MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ISORAD LTD. |
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Registered Office : |
P.O.B. 239, Soreq Nuclear |
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Country : |
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Date of Incorporation : |
13.7.1959 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The commercial arm of the Soreq nuclear research center, dealing in marketing, patent rights, etc. |
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
ISORAD LTD.
P.O.B. 239
Soreq Nuclear
YAVNE 81101
Telephone 972 8 943 46 88; 943 93 30
Fax 972 8 943 41 94
HISTORY
A private limited company, incorporated as per file no. 52-002747-5 on the 13.7.1959, under the name ISOTOPS AND RADIATION ENTERPRISES ISORAD LTD., which changed to the present name on 6.10.1988.
SHARE CAPITAL
Authorized share capital NIS 5,000,000.00, divided into - 1,000 founder "A" shares of NIS 10.00 each, 1,000 founder "B" shares of NIS 5.00 each, 4,985,000 ordinary “A” shares of NIS 1.00 each, of which shares amounting to NIS 4,888,747.00 were issued.
SHAREHOLDERS
Subject is fully owned by the State of Israel, under the
auspices of the Prime Minister's Office.
DIRECTORS
1. Ehud Azulay, Chairman,
2. Ms. Nili Grienberg,
3. Ms. Gavriela Gafni,
4. Zeevi Nachum,
5. Ms. Galia Silberman,
6. Hagai Zmora,
7. Arie Livne,
8. Ms. Hanna Koshnirov.
GENERAL MANAGER
BUSINESS
The commercial arm of the Soreq nuclear research center, dealing in marketing, patent rights, etc.
Among service suppliers: NEWLOG, customs agents.
Operating from premises in the
Number of employees not forthcoming.
MEANS
Consolidated B/S shows (last obtainable):
31.12.2003 31.12.2004
ASSETS
Investments 26,746 23,967
Fixed Assets __288 __251
27,034 24,218
LIABILITIES
Current
liabilities 23,115 20,196
Long-term liabilities 23 16
Equity _3,896 _4,006
27,034 24,218
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There are no charges registered on the company's assets.
ANNUAL SALES
Consolidated
Statement of Income
Year
ended 31.12
2002 2003 2004
Sales 33,095 35,664 39,398
Operating income (loss) (738) (412) (579)
Pre-tax income 87 100 201
Net income 87 80 110
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Later sales figures not forthcoming.
OTHER COMPANIES
S.D.C LTD., 49.9%, technology business applications,
C.V RADIATION TREATMENT LTD., 30%.
BANKERS
Bank data not forthcoming.
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject's officials refused to disclose any details (as a matter of policy).
We are informed by the Israeli Government Companies Authority that updated data on state-owned companies is about to be published next week, apparently including on subject. Therefore, we will update you as son as we obtain new data.
In March 2000 it was reported that subject and “SINKOR” of
the
In March 2007, the Israeli Government approved the purchase of 10% of GLOBAL FLUIDS INTERNATIONAL S.A (GFI). As part of the deal, which is based on a license agreement signed earlier between subject at GFI, subject will also receive 10% in EUROCONTROL TECHNICS INC.
Subject and GFI developed jointly a technology for making oils (fluids) designed to prevent forgery and dilution of oils, called "kPetruman". According to the agreement, subject was entitled for royalties and had option in GFI, which it now have realized.
In the end of 2005, it was reported on a contract GFI won in
SUMMARY
Notwithstanding the refusal to disclose information, being a State-owned company, considered good for trade engagements.
NOTE
NEWLOG LTD (in
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%)