MIRA
INFORM REPORT
|
Report Date : |
18.01.2007 |
NAME
MOSHE NAMDAR & CO. LTD.
ADDRESS
54
Bezalel Street, Yahalom Tower
Diamond
Exchange
RAMAT GAN
52521 ISRAEL
Telephone
972 3 576 70 00
Fax 972 3 613 24 89
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 DIAMONDS LTD.).
SHARE
CAPITAL
Authorized
share capital NIS 100,000.00, divided into - 100,000 ordinary shares, of NIS
1.00 each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject
is fully owned by LEO SCHACHTER DIAMONDS LTD., owned by LEO SCHACHTER & CO.
INC. (50.5%, of the U.S.A.) and Moshe Namdar (49.5%).
DIRECTORS
1.
Moshe Namdar, General Manager,
2.
Ms. Yael Namdar,
3.
Itzhak Livian,
4.
Edmond Algilan,
5.
Haim Habif.
BUSINESS
International
traders in diamonds, dealing as cutters, processors, importers and exporters of
diamonds.
Operating
from premises in 54 Bezalel Street, Yahalom Tower (21st Floor),
Diamond Exchange, Ramat Gan. Also
operating from plants and offices in South Africa, and offices in Belgium, New
York and the Far East.
Subject's
number of employees not forthcoming.
Having several hundreds employees serving parent company LEO SCHACHTER
DIAMONDS in Israel and abroad.
MEANS
Financial
data not forthcoming, however known to be financially strong.
Subject's
parent LEO SCHACHTER DIAMONDS owns a Site from DE BEERS. According to reports
from February 2004, they are the largest receiver from a DE BEERS Site in
volume of US$ 150-200 million per year.
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 DIAMONDS 2005 sales for export were US$ 418,000,000.
Group's
estimated global turnover in 2004 was US$ 1,000,000,000.
OTHER COMPANIES
LEO
SCHACHTER DIAMONDS LTD.,
parent company, cutters, processors, importers and exporters of
diamonds.
SN ASIA ISRAEL LTD.
SHECHTER AND NAMDAR HOLDINGS
LTD., a holding company.
OPTIBASE LTD., 7.65% held by
Avraham and Moshe Namdar, developers, manufacturers, exporters and marketers of
communication and multimedia software solutions. A public company, shares are
also traded on the Nasdaq Stock Exchange, with current market value US$ 51
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,
MOSHE NAMDAR GEMS LTD
EURO-SAT INVESTMENTS LTD., a public
company, dealing in real estate, controlled by Avraham Namdar (36.2%) and Moshe
Namdar (5.4%). Shares are traded on the Tel Aviv Stock Exchange, with current
market value US$ 10 million.
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.
Despite
our strenuous efforts, we were unable to interview subject’s officials, as they
were always busy.
Subject enjoys an excellent
reputation in the market.
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 Israel's largest polished diamonds
exporters. Parent company, LEO SCHACHTER DIAMONDS, was ranked 2nd
largest. Until 2004,
all activities were under the joint company SCHACHTER &
NAMDAR, which was
ranked 2nd largest in 2004 after L.L.D. DIAMONDS LTD.
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 August
2005, subject acquired one whole floor in the Yahalom Tower Diamond Exchange
in Ramat Gan. The deal was in frame of the sale of 10 floors in the tower to
other diamond companies and for total of US$ 45 million.
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 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 (around 60%). The secondary markets are Hong
Kong (15%), Belgium (7%), Switzerland (5%) and the UK (2%).
SUMMARY
Good for trade engagements.
MIRA
INFORM REPORT
IDENTIFICATION
DETAILS
|
Name : |
MOSHE NAMDAR & CO.
LTD. |
|
|
|
|
Registered Office : |
54 Bezalel
Street, Yahalom Tower, Diamond Exchange, Ramat Gan 52521 Israel |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
29.11.2004 |
|
|
|
|
Com. Reg. No.: |
51-361278-8 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
International
traders in diamonds, dealing as cutters, processors, importers and exporters
of diamonds. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name & Address
Correct Name: MOSHE
NAMDAR & CO. LTD.
Telephone
972 3 576 70 00
Fax 972 3 613 24 89
54
Bezalel Street, Yahalom Tower
Diamond
Exchange
RAMAT GAN
52521 ISRAEL
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 DIAMONDS LTD.).
SHARE
CAPITAL
Authorized
share capital NIS 100,000.00, divided into -
100,000
ordinary shares, of NIS 1.00 each,
of which
shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is
fully owned by LEO SCHACHTER DIAMONDS LTD., owned by LEO SCHACHTER & CO.
INC. (50.5%, of the U.S.A.) and Moshe Namdar (49.5%).
DIRECTORS
6.
Moshe Namdar, General Manager,
7.
Ms. Yael namdar,
8.
Itzhak Livian,
9.
Edmond Algilan,
10. Haim
Habif.
BUSINESS
International
traders in diamonds, dealing as cutters, processors, importers and exporters of
diamonds.
Operating
from premises in 54 Bezalel Street, Yahalom Tower (21st Floor),
Diamond Exchange, Ramat Gan.
Also operating
from plants and offices in South Africa, and offices in Belgium, New York and
the Far East.
Subject's
number of employees not forthcoming.
Having
over 100 employees serving parent company LEO SCHACHTER DIAMONDS.
MEANS
Financial
data not forthcoming, however known to be financially strong.
Subject's
parent LEO SCHACHTER DIAMONDS owns a Site from DE BEERS. According to reports
from February 2004, they are the largest receiver from a DE BEERS Site in
volume of US$ 150-200 million per year.
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 DIAMONDS 2005 sales for export were US$ 418,000,000.
Parent's estimated
global turnover in 2004 was US$ 1,000,000,000.
OTHER COMPANIES
LEO
SCHACHTER DIAMONDS LTD.,
parent company, cutters, processors, importers and exporters of
diamonds.
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 Israel's largest polished diamonds
exporters. Parent company, LEO SCHACHTER DIAMONDS, was ranked 2nd
largest. Until 2004,
all activities were under the joint company SCHACHTER &
NAMDAR, which was
ranked 2nd largest in 2004 after L.L.D. DIAMONDS LTD.
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 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 (around 60%). The secondary markets are Hong
Kong (15%), Belgium (7%), Switzerland (5%) and the UK (2%).
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/normal. |
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 |
|