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Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
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Name : |
VIZ R.T. LTD. |
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Formerly Known As : |
R.T-SET REAL TIME SYNTHESIZED ENTERTAINMENT TECHNOLOGY LTD. |
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Registered Office : |
P.O. Box 10, Commercial Center, Shefayim
6099000 |
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Country : |
Israel |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
02.05.1994 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, exporters
and marketers of tools for the digital media industry ( 3D graphics &
maps, integrated video workflow solutions, online publishing tools, etc.) |
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No. of Employees : |
580 employees
(Group) |
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
israel - ECONOMIC OVERVIEW
Israel has a technologically
advanced market economy. It depends on imports of crude oil, grains, raw
materials, and military equipment. Cut diamonds, high-technology equipment, and
agricultural products (fruits and vegetables) are the leading exports. Israel
usually posts sizable trade deficits, which are covered by tourism and other
service exports, as well as significant foreign investment inflows. The global
financial crisis of 2008-09 spurred a brief recession in Israel, but the
country entered the crisis with solid fundamentals - following years of prudent
fiscal policy and a resilient banking sector. The economy has recovered better
than most advanced, comparably sized economies. In 2010, Israel formally
acceded to the OECD. Natural gasfields discovered off Israel's coast during the
past two years have brightened Israel's energy security outlook. The Leviathan
field was one of the world's largest offshore natural gas finds this past
decade. In mid-2011, public protests arose around income inequality and rising
housing and commodity prices. The government formed committees to address some
of the grievances but has maintained that it will not engage in deficit
spending to satisfy populist demands.
|
Source : CIA |
VIZ R.T. LTD.
Telephone 972 9 955 22 36
Fax 972 9 955 22 39
P.O. Box 10
Commercial Center
SHEFAYIM 6099000 ISRAEL
A private limited
company, incorporated as per file No. 51-196896-8 on the 02.05.1994.
In 1999 published
a prospectus offering its shares to the public on the Oslo Stock Exchange, and
on 04.11.1999 converted into a public limited company and registered as such as
per File No. 52-004434-8.
Originally
registered under the name PIXEL CONTROL LTD, which changed to R.T-SET REAL TIME
SYNTHESIZED ENTERTAINMENT TECHNOLOGY LTD., which changed to the present name on
12.01.2001.
Authorized share
capital NIS 800,365.00, divided into:-
79,900,000 ordinary shares
(66,086,978 shares issued),
136,500 deferred shares, all of
NIS 0.01 each,
of which shares
amounting to NIS 660,869.78 were issued.
1.
FSN CAPITAL III (via DOROTHY HOLDING AB), 16.04%, a
buyout Nordic Fund, controlled by Frode Strand-Nielsen,
2.
FERD AS INVEST, 9.05%,
3.
ORKALA, 8.89%,
4.
ODIN FORVALTNING AS, 5.35%,
5.
Subject’s employees and several other private and
executives, 4.15%,
6.
Shares are also traded on the Oslo List Stock
Exchange (symbol: VIZ).
Note: In May 2009 subject
de-listed its shares from the Frankfurt Stock Exchange.
1.
Dag J. Opedal, Chairman,
2.
Thomas Falck,
3.
Ms. Janne T. Morstøl,
4.
Bjørn Olafsson,
5.
Odd Jonny Winge,
6.
Frode Strand-Nielsen,
7.
Ms. Tali Aben.
Martin Burkhalter.
Developers,
exporters and marketers of tools for the digital media industry ( 3D graphics
& maps, integrated video workflow solutions, online publishing tools,
etc.).
Subject's products
revenue in 2011: Broadcast Graphics 77%, Media Asset Management (MAM), 15%,
Online Publishing Tools (ONL), 8%.
Sales are to 3,500
TV channels and several hundreds of newspapers in 90 countries, as well as
production houses and corporate institutions
Among subject’s
clients: CNN, CBS, FOX, BBC, SKY, ITN, ZDF, STAR TV, NETWORK 18, TV TODAY,
CCTV, NHK, THE GLOBE AND MAIL, THETELEGRAPH, WELT ONLINE, HOT CABLE TV, YES
SATELLITE TV (latter 2 are in Israel), New York Stock Exchange, London Stock
Exchange, and many more.
Sales distribution
is (2011): Europe, the Middle East and Africa - 55%, Americas - 22%,
Asia-Pacific - 23%.
Operating from
premises (office, development facilities), in Commercial Center, Kibbutz
Shefayim (north of Herzliya). Headquarters are in Bergen, Norway, and offices in
37 countries.
Having 580
employees in the Group.
In November 1999
subject issued 3.5 million shares (2.5 million new ones and 1 million were sold
by existing shareholders), for trading on the Neuer Stock Exchange, Frankfurt,
thus raising a sum of US$ 47.2 million.
In May 2005,
subject raised US$ 6 million in issuing shares via the Oslo Stock Exchange,
following which it was also listed for trade in the Oslo Stock Exchange.
Consolidated B/S
shows:
US$
(thousands)
30.06.2012 31.12.2011
ASSETS
Current assets
Cash and short term deposit 68,984 72,444
Other financial assets 400 165
Trade receivables, net 30,154 27,088
Other accounts receivable and prepaid
expenses 3,116 2,711
Inventory _ 3,478 _ 3,235
106,132 105,643
Non-current assets 3,097 3,248
Property and
equipment, net 5,143 5,019
Intangible assets,
net 9,355 11,409
Goodwill _28,985 _36,849
152,712 162,168
======= =======
LIABILITIES
Current
liabilities 37,905 34,600
Non-current
liabilities 2,657 2,802
Shareholders'
equity 112,150 124,766
152,712 162,168
======= =======
Current market
value NOK 1.255 billion.
