MIRA
INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
REUBEN SPITZ |
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Registered Office : |
3 Jabotinsky Street, Diamond Exchange, Shimshon Building, Ramat Gan
52520 |
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Country : |
Israel |
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Date of Incorporation : |
-- |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers, traders and exporters of diamonds. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
name & address
REUBEN SPITZ
3 Jabotinsky Street
Diamond Exchange, Shimshon Building
RAMAT GAN 52520 ISRAEL
Telephone 972
3 752 16 16
Cellular 972 54 397 22
78
Fax 972
3 575 16 02
HISTORY
A sole proprietorship.
Subject operates as License Dealer No. 008224057.
OWNER AND GENERAL MANAGER
Reuven Spitz.
BUSINESS
Importers, traders and exporters of diamonds.
Operating from an office premises in Room No. 12, 5th floor,
in 3 Jabotinsky Street, Diamond Exchange, Shimshon Building, Ramat Gan.
Number of employees not forthcoming (believed to be few, if any).
MEANS
Financial data not forthcoming.
ANNUAL SALES
Sales figures not forthcoming.
BANKERS
Bank data not forthcoming.
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject’s owner, Mr. Spitz, refused categorically to disclose any
details on his business.
According to a report from November 2006, the diamonds branch is on the
verge of a significant recuperation after the deep crisis it got into, the
worst one for decades, which affected the profitability of Israeli diamond
businesses. World sales towards Thanksgiving Day grew by 10% comparing to 2005.
That already led to a rise in rough diamonds.
According to the Ministry of Industry and Trade, the local diamonds branch
managed to stabilize the total volume of export of cut diamonds during 2006, a
year that witnessed many local and global challenges, and end in the same level
as 2005. In rough diamonds a decrease was noted, due to marketing motives, and
as high prices made the trade in rough diamonds less attractive.
Total (net) export of cut diamonds from Israel in 2006 reached US$ 6.610
billion, a mere decrease of 1.5% from 2005 (US$ 6.709 billion). Exports (net)
of rough diamonds were US$ 2.701 billion, a 23.2% decrease from 2005 (US$ 3.517
billion, which was a 20.6% increase from 2004).
Import of rough diamonds (net) also fell in 2006 by 11.4% (from 2005) to
US$ 4.709 billion, while import of cut diamonds (net) increased in 2006 by 3.3%
reaching US$ 4.025 billion.
The USA is the main market for Israel’s export of cut diamonds (over
50%). The secondary markets are Hong Kong (around 20%), Belgium (around 10%),
Switzerland and the UK.
Since the beginning of 2007, import rough diamonds to Israel noted a 7.8%
decrease comparing to the parallel period in 2006, due to a shortage in world
markets, following the lowering in sales by DE BEERS and the tough winter in
Africa that hurt mining. Nevertheless, the officials in the branch reported
11.7% increase in import of polished diamonds in January 2007.
In the first 2 months of 2007, export (net) of cut diamonds rose by 9.2%
comparing to the parallel period in 2006, summing up to US$ 1.349 billion.
Export of rough diamonds (net) also witnessed an increase.
SUMMARY
Considering the refusal to disclose any data, dealings are
recommended on a secured basis.
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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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%)