MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ROBOGROUP T.E.K. LTD. |
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Registered Office : |
13 Hamelacha Street, Park Afec Industrial Zone, Rosh Ha’ayin 48091 |
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Country : |
Israel |
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Date of Incorporation : |
6.5.1982 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Developers, manufacturers, exporters and marketers of products and
solutions |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
ROBOGROUP T.E.K.
LTD.
13 Hamelacha
Street
Park Afec Industrial Zone
ROSH HA’AYIN 48091
ISRAEL
Telephone 972 3 900 41 11; 900 41
00
Fax 972 3 903 04 13; 903 09 94
HISTORY
Originally incorporated
as a private limited company as per file No. 51-093060-5 on the 6.5.1982, under
the name ROBOTECH (G.A.L) INDUSTRIAL ROBOTIC TECHNOLOGY LTD.
In 14.7.1983
changed its name to ESHED ROBOTEC (1982) LTD., which changed again to present
name on 21.12.2000.
Converted into a
public limited liability company, as per file No. 52-003498-4 on the 23.1.1984.
In 1986 listed its
shares for trade on the Nasdaq OTC Stock Exchange.
In 1991 published
a prospectus offering shares to the public on the Tel Aviv Stock Exchange.
In December 2005
voluntarily de-listed from trade on the Nasdaq SmallCap.
SHARE CAPITAL
Authorized share
capital NIS 12,500,000.00, divided into - 25,000,000 ordinary shares of NIS 0.50
each, of which shares amounting to NIS 11,256,952.00 were issued.
SHAREHOLDERS
1. Menahem Zenzipper, 10.53%,
2. Raphael Aravot, 7.37%,
3. Rozen David Israel, 7.36%,
4. Haim Schleifer, 6.75%,
5. Arieh Krauss, 6.33%,
6. Noam Kra-Oz, 5.16%,
7. Gideon Messulavin, 6.25%,
8. Shares are also traded on
the Tel Aviv Stock Exchange.
DIRECTORS
1. Raphael Aravot - Chairman,
2. Haim Shleifer - Managing Director,
3. Noam Kra-Oz,
4. Menahem Zenzipper,
5. Arieh Krauss,
6. Amiram Dagan,
7. Alex Tal,
8. Gideon Messulavin,
9. Ms. Tami Gotlieb.
BUSINESS
Developers,
manufacturers, exporters and marketers of products and solutions for the
educational markets (e-learning, distant learning) in the fields of technology
and science.
Via wholly-owned
subsidiaries operates as follows:
1)
INTELITEK LTD. developers, manufacturers and marketers of "Light
Machines" computerized CNC milling and turning machines, for which they
render allied services. Also marketers and service providers of the Group's
training products and e-learning systems in North America.
2)
ROBOTECH TECHNOLOGIES LTD., marketers, distributors and installers of
the Group's products and accessories to the scientific and technological
training market.
Via 50% owned
subsidiary operates as follows:
YASKAWA ESHED
TECHNOLOGY LTD. (YET), developers, manufacturers and marketers of industrial
motion control AC motor drivers and robot controllers.
Operating from
rented premises, on an area of 5,000 sq. meters, in 13 Hamelacha Street, Park
Afec Industrial Zone, Rosh Ha’ayin.
Having 131
employees (had 126 in December 2005).
MEANS
Current market
value US$ 8.8 million.
There are 3
charges for unlimited amounts registered on the company's assets in favor of
Bank Hapoalim Ltd. and a local company.
Consolidated B/S
shows:
NIS
(thousands)
ASSETS 31.12.2005 31.12.2006
Current assets:
Cash and cash equivalents 10,169 15,225
Negotiable securities 61 61
Restricted cash - 3,729
Customers 13,131 13,802
Other debtors 3,054 2,133
Stock 11,973 11,488
38,388 46,438
Long term investments 849 6,325
Fixed asset (net) 34,641 3,475
Deferred taxes 228 135
Assets related to
a ceased activity ____90 ____73
74,196 56,446
====== ======
LIABILITIES
Current liabilities 34,286 22,241
Long term
liabilities 16,213 4,700
Liability related
to a ceased activity 7 -
Equity 23,690 29,505
74,196 56,446
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ANNUAL SALES
Consolidated statement of income
NIS (thousands)
Year ended 31.12
2004 2005 2006
Sales 63,971 68,461 74,649
Gross profit 28,128 32,997 36,400
Operational profit (loss) (4,417) 2,047 3,002
Profit (loss) before taxes on income (5,752) 1,163 6,465
Net profit (loss) (7,687) 457 6,033
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OTHER COMPANIES
ROBOTEC
TECHNOLOGIES LTD., 100%, YASKAWA ESHED TECHNOLOGIES LTD. (YET), 50% (the other
50% held by YASKAWA ELECTRIC CORP. of Japan). Holds 100% in YET INC., USA,
marketers of YET's products in the USA.
Also holds non-active companies:
ROBOTEC INDUSTRIES
LTD., 100%,
ESHED ROBOTEC
B.V., Holland, 100%,
MEMCALL INC. and
MEMCALL LTD., 82%,
COMPUTERS
COMPUTORIZED GUIDANCE SYSTEMS LTD., 100%
COMPUTERS GUIDANCE
SYSTEMS EQUIPMENT MAREKTING (1988) LTD., 100%.
Main shareholder,
Menahem Zenzipper, also controls a veteran company for import of grain and
fodder.
BANKERS
Bank Hapoalim
Ltd., Hadar Yossef Branch (No. 610), Tel Aviv, account No. 428551.
Mercantile Discount
Bank Ltd., Rotchild Branch (No. 601), Tel Aviv, account No. 1805.
A check with the Central Banks' database did not reveal any negative
information regarding subject’s a/m accounts.
CHARACTER AND
REPUTATION
Nothing
unfavorable learnt
In October 2000
subject announced that it is increasing its business activities in the Japanese
market and is considering the possibility of an initial public offering of some
of its business units in Tokyo. With its successful experience with YASKAWA
ELECTRIC CORPORATION in Japan, subject looked to further penetrate the Japanese
market.
In October 2000
subject wholly owned US subsidiary, ESHED ROBOTEC INC. (today INTELITEK) signed
an agreement for the purchase of the assets and business of LIGHT MACHINES
CORPORATION, a Manchester, NH, based division of DAVENPORT INDUSTRIES LLC. ESHED ROBOTEC INC. acquired LIGHT MACHINES’
assets and business for US$ 2.4 million in cash.
YASKAWA ESHED
TECHNOLOGY (YET) was established in 1999 as a joint venture with Japanese
YASKAWA ELECTRIC CORPORATION, also part of the NIKKEI 500 Index.
In December 2001,
subject announced that one of the companies within its group has signed a
contract to provide a comprehensive e-Learning training system for more than
US$ 4 million.
In April 2002, it
was reported that subject will provide learning systems to a South American
School Chain, for a sum of US$ 2 million.
In December 2002,
subject signed a deal to acquire all TrainNet activities (in the E-Learning
field) from MENTARGY, a local company which stumbles upon financial
difficulties.
In may 2006
subject sold the property it owned in Rosh Ha'ayin, where subject is operating
from, to RIT 1, in consideration of NIS 37.3 million. In parallel, subject
signed a long-term lease with the buyer for the premises (around half of the
10,000 sq. meters building).
In November 2006 subject signed an agreement to supply a training
institution network products in value of US$ 700,000. This is a continuing
order to previous contracts from October and December 2005, for approx. US$ 2
million.
SUMMARY
Good for trade
engagements.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)