MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
NIRU DIAM |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1979 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers,
processors, cutters, exporters and marketers of diamonds, dealing with rough
and polished 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 |
Correct Name &
address
NIRU DIAM
Diamond Exchange,
Telephone 972 3 575
23 52
Fax 972
3 575 23 51
HISTORY
A private limited
company, registered as per file No. 51-121024-7 on the 10.7.1987, continuing
activities originally founded in 1979.
Originally
registered under the name NIRU DIAM
SHARE CAPITAL
Authorized share
capital of
SHAREHOLDERS
Subject is fully owned by NEW CENTURY
MARKETING LTD., a foreign company.
DIRECTORS
1. Ranjit Barmaca, General Manager,
2. Viral Shantilal Barmaca,
3. Setya Rushan.
BUSINESS
Manufacturers,
processors, cutters, exporters and marketers of diamonds, dealing with rough and
polished diamonds.
Manufacturing
activities are carried out via sub-contractors (also in
All sales are for
export.
Operating from
premises owned by the shareholders, on an area of 200 sq. meters, in
Having also
branches in
Having 38
employees (same as in 2006).
MEANS
Financial data not
forthcoming.
There are 4
charges for unlimited amounts registered on the company's assets, in favor of
Bank Leumi LeIsrael Ltd. and Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
Reported sales for export of polished diamonds:
2002 sales were
US$ 32,000,000.
2003 sales were
US$ 35,000,000.
2004 sales were
US$ 38,000,000.
2005 sales were
US$ 31,000,000.
2006 sales were
US$ 43,000,000.
BANKERS
Bank Leumi LeIsrael Ltd., Diamond Exchange Branch (No. 629),
Mizrahi Tefahot Bank Ltd.,
CHARACTER AND
REPUTATION
Nothing
unfavorable learnt.
Subject is a
veteran business, well-known in the branch.
According to the
report published by the Israel Supervisor on Diamonds in the Ministry of
Industry and Trade, subject climbed to the 19th place in the 2006
list of Israel's largest polished diamonds exporters, after in 2005 it was
ranked 30th. In 2004 subject was ranked 25th, in 2003 – 23rd
and 22nd in 2002.
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
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
Since the
beginning of 2007, import rough diamonds to
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
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%)