MIRA INFORM REPORT
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Report Date : |
16th May 2006 |
IDENTIFICATION DETAILS
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Name : |
LEO
SCHACHTER LTD. |
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Registered Office : |
22nd
Floor, Yahalom Building, 54, Bezalel Street, Ramat Gan-52520, Israel |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
51-089213-6 |
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Legal Form : |
Private
Limited Liabilities Company |
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Line of Business : |
Diamond
Dealers and Polishers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 |
NAME
LEO SCHACHTER LTD.
ADDRESS
22ND FLOOR
YAHALOM BUILDING
54, BEZALEL STREET,
RAMAT GAN-52520, ISRAEL.
TELEPHONE: 03-5766222
FAX : 03-5753569
CAPTION ADDRESS SERVES AS SUBJECT'S REGISTERED ADDRESS.
INTERNET SITE: www.source.co.il
SUMMARY
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YEAR STARTED |
1981 |
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CORPORATE FORM |
PRIVATE LIMITED LIABILITIES COMPANY |
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TOTAL STAFF |
200 EMPLOYEES |
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SALES TURNOVER |
US$ 417,000,000. |
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FINANCIAL CONDITION |
NO NEGATIVE INFORMATION |
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OPERATING TREND |
STEADY |
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BUSINESS RELATIONS |
REGARDED AS GOOD FOR THEIR NORMAL SIGNED TRADE COMMITMENTS |
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PAYMENT |
REGULAR |
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NOTHING DETRIMENTAL UNCOVERED |
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CREDIT RISK |
AVERAGE |
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CREDIT LIMIT |
SUBJECT GOOD FOR A 7 DIGIT U.S. DOLLAR CREDIT AMOUNT. |
LEGAL STATUS
PRIVATE LIMITED COMPANY INCORPORATED PER FILE NO. 51-089213-6 ON 13.07.1981.
SHAREHOLDERS
MR. AVRAHAM NAMDAR, THE BROTHER OF MR. MOSHE NAMDAR, UNTIL 07.02.2005 HELD A 27.5% INTEREST IN SUBJECT (SEE "BUSINESS ACTIVITIES" SECTION REGARDING SEPARATION OF BUSINESS).
CURRENT SHAREHOLDERS:
"LEO SCHACHTER & CO. INC." - (37,520 ORDINARY SHARES)
MOSHE NAMDAR, 88 ITZHAK HANASI STREET, HERZLIYA - (38,278 ORDINARY SHARES)
THE SHAREHOLDING COMPANY (49.5%), "LEO SCHACHTER & CO. INC.", IS A FOREIGN COMPANY REGISTERED OVERSEAS, CONTROLLED BY MR. MOSHE NAMDAR.
DIRECTORS
ELIOT TENNENBAUM, APPOINTED ON 28.12.2004
DAVID GREENBERG, APPOINTED ON 28.12.2004
DOV TENNENBAUM, APPOINTED ON 28.12.2004
MARK TENNENBAUM, APPOINTED ON 28.12.2004
MANAGEMENT
GENERAL MANAGER: MOSHE NAMDAR
HISTORY
SUBJECT WAS REGISTERED UNDER THE TITLE "SCHACHTER & NAMDAR POLISHING WORK LTD." AND ON 30.08.2005 CHANGED TO PRESENT TITLE.
BUSINESS ACTIVITIES
DIAMONDS
S.I.C.: 50.94.0102
DIAMOND DEALERS AND POLISHERS.
REPORTEDLY ("GLOBES", 02.01.2000), THE "CSO", THE LONDON DIAMOND SYNDICATE, GRANTED SUBJECT AND OTHER 4 LOCAL DIAMOND COMPANIES, THE STATUS OF PREFERRED PARTNERSHIP (PPP).
EFFECTIVE FEBRUARY 2004 SUBJECT ENTERED A PARTNERSHIP WITH "WILLIAM GOLDBERG", U.S.A..
EFFECTIVE 2004, SUBJECT HAS REORGANIZE ITS OPERATIONS AND SEPARATED INTO A NEW DIVISION, "SCHACHTER - NAMDAR ASIA", MANAGED BY MR. AVRAHAM NAMDAR.
PREMISES
BUSINESS AND POLISHING ARE CONDUCTED FROM OFFICE PREMISES SITUATED AT CAPTION ADDRESS AND A POLISHING PLANT AT 7, HARKON STREET, RAMAT GAN.
