<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _____________ )*
Taro Pharmaceutical Industries Ltd.
- --------------------------------------------------------------------------------
(Name of Issuer)
Ordinary Shares NIS 0.0001 par value per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
M8737E108
--------------------
(CUSIP Number)
Agis Industries (1983) Ltd.
29, Lehi Street, 51200 Bnei-Brak, Israel
Moshe Arkin, Chief Executive Officer +972-3-577-3700
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 14, 1998
----------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.[ ].
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for the other parties to whom copies are
to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 15 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. M8737E108 13D PAGE 2 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vesteck Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS AF
4
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER -0-
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 715,700
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER -0-
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 715,700
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 715,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 7.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON CO
14
- ------------------------------------------------------------------------------
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 2 of 15 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. M8737E108 13D PAGE 3 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Agis Commercial Agencies (1989)Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS AF
4
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER -0-
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 715,700
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER -0-
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 715,700
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 715,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 7.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON CO
14
- ------------------------------------------------------------------------------
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 3 of 15 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. M8737E108 13D PAGE 4 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Agis Industries (1983) Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS WC
4
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER -0-
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 715,700
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER -0-
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 715,700
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 715,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 7.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON CO
14
- ------------------------------------------------------------------------------
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 4 of 15 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. M8737E108 13D PAGE 5 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Arkin Properties Ltd.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS AF
4
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER -0-
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 715,700
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER -0-
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 715,700
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 715,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 7.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON CO
14
- ------------------------------------------------------------------------------
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 5 of 15 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. M8737E108 13D PAGE 6 OF 15 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Moshe Arkin
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS AF
4
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Israel
- ------------------------------------------------------------------------------
SOLE VOTING POWER -0-
7
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 729,650
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER -0-
9
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 729,650
WITH 10
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11 729,650
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 7.3%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON IN
14
- ------------------------------------------------------------------------------
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
Page 6 of 15 pages
<PAGE>
Item 1. Security and Issuer
-------------------
This statement on Schedule 13D relates to the Ordinary Shares, NIS 0.0001
par value per share (the "Ordinary Shares"), of Taro Pharmaceutical Industries,
Ltd., an Israeli corporation ("Taro"), the principal executive offices of which
are located at 5 Maskit Street, Herzlia Pituach 4612 L3 Israel.
Item 2. Identity and Background
-----------------------
This filing is being made on behalf of Agis Industries (1983) Ltd.
("Agis"), Agis Commercial Agencies (1989) Ltd. ("ACA Ltd."), a wholly owned
subsidiary of Agis, Vesteck Ltd. ("Vesteck"), a wholly owned subsidiary of ACA
Ltd., Arkin Properties Ltd. ("Arkin Properties") which owns 44% of Agis and
Moshe Arkin (collectively referred to as the "Reporting Persons").
Agis' principal business is the manufacture and marketing of
pharmaceuticals, pharmaceutical diagnostics and cosmetics. ACA Ltd. imports,
markets and sells pharmaceuticals in Israel. Vesteck is an investment company.
Arkin Properties is a holding company. Agis, ACA Ltd., Vesteck and Arkin
Properties, all Israeli corporations, have their principal offices at 29, Lehi
Street, 51200 Bnei-Brak, Israel. Moshe Arkin, Chairman and Chief Executive
Officer of Agis, ACA Ltd., Vesteck and Arkin Properties, is an Israeli citizen.
The names, business addresses and principal occupations of the executive
officers and directors of Agis, ACA Ltd. Vesteck and Arkin Properties are
included on Schedule A attached hereto and incorporated herein by reference.
----------
All of the executive officers and directors are believed to be citizens of
Israel.
The Reporting Persons believe that, except as may be reported on Schedule
A, each of Moshe Arkin and Agis, ACA Ltd., Vesteck and Arkin Properties and
their executive officers and directors has not, during the last five years, been
convicted in any criminal proceeding (excluding traffic violations or similar
misdemeanors) nor has been a party to any civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to any judgment, decree or final order enjoining further
violations of, or prohibiting or mandating activities subject to federal or
state securities laws or finding any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
Since April 4, 1998, Vesteck has purchased in the open market an aggregate
of 715,700 Ordinary Shares for an aggregate of $3,948,231. The funds for these
purchases were made available to Vesteck by Agis. Funds for any possible future
purchases by Vesteck of Ordinary Shares will be made available by Agis as well.
Page 7 of 15 pages
<PAGE>
Item 4. Purpose of Transaction
----------------------
Vesteck has purchased the Ordinary Shares for investment. All such purchases
were made in the open market. Neither Vesteck nor any of the other Reporting
Persons has any present plans or proposals relating to, or which would result
in, any of the events described in Items 4(b) through 4(j) of this Schedule 13D,
except as described in this Item 4, however, Vesteck, and/or the other Peporting
Persons and/or any of their affiliates, may at some future date, in cooperation
and agreement with Taro, enter into a plan, proposal or arrangement relating to,
or which would result in, any one or more of the events described in Items 4(b)
through 4(j). Additionally, Vesteck and/or any of the other Reporting Persons
may, from time to time, depending upon market conditions and other investment
considerations, purchase additional Ordinary Shares or other securities of Taro
for investment or dispose of securities of Taro, in either case in the open
market or in private transactions.
