MIRA
INFORM REPORT
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Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ROTEM INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 9046, Beer Sheva (84190). Rotem Industrial
Park, Mishor Yamin , D.N. Arava, Dimona 86800Israel. |
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Country : |
Israel |
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Date of Incorporation : |
10.12.1969 |
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Com. Reg. No.: |
51-053042-1 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Research, development, manufacturing, export and marketing of
radiation control systems. Other activities are given below: |
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 : |
Usually Correct |
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Litigation : |
Clear |
Company Name & Address
ROTEM INDUSTRIES
LTD.
Telephone 972 8 656 70 08; 655 59
92; 656 83 00
Fax 972 8 655 45 02
P.O. Box 9046, Beer Sheva (84190)
Rotem Industrial
Park
Mishor Yamin
D.N. Arava
DIMONA 86800
ISRAEL
HISTORY
A private limited company,
incorporated as per file No. 51-053042-1 on 10.12.1969.
SHARE CAPITAL
Authorized share
capital NIS 20,000,000.00, divided into - 200 ordinary shares of NIS 0.01 each,
19,999,998 ordinary shares of NIS 1.00 each, of which shares amounting to NIS
19,985,460.00 were issued.
SHAREHOLDERS
Company is fully
owned by The State of Israel, under the auspices of the Prime Minister's
Office.
DIRECTORS
1. Dr. Itzhak Gurevich - Chairman,
2. Nahum Ze'evi,
3. Ms Atara Hurwitz,
4. Eng. Dan Yakir,
5. Ms. Daphna
Schwartz,
6. Mophid Othman,
7. Dr. Hila Pe'er,
8. Eng. Shmuel Rotem,
9. Danny Shalom,
10. Dr. Emmanuel
Sharon.
GENERAL MANAGER
Eng. Dan Pe'er
BUSINESS
Subject operates
in several lines of activities, including:
· Research, development,
manufacturing, export and marketing of radiation control systems.
· The implementation
and commercialization arm of the Nuclear Research Center in Dimona.
· Managing the Rotem
Industrial Park, from which several start-up companies operate and subject has
shares in many of them.
· Conducting surveys
and environmental risk assessments for industrial facilities, including
geological and hydrological research.
· Production of
enriched water.
· Conveying of
hazardous materials.
· Evacuation of
radioactive waste from plants and institutions and their burying.
· Control and
monitor of radiation.
· Waste treatment.
· Laboratory
analysis.
Operating from
offices and large plant (on an area of 1,000 sq. meters) in Rotem Industrial
Park (formerly Temed Park), Mishor Yamin, in the Negev region.
Having some 55
employees.
MEANS
B/S showed:
NIS
(thousands)
31.12.2004 31.12.2005
ASSETS
Current Assets 25,230 30,097
Investments 744 879
Fixed assets _2,004 _3,801
27,978 34,777
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LIABILITIES
Current liabilities 12,518 17,367
Long-term liabilities 591 579
Equity 14,869 16,831
27,978 34,777
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There are no
charges registered on the company's assets.
ANNUAL SALES
Statement
of Income
NIS
(thousands)
Year
ended 31.12
2003 2004 2005
Sales 87,840 76,573 78,676
Operating income 5,344 3,912 2,862
Income (loss) before tax 5,487 3,818 2,874
Net income 3,662 2,513 1,962
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OTHER COMPANIES
ROTEM INC., USA,
100%, marketing of enriched water in the USA.
ROTEM GMBH,
Germany, 100%, marketing of enriched water in Europe.
ROTEM ASIA LTD.,
50%, partner in XI'AN XNIF ROTEM INSTRUMENTS (XXRI) LTD., analytical instruments for the
cement industry.
A.T.C. - (ADVANCED
TECHNOLOGIES CENTRE) TEMED LTD., 20%, a Technological Incubator for support in
start-ups.
T.K. SIGNAL,
5.40%, R&D in cancer diagnostics.
MAGTECH
TECHNOLOGIES LTD., 20%, development of magnesium design technology.
ROTLEX OPTICS
LTD., developers of sight correction systems.
NEGEV SOFTWARE
INDUSRIES LTD., 33%, software engineering and testing, data processing embedded systems.
BANKERS
Known to all local
banks.
CHARACTER AND REPUTATION
In January 2001,
BANK OTSAR HA-HAYAL LTD. filed a law suit for the sum of NIS 8.9 million against
subject and its subsidiary ROTLEX OPTICS LTD.
According to the
Plaintiff, the bank credits to ROTLEX based on guarantees of subject ROTLEX had
not paid back its debts to the bank (c/a 1065/00).
Apart from that
nothing unfavorable learned.
Subject's
officials refused categorically to disclose any data on their company.
Subject is
recognized worldwide for its technologies, and a leading company in their
fields in Israel.
Subject is
ISO-9002 and ISO-14000 certified.
A project valued
at US$ 100,000.00 was signed with Palo Verda, Arizona, U.S.A. in July 1997.
In May 1997
subject initiated construction of a plant for NEOPHARB, U.S.A.,
(investment US$ 12
million) in Temed Park on an area of 3,000 sq. meters.
Subject will hold
some 5 - 10% shares of NEOPHARB ISRAEL.
In July 1999, a
consortium lead by BOEING, in which subject is a partner, announced it had
reached a break through in the field of using solar energy for manufacturing
electricity.
In July 2006,
MAAYAN VENTURES LTD. and subject acquired (80% and 20% respectively) A.T.C. -
(ADVANCED TECHNOLOGIES CENTRE) TEMED LTD., a Technological Incubator in Dimona,
for support in start-up ventures (a venture scheme supported by the Israel
Chief Scientist). The buyers are committed to pay future dividends to the
Fellowship -which owned the Incubator. A.T.C. portfolio includes 20
companies.
SUMMARY
Notwithstanding the refusal to disclose financial information,
considered 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%)