MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MOSHE NAMDAR
& CO. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29.11.2004 |
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Com. Reg. No.: |
51-361278-8 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
International
traders in diamonds, dealing as cutters, processors, importers and exporters 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 : |
Regular |
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Litigation : |
Clear |
Company Name & Address
Correct Name: MOSHE NAMDAR
& CO. LTD.
Telephone 972 3 576 70 00
Fax 972 3 613 24 89
Diamond Exchange
HISTORY
A private limited
company, incorporated as per file No. 51-361278-8 on the 29.11.2004.
Subject is
continuing part of the activities of parent company SCHACHTER & NAMDAR POLISHING
WORKS LTD., incorporated in 1981, after the parent's partners decided to split
their activities during 2004 (following which parent company changed its name
into LEO SCHACHTER DIAM
SHARE
CAPITAL
Authorized share
capital
SHAREHOLDERS
Subject is fully
owned by LEO SCHACHTER DIAM
DIRECTORS
1.
Moshe Namdar, General Manager,
2.
Ms. Yael namdar,
3.
Itzhak Livian,
4.
5.
Haim Habif.
BUSINESS
International
traders in diamonds, dealing as cutters, processors, importers and exporters of
diamonds.
Operating from premises
in
Subject's number of
employees not forthcoming.
Having over 100
employees serving parent company LEO SCHACHTER DIAM
MEANS
Financial data not
forthcoming, however known to be financially strong.
Subject's parent LEO
SCHACHTER DIAM
There are 6 charges for unlimited amounts registered on
the company's assets, in favor of Bank Leumi LeIsrael Ltd. and First
International Bank of Israel Ltd.
ANNUAL
SALES
SCHACHTER &
NAMDAR POLISHING WORKS LTD. sales for export were US$ 417,000,000.
SCHACHTER &
NAMDAR POLISHING WORKS LTD. sales for export were US$ 434,000,000.
Subject's 2005 sales
for export were US$ 185,000,000.
Parent LEO SCHACHTER
DIAM
Parent's estimated
global turnover in 2004 was US$ 1,000,000,000.
OTHER COMPANIES
LEO SCHACHTER DIAM
SN ASIA ISRAEL LTD.
SHECHTER & NAMDAR HOLDINGS LTD., a
holding company.
OPTIBASE LTD., 7.65%, controlled by the
Namdar Brothers, developers, manufacturers, exporters and marketers of communication
and multimedia software solutions. Shares are traded on the Nasdaq Stock
Exchange, with current market value US$ 50.9 million.
GAMBIT COMPUTER COMMUNICATION LTD., 18.3%,
controlled by subject’s shareholders, investment and financial services.
ESCOPA LTD., controlled by subject’s
shareholders, a real estate company,
Subject’s shareholders are also involved in
other local and foreign companies in the diamonds, finance and investment
areas.
BANKERS
Known to all local
bankers. Working with:
Israel Discount Bank
Ltd.
Bank Leumi LeIsrael
Ltd.
First International
Bank of Israel Ltd.
CHARACTER
AND REPUTATION
Nothing unfavorable
learned.
Subject’s senior
managers, the only ones authorized to disclose data on subject, are all abroad
and due back next week. Upon their return we will contact them and update you
accordingly.
According to the report published by the
Israel Supervisor on Diamonds in the Ministry of Industry and Trade, subject
was ranked 3rd in the 2005 list of
In February 2004
SCHACHTER & NAMDAR announced a structural change and the establishment of
subject, that, in order to maximize potential, where each party will focus on
different markets. In practice, that brought to a split between the activities
of the Namdar Brothers, Moshe Namdar (in subject) and Abraham Namdar.
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
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. |
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%)