MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
RONI DUEK DIAMONDS LTD. |
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Registered Office : |
23 Tuval Street (formerly 52 Bezalel Street), Diamonds Exchange, Noam
Building, Ramat Gan 52522 |
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Country : |
Israel |
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Date of Incorporation : |
27.7.1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, processors, 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 : |
Usually correct |
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Litigation : |
Clear |
Correct Name &
address
RONI DUEK DIAMONDS LTD.
23 Tuval Street (formerly 52 Bezalel Street)
Diamonds Exchange, Noam Building
RAMAT GAN 52522 ISRAEL
Telephone 972 3 575 60 88
Fax 972 3 751 90
65
HISTORY
A private limited company, incorporated as per file No. 51-121348-0 on
the 27.7.1987.
SHARE CAPITAL
Authorized share capital of NIS 2,640.00 divided into: 2,640 ordinary
shares, of NIS 1.00 each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Aharon (Roni) Duek, 70%,
2. Moshe Duek, 15%,
3. Mor Shmuelov, 15%.
SOLE DIRECTOR &
GENERAL MANAGER
Aharon (Roni) Duek.
BUSINESS
Traders, processors, importers, exporters and marketers of diamonds.
Manufacturing is carried out through sub-contractors.
Among clients: M. SCHNITZER & CO., PROTEA DIAMONDS, etc.
Diamonds purchasing is both from import and local suppliers.
Among suppliers: ITZHAK LEVAVI DIAMONDS, M. SCHNITZER & CO., LUSTIG
& SAMUELS DIAMOND MANUFACTURERS, etc.
Operating from owned offices, on an area of 50 sq. meters, in 23 Tuval
Street (formerly 52 Bezalel Street), Diamonds Exchange, Noam Tower (7th
floor), Ramat Gan.
Subject shares premises with subsidiary.
Having 20 employees.
MEANS
Financial data not forthcoming.
There is 1 charge for an unlimited amount registered on the company’s
assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
KERN-CHEN DIAMONDS LTD., 50% owned subsidiary, traders, importers,
exporters and marketers of diamonds. 2006 sales US$ 2,500,000.
BANKERS
Israel Discount Bank Ltd., Diamonds Exchange Branch (No. 080), Ramat
Gan, account No. 820687.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
CHARACTER AND
REPUTATION
Nothing unfavorable learnt.
Subject’s officials refused to disclose financial details on their
company.
Mr. Roni Duek is a well known local businessman.
Mr. Duek is known to be a most wealthy person, with other companies and
assets in Israel and abroad. He is also known to be in partnership with the
international PROTEA DIAMONDS LTD., based in South Africa and operating also,
among others, from Israel.
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%)