MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NAAM DIAMONDS LTD. |
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Registered Office : |
54 Bezalel Street, Diamond Exchange, Yahalom Building, Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
28.8.2002 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and exporters, processors, polishers 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 : |
Usually correct |
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Litigation : |
Clear |
name & address
NAAM DIAMONDS LTD.
54 Bezalel Street
Diamond Exchange, Yahalom Building
RAMAT GAN 52521 ISRAEL
Telephone 972 3 575 03 48
Fax 972 3 613 38
26
HISTORY
A private limited company, incorporated as per file No. 51-329166-6 on the
28.8.2002.
SHARE CAPITAL
Authorized share capital of NIS 39,000.00 divided into: 39,000 ordinary
shares, of NIS 1.00 each, of which shares amounting to NIS 99.00 were issued.
SHAREHOLDERS
According to the Registrar of Companies:
1. (The Late) Mahandra Nimish, 33.33%,
2. Modi Nimish, 33.33%,
3. Fredip Komar Domodran, 33.33%.
Although no notice to this effect has so far
been noted in the Registrar of Companies, we are informed that following the
passing away of Mahandra Nimish (shareholder No. 1), all his shares in subject
were transferred to his son Modi Nimish (shareholder No. 2), hence ownership in
subject is:
1. Modi Nimish, 66.66%,
2. Fredip Komar Domodran, 33.33%.
DIRECTORS
1. Modi Nimish, General Manager,
2. Fredip Komar Domodran.
BUSINESS
Importers and exporters, processors, polishers and marketers of
diamonds.
30% of sales are for export.
Some 50% of diamond purchasing is from India, the rest is purchased
locally through the Diamond Exchange.
Operating from office premises (owned by the shareholders), in 54
Bezalel Street, Diamond Exchange, Yahalom Building (3rd floor, Room
No. 93), Ramat Gan.
Having 10 employees.
MEANS
Financial data not forthcoming.
There are no charges registered on the company's assets.
ANNUAL SALES
Sales figures not forthcoming.
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Business
Center Branch (No. 466), Ramat Gan.
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject’s owner and General Manager, Mr. Nimish, refused to disclose
financial details on his company.
According to sources, subject is enjoying good reputation.
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%)