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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SCANMASTER SYSTEMS (IRT) LTD. |
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Formerly Known as: |
MARMIRT LTD |
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Registered Office : |
P.O. Box 11431, 23 Hamelacha Street, Afek Industry Park, Rosh Haayin 4809173 |
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Country : |
Israel |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.12.1997 |
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Com. Reg. No.: |
51-256379-2 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Developers, manufacturers (via subcontractor) and marketers of ultrasonic inspection solutions, systems and products (UT instrumentation, UT inspection & imaging systems and transducers), for the metal industries in the sectors of aerospace, railways, automotive, nuclear, petroleum, piping and others |
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No. of Employees : |
33 |
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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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. Its major imports
include crude oil, grains, raw materials, and military equipment. Cut diamonds,
high-technology equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the Arab Spring
because strong trade ties outside the Middle East have insulated the economy
from spillover effects. 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, and production from the Tama field is expected to meet all of
Israel's natural gas demand beginning mid-2013. 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.
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Source : CIA |
SCANMASTER SYSTEMS (IRT) LTD.
Telephone 972 3 758 12 52
Fax 972 3 758 12 45
P.O. Box 11431
23 Hamelacha Street
Afek Industry Park
ROSH HAAYIN 4809173-ISRAEL
E-Mail: ofer@scanmaster-irt.com
Location: Rented
A private limited company, incorporated as
per file No. 51-256379-2 on the 15.12.1997.
Originally registered under the name
MARMIRT LTD., which changed to the present one on 21.04.1998.
In 1998 subject acquired the business
activities of I.R.T INSPECTION AND RESEARCH TECHNOLOGIES LTD. (a private
limited company registered as per file No. 51-105963-6 on the 19.03.1985) which
it carries on.
Authorized share capital NIS 34,300.00, divided into:-
3,430,000 ordinary shares of NIS
0.01 each,
of which 357,460 shares amounting to NIS
3,574.60 were issued.
1. CONTROL MESURES SYSTEMS, 21.4%, a foreign
company,
2. David Gal, 20.6%,
3. Ofer Sela, 19.7%,
4. DEA - CONSULTING & INITIATION
INVESTMENTS (2000) LTD. 9.6%,
5. Ms. Silvia Sverdlin, 6.5%,
6. Arie Dobson, 5.9%,
7. Ms. Lillian Dobson, 4.4%,
8. M.E.O. MANAGEMENT CONSULTING LTD., 4.4%,
9. Alon Granot, 2.2%,
10. SPIN MARKETING & INVESTMENTS LTD., 2.2%,
11. SPRING FOOD LTD., 2.2%,
13. Asaf Wiesel, 0.9%.
In September 2004 subject was acquired by
ELBIT VISION SYSTEMS LTD. (EVS) for the sum of US$ 8.5 million.
In June 2010 EVS sold subject and sister
company IRT SCANMASTER SYSTEMS INC. to the present group of investors, for US$
250,000.
1. David
Gal, Chairman,
2. Ofer
Sela, General Manager,
3. Patrick
Cannard, of France,
4. Roberto
Spindel.
Developers, manufacturers (via subcontractor) and marketers of ultrasonic inspection solutions, systems and products (UT instrumentation, UT inspection & imaging systems and transducers), for the metal industries in the sectors of aerospace, railways, automotive, nuclear, petroleum, piping and others.
90% of sales are for export.
Subject's work is based on orders.
Local subcontractor:
ITS INDUSTRIAL TECH LOGIC
SOLUTIONS LTD.
Among clients: BOEING, General Electric, Daimler Benz, Wyman Gordon, General Motors, Cummins Diesel, Pratt & Whitney, MAN Technologies, Deutscher Aerospace, MTU, Snechma, Fortech, Volvo Aerospace and Preussagstahl.
