MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AFRODIAM LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27.11.1984 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and
exporters 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 |
name & address
AFRODIAM LTD.
Diamond Exchange,
Telephone 972 3 751 60 72
Fax 972
3 613 18 47
HISTORY
A private limited
company, incorporated as per file No. 51-104618-7 on the 27.11.1984.
SHARE CAPITAL
Authorized share capital
of
SHAREHOLDERS
1.
David Hamelsdorf, 50%,
2.
Mrs. Francoise Hamelsdorf, 50%, mother of David,
3.
Avraham Hamelsdorf, holding 1 single share.
SOLE DIRECTOR AND
GENERAL MANAGER
David Hamelsdorf
BUSINESS
Importers and
exporters of diamonds.
Sales are mainly
to
Operating from
office premises, owned by the shareholders, on an area of 30 sq. meters in
Having 2
employees, including General Manager (same as in 2006).
MEANS
Financial data not
forthcoming.
Property (the
office where subject is operating from in the
There are no
charges registered on the company's assets.
ANNUAL SALES
2005 sales claimed
to be US$ 5,000,000, all for export.
2005 sales claimed
to be US$ 5,000,000, all for export.
First half of 2007
sales claimed to be US$ 2,500,000, all for export.
BANKERS
Mizrahi Tefahot
Bank Ltd., Diamonds Business Center Branch (No. 466),
A check with the
Central Banks' database did not reveal anything detrimental regarding subject’s
a/m account.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Subject is long
established.
The diamonds
branch has been recuperating from the deep crisis it got into during 2005/6, the
worst one for decades, which affected the profitability of Israeli diamond
businesses.
According to the
Ministry of Industry and Trade, the local diamonds branch managed to stabilize
the total volume of export of cut diamonds during
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
During the first
half of 2007, import rough diamonds (net) to
In the first half
of 2007, export of cut diamonds rose by 6% (mainly thanks to April sales)
comparing to the parallel period in 2006, summing up to US$ 3.59 billion.
Export of rough diamonds (net) also witnessed an increase of 22% to US$ 1.74
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
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)