Item 5. Interest in Securities of the Issuer/1/
------------------------------------
(a) and (b) Vesteck owns directly an aggregate of 715,700 Ordinary Shares,
or 7.2% of Taro's outstanding stock. Vesteck shares voting and dispositive power
over these Ordinary Shares with each of the other Reporting Persons.
As a 44% stockholder in Agis, Arkin Properties may be deemed to be the
beneficial owner of the Ordinary Shares held by Vesteck. In the aggregate, Arkin
Properties may be deemed to share voting and dispositive power over 715,700
Ordinary Shares, or 7.2% of Taro's outstanding stock.
Arkin Real Estate Holdings (1961) Ltd. ("Arkin RE Holdings") has owned
13,950 Ordinary Shares, or .1% of Taro's outstanding stock, since 1990.
Moshe Arkin owns 71.3% of the stock of each of Arkin Properties and Arkin
RE Holdings and may be deemed to share beneficial ownership of, and thus, to
share voting and dispositive power over, the Ordinary Shares beneficially owned
by each of Arkin Properties and Arkin RE Holdings. Moshe Arkin may be deemed to
share voting and dispositive power over, therefore, 729,650 Ordinary Shares, or
7.3% of Taro's outstanding stock.
To the best knowledge of the Reporting Persons, no Ordinary Shares are
beneficially owned by any of the persons named in Schedule A, except Moshe
----------
Arkin.
- -------------------
/1/ Percentage calculations are based on Taro's most recent Form 6-K filed with
the Securities and Exchange Commission on September 8, 1998, in which it is
indicated that Taro had 10,004,081 Ordinary Shares outstanding as of
June 30, 1998.
Page 8 of 15 pages
<PAGE>
(c) Vesteck's purchases of Ordinary Shares in the open market within the
past sixty days is set forth on Schedule B attached hereto and incorporated
----------
herein by reference. None of the other Reporting Persons purchased Ordinary
Shares within the past sixty days.
(d) No person, other than the Reporting Persons, is known to have the right
to receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the Ordinary Shares held by the Reporting Persons.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
-------------------------------------------------------------
Respect to Securities of the Issuer
-----------------------------------
None.
Item 7. Material to be Filed as Exhibits
--------------------------------
None.
Page 9 of 15 pages
<PAGE>
Signature
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: September 23, 1998
VESTECK LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
AGIS COMMERCIAL AGENCIES (1989) LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
AGIS INDUSTRIES (1983) LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
ARKIN PROPERTIES LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
MOSHE ARKIN
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
Page 10 of 15 pages
<PAGE>
SCHEDULE A
----------
VESTECK LTD.
<TABLE>
<CAPTION>
EXECUTIVE OFFICERS AND TITLE BUSINESS ADDRESS
---------------------- ----- ----------------
DIRECTORS
---------
<S> <C> <C>
Moshe Arkin Chairman and CEO 29, Lehi Street, 51200 Bnei-Brak, Israel
Benny Mendel Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Giora Carni Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Samuel Wolfman Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Gil Bianco Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Rafael Lebel Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
AGIS COMMERCIAL AGENCIES (1989) LTD.
EXECUTIVE OFFICERS AND TITLE BUSINESS ADDRESS
---------------------- ----- ----------------
DIRECTORS
---------
Moshe Arkin Chairman and CEO 29, Lehi Street, 51200 Bnei-Brak, Israel
Benny Mendel Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Giora Carni Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Samuel Wolfman Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Gil Bianco Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Rafael Lebel Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
AGIS INDUSTRIES (1983) LTD.
EXECUTIVE OFFICERS AND TITLE BUSINESS ADDRESS
---------------------- ----- ----------------
DIRECTORS
---------
Moshe Arkin Chairman and CEO 29, Lehi Street, 51200 Bnei-Brak, Israel
Benny Mendel VP and Director 29, Lehi Street, 51200 Bnei-Brak, Israel
Giora Carni VP and Director 29, Lehi Street, 51200 Bnei-Brak, Israel
Samuel Wolfman VP and Director 29, Lehi Street, 51200 Bnei-Brak, Israel
Gil Bianco VP and Director 29, Lehi Street, 51200 Bnei-Brak, Israel
Daniela Yanai Director 30 Harama St., Kiryat Ono, Israel - Agis Manager
Eitan Rubinstein Director 11 Shamgar St., Ramat Hasharon, Israel - Medicine
Professor and Attorney
Issac Silberman Director 39 Shaul Hamelech, Tel Aviv, Israel - CPA
Eli Ben-Nun Director 14 Ein Gedi St., Givatayim, Israel -
Organizational Advisor
Haim Regev Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
Rafael Lebel Exec. Officer 29, Lehi Street, 51200 Bnei-Brak, Israel
ARKIN PROPERTIES LTD.
