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Report Date : |
07.06.2012 |
IDENTIFICATION DETAILS
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Name : |
PLANTEX LTD |
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Formerly Known As : |
TEVA PLANTEX LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.08.1958 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, Exporters and Marketers of Raw Materials for Generic
Medicines |
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No. of Employees : |
200 |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
PLANTEX LTD.
(Also trading as: TEVA PLANTEX LTD.)
Telephone 972
9 860 43 33; 36
Fax 972
9 833 90 63
P.O. Box 160, Netanya (42101)
1 Haplada Street
Old Industrial
Zone Kiryat Eliezer
NETANYA 42378 ISRAEL
Originally incorporated as a private limited company and registered as
such as per file No. 51-018733-9 on the 06.08.1958.
Converted into a public limited liability company and registered as such
as per file No. 52-003016-4 on the 16.03.1975.
On the 25.12.1975, converted back into a private limited company and
registered as such as per file No. 51-072789-4.
Re-converted into a public limited liability company and registered as
such as per file No. 52-003198-0 on the 30.03.1980, and finally re-converted
into a private limited company (left with same latest registration number).
Authorized share capital NIS 12,000,000.00, divided into -
6,000,000 ordinary
"A" shares (900,000 shares issued),
6,000,000 ordinary
"B" shares (900,000 shares issued), all of NIS 1.00 each, of which
shares amounting to NIS 1,800,000.00 were issued.
Company is fully
owned by TEVA PHARMACEUTICAL INDUSTRIES LTD., a public limited liability company,
whose shares are traded on the Tel Aviv Stock Exchange, the NASDAQ
Exchange Stock Exchange (symbol TEVA), as well as on Seaq International in
London and the Frankfurt Stock Exchange.
1. Dan Suesskind,
2. Evgeni Waldman.
Danny Ravid
Developers,
manufacturers, exporters and marketers of raw materials for generic medicines.
Subject is part of
TEVA’s Active Pharmaceutical Ingredients (API) Division.
Operating from owned
premises (offices and plant), on an area of 30,000 sq. meters, in 1 Haplada
Street (corner Hakedar Street), Kiryat Eliezer, Old Industrial Zone, Netanya.
PLANTEX has 18
production sites worldwide, mainly located in Israel, Italy, Hungary, Mexico,
Czech Republic, Puerto Rico and India.
Having over 200
employees in subject. There are 45,754 employees serving the TEVA Group (7,110
employees of which in Israel).
Financial data is included
in the consolidated B/S of TEVA PHARMACEUTICAL INDUSTRIES LTD., which shows:
US$
(millions)
31.12.2010 31.12.2011
ASSETS
Current assets
Cash and cash equivalents 1,248 1,096
Accounts receivable 5,476 6,213
Inventories 3,866 5,012
Prepaid expensed and other
current assets 1,452 2,132
12,042 14,453
Long-term investments and receivables 632 991
Property, plant & equipment (net) 4,357 5,947
Identifiable intangible assets (net) 5,751 10,316
Goodwill 15,232 18,293
Other assets 138 142
38,152 50,142
====== ======
LIABILITIES
Current liabilities 9,694 13,847
Long-term liabilities 6,456 13,952
Equity 22,002 22,343
38,152 50,142
====== ======
TEVA’s market
value US$ 42,239.4 million.
Subject is an “Approved
Enterprise” and as such enjoys tax benefits and State incentives.
In mid April 1997
the Israeli Investment Centre (IIC) approved a US$ 5 million investment plan
for the expansion of subject’s plant, and an additional US$ 2.2 million was
approved in February 2000.
In June 2003, IIC
approved a US$ 7 million investment plan for the expansion of subject's plant
In February 2003, it
was reported that subject will invest US$ 2.8 million in extending its plant.
There are no
charges registered on the company's assets.
TEVA
PHARMACEUTICALS INDUSTRIES LTD. consolidated sales:
2008 sales were
US$ 11,085 million, making a
gross profit of US$ 5,968 million, an
operating income of US$ 1,145 million and a net
profit of US$ 635 million.
Sales of API for the period totaled US$ 603 million.
2009 sales were
US$ 13,899 million, making a
gross profit of US$ 7,367 million, an
operating income of US$ 2,405 million and a net
profit of US$ 2,004 million.
Sales of API for the period totaled US$ 565 million.
2010 sales were US$ 16,121 million, making a
gross profit of US$ 9,065 million, an
operating income of US$ 3,871 million and a net
profit of US$ 3,339 million.
