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Report No. : |
322339 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SECURE
PHARMACEUTICALS LTD. |
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Registered Office : |
P.O. Box 299, 1 Arava Street , AirPort
City Park, Airport City 7019900 |
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Country : |
Israel |
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Date of Incorporation : |
16.03.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a pharmaceutical company, developers, manufactures, exporters and marketers of food supplements of therapeutic solutions, derived from botanical sources, using biochemical agents characterized by functionally selective mechanisms of action in the target tissues. |
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No. of Employees : |
Not Available |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Israel |
A2 |
B1 |
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Risk Category |
ECGC
Classification |
|
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. Cut
diamonds, high-technology equipment, and pharmaceuticals are among the leading exports.
Its major imports include crude oil, grains, raw materials, and military
equipment. Israel usually posts sizable trade deficits, which are covered by
tourism and other service exports, as well as significant foreign investment
inflows. Between 2004 and 2013, growth averaged nearly 5% per year, led by
exports. 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. Israel's economy
also has weathered the Arab Spring because strong trade ties outside the Middle
East have insulated the economy from spillover effects. Slowing demand
domestically and internationally and reduced investment due to uncertainties
caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2%
during 2014. Natural gas fields discovered off Israel's coast since 2009 have
brightened Israel's energy security outlook. The Tamar and Leviathan fields
were some of the world's largest offshore natural gas finds this past decade.
The massive Leviathan field is expected to come online no sooner than 2017, but
production from Tamar provided a one percentage point boost to Israel's GDP in
2013 and a 0.5% boost in 2014. In mid-2011, public protests arose around income
inequality and rising housing and commodity prices. Israel's income inequality
and poverty rates are among the highest of OECD countries and there is a broad
perception among the public that a small number of "tycoons" have a
cartel-like grip over the major parts of the economy. The government formed
committees and has started splitting up the oligopolies to address some of the
grievances but has maintained that it will not engage in deficit spending to
satisfy populist demands. Over the long term, Israel faces structural issues,
including low labor participation rates for its fastest growing social segments
- the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive,
globally competitive, knowledge-based technology sector employs only 9% of the
workforce, with the rest employed in manufacturing and services - sectors which
face downward wage pressures from global competition.
|
Source
: CIA |
SECURE PHARMACEUTICALS LTD.
(KNOWN AS SE-CURE PHARMACEUTICALS LTD.)
Telephone
972 3 973 11 11
Fax
972 3 973 16 66
Email:
info@se-curepharma.com
P.O. Box 299
1 Arava Street
AirPort City Park
Airport City 7019900 Israel
A private limited company, incorporated as per file No. 51-246227-6 on the 16.03.1997. Originally registered under the name SECURE PHARMACEUTICALS AND COSMETICS LTD., which changed to the present name on the 25.11.2003.
Authorized share capital NIS 29,400.00,
divided into -
80,000
preference A shares (53,100 shares issued),
50,000
preference B1 shares (13,400 shares issued),
150,000
preference B2 shares,
100,000
preference B3 shares,
2,560,000
ordinary shares (147,700 shares issued), all of NIS 0.01 each, of which shares
amounting to NIS 2,142.00 were issued.
1. Ron Gutterman, 95% of ordinary shares
issued,
2. N.D.R. HOLDINGS LTD., 48% of preference A
shares and 5.2% of preference B1 shares issued,
3. HEARTWOOD LTD., a foreign company, 26% of
preference A shares issued,
4. LEADER HOLDINGS AND INVESTMENTS LTD., a
public limited company, traded on the Tel Aviv Stock Exchange, controlled
(directly and via controlled companies) by Eliyahu (Eli) Houri, 26% of
preference A shares issued (6.4% in practice),
5. TAMARES HOLDINGS SWEDEN AB, of Sweden, part
of TAMARES INVESTMENT Group, owned by Poju
Zabludowicz, 56.8% of preference B shares issued,
6. Yaakov Steinmetz, 5% of ordinary shares
issued,
7. PONTIFAX Funds (via 3 funds), a local
private equity fund, 38% of preference A shares issued.
1. Ron
Gutterman, Chairman and General Manager,
2. Noga
Rachmani,
3. Doron
Vadai,
4. Iftach
Seri,
5. Ms.
Ayelet Beres,
6. Lior
Ben-Artzi.
A pharmaceutical company, developers, manufactures, exporters and marketers of food supplements of therapeutic solutions, derived from botanical sources, using biochemical agents characterized by functionally selective mechanisms of action in the target tissues.
Currently having 6 botanical drug candidates, targeting women’s health and osteoporosis management, benign hyperplasia (BPH) management (male health), burn injury management and dental bone rejuvenation.
