|
Report No. : |
349576 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELCAM MEDICAL A.C.A.L. |
|
|
|
|
Registered Office : |
M.P. Merom Hagalil, Baram 1386000 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
03.01.1979 |
|
|
|
|
Legal Form : |
Limited Partnership |
|
|
|
|
Line of Business : |
Developers,
manufacturers, exporters and marketers of precision injection-molded disposable
medical devices (standard stopcock, High Pressure Stopcocks, High Flow (large
bore) stopcocks, custom made stopcocks, manifold, needle-less), as well as
providers of innovative solutions for specialized flow control needs. |
|
|
|
|
No. of Employees : |
450 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Israel |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
ELCAM MEDICAL
A.C.A.L.
("A.C.A.L." stands
for Agricultural Cooperative Association Ltd.;
Also known as ELCAM MEDICAL
ACS LTD., or ELCAM ISRAEL*)
Telephone 972 4 698 81 20 /81 50
Fax 972 4 698 07 77
Email: sales@elcam.co.il
M.P. Merom
Hagalil
BARAM
1386000 ISRAEL
Originally
established as a limited partnership, incorporated as per file No. 55-000442-8
on 03.01.1979, under the name ELCAM PLASTICS KIBBUTZ BARAM.
This partnership
continues activities of a former limited partnership established in 1973 and
originally founded as a department in Kibbutz Baram in 1970.
On the 01.01.2001
all business activities were assumed by subject, an Agricultural Cooperative
Society (ACS), and registered as such as per file No. 57-003708-5 on the 01.05.2000.
* Subject's full
official registered name translated from Hebrew is ELCAM MEDICAL AGRICULTURAL
COOPERATIVE SOCIETY LTD., and the short ACS stands for Agricultural Cooperative
Society. Subject's CFO confirmed to us that the Latin name they use is ELCAM
MEDICAL A.C.A.L.
Subject is fully
owned by BARAM HOLDINGS ACS LTD., fully owned by Kibbutz Baram, a cooperative
society, operating a communal agricultural settlement.
1. Haim Milo, Chairman,
2. Ehud Raivitz, General Manager,
3. Nir Shapira,
4. Shaul Ashkenazi,
5. Ms. Naomi Omer,
6. Itzhak (Tzahi) Raviv,
7. Amit Litman.
Developers,
manufacturers, exporters and marketers of precision injection-molded disposable
medical devices (standard stopcock, High Pressure Stopcocks, High Flow (large
bore) stopcocks, custom made stopcocks, manifold, needle-less), as well as
providers of innovative solutions for specialized flow control needs.
Over 95% of sales
are for export, chiefly to the U.S.A and Europe (mainly OEM market), little to
the Far East and South America.
Among local
clients: BIOMETRIX, RAMBAM MEDICAL CENTER.
Among foreign
suppliers (molds): SCHOTTLI, BRAUN, TAV-MEDICAL, all of Germany.
Among local
suppliers: KAFRIT INDUSTRIES, TEVA MEDICAL, DAVIK SDE BOKER, SU-PAD, DIGMEY
HAGALIL, BIOPHARMAX, etc.
Operating from
rented premises (offices, development and manufacturing facilities), on an area
of 10,000 sq. meters, in Kibbutz Baram, a locality in the north of Israel
(premises is owned by Kibbutz Baram), and from a plant, on an area of 4,500 sq.
meters, in the Industrial Zone, Dalton. Also operates from Italian subsidiary
premises (Modena), from U.S. subsidiary offices (New Jersey) and representative
offices in Germany, China, Japan and South Korea.
Note: "Kibbutz" is a typical local cooperative agricultural
settlement/ village.
Having 630 serving
ELCAM MEDICAL Group. Having 450 employees in Israel (had 260 employees in 2012),
further 160 employees in Italy and 20 employees in the USA.
Current consolidated inventory is valued at
US$ 10,000,000 (similar to 2012 and 2011).
Subject is an “Approved Enterprise”, and as
such entitled to tax benefits and State incentives.
In 1999 and in November 2008, the Israeli
Investment Center (IIC) approved US$ 8 million and NIS 19 million
investment plans, respectively, for the expansion of subject’s plant.
In February 2015, the IIC approved an additional
NIS 24.82 million investment plan for the expansion of subject’s plant, where
subject will absorb additional 55 employees.
2008 sales claimed to be US$ 32,000,000, 95%
for export.
2009 sales claimed to be US$ 33,000,000, 95%
for export.
2010 sales claimed to be US$ 37,000,000, 95%
for export.
2011 consolidated sales claimed to be
US$ 78,000,000, 97% for export.
The significant increase in 2011 is due to
the acquisition of Italian subsidiary.
The first half of 2012 sales claimed to be US$
47,000,000, 97% for export.
Full 2012 sales figures not forthcoming.
2013 consolidated sales claimed to be US$
83,000,000.
2014 consolidated sales claimed to be US$
90,000,000.
2015 projected consolidated sales are US$
90,000,000, 97% for export.
ELCAM MEDICAL INC., 100%, USA, a marketing
company.
INJECTECH INC., 100%, USA, manufactures of
products for the medical industry.
ELCAM MEDICAL ITALY S.P.A., 100%, Italy, manufactures and marketers of
disposable medical devices.
Bank Leumi Le’Israel Ltd., Ha'amakim
Business Branch (No. 745), Afula, account No. 24300/00.
A check with the Central Banks’ database did
not reveal anything detrimental on subject’s a/m account.
Nothing unfavorable learned.
Subject is ISO 9001 and 13485 (2003) certified, and meets GMP, FDA and
other international standards.
Kibbutz Baram was established in 1949. It has 250 members.
Besides subject,
it is also engaged in farming activities: cultivating large areas of agricultural
land, field crops, orchards, poultry/ hen-house, etc. The Kibbutz operates
other smaller businesses: a packaging house (PEROT BARAM), a museum and others.
In December 2007 it was reported that subject launched a new plant in
the Industrial Zone, Dalton, with an investment of NIS 20 million.
In 2010 subject received a gold seal award for
excellance from The Standards Institution in Israel.
In September 2010, it was reported that subject joined
the 2nd round of capital raise in the local start-up NANOPASS
TECHNOLOGIES, developers of painless MicroPyramid devices for drug delivery and
diagnostics. Reportedly, the venture, controlled by the OFER HITECH Group,
which in February 2010 received FDA approval for products distribution in the
USA, encountered financial dificulties and had to fire most of its employees.
Subject is said to be erecting a new special manufacturing line as part of the
investment.
In
December 2010 subject made its first acquisition abroad, when it acquired
Italian company L
In May 2012 subject received an
"Excellence and Quality Star" from the Israeli Northern Chamber of
Commerce.
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.
Good for trade engagements.
Note: Since February
2013 Israel Post has started using a new area code method of 7 digits (the old method
of 5 digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
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.