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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
TAPAZOL CHEMICAL WORKS LTD. |
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Registered Office : |
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Country : |
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Year of Establishments: |
1932 |
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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 veterinary fields |
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No. of Employees : |
Having 45 employees
(same as in 2012, had 40 employees in mid 2010) Having 150
employees in BIOVAC Group |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
israel ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Its major imports include crude oil, grains, raw materials, and military equipment. Cut diamonds, high-technology equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. 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, and production from the Tama field is expected to meet all of Israel's natural gas demand beginning mid-2013. 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.
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Source : CIA |
TAPAZOL CHEMICAL WORKS LTD.
Telephone 972 2 992 60 40
Fax 972 2 992 60 50
1 Hasolela Street
Western Industrial
Zone
BEIT SHEMESH 9905415 ISRAEL
Originally established in 1932 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.
(Note: The currency in share
capital was originally in Old Israeli Shekel whose nominal value was 1
thousandth of the current New Israeli Shekel (NIS), converted in 1986).
Subject is fully owned by BIOVAC LTD., owned
by Y. VACCINES LTD., owned by Arieh Nakash
BIOVAC acquired 50% in subject in mid 2005.
During Q1-2012 BIOVAC acquired the shares of
Harari family (50%), and reached full ownership.
Arieh Nakash.
1. Arieh
Nakash,
2. Izhak
Harari.
Manufacturers, marketers and exporters of insecticides, fungicides, plant growth regulators and chemicals for the agriculture, public health and 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).
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,
PRONDIL, of Uruguay.
Operating from rented premises (offices and plant), on an area of 6,000
sq. meters (grew from 5,000 sq. meters), in 1 Hasolela Street, Western
Industrial Zone, Beit Shemesh, and from a rented branch, on an area of 150 sq.
meters, in the Industrial Zone, Migdal Haemek.
Having 45 employees (same as in 2012, had 40 employees in mid 2010).
Having 150 employees in 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.
Y. VACCINES LTD., a holding company, also fully owns:
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.
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., Tel Aviv 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.
We also found a lawsuit filed to the Petach Tikva Magistrate Court in
2009 by GANEY NOY LTD. against subject (and the State of Israel) for NIS
556,000. The details of the lawsuit, currently pending, are not forthcoming
(though this appears as a relatively minor claim anyhow).
Apart from 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.
According to Central Bureau of Statistics data, investments
in imported machinery & equipment from for the Chemical Industries (incl.
Pharmaceuticals, excl. oil refinery) in 2012 summed up to NIS 891 million, a
sharp decrease of 20.8% from 2011 (after witnessing 50.7% increase in real
terms in 2011, which came after couple of years the trend was negative).
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 Chemical
sector recovered in 2010, where export of Industrial Chemicals rose by 34.3%
from 2009, kept rising in 2011(by 18.6%), but fell by 9% in 2012. Sales for
export in 2012 reached US$ 15.1 billion (of which US$ 6.85 billion were of
pharmaceuticals).
Notwithstanding the refusal to disclose
financial details, considered good for
Trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
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UK Pound |
1 |
Rs.91.82 |
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Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.