MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PRIMEDIAM LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
5.3.1989 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Processors, 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 |
name & address
PRIMEDIAM LTD.
Diamonds Exchange,
Telephone 972 3 575 97 30; 575 97 31
Fax 972 3 575 76 77
HISTORY
A private limited company, incorporated as
per file No. 51-137017-3 on the 5.3.1989.
SHARE CAPITAL
Authorized share capital of
of which shares amounting to
SHAREHOLDERS
1. Sanjay Shah, 50%,
2. Nisha Mehta Shah, 50% (both of registered
address
There are no
registered directors to subject.
GENERAL MANAGER
Sanjay Shah
BUSINESS
Processors, importers, exporters and
marketers of diamonds.
Operating from offices in
Also operating from a branch in Mumbai.
Having 1 employee (besides owners).
MEANS
Financial data not forthcoming.
There are 2 charges for unlimited amounts registered
on the company's assets, in favor of the Israel Union Bank Ltd.
ANNUAL SALES
Sales figures not forthcoming.
BANKERS
Union Bank of Israel Ltd., Ramat Gan Branch
(No. 062),
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject's General Manager, Mr. Sanjay Shah,
refused to disclose financial data.
Subject is long established.
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
SUMMARY
Notwithstanding the refusal to disclose
financial data, 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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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%)