MIRA
INFORM REPORT
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Report Date : |
21.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ISORAD LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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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 : |
Manufacturing and commercialization of developments of the
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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.
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
Manufacturing and commercialization of developments of the
Among service suppliers: NEWLOG, customs agents.
Operating from premises in the
Having 4 employees (as of 2006, had
MEANS
Consolidated B/S shows (last obtainable):
31.12.2005 31.12.2004
ASSETS
Current assets 17,531 23,967
Fixed assets ___379 __251
17,910 24,218
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LIABILITIES
Current
liabilities 13,716 20,196
Long term liabilities 10 16
Equity _4,184 _4,006
17,910 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
2003 2004 2005
Income 35,664 39,398 45,167
Operating income (loss) (412) (579) (634)
Pre-tax income 100 201 282
Net income 80 110 178
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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).
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
€ 30 million.
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%)