EXECUTIVE OFFICERS AND TITLE BUSINESS ADDRESS
---------------------- ----- ----------------
DIRECTORS
---------
Moshe Arkin Chairman and Exec. 29, Lehi Street, 51200 Bnei-Brak, Israel
Officer
</TABLE>
Page 11 of 15 pages
<PAGE>
SCHEDULE B
----------
DATE NUMBER OF PRICE PER SHARE
---- ORDINARY SHARES ---------------
PURCHASED
---------
9/14/98 54,200 $4.5000
9/14/98 45,000 $4.5000
9/14/98 2,000 $4.5000
9/14/98 1,000 $4.5625
9/14/98 3,000 $4.5000
9/14/98 5,000 $4.6250
9/14/98 9,000 $4.6875
9/14/98 7,500 $4.7500
9/14/98 2,000 $4.8750
9/14/98 13,000 $5.0000
9/14/98 7,500 $5.0625
9/14/98 800 $5.1250
9/16/98 12,000 $5.2500
9/16/98 62,500 $5.2500
9/17/98 1,000 $5.1250
9/17/98 8,000 $5.1250
9/17/98 3,158 $5.1250
9/17/98 42 $5.1250
9/18/98 3,000 $5.2500
9/18/98 1,000 $5.2500
Page 12 of 15 pages
<PAGE>
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D with respect
to the Ordinary Shares of Taro Pharmaceutical Industries Ltd., dated September
23, 1998 is, and any amendments thereto signed by each of the undersigned shall
be, filed on behalf of each of them pursuant to and in accordance with the
provisions of Rule 13d-1(k)(iii) under the Securities Exchange Act of 1934.
Dated: September 23, 1998
VESTECK LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
AGIS COMMERCIAL AGENCIES (1989) LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
AGIS INDUSTRIES (1983) LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
ARKIN PROPERTIES LTD.
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
MOSHE ARKIN
By: /s/ Lewis J. Geffen
-------------------------
Moshe Arkin
By: Lewis J. Geffen, Attorney-in Fact
Page 13 of 15 pages
<PAGE>
POWER OF ATTORNEY
Know all by these presents, that on behalf of Moshe Arkin, Vesteck Ltd., a
wholly owned subsidiary of Agis Commercial Agencies (1989) Ltd. ("ACA Ltd.")
which is a wholly owned subsidiary of Agis Industries (1983) Ltd. ("AI Ltd."),
ACA Ltd., AI Ltd. and Arkin Properties Ltd. (collectively with Moshe Arkin, the
"Companies"), the undersigned hereby constitutes and appoints Lewis J. Geffen of
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., signing singly, with full
power of substitution, the Companies' true and lawful attorney-in-fact to:
(1) execute for and on behalf of the Companies Schedules 13D or 13G, and
amendments thereto, in accordance with Sections 13(d) and 13(g) of the
Securities Exchange Act of 1934, as amended (the "Act") and the rules
thereunder;
(2) do and perform any and all acts for and on behalf of the Companies
which may be necessary or desirable to complete and execute any such
Schedule 13D or 13G, or amendments thereto, and timely file such forms
with the United States Securities and Exchange Commission and Taro
Pharmaceutical Industries Ltd. ("Taro"); and
(3) take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of
benefit to, in the best interest of, or legally required by, the
Companies, it being understood that the documents executed by such
attorney-in-fact on behalf of the Companies pursuant to this Power of
Attorney shall be in such form and shall contain such terms and
conditions as such attorney-in-fact may approve in such attorney-in-
fact's discretion.
The Companies hereby grant to such attorney-in-fact full power and authority
to do and perform any and every act and thing whatsoever requisite, necessary,
or proper to be done in the exercise of any of the rights and powers herein
granted, as fully to all intents and purposes as the Companies might or could do
if present directly, with full power of substitution or revocation, hereby
ratifying and confirming all that such attorney-in-fact, or such attorney-in-
fact's substitute or substitutes, shall lawfully do or cause to be done by
virtue of this power of attorney and the rights and powers herein granted. The
Companies acknowledge that the foregoing attorney-in-fact, in serving in such
capacity at the request of the Companies, is not assuming any of the Companies'
responsibilities to comply with Sections 13(d) and 13(g) of the Act.
This Power of Attorney shall remain in full force and effect until the
Companies are no longer required to file Schedules 13D or 13G with respect to
the Companies' holdings of, and transactions in, securities issued by Taro,
unless earlier revoked by the Companies in a signed writing delivered to the
foregoing attorney-in-fact.
Page 14 of 15 pages
<PAGE>
IN WITNESS WHEREOF, the Companies have caused this Power of Attorney to be
executed this 16th day of September, 1998.
/s/ Moshe Arkin
--------------------------------------------------
Signature
Moshe Arkin
--------------------------------------------------
Chairman and CEO, Agis Industries (1983) Ltd. Print Name and Titles
Chairman and CEO, Agis Commercial Agencies (1989) Ltd.
Chairman and CEO, Vesteck Ltd.
Chairman and CEO, Arkin Properties Ltd.
Page 15 of 15 pages
