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MIRA INFORM REPORT
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Report No. : |
504171 |
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Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
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Name : |
DR. KORMAN LABORATORIES LTD. |
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Registered Office : |
23 Yosef Levi Street, Industrial Zone,
Kiryat Bialik 2751123 |
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Country : |
Israel |
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Date of Incorporation : |
02.09.2010 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers, exporters and
marketers of dermal filler products and bio-revitalization products, based on
hyaluronic acid, mainly for the esthetic field. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Israel |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced free market economy. Cut diamonds,
high-technology equipment, and pharmaceuticals are among its leading exports.
Its major imports include crude oil, grains, raw materials, and military
equipment. Israel usually posts sizable trade deficits, which are offset 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 weathered the 2011 Arab Spring because strong trade ties outside the
Middle East insulated the economy from spillover effects.
Slowing domestic and international demand and decreased investment
resulting from Israel’s uncertain security situation reduced GDP growth to an
average of roughly 2.8% per year during the period 2014-17. 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 in the last decade. Political and regulatory
issues have delayed the development of the massive Leviathan field, but production
from Tamar provided a 0.8% boost to Israel's GDP in 2013 and a 0.3% boost in
2014. One of the most carbon intense OECD countries, Israel generates about 57%
of its power from coal and only 2.6% from renewable sources.
Income inequality and high housing and commodity prices continue to be a
concern for many Israelis. 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. Government officials have called for reforms to
boost the housing supply and to increase competition in the banking sector to
address these public grievances. Despite calls for reforms, the restricted
housing supply continues to impact the well-being of younger Israelis seeking
to purchase homes. Tariffs and non-tariff barriers, coupled with guaranteed
prices and customs tariffs for farmers kept food prices high in 2016. Private
consumption is expected to drive growth through 2018 with consumers benefitting
from low inflation and a strong currency.
In the long term, Israel faces structural issues, including low labor
participation rates for its fastest growing social segments - the ultraorthodox
and Arab-Israeli communities. Also, Israel's progressive, globally competitive,
knowledge-based technology sector employs only about 8% of the workforce, with
the rest mostly employed in manufacturing and services - sectors which face
downward wage pressures from global competition. Expenditures on educational
institutions remain low compared to most other OECD countries with similar GDP
per capita.
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Source
: CIA |
Company
name & address
DR. KORMAN LABORATORIES LTD.
Telephone 972 4 689 39 30
Fax 972 4 689 39 31
Email: sales@drkorman.com
23 Yosef levi Street
Industrial Zone
Kiryat
Bialik 2751123 Israel
HISTORY
& LEGAL FORMATION
A private limited company, incorporated as
per file No. 51-449290-9 on the 02.09.2010.
SHARE
CAPITAL
Authorized share capital NIS 100,000.00,
divided into -
100,000 ordinary shares of NIS 1.00 each, of
which 10,000 shares amounting to NIS 10,000.00 were issued.
SHAREHOLDERS
1. Dr.
Svetlana Korman, 37.5%,
2. Monish
(Michael) Gelman, 37.5%,
3. Shalom
Zell, 25%.
DIRECTORS
1. Dr.
Svetlana Korman, also a registered authorized reporting official,
2. Shalom
Zell.
GENERAL
MANAGER
Michael Gelman.
BUSINESS
Developers, manufacturers, exporters and marketers
of dermal filler products and bio-revitalization products, based on hyaluronic
acid, mainly for the esthetic field.
Subject is also a private brand
manufacturer.
Export is mainly to Europe.
Operating from premises (office and plant),
in 23 Yosef Levi Street, Industrial Zone, Kiryat Bialik.
Website: www.drkorman.com
Number of employees not forthcoming.
MEANS
Financial data not forthcoming.
There are 6 charges for unlimited amounts, as well as 2 charges for the
total sum of NIS 80,000 registered on the company's assets (financial assets,
fixed assets and equipment), in favor of Bank Hapoalim Ltd. and Israel Discount
Bank Ltd. (last charge placed November 2016 on financial assets).
REVENUES
Sales figures not forthcoming.
OTHER
COMPANIES
Dr. Svetlana Korman also operates a
dermatology clinic.
BANKERS
Subject’s official was willing to disclose
only which bank subject is working with:
Bank Hapoalim Ltd.
According to our:
Bank Hapoalim Ltd., Akko Branch (No. 713),
Akko, account Nos. 441536 and 445442.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
CHARACTER
AND REPUTATION
Noting unfavorable learned.
Subject’s officials were willing to disclose
only general activity.
Dr. Svetlana Korman is a dermatologist.
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 2016, there
are over 1,200 companies in the all Life Science sector in Israel, of which 42%
are in the medical devices fields, according a survey published by IATI (the
roof organization for the Israeli Advanced Technologies Industries), 16% in the
Bio-Pharma (Pharmaceuticals) field, 16% in the medical computerization
(Healthcare IT and Digital Health) field, and the rest in the medical services
field and others. The medical computerization is the fastest growing.
Furthermore,
during 2012-2016 55 local life science companies were acquired by international
players, in overall sum of US$ 4 billion, 77% of which companies from the
bio-med field.
132 Life Science start-ups
raised US$ 823 million in 2016 (close to 40% of total raisings by local
start-ups), 15% lower than 2015 (which was a record year in the sector). 63% of
the investment was by foreign funds, and 37% by local funds, mostly by venture
capital funds. Some 60% of the investments are in early stages start-ups.
Investments mix
within the Life Science area was: some 48% in medical devices, 28% in
bio-pharma, some 13% in HealthCare IT and digital health, 8% in diagnostics,
the rest in other fields.
SUMMARY
We consider the
company to be a reasonably fair trading partner. Yet, considering the refusal
to disclose business data, we recommend on certain cautious and 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 |
INR 66.22 |
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1 |
INR 92.84 |
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Euro |
1 |
INR 81.27 |
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ILS |
1 |
INR 18.74 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.