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Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
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Name : |
VIZ R.T. LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2014 |
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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 real-time 3D graphics, studio
automation, sports analysis and asset management tools for the broadcast
industry. |
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No. of Employees : |
598 employees |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Cut diamonds,
high-technology equipment, and pharmaceuticals are among the leading exports.
Its major imports include crude oil, grains, raw materials, and military
equipment. Israel usually posts sizable trade deficits, which are covered by
tourism and other service exports, as well as significant foreign investment
inflows. Between 2004 and 2011, growth averaged nearly 5% per year, led by
exports. 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. 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. The economy has recovered better than most
advanced, comparably sized economies, but slowing demand domestically and
internationally, and a strong shekel, have reduced forecasts for the next
decade to the 3% level. Natural gas fields discovered off Israel's coast since
2009 have brightened Israel's energy security outlook. The Tamar and Leviathan
fields were some of the world's largest offshore natural gas finds this past
decade. The massive Leviathan field is not due to come online until 2018, but
production from Tamar provided a one percentage point boost to Israel's GDP in
2013 and is expected to contribute 0.5% growth in 2014. In mid-2011, public
protests arose around income inequality and rising housing and commodity
prices. Israel's income inequality and poverty rates are among the highest of
OECD countries and there is a broad perception among the public that a small
number of "tycoons" have a cartel-like grip over the major parts of
the economy. 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. In May 2013 the Israeli government, in a politically
difficult process, passed an austerity budget to reign in the deficit and
restore confidence in the government's fiscal position. Over the long term,
Israel faces structural issues, including low labor participation rates for its
fastest growing social segments - the ultra-orthodox and Arab-Israeli
communities. Also, Israel's progressive, globally competitive, knowledge-based
technology sector employs only 9% of the workforce, with the rest employed in
manufacturing and services - sectors which face downward wage pressures from
global competition
|
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 (67,571,785 shares issued),
136,500 deferred
shares, all of NIS 0.01 each,
of which shares amounting to NIS 675,717.85 were issued.
FSN CAPITAL III (via DOROTHY HOLDING AB), 16.78%, a buyout Nordic Fund,
controlled by Frode Strand-Nielsen,
NORDA Group Funds, 13.89%,
HOME CAPITAL AS, 7.59%,
ODIN FORVALTNING AS, 6.09%,
DNB ASSET MANAGEMENT, 5.19%,
KLP, 5.11%
Subject’s employees and several other private and executives, 3.42%,
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.
Dag J. Opedal, Chairman,
Thomas Falck,
Ms. Janne T. Morstøl,
Bjørn Olafsson,
Odd Jonny Winge,
Frode Strand-Nielsen,
Ms. Tali Aben.
Martin Burkhalter.
Developers, exporters and marketers of real-time 3D graphics, studio
automation, sports analysis and asset management tools for the broadcast
industry.
Subject's products revenue in 2013: Broadcast Graphics 83%, Media Asset
Management (MAM), 17%.
Sales are to 3,500 TV channels and other costumers, in 100 countries, as
well as production houses and corporate institutions
Among 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 (2013): Europe, the Middle East and Africa - 42%,
Americas - 31%, Asia-Pacific - 27%.
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 598 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)
31.03.2014 31.12.2013
ASSETS
Current assets
Cash and short term
deposit 51,838 60,866
Other financial assets 224 219
Trade receivables, net 30,381 29,824
Other current assets 4,480 4,452
Inventory 4,612 4,283
91,535 99,644
Non-current assets 2,315 2,182
Property and equipment, net 4,443 4,556
Intangible assets, net 11,775 3,205
Goodwill _36,908 _25,718
146,976 135,305
======= =======
LIABILITIES
Current liabilities 45,031 39,713
Non-current liabilities 7,063 4,637
Shareholders' equity 94,882 90,955
146,976 135,305
======= =======
Current market value € 209.1 million.
There are no charges registered on the company’s assets.
Consolidated
Statement of Income
US$
(thousands)
Year
ended 31.12
2013 2012 2011
Revenues 122,412 116,135 125,342
Gross profit 82,758 80,158 82,841
Operating income
(loss) 15,507 20,451 18,489
Income (loss) before
tax on income 13,762 20,358 19,200
Net income (loss) 3,575 1,676 15,969
====== ====== =======
Consolidated revenues for the first 3 months of 2014 were US$ 33,723,000
(29% increase comparing to the parallel period in 2013), making a gross profit
of US$ 23,150,000, an operating income of US$ 5,995,000, and a net profit of
US$ 4,672,000.
VIZRT INC., 100%, US
PEAK BROADCAST SYSTEMS AS, 100%, Norway
VIZRT AUSTRIA GMBH, 100%, Austria
VIZRT UK, 100%, UK
VIZRT SWEDEN 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 HOLDINGS AB, 100%, Sweden
VIZRT USA LLC, 100%, US
VIZRT NORWAY HOLDINGS AS, 100%, Norway
VIZRT ARGENTINA SA, 100%, Argentina
ESCENIC AS, 24.5%, Norway
ESCENIC ASIA, 24.5%, Bangladesh
LIBEROVISION AG, 100% Switzerland
VIZRT (BEIJING) TECHNOLOGY LTD., 100% China
STERGEN HI-TECH LTD., 24% Israel
MOSART MEDIALAB AS, 100%, Norway.
Bank Hapoalim Ltd., Hagalim Branch (No. 584), Herzliya.
In June 2014 subject reached a settlement with the Israeli Tax
Authorities for all open and disputed years 2006-2012.The settlement includes a
cash payment of US$ 18 million.
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,
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 completed the share
acquisition and reach full ownership.
In March 2014 subject signed an agreement to acquire 100% of MOSART MEDIALAB
AS, a Norwegian company, which is a leading provider of newscast automation
solutions, for a cash consideration of US$ 17,700,000.
According to the Israel Association of Electronics
& Software, Hi-Tech industries sales in 2013 summed up to US$ 27.3 billion,
over 6% rise from 2012 (then sales were US$ 25.6 billion, up from US$ 24.8
billion in 2011 and US$ 23.5 billion in 2010). 2013 sales divided into export
of US$ 22.86 billion (US$ 21.48 billion, US$ 20.99 billion & US$ 19.87
billion in 2012, 2011 & 2010, respectively) and US$ 4.4 billion of sales to
the local market (US$ 4.1 billion, US$ 3.9 billion & US$ 3.6 billion in
2012, 2011 & 2010, respectively).
The division of Israel's Hi-Tech companies by
production in 2011: 34% Software, 30% Industrial Equipment & Components,
19% Civilian Communications & Telecommunications, 10% Defense Systems, 8%
Medical Systems.
Breakdown of export in 2011 showed 3.4% increase in
Electronic Components & Computers, and 3.9% increase in Communications,
Medical & Scientific Equipment.
Division of export in 2012: 40% to America, 27% -
Europe, 23% to Asia, 10% to the rest of the world.
From the Central Bureau of Statistics (CBS) data, the
sales for export by the Hi-Tech sector for 2012: US$ 7,715 million, almost 3%
down from 2011. The negative trend, which started in the last quarter of 2011,
has been continuing into 2013, with 8% drop in export in the first half of 2013
(comparing to 1stH 2012).
Good for trade engagements.
Note: Since 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).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.88 |
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|
1 |
Rs.102.59 |
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Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NNA |
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 |
-- |
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.