Operating from rented premises, on area of 500 sq. meters, in 23 Hamelacha Street, Afek Industry Park, Rosh Haayin, and from subcontractor ITS facilities in 5 Ati Yeda Street, Industrial Park, Kfar Saba. Also operating from affiliate's offices in South Carolina, USA (leased premises, 500 sq. meters), and representatives in Europe, Russia, Asia, Central & South America, and South Africa.
Having 33 employees.
Trading Terms:
Purchasing
Terms: Credit (60 days)
Selling
Terms L/C
Types of customers:
End Users
Lior Fromovich
21 Kopelman st. Petah-Tikva, Israel
Tel. No.: +972 3 921 9292
Fax No.: +972 3 921 6910
Mail: fromo@netvision.net.il
MEANS
Subject was acquired for US$
EVS went public
in 1996 according to a company value of US$ 150 million, as part of a spin-off
the local leading ELBIT Group. By June 2010, on the verge of collapse, with
market value of mere US$ 3 million, some US$ 7 million debt and accumulated
losses of US$ 46 million, EVS activities were sold to new investors, while
subject was sold separately to its current investors.
B/S shows:
NIS
(thousands)
31.12.2011 31.12.2012
ASSETS
Current assets
Cash 2,493 2,831
Restricted deposits 332 443
Customers 7,430 5,027
Other accounts receivable 901 2,107
Stock 2,999 5,509
14,155 15,917
Long-term deposits 154 169
Fixed assets 246 257
14,555 16,343
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LIABILITIES
Current liabilities
Sort-term loans 3,124 1,194
Suppliers and service
providers 5,463 5,825
Accounts payable 5,561 5,636
14,148 12,655
Long-term liabilities 9,290 5,378
Other long-term liabilities 827 766
Equity (in deficit) (9,710) (2,456)
14,555 16,343
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There are 15 charges for unlimited amounts,
as well 2 charges for the total sum of NIS 461,167.00 registered on company’s
assets
(on financial assets), in favor of Bank Hapoalim Ltd. and Bank Leumi Le'Israel Ltd.
2011 sales were
NIS 29,250,000, 90% of which were for export.
2012 sales were
NIS 40,514,000, 90% of which were for export.
SCANMASTER SYSTEMS IRT INC., USA, sister
company.
· Bank Hapoalim Ltd., Kikar Paris Branch (No. 736), Haifa, account No. 317880.
· Bank Leumi Le'Israel Ltd., Tel Aviv Central Branch (No. 800), Tel Aviv, account No. 864700/70.
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m accounts.
Former owner, the EVS Group suffered from financial
difficulties, which were intensified due to the global economic crisis. As part
of EVS's re-organization, it reached an agreement with its bank creditors, and
in June 2010 sold its holdings in subject (and IRT SCANMASTER of the USA) to a group of investors, led by former
executives in EVS. According to a report from March 2010 subject laid-off some
30 employees (out of
Nothing unfavorable learned apart from that (and nothing since the change in ownership).
We are informed by subject's CFO, and as also may be seen in subject's financial and other data, that the company went through a drastic change since it moved hands to the present shareholders. Subject's current operations are profitable, yet it still carries EVS's hump (debt arrangement), hence its deficit in equity.
Subject is ISO 9001 Certificated.
Subject was established in 1986 by a group of researchers and engineers from the Tel Aviv University in Israel.
In January 2009 EVS
announced on winning two orders for ultrasonic inspection systems, with total
value of US$1 million for US-based aerospace manufacturers.
This comes after a
month earlier EVS announced it received 2 orders from Chinese aerospace
manufacturers for ultrasonic inspection systems in value of US$ 700,000.
Notwithstanding deficit in equity (which
improved in 2012 from 2011), considered good for trade engagements.
Note: Since the beginning of February 2013
Israel Post has started using a new area code method of 7 digits (the old method
of 5 digits is no longer valid).
Information parted
by:
Name : Michal Zvi
Designation: Director of finance
Mobile No.: +972 54 972 0259
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.03 |
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UK Pound |
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
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 |
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<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.