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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DEXCEL LTD. |
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Formerly Known As : |
KARIN ADVERTISING LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
09.11.1966 |
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Com. Reg. No.: |
51-047774-8 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers, exporters and marketers of generic
pharmaceuticals. |
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No of Employees : |
1,000 |
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 : |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
DEXCEL LTD.
Telephone 972 4 636 40 00
Fax
972 4 636 40 04
P.O. Box 50, Hadera (3810001)
Southern Industrial Zone 1
OR AKIVA 3060000-ISRAEL
A private limited company incorporated as per file No. 51-047774-8 on the 09.11.1966.
Originally registered under the name KARIN ADVERTISING LTD., which changed
to the present name on the 26.10.1989.
Authorized share capital NIS 100,000,000.00, divided into -
50,000,000 ordinary “A”
shares (11,750,000 shares issued),
50,000,000 ordinary “B”
shares (11,750,000 shares issued),
all of NIS 1.00 each,
of which shares amounting to NIS 23,500,000.00 were issued.
Subject is fully owned by DEXXON LTD., owned by Dan Oren.
(DISCOTRADE LTD., a fully owned subsidiary of DEXXON holds 1 share).
1. Dan Oren, Managing Director of DEXXON Group,
2. Ilan Oren,
3. Avraham Dov,
4. Uri Oren.
Developers, manufacturers, exporters and marketers of generic
pharmaceuticals.
Some 80% of Group’s sales are for export to some 20 countries.
DEXXON markets over 60 products in more than 150 dosages, principally in
solid oral dosage form.
Sales are to all local health funds, hospitals, drug wholesalers, drugstore
chains and pharmacies, distributors and government agencies.
Subject also manufactures for private label. DEXXON Group manufactures
drugs for SUPER PHARM, Israel’s largest drugstore chain.
Among local suppliers: JOLYBAR, YES PHARMA, HUBERMAN & SONS, MOGAL
E.T.C., A. ADIRAN, I.S.I. SCIENTIFIC INSTRUMENTS, BERLIN TECHNOLOGIES, HELION,
ZIFRONI CHEMICAL SUPPLIERS, MICHAEL CHEMICALS, OROKIA ISRAEL, HANAMAL PRINT,
etc.
Group’s advertising office: GIL-AD COMMUNICATIONS (of G Group).
Operating from premises (headquarters, 2 manufacturing facilities, storage
facilities), owned by DEXXON LTD., on total area of 34,000 sq. meters, in 1
Dexcel Street, Southern Industrial Zone, Or Akiva. The Group also operates from
large facilities in Yoqneam (18,800 sq. meters) and a plant, on an
area of 15,000 sq. meters, in 7 Hamarpe Street, Har Hotzvim Industrial Zone,
Jerusalem.
Also operating from 19 countries, main branches in Germany, UK and USA.
Having some 1,000 employees serving DEXXON Group worldwide, most in Israel.
Financial data not forthcoming, however known to be financially solid.
Subject is an “Approved Enterprise” and as such enjoys tax benefits and
State incentives. Subject also enjoys the Chief Scientist Office financial
support.
In February 2004, the Israeli Investment Center (IIC) approved a US$ 7.4
million investment plan for the expansion of subject’s plant in Or Akiva, and
the expansion of the Group’s plant in Jerusalem, with investment of US$ 3.3
million.
In November 2007, it was reported that parent DEXXON is submitting an
application to the IIC for the erection of a new pharmaceutics plant with
investment of NIS 100 million. In addition, Group’s plant will be expanded to
meet the growing demand.
There is 1 charge for an unlimited amount registered on the company's
assets (financial assets), in favor of The First International Bank of Israel Ltd. (charge placed March 2010).
DEXXON Group consolidated 2008 sales reported to be US$ 215,000,000, around
80% of which is for export (thanks to jump in a drug against heartburn sale to
the US market).
DEXXON Group consolidated 2009 sales reported to be circa US$ 220,000,000,
around 80% of which is for export.
DEXXON Group consolidated 2010 sales reported to be circa US$ 250,000,000,
around 80% of which is for export.