Sales of API for the period totaled US$ 641 million.
2011 sales were US$ 18,312 million, making a
gross profit of US$ 9,515 million, an
operating income of US$ 3,109 million and a net
profit of US$ 2,768 million.
Sales of API for the period totaled US$ 747 million.
TEVA
PHARMACEUTICALS INDUSTRIES LTD., parent company, 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., the Netherlands and
IVAX PHARMACEUTICAL IRELAND,
CEPHALON INC., USA.
RATIOPHARM GMBH, Germany,
TAIYO PHARMACEUTICAL INDUSTRY CO. LTD.,
Japan,
TAISHO PHARMACEUTICAL INDUSTRIES, LTD.,
Japan,
TEVA ANIMAL HEALTH INC., USA,
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,
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.
ASSIA CHEMICAL INDUSTRIES LTD., developers,
manufacturers, exporters and marketers of Active Pharmaceutical Ingredients
(API) and fine chemicals and raw materials for the pharmaceutical industry.
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.
ABIC LTD.,
developers, manufacturers, exporters and marketers of pharmaceutical & fine
chemicals.
MERCKLE RATIOPHARM 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., Tel Aviv Main Business Center Branch (No 461), Tel Aviv.
Nothing
unfavorable learned, apart from relatively insignificant environmental related
cases, mainly a case of hazardous substance leaking in June
Subject’s CFO
refused to disclose any details, as part of TEVA Group’s strict confidentiality
policy.
The TEVA Group
acquired subject during the 1980's.
Subject is ISO
14001 certified.
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%.
In the local
market TEVA Group has a 25% market share in the pharmaceutical field. TEVA is
the largest non-governmental supplier of healthcare products and services in
Israel.
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 the end of 2003
TEVA acquired full ownership in SICOR, developers of API products and generic
pharmaceuticals, for a sum of US$ 3.4 billion, US$ 2 billion in cash and US$
1.4 billion in shares.
In January 2006,
TEVA finalized a major acquisition of IVAX CORP., its main competitor in the
generic drugs field, in a transaction valued US$ 8 billion in cash and shares.
In February 2008
TEVA acquired the American bio-pharmaceutical company CoGenesys, operating in
the biological treatments, for US$ 400 million.
In July 2008 TEVA
completed the acquisition of the publicly traded company (NYSE) BENTLEY
PHARMACEUTICALS (Spain), manufacturers and marketers of generic drugs, for US$
360 million (in cash).
In December 2008
TEVA completed the BARR PHARMACEUTICALS, INC. acquisition, world’s 4th largest
generic drug company (established 1970, with 2007 sales were US$ 2.5 billion),
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.
In August 2010,
TEVA completed the acquisition of RATIOPHARM, Germany's second largest generics
producer for the sum of $4.95 billion (€3.625 billion). Following the
acquisition, TEVA will be the number one generic company in Europe, holding the
leading market position in ten countries, as well as ranking in the top three
in seven additional countries.
In
January 2011 TEVA completed the acquisition of THÉRAMEX, MERCK KGaA's European based
women's health business, for € 265 million.
In January 2011 TEVA
acquired CORPORACION INFARMASA of Peru (purchase price not published). The
acquired company is to join TEVA’s Peruvian company MEDCO CORPORACION, becoming
Peru’s 2nd largest pharmaceutical company.
In May 2011 TEVA
announced it is acquiring 57% of TAIYO (Japan's 3rd largest
pharmaceutical company) for US$ 460 million. This will turn TEVA into Japan’s 2nd
larges generic company, in a market valued US$ 6 billion per annum, and in July
2011 reached full ownership.
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 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, is publicly traded in Wall Street.
CEPHALON expected 2011 sales at US$ 3 billion, and its brand and ethical drugs
portfolio are complimentary to TEVA's.
In January 2012 TEVA
reported that on May 9, 2012, Mr. Shlomo Yanai is scheduled to step down as
President and CEO of TEVA, and Dr. Jeremy Levin is scheduled to replace him.
Annual sales
volume in the local pharmaceuticals market is estimated at NIS 4 billion,
divided into NIS 1.8 billion to the institutional sector (HMO's, hospitals,
etc.) and NIS 1.2 billion to the private sector (including pharma retail
chains).
In 2009 sales of
drugs for human consumption (including from import) reached US$ 1,409 million
(US$ 1,416 million in 2008), of which estimated over US$ 1,100 million were
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%.
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.
Being a TEVA subsidiary, good
for trade engagements and all credits.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.50 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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.