STAFF
200 EMPLOYEES.
SHARE CAPITAL
AUTHORISED: NIS 1,000.00 (CONVERTED FROM OLD ISRAELI SHEKELS)
COMPRISING: 1,000,000 ORDINARY SHARES @ NIS 0.001 EACH
ISSUED: 75,798 SHARES (NIS 75.80)
SHARE CAPITAL INCREASE ONCE BY (OLD) IS 980,000 ON 17.10.1982.
PUBLIC RECORD INFORMATION
2 CHARGES WERE FORMERLY REGISTERED AS COLLATERAL FOR LOANS AGAINST SUBJECT'S ASSETS ON 25.08.1986 AND ON 12.04.1999 AND SUBSEQUENTLY REMOVED ON 17.12.1989 AND ON 04.07.2001, RESPECTIVELY.
THERE ARE 5 UNLIMITED CHARGES REGISTERED AGAINST SUBJECT'S ASSETS AS COLLATERAL FOR LOANS:
1. MADE ON 18.05.1986 IN FAVOR OF "ISRAEL DISCOUNT BANK
LTD." AGAINST ALL ASSETS INCLUDING FUNDS, PROMISSORY NOTES AND SECURITIES.
2. MADE ON 05.01.2000 IN FAVOR OF "ISRAEL DISCOUNT BANK
LTD." AGAINST RECEIVABLES.
3. MADE ON 06.04.2000 IN FAVOR OF "BANK LEUMI LEISRAEL
LTD." AGAINST INVENTORY, PROMISSORY NOTES, PROMISSORY NOTES AND
DOCUMENTATION.
4. MADE ON 06.04.2000 IN FAVOR OF "BANK LEUMI LEISRAEL
LTD." AGAINST ALL ASSETS INCLUDING SHARE CAPITAL AND GOODWILL.
5. MADE ON 06.04.2000 IN FAVOR OF "BANK LEUMI LEISRAEL
LTD." AGAINST PROMISSORY NOTES.
FINANCIAL INFORMATION
SUBJECT AS A PRIVATE COMPANY DOES NOT PUBLISH BALANCE SHEET OR RELATED INFORMATION.
IT IS THE POLICY AND PRACTICE OF PARTIES ENGAGED IN THE DIAMOND TRADE TO PROVIDE ONLY VERY LIMITED INFORMATION CONCERNING THEIR BUSINESS OPERATIONS.
TURNOVER
1996 = US$ 247,500,000.
1997 = US$ 268,000,000.
1998 = US$ 241,000,000.
1999 = US$ 373,000,000.
2000 = US$ 392,000,000.
2001 = US$ 333,500,000.
2002 = US$ 441,000,000.
2003 = US$ 417,000,000.
2004 = US$ 431,000,000.
FROM THE LATE 1990'S UNTIL 2000 SUBJECT HAD BEEN THE LARGEST LOCAL EXPORTER OF DIAMONDS WITH A MARKET SHARE EXCEEDING US$ 8.2% OF TOTAL EXPORTATION OF DIAMONDS FROM ISRAEL. IN 2001-2004 MOVED TO SECOND PLACE (AFTER "L.I.D. LTD." AS THE LARGEST EXPORTER).
RECORDS
NOTHING DETRIMENTAL UNCOVERED.
IN NOVEMBER 1997 SUBJECT AND "I.M.A. DIAMOND MANUFACTURING" REQUESTED TEL AVIV DISTRICT COURT TO APPROVE AN ARBITRATION AWARD ACCORDING TO WHICH MR. HAIM TAUS, A DIAMOND BROKER, IS TO PAY THEM US$ 500,000 PLUS INTEREST FROM MAY 1995, AGAINST HIS LIABILITY TOWARDS A DIAMOND SHIPMENT TO "UNIVERSAL DIAMONDS" THAT WERE ROBBED WITH NO INSURANCE.
SUBSIDIARIES
"SCHACHTER & NAMDAR HOLDINGS LTD."
A PRIVATE LIMITED COMPANY INCORPORATED ON 30.10.1997.
THIS COMPANY HOLDS A 18.31% INTEREST IN "GAMBIT COMPUTER COMMUNICATION LTD.", A PUBLIC COMPANY, SHARES TRADED ON THE TEL AVIV STOCK EXCHANGE, CURRENTLY ENGAGED (DESPITE ITS TITLE) IN SECURITIES INVESTMENTS. CURRENT MARKET VALUE OF ITS HOLDINGS IN THIS COMPANY IS US$ 1,970,000.
MR. AVRAHAM NAMDAR DIRECTLY HOLDS A FURTHER 2.49% INTEREST.
