MIRA
INFORM REPORT
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Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
THANGAM
LTD. |
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Registered Office : |
54
Bezalel Street, Diamonds Exchange, Yahalom Tower, Ramat Gan 52521 Israel |
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Country : |
Israel |
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Date of Incorporation : |
11.05.1987 |
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Com. Reg. No.: |
51-119805-3 |
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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 : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company name & Address
THANGAM
LTD.
Telephone 972
3 613 15 70
Fax 972
3 575 28 79
54
Bezalel Street
Diamonds
Exchange, Yahalom Tower
RAMAT GAN 52521 ISRAEL
HISTORY
A
private limited company, incorporated as per file No. 51-119805-3 on the
11.05.1987.
SHARE CAPITAL
Authorized
share capital of NIS 2,640.00 divided into:
2,640
ordinary shares, of NIS 1.00 each, of which shares amounting to NIS 100.00 were
issued.
SHAREHOLDERS
1. Tiargraj
Thigarajan, 99%,
2. Ms.
Indira Thigarajan, 1%, both of 16, Baltimore Street, Tel Aviv.
SOLE DIRECTOR & GENERAL
MANAGER
Tiargraj
Thigarajan
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
Operating
from rented offices, on an area of 60 sq. meters, in 54 Bezalel Street,
Diamonds Exchange, Yahalom Tower (6th Floor, room No. 662), Ramat
Gan (offices shared with affiliated company – see OTHER COMPANIES).
Having
5 employees.
MEANS
Financial data not forthcoming.
There are 5 charges for unlimited
amounts registered on the company's assets, in favor of Bank
Leumi LeIsrael B.M. and Israel Union Bank Ltd.
ANNUAL SALES
Sales
figures not
forthcoming.
OTHER COMPANIES
PARK
DIAM ISR. LTD., affiliated company, sharing and operating from same premises as
subject, processors and traders in diamonds.
BANKERS
Israel
Union Bank Ltd., Ramat
Gan Branch (No. 062), Ramat Gan,
Account
No. 632000/02.
A check
with the Central Banks’ database did not reveal any negative information
regarding subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's
officials refused to disclose financial data on their company.
This is
a long established company.
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
Notwithstanding
the refusal to disclose any details, 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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