MIRA
INFORM REPORT
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Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GAFNI
DIAMONDS LTD. |
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Registered Office : |
54 Bezalel Street,
Diamond Exchange, Yahalom Tower,
Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
11.1.1988 |
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Com. Reg. No.: |
51-126382-4 |
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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 : |
Regular |
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Litigation : |
Clear |
Correct Name
GAFNI DIAMONDS
LTD.
address
54 Bezalel Street
Diamond Exchange, Yahalom Tower
RAMAT GAN 52520 ISRAEL
Telephone 972 3 575 97 02
Fax 972 3 613 09 43
HISTORY
A private limited company,
incorporated as per file No. 51-126382-4 on the 11.1.1988.
Originally registered under the name R &
B DIAMONDS LTD., which changed to the present name on the 4.2.1988.
SHARE CAPITAL
Authorized share
capital NIS 2,640.00, divided into –2,640 ordinary shares of NIS 0.01 each, of
which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Yuval Gafni, 85%,
2. Gideon Gafni,
15%.
SOLE DIRECTOR & GENERAL MANAGER
Yuval Gafni
BUSINESS
Traders, importers, exporters
and marketers of diamonds.
Sales are both for
exports and to the local market.
Among customers are
the Tel Aviv Diamond Exchange members.
Diamond purchasing
is both from import and from the local market.
Operating from
office premises, in 54 Bezalel Street, Diamond Exchange, Yahalom Tower, 19th
floor, Ramat Gan.
Having 3 employees.
MEANS
Financial data not
forthcoming.
There are 3 charges
for unlimited amounts registered on the company's assets, in favor of Union
Bank of Israel Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
BANKERS
Union Bank of Israel
Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject's officials refused to disclose any
financial data.
Subject is long established.
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
Notwithstanding the refusal to disclose
financial data, considered 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%)