"ASKOPA LTD."
A PRIVATE LIMITED COMPANY INCORPORATED ON 14.05.1982, OWNERS OF THE 21ST AND THE 22ND FLOORS OF THE "DIAMOND" BUILDING IN RAMAT GAN, OF 1,150 SQ. METERS EACH, PURCHASED IN 1995 FOR US$ 10,000,000. ANNUAL RENT IS ESTIMATED AT US$ 400,000.
MOSHE NAMDAR & CO. LTD.
PRIVATE LIMITED COMPANY INCORPORATED PER FILE NO. 51-361278-8 ON 29.11.2004.
ASSOCIATE COMPANIES
"A. MA-DA HOLDINGS
LTD."
A PRIVATE LIMITED COMPANY INCORPORATED ON 25.07.1995, CONTROLLED BY MR. AVRAHAM NAMDAR AND MR. MOSHE NAMDAR JOINTLY WITH MR. ELLIOT TENENBAUM.
BANKERS
ISRAEL DISCOUNT BANK LTD., 3 JABOTINSKY STREET, RAMAT GAN (11-080)
WEB DETAILS ATTACHED
About the Scbacbter & Namdar Group
The current position of Schachter & Namdar is the outcome of
nearly fifty years of diligent work, with the firm commitment of growth, a
consistently high level of product quality and the careful cultivation of a
strong client base. But not least important is our ability to repeatedly stay a
step ahead of development in the diamond industry.
History
The following is a summary of the first five decades of our
corporate history:
1952 Michael Beck and Leo Schachter founded the company as Beck &
Schachter. The partnership began operations employing sixteen polishers,
operating on a fast turnover basis.
1966 Leo Schachter became a sightholder. This was the beginning of a
close relationship with the syndicate that strengthened as the company grew.
1967 Leo Schachter opened a sales office in Tokyo, becoming the first
American diamond manufacturer to sell its wares in Japan.
1973 The company chain of continuity began to extend to the second
generation. Eric Austin became head of the sales department concentrating at first
on the Japanese market. Elliot Tannenbaum joined in 1974 and was active in
European sales. David Greenberg joined in 1986.
1976 By the mid 1970s the company had become strong enough to create its
own marketing opportunities.The company was left unscathed by the bust of 1980.
Financially healthy, Leo Schachter was ripe for expansion.
1981 The direction of expansion was to be Israel. Joining forces with
the Namdar family of Milan, Leo schachter opened an Israeli affiliate, Schachter
& Namdar Polishing Works, Ltd.
Schachter & Namdar’s meteoric growth was impressive by any standard
and the company has been Israel’s leading exporter of diamonds since 1984.
1984 Schachter & Namdar received the Outstanding Exporter
award.
1988 Leo Schachter & Company broke the $100 million mark.
Sales totaling $110,000,000 were directed to three continents, including 65% to
Japan and the Far east, 5% to Europe and 30% to the USA.
1990 Schachter & Namdar developed an automated bruting
machine in conjunction with the Haifa Technion.
1992 Mr. Leo Schachter was admitted to the Diamond Hall of Fame by the
New York Diamond Industry Steering Committee.
1993 Schachter & Namdar achieved a record ten years as Israel’s
largest exporter of polished diamonds, with exports surpassing $200 million.
1994 Schachter & Namdar opens offices in Bombay, India. Avraham
Namdar is presented with the Outstanding Diamond Exporter to Japan award
by the Japanese Ambassador to Israel, Haruhiko Shibuya.
1995 Schachter & Namdar opened a factory and offices in
Johannesburg, South Africa.
1997 Schachter & Namdar began a joint venture to cut and polish
diamonds in Kunming, the Yunnan province of South West China. Sales top $400
million.
1998 Schachter & Namdar buys a 95% interest in the Lazare Kaplan International
factory in Botswana. The plant employs 500 workers and produces Ideal cut
diamond.
1999 Schachter & Namdar is appointed as one of ten sight holders to
manufacture and distribute the De Beers Limited Edition Millennium
diamond. In Belgium, Schachter & Namdar merges with Katz Diamonds to form SNK
Diamonds BVBA to serve the European market at close proximity.
2000 Schachter & Namdar expand even further into the Italian market
by merging Capellaro & Co. of Milan into the group with offices in Milan,
Valencia and Vicenza.
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Our Commitment to our Clients |
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Scbacbter & Namadar Polisbing Works |
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(972) 3 576 6222, 
(972) 3 575 3569
RATING EXPLANATIONS
RATING
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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 |