MIRA INFORM REPORT

 

 

Report Date :

22.06.2007

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL ISOTOPES INC.

 

 

Registered Office :

4137 Commerce Circle, Idaho Falls, Idaho - 83401                       

 

 

Country :

United States               

 

 

Date of Incorporation :

01/11/1995

 

 

Legal Form :

Corporation - Public

 

 

Line of Business :

Manufacturer of nuclear pharmaceutical products and equipment.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Exists

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name:            INTERNATIONAL ISOTOPES INC.

Address:                       4137 COMMERCE CIRCLE

City:                             IDAHO FALLS

State/Province:              IDAHO                       

Zip Code:                      83401                       

Country:                                    UNITED STATES               

Telephone:                    208 524-5300               

Facsimile:                     208 524-1411                 

In KUSD  As of:             31/12/2006

Sales / Revenue:            4,470  

Net Income:                   - 1,037  

Total Equity:                  2,223  

Number of Employees:   21  

Legal Form:                   Corporation - Public

Website:                       www.intisoid.com

Maj. Shareholder:           Mr. John M. McCormack

Business Activity:          The Firm is a manufacturer of nuclear pharmaceutical products and equipment.

 

 

NOTE TO CLIENT

 

NOTE: The provided address; 2325 WEST BROADWAY SUITE D, IDAHO FALLS, IDAHO is incorrect. The Firm's correct address is 4137 Commerce Circle, Idaho Falls, Idaho 83401.

 

 

IMPERATIVES

 

TAKEN FROM THE FIRM'S 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION FILING:

 

Credit Facility:

 

"As of December 31, 2005, we had net borrowings of $699,057 with Texas State Bank. The current maturity date of this loan is March 2007.  We also have a $250,000 revolving line of credit with Texas State Bank that has a maturity date of July 2006.  As of  December 31, 2005, we had drawn $150,000 against this line of credit."

 

 

LEGAL

 

Legal Form:                               Corporation - Public 

Since (D/M/Y):                           01/11/1995

State/Province of Incorporation:   TX

Status:                                                  ACTIVE

Previous Legal Form:

 

Company is required to publish an annual financial report.

 

The Firm is incorporated in Texas under the following registration:

 

Company Information:     INTERNATIONAL ISOTOPES INC

                                    4137 COMMERCE CIR

                                    IDAHO FALLS, ID 83401-1205

Status:              IN GOOD STANDING

                        NOT FOR DISSOLUTION OR WITHDRAWAL

                       Through May 15, 2006

Registered Agent:  CURTIS ASHMOS

                            3400 CHASE TOWER, 600 TRAVIS

                            HOUSTON, TX 77002

Registered Agent Resignation Date:

State of Incorp:              TEXAS

File Number:                  0137545000

Charter/COA Date:         November 1, 1995

Charter/COA Type:         Charter

Taxpayer Number:          17427638378

----------------------------------------------------------------------

The Firm is qualified in Idaho under the following registration:

 

INTERNATIONAL ISOTOPES INC.

4137 COMMERCE CIRCLE

IDAHO FALLS, ID 83401-1205

Type of Business:          CORPORATION, GENERAL BUSINESS

Status:                          GOODSTANDING, ANREPT SENT 02 May 2005

State of Origin:              TEXAS

Date of Origination:        19 Jul 2002

Initial Registered Agent

STEVE T LAFLIN

4137 COMMERCE CIRCLE

IDAHO FALLS, ID 83401-1205

 

Filing Number:               C144752

Last Annual Report:       12 May 2005

-------------------

As of Jun. 21, 2007

 

Traded Over The Counter Bulletin Board under the symbol INIS:

 

                                    US$

Closing Price:                $ 0.219

52 Weeks High/Low:     $ 0.215 / $ 0.08

Shares Outstanding:     N/A

Market Value:                N/A

 

 

Managers/Key Personnel

 

Mr. Steve Laflin                          President &  CEO

Mr. John Miller Radiation                        Officer

Ms. Sandra Wood                                  Accounts Manager

 

 

OWNERS

 

Mr. John M. McCormack                                    26.40%    Shareholder

Dr. Ralph M. Richart                               23.80       Shareholder

Mr. William Nicholson                            10.10       Shareholder

Marie Keane  &   James J. Keane          7.90         Shareholder

Mr. Walter O'Hearn                                7.30         Shareholder

Mr. Steve T. Laflin                                  5.20         Shareholder

 

Name of Subsidiary                                                                    State Incorporation

------------------                                                                  -------------------

International Isotopes Idaho Inc.                                      Idaho

International Isotopes Fluorine Products Inc.        Idaho

International Isotopes Transportation Services Inc.            Idaho

 