Accrued orders as
of 08.08.2012 US$ 48.5 million.
There are no
charges registered on the company’s assets.
Consolidated
Statement of Income
US$
(thousands)
Year
ended 31.12
2009 2010 2011
Revenues 85,604 105,613 125,342
Gross profit 50,437 65,829 82,841
Operating income (loss) (7,971) 5,966 18,489
Income (loss) before tax on income (8,206) 6,178 19,200
Net income (loss) (6,365) 4,459 15,969
====== ====== =======
Consolidated
revenues for the first 6 months of 2012 were US$ 61,862,000 (2.9% increase
comparing to the parallel period in 2011), making a gross profit of US$ 40,975,000, an operating income of US$
83,000, and a net loss of US$ 2,235,000.
VIZRT INC., 100%,
US
PEAK BROADCAST
SYSTEMS AS, 100%, Norway
VIZRT AUSTRIA
GMBH, 100%, Austria
VIZRT UK, 100%, UK
ARDENDO AB, 100%,
Sweden
VIZRT SPAIN &
PORTUGAL S.L., 100%, Spain
VIZRT (THAILAND)
LIMITED, 100%, Thailand
VIZRT SWITZERLAND
SARL, 100%, Switzerland
VIZRT INDIA
PRIVATE LIMITED, 100%, India
VIZRT CIS, LLC
(RUSSIA), 100%, Russia
VIZRT AUSTRALIA
PTY LTD., 100%, Australia
VIZRT FINANCE
SARL, 100%, Switzerland
VIZRT SWEDEN AB,
100%, Sweden
VIZRT USA LLC,
100%, US
VIZRT NORWAY
HOLDINGS AS, 100%, Norway
VIZRT ARGENTINA
SA, 100%, Argentina
ESCENIC AS, 100%,
Norway
ESCENIC ASIA,
100%, Bangladesh
ADACTUS AS, 100%
Norway
LIBEROVISION AG,
100% Switzerland
VIZRT (BEIJING)
TECHNOLOGY LTD., 100% China
STERGEN HI-TECH
LTD., 24% Israel.
Bank Hapoalim Ltd., Hagalim Branch (No.
584), Herzliya.
Nothing
unfavorable learned.
Subject is among
the world leading companies in their field.
In July 2000 subject
acquired full control of PEAK BROADCAST SYSTEMS LTD., of Norway, in a US$ 53
million stock exchange transaction. In consideration of the entire share
capital of PEAK subject allocated PEAK’s shareholders 26.5% of subject’s
shares.
Following the acquisition,
subject merged all PEAK’s activities into those of subject’s.
PEAK BROADCAST
SYSTEMS was an international supplier of on-air broadcast graphics systems.
PEAK’s revenues were US$ 5.5 million in 1999 and US$ 7 million in the first
half of 2000.
In 2005 subject
acquired software company CURIOUS SOFTWARE CO. LTD. of the UK in consideration
of US$ 9 million.
In May 2006
subject completed the acquisition of Swedish firm ARDENDO, developers of
"Asset Management" software allowing broadcast channels to show
archive data in real time, in a shares swap deal in value of US$ 23 million.
In October 2007 it
was reported that subject is ranked 45th in The DELOITTE
"Technology Fast50", which ranks the fastest technology companies in
Israel.
In July 2010 subject
completed the acquisition of 71% of ADACTUS AS, a Norwegian SW company offering
solutions for content delivery to mobile terminals.
In October 2010,
subject announced collaboration with STERGEN HI-TEC, a developer of 2D to
stereoscopic 3D video conversion software content production.
In June 2011
subject acquired 60% of LIBEROVISION AG, for CHF 7 million, and in March 2012
acquired further 20%. In 2012 subject will complete the share acquisition and
reach full ownership.
The global economic crisis which erupted in the last third of 2008
adversely affected the global electronics and hi-tech markets and in-turn, hit
the local electronics industry. Nevertheless, local
companies in the Electronics and Software branches in general have proven
ability to withstand light of the crisis, much given the fact that global
electronics sector begun recovery since mid 2009. According to the Israel
Association of Electronics & Software, hi-tech industries sales in 2011
reached US$ 24.825 billion, up from US$ 23.5 billion in 2010, US$ 22.85 billion
in 2009 and US$ 21.25 billion in 2008.
2011
sales divided into export of US$ 20.97 billion (US$19.9 billion and US$ 19.45
billion in 2010 and 2009, respectively) and US$ 3.855 billion sales to the
local market (US$ 3.6 billion and US$ 3.4 billion in 2010 and 2009,
respectively).
The division of companies by production within the
branches in 2011 was: 23% Civilian Communications & Telecommunications, 22%
Software, 18% Industrial Equipment, 16% Defense Systems, 14% Components and 7%
Medical Systems.
Division
of export: 30% to North America, 29% to Asia, 27% - Europe, 13% to the rest of
the world.
Breakdown
of export in 2011 showed 3.4% increase in Electronic Components &
Computers, and 3.9% increase in Communications, Medical & Scientific
Equipment.
68,000 employees were serving in the Electronics sectors, and 83,000 in
the software sectors.
Good for trade
engagements.
Note: Since the beginning of 2012 Israel Post
started using a new area code method of 7 digits (the old method of 5 digits
will still be valid till end of 2012).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.75 |
|
UK Pound |
1 |
Rs.85.08 |
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Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.