,
for US$ 3.4 billion (US$ 2 billion cash, US$ 1.4 billion shares).
In January 2006
TEVA finalized a major acquisition of its main competitor in generic drugs
field IVAX CORP., in value of US$ 8 billion (cash and shares).
In July 2008 TEVA
acquired BENTLEY PHARMACEUTICALS of Spain, manufacturers and marketers of
generic drugs, for US$ 360 million (in cash).
In December 2008 TEVA
completed the acquisition of BARR PHARMACEUTICALS, INC. (NYSE: BRL), the 4th
largest generic drug company worldwide (established 1970), in consideration of
US$ 9 billion - US$ 7.46 billion (40% in shares, rest in cash), as well as
taking upon itself BARR's debt in volume of US$ 1.5 billion. The acquisition
strengthens TEVA’s geographic expansion, as well as its penetration into the women health field with its
emergency contraception drug, approved by the FDA in July 2009.
In August 2010,
TEVA completed the acquisition of RATIOPHARM, Germany's second largest generics
producer for the sum of $4.95 billion (€3.625 billion). Following the
acquisition, TEVA will be the number one generic company in Europe, holding the
leading market position in ten countries, as well as ranking in the top three
in seven additional countries.
In
January 2011 TEVA completed the acquisition of THÉRAMEX, MERCK KGaA's European based
women's health business, for € 265 million.
In January 2011
TEVA acquired CORPORACION INFARMASA of Peru (purchase price not published). The
acquired company is to join TEVA’s Peruvian company MEDCO CORPORACION, becoming
Peru’s 2nd largest pharmaceutical company.
In July 2011 TEVA
completed the acquisition of 57% of TAIYO (Japan's 3rd largest
pharmaceutical company) for US$ 460 million.
In August 2011 it was reported that TEVA
intends on erecting a natural gas power plant (45MV) in subject's Teva Tech
Site in Ramat Hovav, designed to supply the plant's electricity consumption,
with an investment of US$ 70 million.
In September 2011
TEVA acquired the partners shares (50%) in the TEVA-KOWA
PHARMA CO. Japanese joint ventue for US$ 150 million, and reached full ownership.
In October 2011
TEVA completed the acquisition of CEPHALON, a biotechnological company,
developers of nerve system drugs and more, for US$ 6.8 billion. CEPHALON,
established 1987, with 3,726 employees, was publicly traded on Nasdaq. Its
ethical drugs portfolio is complimentary to TEVA's.
In 2011 TEVA Group completed its new logistic
center in Hevel Modiin Industrial Park (near Shoham), to where they shifted the
logistics activities. Estimated investment in the
project is valued at US$ 100 million.
In August 2011 it was reported that TEVA
intends on erecting a natural gas power plant (45MV) in its Teva Tech plant in
Ramat Hovav, designed to supply their plant's electricity consumption, with an
investment of some US$ 70 million.
In May 2012, Mr. Shlomo
Yanai stepped down as President and CEO of TEVA, and and was replaced by Dr.
Jeremy Levin.
In June 2012 the Manhattan Federal Court
ruled in favor of TEVA, ruling that TEVA's patent on Copaxone (TEV's flagship
drug with US$ 3.57 billion sales in 2011) is until May 2014, and no generic
drug can be marketed until then.
In July 2012 it was
reported that subject will receive NIS 1 million from the Ministry of Energy,
to convert its plant to operate base on natural gas.
The Israeli market
for pharmaceuticals was estimated at US$ 1,600 million in 2008. Medicines for
human consumption comprised US$ 1,124 million of which, including from import
(which is around NIS 4,000). Medicines market in 2011 is estimated to be closer
to NIS 5,000 million.
The
non-prescription drugs market in Israel is valued at NIS 750 million per annum
(some 15% of the local whole drugs market), with annual growth rate of circa
15%.
In 2011 import of
medicines reached US$ 497 million (were US$ 555 million in 2010).
Exports of
pharmaceuticals in 2011 reached US$ 7,275.1 million, representing 10% increase
from 2010 (rose 41.5% from 2009).
Sales for export
are to over 120 countries. Products included drugs, raw materials for medicine
production, veterinary medication.
There are some 13
generic pharmaceutics production companies in Israel and the industry employs
9,000 employees.
Good for trade engagements
and all credits.
Note: Since the beginning of 2012 Israel Post
started using a new area code method of 7 digits (the old method of 5 digits
will still be valid till end of 2012).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.55.65 |
|
|
1 |
Rs.88.10 |
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Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
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-- |
NB |
New Business |
-- |
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.