MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
FANCY COLLECTION LTD. |
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Registered Office : |
P.O. Box 3156 (52131), 3 Jabotinski Street, Diamond
Exchange, Shimshon Building, Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
3.2.1991 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, processors, exporters and marketers of fancy 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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
FANCY COLLECTION LTD.
P.O. Box 3156 (52131)
3 Jabotinski Street
Diamond Exchange, Shimshon Building
RAMAT GAN 52520 ISRAEL
Telephone 972 3 575 01 38
Fax 972 3 575 45 33
HISTORY
A private limited company,
incorporated as per file No. 51-154369-6 on the 3.2.1991.
Originally registered under the name AVI NETANEL DIAMONDS LTD., which
changed to AVI NETANEL FANCY COLLECTION LTD. on the 9.9.2001 and then changed to the present name on the 24.3.2003.
SHARE CAPITAL
Authorized share
capital of NIS 20,000.00 divided into: 20,000 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
Subject is fully owned by Avinoam (Avi) Nethanel.
SOLE DIRECTOR AND GENERAL
MANAGER
Avinoam (Avi) Nethanel.
BUSINESS
Importers,
processors, exporters and marketers of fancy diamonds. Sizes of the fancy cut diamonds range from
0.70 ct – 5 ct.
Sales are to the
high-end market.
Operating from office
premises in 3 Jabotinski Street, Diamond Exchange, Shimshon Building (8th
floor, Room No. 1807), Ramat Gan.
Also operating
from offices in several countries, including Antwerp, Dubai, Geneva and Hong
Kong.
Having 11
employees.
MEANS
Financial data not
forthcoming.
There is 1 charge for an unlimited amount registered on the company's
assets, in favor of Bank Leumi LeIsrael Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
BANKERS
Bank Leumi LeIsrael Ltd., Diamond Exchange Branch (No. 629), Ramat Gan.
CHARACTER AND
REPUTATION
Nothing
unfavorable learnt.
Subject’s owner and General Manager, Mr.
Nethanel, refused to disclose financial and other details on his business.
In September 2005,
Mr. Avi Nethanel, was among 16 persons from the world diamond sector to join
the "League of Honor" of the GIA (Gemology Institute of America).
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 (over 50%). The secondary
markets are Hong Kong (around 20%), Belgium (around 10%), Switzerland and the
UK.
Since the
beginning of 2007, import rough diamonds to Israel noted a 7.8% decrease
comparing to the parallel period in 2006, due to a shortage in world markets,
following the lowering in sales by DE BEERS and the tough winter in Africa that
hurt mining. Nevertheless, the officials in the branch reported 11.7% increase
in import of polished diamonds in January 2007.
In the first 2
months of 2007, export (net) of cut diamonds rose by 9.2% comparing to the
parallel period in 2006, summing up to US$ 1.349 billion. Export of rough
diamonds (net) also witnessed an increase.
SUMMARY
Notwithstanding
the refusal to disclose financial information, 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%)