MIRA
INFORM REPORT
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Report Date : |
17th
February, 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
ASTRA DIAMONDS MANUFACTURERS LTD. |
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Registered Office : |
54
Bezalel Street, Diamonds Exchange, Yahalom Tower, Ramat Gan 52521 Israel |
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Country : |
Israel |
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Date of Incorporation : |
03.06.1985 |
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Com. Reg. No.: |
51-107185-4 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processors, traders, 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 : |
Regular
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Litigation : |
Clear |
Company name & Address
ASTRA
DIAMONDS LTD.
Correct
Name: ASTRA DIAMONDS
MANUFACTURERS LTD.
Telephone 972
3 575 93 51
Fax 972
3 752 21 05
54
Bezalel Street
Diamonds
Exchange, Yahalom Tower
RAMAT GAN 52521 ISRAEL
HISTORY
A
private limited company, incorporated as per file No. 51-107185-4 on the
3.6.1985.
Subject
was originally registered under the name GRASHDIAM LTD., which changed to the
present name on the 8.11.1993, changed again its name to ASTRA- P.D.D. DIAMONDS
LTD. on 30.6.2003 and finally changed again to the present name on the
10.11.2003.
SHARE CAPITAL
Authorized
share capital of NIS 38,700.00 divided into:
38,700
ordinary shares, of NIS 1.00 each, of which shares amounting to NIS 9,180.00
were issued.
SHAREHOLDERS
1. REYTALON
LTD., 50.7%, owned by Avner Schnur,
2. TALROMIT
LTD., 25.3%, owned by Joseph (Yossi) Grunfeld,
3. Zvi
Getsovich, 24%.
DIRECTORS
1. Joseph
(Yossi) Grunfeld,
2. Avner
Schnur,
3. Zvi
Getsovich.
GENERAL MANAGER
Ronny Shtadler
BUSINESS
Processors,
traders, importers, exporters and marketers of diamonds.
Operating
from rented offices, on an area of 100 sq. meters, in 54 Bezalel Street,
Diamonds Exchange, Yahalom Tower (19th Floor), Ramat Gan.
Having
15 employees (and many more in the Group).
MEANS
Financial data not forthcoming,
however known to be financially solid (see below).
There are 6 charges for unlimited
amounts registered on the company's assets, in favor of Bank
Leumi LeIsrael B.M. and Israel Union Bank Ltd.
ANNUAL SALES
Sales
figures not
forthcoming, however according to the report published by the Israel Supervisor
on Diamonds, subject's exports of polished diamonds in 2000 amounted to US$ 29,000,000.
(Please
refer also to subsidiary's exports and sales below).
OTHER COMPANIES
P.D.D.
DIAMONDS LTD., 50% owned by subject, international traders, exporters of
diamonds, with 2005 exports
of polished diamonds of US$ 80,000,000. Overall 2004 sales were US$
150,000,000. This company also controls P.D.D. JAPAN LTD., diamonds exporters
to Japan.
ASTRA-MECHLIN
DIAMONDS LTD., 50% owned by subject, exporters of diamonds, mainly to the
U.S.A.
Subject's
shareholders control many other companies. Joseph (Yossi)
Grunfeld and Avner Schnur primarily control the KARDAN Group (see
also below CHARACTER).
KARDAN
N.V., international holdings and the roof company for the KARDAN Group, a public
limited liability company, shares of which
are traded on the Tel Aviv and Euronext Amsterdam Stock Exchanges, with
current market value US$ 974.3 million.
BANKERS
Israel
Union Bank Ltd., Ramat
Gan Branch (No. 062), Ramat Gan.
Bank
Leumi LeIsrael B.M., Diamonds Exchange Branch (No. 629), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's
officials refused to disclose financial data on their company.
Subject's
shareholders Joseph (Yossi) Grunfeld and Avner
Schnur are well known respected businessmen, and control the KARDAN Group (26%
and 22% respectively), among the leading concerns in Israel, with holdings in
Israel and abroad in the fields of trade and commerce, automotive,
infrastructure and real estate, as well as financial services.
According to the report published
by the Israel Supervisor on Diamonds in the Ministry of
Industry and Trade,
subject was ranked 23rd in the 2000 list of Israel's 30-largest polished
diamonds exporters.
Subject's
subsidiary, P.D.D. DIAMONDS LTD., was ranked 11th in the 2005 list of Israel's 30-largest polished
diamonds exporters (after being ranked 13th in the 2004 list with exports of polished
diamonds of US$ 70,000,000).
According
to a report from June 2006, the local diamonds branch is in deep crisis, and
only 30% of Israeli diamonds companies are managing to make a profit. Part of
the crisis is attributed to the new marketing systems of the global monopoly DE
BEERS.
Despite
this, according to the Ministry of Industry and Trade, a recovery has been
noted in October 2006 in total (net) diamonds export, amounting to US$ 611
million, which represents a 58.5% increase comparing to October 2005. However,
total export of the first 10 months of 2006 is much similar to the export in
the same period in 2005: US$ 5.54 billion.
In the
first half of 2006, total (net) diamonds export reached US$ 4.43 billion, which
represents a 1.6% increase comparing to the parallel period in 2005.
Imports
of rough diamonds in the first half of 2006 decreased by 22.1%.
Total
(net) export of cut diamonds from Israel in 2005 reached US$ 6.706 billion,
5.8% increase from 2004. Exports of rough diamonds were US$ 3.51 billion, 20.6%
increase from 2004.
Import
of rough diamonds also increased in 2005 by 3.2% to US$ 5.31 billion and
imports of cut diamonds increased by 9.3% reaching US$ 4.508 billion.
The USA
is the main market for Israel’s export of cut diamonds (59%). The secondary
markets are Hong Kong (17%), Belgium (8%), Switzerland (2%) and the UK (2%).
SUMMARY
Notwithstanding
the refusal to disclose any details, 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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