DEXXON Group consolidated 2011 sales reported to be circa NIS
900,000,000, around 80% of which is for export.
DEXXON Group consolidated 2012 sales reported to be circa NIS
950,000,000, around 80% of which is for export.
DEXXON LTD., parent company, heading the Group, which on top of development
and manufacturing, also operate as agents, importers and marketers of
pharmaceuticals, solely representing, among others: BRACCO (Italy), CHINOIN
(Hungary), SCHOLL (UK), KYOWA MAKKO (Japan), LEO PHARMACEUTICALS (Denmark).
DEXCEL PHARMA TECHNOLGIES LTD., developers,
manufacturers, exporters and marketers of generic prescription drugs, fully owns DEXCEL PHARMA LTD.
(U.K.), DEXCEL PHARMA GMBH, (Germany) and DEXCEL PHARMA INC., (USA).
DEXCEL PT ISRAEL LTD., a
holding company.
DISCOTRADE LTD.
DEXOPAL LTD.
GADLON LTD.
DEXCEL
PHARMA ENTERPRISES LTD.
DEXXON HOLDINGS LTD.
DEXXON TECHNOLOGIES 2005 LTD.
MEDIGUS LTD., 11.6%, publicly traded on the Tel Aviv Stock Exchange, a
medical device company that specializes in developing innovative endoscopic
procedures and devices for carrying out these procedures. Current market value
US$ 25.6 million.
The Group also invests in bio-tech start-ups.
Bank Hapoalim Ltd, Haifa Main Branch (No. 700), Haifa, and Central Branch
(No. 600), Tel Aviv.
Bank Leumi Le’Israel Ltd., Hamiftatz Business Branch (No. 898), Kiryat
Bialik.
Note: Since subject's officials refused to disclose any data, we could not
verify a/m bank details.
Nothing unfavorable learned.
Subject's
officials refused to disclose any data without receiving the name of the
supplier on behalf the inquiry was made.
DEXXON/ DEXCEL Group is the 2nd largest drug supplier in Israel the local
health sector (though way behind TEVA PHARMACEUTICAL). Its drugs are well-known
and leading brands in Israel.
DEXXON plants are approved by the US FDA, the UK MHRA and the German
authorities and fully comply with current GMP.
In November 2007, DEXXON Group launched an advertising campaign for its OTC
drugs with total investment of NIS 10 million.
In August 2007, it was reported that DEXXON Group will invest US$ 18
million in expanding its activities, and that the Group’s Chairman, Dan Oren,
estimated consolidated 2010 sales will increase significantly.
In October 2007,
it was reported that
In August 2008, it was reported that DEXXON
doubled its sales following the launch of “Omepradex Z” in US markets (a
generic version to P&G medicine), capturing 43% of the market.
As a result, the
Group will erect 2 new plants to meet the demand, with investment of NIS 170
million, one in Or Akiva, adjacent to the present location (8,000 sq. meters),
and another plant in Yoqneam (18,800 sq. meters). The plants scheduled to start
operation on the 2nd quarter of 2009 and employ further 175
employees.
Group’s sales in
Germany reportedly also rocketed 650% following a win in healthcare fund
tender.
In May 2009, Mr. Oren said they have now 30 different products in
development, 27 of which are in phases of submission for approval in various
countries.
Group’s sales in Germany also rocketed 650% following a win in healthcare
fund tender.
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%.
In 2011 import of
medicines reached US$ 497 million (were US$ 555 million in 2010).
Over 90% of sales
by the local Pharmaceutical Industry are for export.
Sales for exports
of pharmaceuticals in 2013 reached US$ 6,348 million, representing 7.3%
decrease from 2012 (fall was sharper in local NIS currency terms, by 13.4%),
continuing the downward trend from 2012 when it fell some 6% from 2011 (after
10% and 41.5% increase in 2011 and 2010, respectively, from the previous
years).
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.
Notwithstanding
the lack of updated data from subject's officials, considered good for trade
engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.27 |
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1 |
Rs. 103.66 |
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Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.