MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
M.I.D. HOUSE OF DIAMONDS LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
22.8.1994 |
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Com. Reg. No.: |
51-201591-8 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamond cutters, processors, traders, importers and exporters |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
M.I.D. HOUSE OF DIAMONDS LTD.
Diamond Exchange,
Telephone 972 3 575 71 55
Fax 972 3 575 51
64
HISTORY
A private limited company, incorporated as per file No. 51-201591-8 on
the 22.8.1994, continuing business founded over 20 years earlier.
Originally registered under the name B.Y. MEIROV GEM LTD., which changed
to MEIROV INTERNATIONAL DIAM
SHARE CAPITAL
Authorized share capital
SHAREHOLDERS
1. Benny Meirov, 50%,
2. Josef Meirov, 50%.
DIRECTORS & JOINT
GENERAL MANAGERS
1. Benny Meirov,
2. Josef Meirov.
BUSINESS
Diamond cutters, processors, traders, importers and exporters.
Over 50% of sales are for export.
Operating from rented premises, on an area of 300 sq. meters, in
Also operating from branches in
Having in all 60 employees, of which 45 in
MEANS
Financial data not forthcoming, but considered to be financially solid.
There are 2 charges for unlimited amounts registered on the company's
assets, in favor of Union Bank of
ANNUAL SALES
2005 sales were US$ 200,000,000, of which US$
115,000,000 were for export.
2006 sales were US$ 200,000,000, of which US$
108,000,000 were for export.
Over 50% of sales so far in 2007 were for
export.
OTHER COMPANIES
M.I.D. INC., subject's branch in the U.S.A,
M.I.D.
BANKERS
Union Bank of
Account No. 3374/82.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
CHARACTER AND
REPUTATION
Nothing unfavorable learned.
Subject is one of the largest diamond dealers in the local market,
enjoying good reputation in the branch.
According to the report published by the Israel Supervisor on Diamonds
in the Ministry of Industry and Trade, subject was ranked 8th in the
2005 list of Israel's largest polished diamonds exporters and same 8th
rank in the 2006 list as well.
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.
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%)