MIRA
INFORM REPORT
|
Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MIRAGE DIAMONDS Y.M. (2000) LTD. |
|
|
|
|
Registered Office : |
21 Tuval Street, Diamonds Exchange, Yahalom Tower, 15th
Floor, Ramat Gan 52522 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
26.3.2000 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers, processors, exporters and marketers of diamonds |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME &
ADDRESS
MIRAGE DIAMONDS Y.M. (2000) LTD.
21 Tuval Street
Diamonds Exchange, Yahalom Tower, 15th Floor
RAMAT GAN 52522 ISRAEL
Telephone 972 3 575 50 15
Fax 972 3 575 07
66
HISTORY
A private limited company, incorporated as per file No. 51-293055-3 on
the 26.3.2000.
Subject is continuing part of the activities of MIRAGE DIAMONDS LTD.,
established several years earlier, which ceased its activities.
SHARE CAPITAL
Authorized share capital of NIS 39,100.00 divided into:
39,100 ordinary shares, of NIS 1.00 each, of which shares amounting to
NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Yehezkel Cohen.
SOLE DIRECTOR AND
GENERAL MANAGER
Yehezkel (Hezi) Cohen, born 1947.
BUSINESS
Importers, processors, exporters and marketers of diamonds.
50% of sales are for export.
Operating from rented offices, on an area of 40 sq. meters. in 21 Tuval
Street, Diamonds Exchange, Yahalom Tower (15th floor), Ramat Gan.
Having 10 employees (same as in 2006).
MEANS
Current stock is valued at US$ 2,500,000 (was valued at US$ 2,000,000 in
mid 2006).
Subject owns a 100 sq. meters offices on the same building they are
operating from, the Yahalom Tower on 20th floor, which is being
rented to a third party.
There is 1 charge for an unlimited amount registered on the company's
assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
2004 sales claimed to be over US$ 3,000,000, 50% of which were exports.
2005 sales claimed to be over US$ 3,000,000, 50% of which were exports.
2006 sales claimed to be US$ 3,000,000, 50% of which were exports.
First half of 2007 sales claim to be US$ 1,500,000.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan,
account No. 890553.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
CHARACTER AND
REPUTATION
Nothing unfavorable learned.
Subject's owner, Yehezkel Cohen, was a partner in MIRAGE DIAMONDS LTD.,
however he went out of this company and established subject. According to Mr.
Cohen MIRAGE DIAMONDS LTD. is not active for several years now.
The diamonds branch has been recuperating from the deep crisis it got
into during 2005/6, the worst one for decades, which affected the profitability
of Israeli diamond businesses.
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 18%), Belgium (around 8%),
Switzerland (7%) and the UK (4%).
During the first half of 2007, import rough diamonds (net) to Israel
noted a 5.4% increase comparing to the parallel period in 2006, summing at US$
2.41 billion. Import of cut diamonds also rose by 5.2% up to US$ 1.96 billion.
In the first half of 2007, export of cut diamonds rose by 6% (mainly
thanks to April sales) comparing to the parallel period in 2006, summing up to
US$ 3.59 billion. Export of rough diamonds (net) also witnessed an increase of
22% to US$ 1.74 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%.
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
Good for trade engagements.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)