MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
F. D.
I. FANCY DIAMONDS INTERNATIONAL LIMITED |
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Registered Office : |
21 Tuval Street, Diamonds Exchange, Yahalom Tower, Ramat Gan 52522 Israel |
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Country : |
Israel |
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Date of Incorporation : |
09.04.2006 |
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Com. Reg. No.: |
51-381980-5 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Traders,
importers, exporters and marketers of diamonds. |
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 : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name & Address
F.D.I. FANCY DIAMONDS INTERNATIONAL LTD.
Telephone :972
3 613 21 22
Fax :972
3 613 24 22
21 Tuval Street
Diamonds Exchange, Yahalom Tower
RAMAT GAN 52522 ISRAEL
HISTORY
A private
limited company, incorporated as per file No. 51-381980-5 on the 9.4.2006.
Subject is continuing the activities of previous firms which operated in
various forms.
SHARE CAPITAL
Authorized
share capital of NIS 40,000.00 divided into:
39,998 ordinary shares, of NIS 1.00 each,
2 management shares, of NIS 1.00 each, of
which shares amounting to NIS 52.00 were issued.
SHAREHOLDERS
1.
Leibish Polnauer, 50%,
2.
TARADIAM PTE LTD., of Singapore, 50%.
SOLE DIRECTOR AND GENERAL MANAGER
Leibish
Polnauer
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
70% of
sales are for export.
Operating
from rented offices on an area of 50 sq. meters in 21 Tuval Street, Diamonds
Exchange, Yahalom Tower (room No. 567), Ramat Gan (to where they moved from the
nearby Maccabi Building).
Having 8
employees.
MEANS
Financial data not forthcoming.
There is 1 charge for unlimited amount registered on the company's assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
Subject
begun operation recently. Sales figures not
forthcoming.
OTHER COMPANIES
FANCY
DIAMONDS POLNAUER LEIBISH & CO. COMPANY LTD., sister company, importers,
exporters and marketers of diamonds.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan, account No. 713759.
A check with the Central Banks' database did not reveal negative information on subject’s bank account.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's
officials refused to disclose financial data on their company.
Mr. Moshe
Polnauer, father of Leibish Polnauer, subject's manager, is a veteran
businessman in the fancy diamonds field, and the Polnauer family is considered
a leading dealer in fancy diamonds.
According
to a report from June 2006, the local diamonds branch is in deep crisis, and
only 30% of Israeli diamonds companies are managing to make a profit. Part of
the crisis is attributed to the new marketing systems of the global monopoly DE
BEERS.
Despite
this, according to the Ministry of Industry and Trade, a recovery has been
noted in October 2006 in total (net) diamonds export, amounting to US$ 611
million, which represents a 58.5% increase comparing to October 2005. However,
total export of the first 10 months of 2006 is much similar to the export in
the same period in 2005: US$ 5.54 billion.
In the
first half of 2006, total (net) diamonds export reached US$ 4.43 billion, which
represents a 1.6% increase comparing to the parallel period in 2005. Imports of
rough diamonds in the first half of 2006 decreased by 22.1%.
Total
(net) export of cut diamonds from Israel in 2005 reached US$ 6.706 billion,
5.8% increase from 2004. Exports of rough diamonds were US$ 3.51 billion, 20.6%
increase from 2004. Import of rough diamonds also increased in 2005 by 3.2% to
US$ 5.31 billion and imports of cut diamonds increased by 9.3% reaching US$
4.508 billion.
The USA
is the main market for Israel’s export of cut diamonds (59%). The secondary
markets are Hong Kong (17%), Belgium (8%), Switzerland (2%) and the UK (2%).
SUMMARY
In spite
being newly established, considered good for trade engagements.
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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