Subject is currently in clinical stages (phase
I, II and III) for its products (under FDA's botanical route).
Operating from premises, in 1 Arava Street,
AirPort City Park, Airport City (situated in vicinity to the Ben Gurion Intl.
Airport), and from manufacturing plant in Industrial Park Dalton, Ramat Dalton.
Number of employees not forthcoming.
According to a report from December 2010,
subject raised US$ 14 million from PONTIFAX and TAMARES. Prior to that raise, reportedly subject raised US$ 9 million.
According to the financial statements of
LEADER (6.4% in subject), subject's shares book value as of 31.12.2014 is NIS
1.186 million (was valued at NIS 4.93 million as of 31.12.2013).
Subject is an
“Approved Enterprise” and as such entitled for State support, grants and tax
relief. In 2003 and in July 2014 the Israeli Investment Centre (IIC) approved
US$ 160,000 and NIS 2.5 million investment plans, respectively, for the
expansion of subject’s plant in Dalton Park.
Other financial data not forthcoming.
There are 13 charges for unlimited amounts, as well as 2 charges for the
total sum of US$ 670,000 registered on the company's assets (financial assets,
fixed assets, equipment and vehicles), in favor of Israel Discount Bank Ltd.,
Union Bank of Israel Ltd., Bank of Jerusalem Ltd. and a company (last 2 charges
placed February-March 2009).
Actual sales figures not forthcoming.
According to a report from December 2010, sales of food supplements were
US$ 25 million.
LEADER HOLDINGS AND INVESTMENTS LTD., an investment company in a variety
of fields including capital markets, real estate, technology and biotech, media
and more. Publicly traded on the Tel Aviv Stock Exchange,
current market value US$ 33.4 million.
TAMARES INVESTMENT Group, an
investment Group owned by Poju Zabludowicz, a Finnish business magnate and
philanthropist based in London. The Sunday Times Rich List 2012 of the richest
people in the United Kingdom ranked him 42nd, with a personal net worth of £1,500
million. Zabludowicz, via TAMARES and other companies, has other investments in
Israel, including in KNAFAIM HOLDINGS LTD., a holding company, operating in the
aviation and tourism field, holding control in EL AL AIRLINES, Israel's largest
airliner.
PONTIFAX Venture Capital Funds, operating 3
investment funds which manage a total of US$ 205 million, specializing in
start-ups in the pharmaceutical and life sciences fields with a focus on
medical devices companies based in Israel.
Bank data not forthcoming.
Nothing unfavorable learned.
Subject's officials refused to disclose data besides general business
activity.
PONTIFAX is among the leading local
bio/pharmaceutical investment funds.
Israel is
considered one of the leading countries in the world in terms of investment in
the Life Science and Biotechnology industry.
There are some 260
biotechnology companies operating in Israel as of 2015, 220 of which are Israeli,
the rest are subsidiaries of foreign companies. The volume of investments in
R&D in the biotechnology field is around US$ 400 million per annum, placing
Israel 5th in the world in terms of investment in commercial R&D
in biotechnology in respect of the GDP.
As of 2014, there are some 1,100 companies
in the Life Science sector in Israel, of which 70% are in the medical devices
fields, according to the Israel Export Institution estimation.
Export of medical
devices rose by 11% in 2014 from 2013, and summed up to US$ 2 billion.
There are over
33,000 employees in the Life Science industries, in over 1,200 companies
(including start-ups), of which 62% deal in medical devices, 12% in
pharmaceuticals, 12% in biotechnology, 7% in HealthCare IT and 7% in Life
Science Services.
Life Science
start-ups raised some US$ 500 million in 2012 (26% of total raisings by local
start-ups), 28% higher than 2011 and 44% higher than 2010, based on IVC
research firm data. 50%-70% of the investments are in early stages start-ups.
Investments mix
within the Life Science area was: some 60% in medical devices, 17% in
biotechnology, 11% in pharmaceuticals, and 7% in HealthCare IT.
Break-down in the
medical devices: 42% develop therapy implant and consumable solutions, 21% develop
medical equipment, 12% develop diagnostic solutions, 8% develop solutions in
the imaging area, and 7% develop solutions in the monitoring field.
2012 marked a
record in terms of exist in the Life Science area (12 exits in total volume of
US$ 1.2 billion), a trend which has been continuing in 2013.
Subject appears to be suitable for trade
relations, and may be creditworthy. However, considering the lack of data from
subject's officials at this stage, we prefer to remain cautious and recommend
dealings on secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared by
: |
TPT |
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.