MIRA INFORM REPORT
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Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
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Name : |
TAPAZOL CHEMICAL WORKS LTD |
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Registered Office : |
1 Hasolela Street,
Western Industrial Zone, Beit Shemesh 99054 |
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Country : |
Israel |
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Year of Establishment : |
1931 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, marketers and exporters of insecticides, fungicides,
plant growth regulators and chemicals for the agriculture, public health and
the veterinary fields |
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No. of Employees
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45 |
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$ 200,000 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
TAPAZOL CHEMICAL
WORKS LTD.
Telephone 972 2 992 60 40
Fax 972 2 992 60 50
1 Hasolela Street
Western Industrial
Zone
BEIT SHEMESH 99054 ISRAEL
Originally established in 1931 as a non-registered firm.
Converted into a private limited company and registered as such as per
file No. 51-049622-7 on the 09.04.1968.
Authorized share capital NIS 1,000.00, divided into –
10,000,000
ordinary shares of NIS 0.0001 each,
of which 6,000,000 shares amounting to NIS 600.00 were issued.
1.
BIOVAC LTD., 50%, owned by Y. VACCINES LTD., owned
by Arieh Nakash,
2.
The Harari family, 50%, owned by Izhak Harari
(74%), Yaniv Harari (26%) and the Late Mrs. Genia Harari (holding 1 single
share).
BIOVAC acquired 50% in subject in mid 2005.
1. Arieh
Nakash,
2. Izhak
Harari.
Manufacturers, marketers and exporters of insecticides, fungicides,
plant growth regulators and chemicals for the agriculture, public health and
the veterinary fields.
Also importers and marketers of veterinary medications, vaccines and
public health products.
Most sales are to the local market (sales for export are insignificant).
Exports are to Eastern Europe, Africa and Latin America.
Subject’s clientele includes HAMASHBIR FOR AGRICULTURE, HAGARIN,
HACHAKLAIT MUTUAL SOCIETY FOR CATTLE INSURANCE AND VETERINARY SERVICES, MEHADRIN,
The Cotton Council, as well as Government Organizations and pet shops,
hospitals and more.
Sole local representatives of:
SCHERING PLOUGH ANIMAL HEALTH (for veterinary products),
BIOKEMA, of Switzerland,
PR
Operating from rented premises (offices and plant), on an area of 2,350
sq. meters, in 1 Hasolela Street, Western Industrial Zone, Beit Shemesh, and
from a rented branch, on an area of 150 sq. meters in Industrial Zone, Migdal
Haemek.
Having 45 employees (had 40 employees in mid 2010).
Having 150 employees in the BIOVAC Group.
Financial data not forthcoming.
There are 7 charges for unlimited amounts registered on the company’s assets
(fixed assets, financial assets and vehicles), in favor of Bank Leumi Le’Israel
Ltd. (last charge placed October 2007).
Sales figures not forthcoming.
Also controlled by
Arie Nakash:
BIOVAC LTD.,
manufacturers, exporters and marketers of vaccines and veterinary preparations,
such as food essences, immunizations and drugs for poultry, ruminants, horses,
fish, pets etc, ground disinfection products, etc.
GALFARMA
PHARMACEUTICAL INDUSTRIES LTD., developers, manufacturers and marketers of
pharmaceutical products in the veterinary as well as human fields, having 16
employees.
Y. VACCINES LTD.
ARPAL ALUMINIUM LTD., established in 1986, designers, manufacturers and marketers of aluminum systems for buildings, accessories
for aluminum and glass systems for building envelopes and openings.
Bank Leumi Le’Israel Ltd., Central Branch (No. 800), Tel Aviv, account No. 656200/00.
A check with the
Central Banks’ database did not reveal any negative information concerning subject’s
a/m bank account.
In 2007, BAYER CROPSCIENCE AG filed
a lawsuit against subject to the Tel Aviv District Court for violation of trade
mark of pesticide, which subject allegedly is using with a similar brand name
of the plaintiffs and contains similar materials.
In 2008 subject asked the Court to erase the complaint, but the Court
refused and allowed the case to continue. No further data was found on this
matter.
Apart of the above, nothing unfavorable learned.
Subject's officials refused to disclose financial data.
Subject is a very
long established business.
Subject is ISO-9001:2008 certified.
Parent company
BIOVAC is considered among the top 3 manufacturers and suppliers of veterinary
vaccines in the local market.
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.
The local Chemical
industry is considered one of the strongest in the market, with impressive
growth trend in recent years. The chemical industry includes minerals
extracted, refinery and petrochemical industry, manufacturing of pesticides for
agriculture, pharmaceuticals and bio-technology industries, as well as other
consumer products related industries, including paints, cosmetics, cleaning
materials and others. The industry employs over 30,000 employees.
Total turnover of
the local Chemical Industry in 2008 amounted to US$ 26 billion, comprising some
30% of Israel’s total industrial turnover. Sales for export recorded US$ 14
billion, comprising some 35% of Israel’s total export, continuing years of
constant growth. Growth trend reversed in 2009, due to the economic crisis in
the global markets. The Chemicals (incl. Pharmaceuticals) and Oil Refinery
production in 2009 marked 7% decrease from 2008. Export of Industrial Chemicals
plunged by 23.5% in 2009 from 2008, totaling US$10.4 billion.
The Chemical
sector recovered in 2010, where export of Industrial Chemicals rose by 34.3%
from 2009, reflecting the recovery in global markets, and kept the upward trend
in 2011, reaching US$ 16.5 billion (of which US$ 7.3 billion were of
pharmaceuticals), 18.6% up from 2010.
According to Central Bureau of Statistics data, investments
in imported machinery and equipment from for the Chemical Industries (incl.
Pharmaceuticals) in 2010 summed up to NIS 1,045 million, representing a 24.4%
decrease in real terms from 2009 (after 0.5% decrease in 2009 from 2008 and
18.7% increase in 2008 from 2007).
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
Maximum unsecured credit recommended US$
200,000.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.77.19 |
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Euro |
1 |
Rs.65.29 |
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 |
|
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.