MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIAMOND
HILLS LTD. |
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Registered Office : |
1
Jabotinsky Street, Diamond Exchange, Shimshon Tower, Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
12.1.2006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
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 : |
Usually
correct |
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Litigation : |
Clear |
name & address
DIAMOND HILLS
LTD.
1
Jabotinsky Street
Diamond
Exchange, Shimshon Tower
RAMAT GAN 52520 ISRAEL
Telephone 972
3 613 90 50
Fax 972 3 612 69 30
HISTORY
A private
limited company, incorporated as per file No. 51-377999-1 on the 12.1.2006.
SHARE CAPITAL
Authorized
share capital NIS 100,000.00, divided into – 100,000 ordinary shares of NIS
0.01 each,
of which
shares amounting to NIS 99.00 were issued.
SHAREHOLDERS
1. Gadi
Menahamov, 33.33%,
2. Hanan
Menahamov, 33.33%,
3.
Michael Menahamov, 33.33%, all brothers.
SOLE DIRECTOR
Gadi
Menahamov
GENERAL MANAGER
Jacob
Cohen
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
Most
sales are exports (some 70%).
Sales are
to many small customers.
60% of
purchasing is from import and 40% from the local market.
Operating
from rented premises, on an area of 60 sq. meters, in 1 Jabotinsky Street,
Diamond Exchange, Shimshon Tower, 6th floor (to where they moved
from Maccabi Tower), Ramat Gan.
Having 3
employees.
MEANS
Current
stock is valued at US$ 600,000.
Other
financial data not forthcoming.
There are
2 charges for unlimited amounts registered on the company's assets, in favor of
Union Bank of Israel Ltd.
ANNUAL SALES
2006
sales claimed to be US$ 2,000,000, 70% of which was for export.
OTHER COMPANIES
GAMA
DIAMONDS LTD., diamonds dealers, owned by the Menahamov brothers.
B.S.M
DIAMONDS LTD., owned by Benny Menahamov (91%) and Hanan Menahamov (9%),
processors, exporters and marketers of diamonds.
The Menahamov has
holdings in other companies, including in the real estate area (see below).
BANKERS
Union Bank of Israel
Ltd., Ramat Gan Branch (No. 062), Ramat Gan, account No. 382100/89.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject's General Manager, Mr. Jacob Cohen
is a veteran in the
diamond business, since 1964.
The
Menahamov brothers
are wealthy and well known diamond dealers, who are involved in the local real
estate market, own real estate properties and operate as entrepreneurs of
residential and commercial projects. Their latest project is the erection of a
prestigious residential building, a tower of 27 floors with 119 apartments in a
most lucrative are of Tel Aviv. According to reports, the cost for the erection
of the tower, which is starting nowadays, is US$ 30 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.
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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