Other Affiliates

 

RadQual LLC

ID

UNITED STATES

 

 

BANKS

 

Texas State Bank

TX

Telephone:

Facsimile:

Account Number:

Account Manager:

 

SEE IMPERATIVE SECTION

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 AIR TRANS  07-03 00-00 0000000 19600    19600    99  1   0   0   0   CUST  9 YR

 BLDG MATRL 07-05 00-00 VARIED  0        0        0   0   0   0   0   CUST  2 YR

 

 CHEMICALS  07-05 00-00 CREDIT  4500     600      23  0   0   77  0

 ELEC EQUIP 07-04 00-00 NET 30  800      100      100 0   0   0   0

 FINCL SVCS 07-05 07-04 CONTRCT 1600     200      100 0   0   0   0   CUST  8 YR

 FREIGHT    07-04 06-03 VARIED  0        0        0   0   0   0   0

 HRDWR DIST 07-05 00-00 VARIED  100      0        0   0   0   0   0

 PACKAGING  07-06 00-00 NET 30  100      0        0   0   0   0   0   CUST  7 YR

 SAFTY PROD 07-05 00-00 NET 30  1100     0        0   0   0   0   0   CUST  2 YR

 TELECOM    07-06 00-00 NET 30  100      100      100 0   0   0   0

 TRUCK DLR  07-05 00-00 CONTRCT 7000     0        0   0   0   0   0

 AIR TRANS  06-11 00-00 NET 30  0        0        0   0   0   0   0   CUST  7 YR

 BUS SERVCS 06-02 06-02 NET 30  0        0        0   0   0   0   0

 FINCL SVCS 06-03 05-03 CONTRCT 0        0        0   0   0   0   0   SATSFTRY

 FINCL SVCS 06-10 06-07 CONTRCT 0        0        0   0   0   0   0   SATSFTRY

 INDUS SUPL 06-06 06-05 NET 30  3200     100      100 0   0   0   0   CUST  5 YR

 LEASING    04-06 00-00 CONTRCT 100      0        0   0   0   0   0

 MED SUPPLY 06-04 00-00 VARIED  1700     1700     91  9   0   0   0

 OFFC SUPPL 05-11 05-09 CREDIT  1200     100      100 0   0   0   0   CUST  6 YR

 OFFC EQUIP 06-06 06-05 NET 30  400      100      0   0   100 0   0   CUST  1 YR

 CURRENT QUARTER                34900    20600    97  1   0   2   0

 

 

 

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20070600  0      6         2            20600    97  1   0   2   0

 20070500  0      6         2            25500    87  13  0   0   0

 20070400  0      7         1            24300    95  5   0   0   0

 20070300  0      7         3            16500    78  22  0   0   0

 20070200  0      7         0            20400    100 0   0   0   0

 20070100  0      6         0            10400    100 0   0   0   0

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 First    2007              1            20400    92  8   0   0   0

 Fourth   2006              0            11500    100 0   0   0   0

 Third    2006              0            14600    100 0   0   0   0

 Second   2006              0            9400     98  2   0   0   0

 First    2006              0            10200    99  1   0   0   0

 

 

FINANCIAL INFORMATION

 

FINANCIAL FIGURES

 

 Year-End (D/M/Y):               31/03/2007         31/12/2006         31/12/2005

                                 Quarterly         Consolidated      Consolidated

 Sales / Revenues                      903            4,470            2,985  

 Interest Income                       -                 20                5  

 Gross Margin                          374            2,007            1,384  

 Operating Income (Loss)              -547             -864             -818  

 Interest on Loans                      42              193              170  

 

 RESULTS

 Income before Taxes                  -519           -1,037             -983  

 Net Income                           -519           -1,037             -983  

 

 ASSETS

 Cash and Equivalents                  691              170              185  

 Inventory                           2,659            2,538            2,669  

 Accounts Receivables                  487              353              387  

 Other Current Assets                   82              116              133  

 Total Current Assets                3,919            3,177            3,374  

 Property Plant &  Equip              2,253            2,176            1,876   

 Other Fixed Assets                    -                -                292  

 Total Fixed Assets                  2,503            2,427            2,252  

 Intangibles                            71               74               84  

 Total Assets                        6,422            5,604            5,626  

 

 LIABILITIES

 Trade Creditors                       688              645              500  

 Total Current Liab                  1,866            2,410            1,557  

 Long Term Debt                      1,568              969            1,327  

 Other Long Term Liab                  850              -                191  

 Total Long Term Liab                2,418              969            1,518  

 Total Liabilities                   4,284            3,379            3,075  

 

