MIRA INFORM REPORT

 

 

Report Date :

22.01.2007

 

IDENTIFICATION DETAILS

 

Name :

MIRAGE DIAMONDS Y.M. (2000) LTD.

 

 

Registered Office :

54 Bezalel Street, Diamonds Exchange, Yahalom Tower, 15th Floor, Ramat Gan 52521

 

 

Country :

Israel

 

 

Date of Incorporation :

26.3.2000

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Importers, processors, exporters and marketers 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

 

 

Name & address

 

MIRAGE DIAMONDS Y.M. (2000) LTD.

Telephone                     972 3 575 50 15

Fax                               972 3 575 07 66

54 Bezalel Street

Diamonds Exchange, Yahalom Tower, 15th Floor

RAMAT GAN 52521 ISRAEL

 

 

HISTORY

 

A private limited company, incorporated as per file No. 51-293055-3 on the 26.3.2000. Subject is continuing part of the activities of MIRAGE DIAMONDS LTD., established several years earlier, which ceased its activities.

 

 

SHARE CAPITAL

 

Authorized share capital of NIS 39,100.00 divided into:

39,100 ordinary shares, of NIS 1.00 each, of which shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

Subject is fully owned by Yehezkel Cohen.

 

 

SOLE DIRECTOR AND GENERAL MANAGER

 

Yehezkel Cohen

 

 

BUSINESS

 

Importers, processors, exporters and marketers of diamonds.

 

50% of sales are for export.

 

Operating from rented offices on an area of 40 sq. meters in 54 Bezalel Street, Diamonds Exchange, Yahalom Tower (15th floor), Ramat Gan.

 

Having 10 employees.

 

 

MEANS

 

Current stock is valued at US$ 2,000,000.

 

Subject owns a 100 sq. meters offices on the same building they are operating from, the Yahalom Tower on 20th floor, which is being rented to a third party.

 

There is 1 charge for unlimited amount registered on the company's assets, in favor of Israel Discount Bank Ltd.

                                                                                                                       

 

ANNUAL SALES

 

2004 sales claimed to be over US$ 3,000,000, 50% of which were exports.

2005 sales claimed to be over US$ 3,000,000, 50% of which were exports.

Forecasted 2006 sales US$ 3,000,000, 50% of which were exports.

 

 

BANKERS

 

Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learnt.

 

Subject's owner, Yehezkel Cohen, was a partner in MIRAGE DIAMONDS LTD., however he went out of this company and established subject. According to Mr. Cohen MIRAGE DIAMONDS LTD. is not active for several years now.

 

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.

 

However, according to the Ministry of Industry and Trade, a recovery has been noted in August 2006 in total (net) diamonds export, amounting to US$ 523 million, which represents a 15.7% increase comparing to August 2005.

 

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.

 

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%.

 

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

 

 

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

 

 

 

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