MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INFINITY GEMS
LTD. |
|
|
|
|
Registered Office : |
1 Jabotinsky Street, Diamond Exchange, Maccabi Building, Ramat Gan
52520 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
29.1.2007 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers,
exporters and traders of diamonds. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
INFINITY GEMS LTD.
1 Jabotinsky
Street
Diamond Exchange,
Maccabi Building
RAMAT GAN 52520 ISRAEL
Telephone 972
3 575 00 99
Fax 972 3 575 53 67
HISTORY
A private limited
company, incorporated as per file No. 51-393301-0 on the 29.1.2007.
Subject was
established in view of continuing most of the activities of ARJAV INTERNATIONAL
LIMITED, a local private limited company established in October 1988, after the
exit of one of ARJAV shareholders (ARJAV INTERNATIONAL LIMITED is in the
process of shutting down).
SHARE CAPITAL
Authorized share
capital of NIS 20,000.00 divided into: 20,000 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
1. Mukesh
Parikh Suryakant, 80%,
2. Hitesh
Patel Lalubai, 20%.
SOLE DIRECTOR AND GENERAL MANAGER
Mukesh Parikh Suryakant.
BUSINESS
Importers,
exporters and traders of diamonds.
Operating from office
premises, owned by the shareholders, in 1 Jabotinsky Street, Diamond Exchange,
Maccabi Building (20th Floor, Room 2044), Ramat Gan.
Having 5
employees.
MEANS
Financial data not
forthcoming.
There are 3 charges
for unlimited amounts registered on the company's assets (financial and fixed
assets), in favor of Union Bank of Israel Ltd. and Israel Discount Bank Ltd.
ANNUAL SALES
Sales 2007 started in March 2007 (figures for 2007 not yet ready).
OTHER COMPANIES
ARJAV
INTERNATIONAL LIMITED, owned by subject's shareholder Mukesh Parikh Suryakant
and another partner. The company transferred all activities, mostly to subject
and about to be close down.
BANKERS
Israel Discount
Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Although subject
is newly established, it is continuing activities of a veteran company.
According to the
Ministry of Industry and Trade, the local diamonds branch managed to stabilize
the total volume of export of cut diamonds during 2006, a year that witnessed
many local and global challenges, and end in the same level as 2005. In rough
diamonds a decrease was noted, due to marketing motives, and as high prices
made the trade in rough diamonds less attractive.
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 USA is the
main market for Israel’s export of cut diamonds (over 50%). The secondary
markets are Hong Kong (around 18%), Belgium (around 8%), Switzerland (7%) and
the UK (4%).
During the first
10 months of 2007, import rough diamonds (net) to Israel noted a 10% increase
comparing to the parallel period in 2006, summing at US$ 4.1 billion. Import of
cut diamonds (net) also rose - by 12% up to US$ 3.52 billion. In the first 10
months of 2007, export of cut diamonds (net) rose by 6.9% comparing to the
parallel period in 2006, summing up to US$ 5.93 billion. Export of rough
diamonds (net) also witnessed an increase of 26.7% to US$ 2.86 billion.
SUMMARY
Good for trade
engagements.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)