MIRA
INFORM REPORT
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Report Date : |
1st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SALANT
GROUP LTD. |
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Registered Office : |
21 Tuval Street, Yahalom Tower,
Ramatgan 52521, Israel. |
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Country : |
Israel |
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Date of Incorporation : |
08.05.1986 |
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Com. Reg. No.: |
51-112105-5 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importers
of rough diamonds, processors, exporters, marketers and international dealers
in 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
SALANT GROUP LTD.
Telephone 972 3 575 01 29
Fax 972 3 613 89 42
21 Tuval Street
Yahalom Tower
RAMAT GAN 52522 ISRAEL
HISTORY
A private limited company, incorporated as
per file No. 51-112105-5 on the 8.5.1986.
Originally registered under the name FABSAL
DIAMOND COMPANY LTD, which changed to FABRIKANT & SALANT DIAMOND COMPANY
LTD. on 31.12.1987, then changed to FABRIKANT & SALANT GROUP LTD. on the
14.12.2003.
Following the departure of the FABRIKANT
Group, name was changed to the present one on 8.11.2006.
SHARE CAPITAL
Authorized Share Capital NIS
2,000.00 divided into:
1,950 ordinary shares
50 deferred shares, all of NIS
1.00 each of which shares amounting to NIS 1,670.00 were issued.
SHAREHOLDERS
Subject is fully owned by the
Salant Brothers (Igal and Avner), who during 2006 acquired all of the FABRIKANT
Group shares in subject (after the FABRIKANT Group of the USA encountered
financial difficulties).
According to the Registrar of
Companies, the Salant Bros. holdings in subject divides to:
1. SALANT GROUP LTD.,
2. Avner Salant,
3. Igal Salant,
4. SALANT DIAMONDS LTD.
DIRECTORS & JOINT GENERAL
MANAGERS
1. Igal Salant,
2. Avner Salant.
BUSINESS
Importers
of rough diamonds, processors, exporters, marketers and international dealers
in diamonds.
Operating
from rented offices in 21 Tuval Street (formerly 54 Bezalel Street), Yahalom Tower, Ramat
Gan.
Having
some 100 employees.
MEANS
Financial
data not forthcoming.
There are
7 charges for unlimited amounts registered on the company’s assets, in favor of
Israel Discount Bank
Ltd., Bank Leumi LeIsrael Ltd. and Union Bank of Israel Ltd.
SALES
1999
sales reported to be US$ 223,000,000, all for export.
2000
sales reported to be US$ 253,000,000, all for export.
2001
sales reported to be US$ 187,000,000, all for export.
2002
sales reported to be US$ 200,000,000, all for export.
2003
sales reported to be US$ 200,000,000, all for export.
2004
sales reported to be US$ 236,000,000, all for export.
2005
sales were US$ 180,000,000, all for export.
2006
sales were US$ 180,000,000, all for export.
BANKS
Israel Discount Bank Ltd.,
Diamond Exchange Branch (No. 080), Ramat Gan.
Bank Leumi LeIsrael Ltd., Diamond
Exchange Branch (No. 629) Ramat Gan
Union Bank of Israel Ltd., Ramat
Gan Branch (No.062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing unfavorable
learned.
In 2005, subject was
ranked as the 4th largest diamond company in Israel.
In October 1998, it was reported
that subject won an “exceptional exporter” award.
In June 2006 it was reported that
subject's former shareholder, FABRIKANT Group, which was considered as one of
the world's largest diamonds and jewelries companies, is on the verge of a
collapse, mainly due to the crisis in the diamonds branch in the world at that
time.
Subject's owner and joint General
Manager, Mr. Avner Salant, was quoted to say that subject is financially solid,
with an independent cash flow in Israel (to FABRIKANTs), enjoying good
reputation with no debts in the local market, meeting all its obligations
properly and paying almost on everything in cash.
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 raw diamonds.
According to the Ministry of
Industry and Trade, a recovery has also 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
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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