MIRA
INFORM REPORT
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Report Date : |
13th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
F. D. I. FANCY
DIAMONDS INTERNATIONAL LIMITED |
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Registered Office : |
21 Tuval Street, Diamonds Exchange, Yahalom Tower, Ramat
Gan 52522 Israel |
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Country : |
Israel |
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Date of Incorporation : |
09.04.2006 |
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Com. Reg. No.: |
51-381980-5 |
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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 : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name & Address
F.D.I. FANCY DIAMONDS
INTERNATIONAL LTD.
Telephone :972 3 613 21 22
Fax :972 3 613 24 22
21 Tuval Street
Diamonds Exchange, Yahalom Tower
RAMAT GAN 52522 ISRAEL
HISTORY
A private limited company, incorporated as per file No. 51-381980-5 on the 9.4.2006. Subject is continuing the activities of previous firms which operated in various forms.
SHARE CAPITAL
Authorized share capital of NIS 40,000.00 divided into:
39,998 ordinary shares, of NIS 1.00 each,
2 management shares, of NIS 1.00 each, of which shares amounting to NIS 52.00 were issued.
SHAREHOLDERS
1. Leibish Polnauer, 50%,
2. TARADIAM PTE LTD., of Singapore, 50%.
SOLE DIRECTOR AND GENERAL MANAGER
Leibish Polnauer
BUSINESS
Traders, importers, exporters and marketers of diamonds.
70% of sales are for export.
Operating from rented offices on an area of 50 sq. meters in 21 Tuval Street, Diamonds Exchange, Yahalom Tower (room No. 567), Ramat Gan (to where they moved from the nearby Maccabi Building).
Having 8 employees.
MEANS
Financial data not forthcoming.
There is 1 charge for unlimited amount registered on the company's assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
Subject begun operation recently. Sales figures not forthcoming.
OTHER COMPANIES
FANCY DIAMONDS POLNAUER LEIBISH & CO. COMPANY LTD., sister company, importers, exporters and marketers of diamonds.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan, account No. 713759.
A check with the Central Banks' database did not reveal negative information on subject’s bank account.
CHARACTER AND REPUTATION
Nothing unfavorable learnt.
Subject's officials refused to disclose financial data on their company.
Mr. Moshe Polnauer, father of Leibish Polnauer, subject's manager, is a veteran businessman in the fancy diamonds field, and the Polnauer family is considered a leading dealer in fancy diamonds.
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.
Despite this, according to the Ministry of Industry and Trade, a recovery has been noted in October 2006 in total (net) diamonds export, amounting to US$ 611 million, which represents a 58.5% increase comparing to October 2005. However, total export of the first 10 months of 2006 is much similar to the export in the same period in 2005: US$ 5.54 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%.
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.
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
In spite being newly established, 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%)