MIRA
INFORM REPORT
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Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
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Name : |
F.D.I. FANCY DIAM |
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Registered Office : |
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Country : |
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Date of Incorporation : |
9.4.2006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders,
importers, exporters and marketers of natural fancy color 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 : |
Regular |
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Litigation : |
Clear |
name & address
F.D.I. FANCY DIAM
Diamond Exchange,
Telephone 972 3 613 21 22
Fax 972
3 613 24 22
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
SHAREHOLDERS
1. Leibish Polnauer, 50%,
2. TARADIAM PTE LTD., of
SOLE DIRECTOR AND
GENERAL MANAGER
Leibish Polnauer
BUSINESS
Traders,
importers, exporters and marketers of natural fancy color diamonds.
70% of sales are
for export.
Operating from
rented offices on an area of 50 sq. meters in
Having 8 employees
(same as in 2006).
MEANS
Current stock is
valued at US$ 3,000,000.
Other financial
data not forthcoming.
There
ANNUAL SALES
2006 sales claimed
to be US$ 5,000,000, 70% of which were for export.
First half of 2007 sales claim to be
OTHER COMPANIES
FANCY DIAM
BANKERS
Israel Discount
Bank Ltd., Diamond Exchange Branch (No. 080),
A check with the Central Banks' database did not reveal negative
information on subject’s bank account.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Mr. Shmuel
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.
The diamonds
branch has been recuperating from the deep crisis it got into during 2005/6,
the worst one for decades, which affected the profitability of Israeli diamond
businesses.
According to the
Ministry of Industry and Trade, the local diamonds branch managed to stabilize
the total volume of export of cut diamonds during
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
During the first
half of 2007, import rough diamonds (net) to
In the first half
of 2007, export of cut diamonds rose by 6% (mainly thanks to April sales)
comparing to the parallel period in 2006, summing up to US$ 3.59 billion.
Export of rough diamonds (net) also witnessed an increase of 22% to US$ 1.74
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%.
The
SUMMARY
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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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%)