 EQUITY

 Retained Earnings                 -91,352          -90,834          -89,796  

 Total Equity                        2,137            2,223            2,550  

 

 

FINANCIAL ANALYSIS

 

                           Actual           Previous    Percentage of total assets

                           31/03/2007        31/12/2006     31/03/2007  31/12/2006

 Cash and Equivalents           691              170        10.76      3.03

 Inventory                    2,659            2,538        41.40     45.29

 Other Current Assets            82              116         1.28      2.07

 Total Current Assets         3,919            3,177        61.02     56.69

 Intangibles                     71               74         1.11      1.32

 Total Assets                 6,422            5,604       100.00    100.00

 Total Current Liab           1,866            2,410        29.06     43.00

 Long Term Debt               1,568              969        24.42     17.29

 Other Long Term Liab           850                0        13.24      0.00

 Total Liabilities            4,284            3,379        66.71     60.30

 Total Equity                 2,137            2,223        33.28     39.67

 

 

CURRENT OPERATIONS

 

NAICS Code:   3254      Pharmaceutical and Medicine Manufacturing

 

Number of Employees:              21  

 

Business Activity:

The Firm is a manufacturer of nuclear pharmaceutical products and equipment.  The Firm manufactures patient positioning, and calibration or operational testing of dose measuring equipment for the nuclear pharmacy business. These include: flood sources, dose calibrators, rod sources, flexible and rigid rulers, spot markers, and pen point markers. The Firm also provides a wide range of teletherapy and experimental irradiator capsules.

 

TAKEN FROM THE FIRM'S 10-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION FILING:

 

 " 4137 Commerce  Circle - The facility  located on this  property  houses main corporate  headquarters and all of manufacturing  operations except our FEP operations.  The Company holds this  property  pursuant  to a lease that extends through August  2008.  The  facility  was new when  leased in March 2001 and remains in excellent condition. The lease includes unlimited automatic five year extensions of the lease at the Company's sole discretion.  Lease payments are adjusted annually based upon  changes in the CPI.  The Company also has a

 purchase  option and a right of first refusal on this property which allows the Company to purchase this property at any time for a stated amount.

-

3159  Commerce  Way - The  facility  located  on this  property  houses  FEP production operations.  The facility was first leased in February 2004 and is excellent  overall  condition.  The Company holds this  property  pursuant to a lease that extends  through March 2009. The facility is in excellent  condition. The lease includes  unlimited  automatic  five  year  extensions  of the lease at the Company's sole discretion.  Lease payments are adjusted annually based upon changes in the CPI. The Company also has a  purchase  option and a right first  refusal on this  property which allows them to purchase this property at any time for a stated amount."

 

 

PUBLIC RECORD

 

DEBTOR INFORMATION

Debtor(s):  INTERNATIONAL ISOTOPES FLUORINE PRODUCTS, INC.

4137 COMMERCE CIR.

IDAHO FALLS, ID 83401

SECURED PARTY OR CREDITOR INFORMATION

 

Secured Party(s):  TEXAS STATE BANK

3900 NORTH 10TH STREET

MCALLEN, TX 78501-1719

COLLATERAL INFORMATION

Collateral Type:  ACCOUNT(S) INCLUDING PROCEEDS AND PRODUCTS

Collateral Type:  INVENTORY INCLUDING PROCEEDS AND PRODUCTS

Collateral Type:  EQUIPMENT INCLUDING PROCEEDS AND PRODUCTS

Collateral Type:  MACHINERY INCLUDING PROCEEDS AND PRODUCTS

Collateral Type:  VEHICLES INCLUDING PROCEEDS AND PRODUCTS

Collateral Type:  FIXTURES INCLUDING PROCEEDS AND PRODUCTS

Collateral Type:  BUSINESS MACHINERY/EQUIPMENT INCLUDING PROCEEDS AND PRODUCTS

--

DEBTOR INFORMATION

Debtor(s):  INTERNATIONAL ISOTOPES IDAHO INC

4137 COMMERCE CIRCLE

IDAHO FALLS, ID 83401

INTERNATIONAL ISOTOPES INC.

4137 COMMERCE CIRCLE

IDAHO FALLS, ID 83401

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  TEXAS STATE BANK

3900 NORTH TENTH STREET

MCALLEN, TX 78501

--

No judgements, tax liens or bankruptcy petitions were traced to the Firm.

 

 

GENERAL COMMENTS

 

The Firm is a well established manufacturer of nuclear pharmaceutical products and equipment. The Firm is involved in several legal actions, the result of those action are unclear as no further information is currently available. The Firm is considered for normal trade relations.

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions