MIRA
INFORM REPORT
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Report Date : |
10.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL ISOTOPES INC. |
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Registered Office : |
4137 Commerce Circle, Idaho Falls, Idaho - 83401 |
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Country : |
United States |
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Date of Incorporation : |
01/11/1995 |
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Legal Form : |
Corporation – Public |
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Line of Business : |
Manufacturer of nuclear pharmaceutical products and equipment. |
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 |
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
Legal Form :
Corporation - Public
In KUSD As of : 31/12/2005
Sales / Revenue : 2,985
Net Income : -
983
Total Equity :
2,550
Number of Employees : 21
Website :
www.intisoid.com
Maj. Shareholder : John
M. McCormack
Opinion :
up to $50,000
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.
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Rating: Credit can be reasonably
accepted up to $50,000.
Amount Requested:
1,300,000
The amounts requested and advised are expressed in: ZAR
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
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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
Managers/Key
Personnel
Mr. Steve Laflin
President & CEO
Mr. John Miller Radiation
Officer
Ms. Sandra Wood
Accounts Manager
OWNERS
John M. McCormack 26.40% Majority
Dr. Ralph M. Richart 23.80 Minority
William Nicholson( 10.10 Minority
Marie C. Keane and James J. Keane
7.90 Minority
Walter O'Hearn 7.30 Minority
Steve T. Laflin 5.20 Minority
Name of Subsidiary State
Incorporation
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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
06-12 00-00 0000000 19400
10300 100 0 0
0 0 CUST 9 YR
AIR TRANS
06-11 00-00 NET 30 0 0 0 0 0
0 0 CUST 7 YR
BLDG MATRL 07-02 00-00 VARIED 0
0 0 0
0 0 0 CUST 2 YR
CHEMICALS
07-02 00-00 CREDIT 4500 4500
48 52 0 0 0
FINCL SVCS 07-02 07-01 CONTRCT 1600 300
100 0 0 0
0 CUST 8 YR
HRDWR DIST 06-12 00-00 VARIED 100
0 0 0
0 0 0
PACKAGING
07-01 00-00 NET 30 0 0 0 0 0
0 0 CUST 7 YR
TELECOM
07-02 00-00 NET 30 100 100
30 70 0 0 0
DISPUTE
TRUCK DLR
07-02 00-00 CONTRCT 7000
1300 0 100 0
0 0
BUS SERVCS 06-02 06-02 NET 30 0
0 0 0
0 0 0
ELEC EQUIP 06-04 00-00 NET 30 800
800 100 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
FREIGHT
06-09 06-03 VARIED 1600 0
0 0 0 0 0
INDUS SUPL 06-06 06-05 NET 30 3200
100 100 0 0
0 0 CUST 5 YR
LEASING
04-06 00-00 CONTRCT 1500
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
SAFTY PROD 06-03 00-00 NET 30 1100
1100 85 15
0 0 0 CUST 1 YR
CURRENT QUARTER 32700
16500 78 22
0 0 0
Payment Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE
CUR DBT DBT $ % 30
60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070200
0 8 0 20400 100
0 0
0 0
20070100
0 7 0 10400 100
0 0 0 0
20061200
0 7 0 12000 100
0 0
0 0
20061100
0 7 0 12100 100
0 0
0 0
20061000
0 7 0 19600 99 0
1 0 0
20060900
0 7 0 14200 99 1
0 0 0
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ ---
-------- --- --- --- --- ---
Fourth
2006 0 11500 100 0 0 0
0
Third
2006 0 14300 100 0 0 0
0
Second
2006 0 7500 100 0 0 0
0
First
2006 0 9800 100 0 0
0 0
Fourth
2005 11 100 30 70 0
0 0
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 30/09/2006
31/12/2005 31/12/2004
Quarterly Consolidated
Consolidated
Sales / Revenues 3,641 2,985
2,849
Interest Income - 5
13
Gross Margin 1,674
1,384 1,130
Operating Income (Loss) -433 -818
-699
Interest on Loans 143 170
159
RESULTS
Income before Taxes -569
-983 -845
Net Income -569 -983
-845
ASSETS
Cash and Equivalents 197 185 150
Inventory 2,384 2,669
2,237
Accounts Receivables 535 387 433
Other Current Assets 102 133 92
Total Current Assets 3,218 3,374 2,912
Property Plant & Equip 2,236
1,876 1,123
Other Fixed Assets - 292
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Total Fixed Assets 2,487
2,252 1,476
Intangibles 76 84
200
Total Assets 5,705 5,626
4,388
LIABILITIES
Trade Creditors 470 500
555
Total Current Liab 2,898
1,557 2,076
Long Term Debt 319 1,327
911
Other Long Term Liab - 191
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Total Long Term Liab 319 1,518 911
Total Liabilities 3,217
3,075 2,987
EQUITY
Retained Earnings -90,366
-89,796 -88,813
Total Equity 2,488
2,550 1,402
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
30/09/2006 31/12/2005 30/09/2006 31/12/2005
Cash and Equivalents 197 185
3.45 3.29
Inventory 2,384 2,669
41.79 47.44
Other Current Assets 102 133
1.79 2.36
Total Current Assets 3,218 3,374 56.41 59.97
Intangibles 76 84
1.33 1.49
Total Assets 5,705
5,626 100.00 100.00
Total Current Liab 2,898
1,557 50.80 27.68
Long Term Debt 319
1,327 5.59 23.59
Other Long Term Liab 0 191
0.00 3.39
Total Liabilities 3,217
3,075 56.39 54.66
Total Equity 2,488 2,550 43.61 45.33
HISTORY
As of Mar. 8, 2007
Traded Over The Counter Bulletin Board under the symbol INIS:
Closing Price: US$ 0.105
52 Wk High/Low: US$ 0.159 /US$ 0.075
Shares Outstanding: N/A
Market Value: N/A
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 our main corporate
headquarters and all of our
manufacturing operations except
our FEP operations. We hold 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. Our
lease includes unlimited automatic five year extensions of the lease at our
sole discretion. Lease payments are
adjusted annually based upon changes in
the CPI. We also have a purchase
option an right of first refusal on this property which allows us
to purchase this property at any time for a stated amount.
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3159 Commerce Way - The
facility located on this
property houses our FEP production operations. The facility was first leased in February
2004 and is excellent overall condition.
We hold this property pursuant to a lease that extends through March 2009. The facility is in
excellent condition. Our lease includes unlimited automatic five
year extensions of the lease at our sole discretion. Lease payments are adjusted annually based
upon changes in the CPI. We also have
a purchase option and a right of first
refusal on this prope which
allows us to purchase this property at any time for a stated amount."
PUBLIC RECORD
TAKEN FROM THE FIRM'S 10-K UNITED STATES SECURITIES AND EXCHANGE
COMMISSION FILING:
" During February 2004, a lawsuit was filed by Iso-Science
Laboratories, Inc., also known as Isotope Products Laboratories (IPL) in the
Superior Court of the State of California for the County of Los Angeles against
the Company, our President and CEO, one of our customers and certain officers
of this customer. The lawsuit contained
numerous allegations against the defendants relating to the manufacture and
sale of calibration and reference standards for nuclear medicine. In January 2006, we settled the
lawsuit. Pursuant to the terms of a
settlement agreement, we and RadQual have obtained a license agreement from
IPL, which allows us and RadQual to continue to manufacture and sell IPL’s
existing product line of Benchmark™ products.
IPL has released us, RadQual, and our respective directors, officers,
agents and affiliates from any other claims IPL may have against any of us. We, RadQual, and our respective directors,
officers, agents and affiliates have also released IPL from any claims any of
us may have against them. The remaining
terms of the settlement agreement are confidential.
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During April 2005, the Company was named as a defendant in a lawsuit
filed in the District Court of Texas for Denton County, by a former
employee. The plaintiff has alleged
that the Company breached his employment contract, by failing to provide six
months continuation pay upon his termination,.
The plaintiff seeks damages of approximately $57,500, plus attorneys'
fees and court costs. This suit is
still in the discovery stage and we
intend to vigorously defend against this lawsuit."
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The Firm is involved with many legal actions, above are a few selected
for your review.
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
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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%)