MIRA
INFORM REPORT
|
Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ELUL DIAMOND COMPANY LTD. |
|
|
|
|
Registered Office : |
1 Jabotinsky Street, Maccabi Building, Diamond Exchange, Ramat Gan
52120 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
1987 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers,
traders, polishers, marketers and exporters 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 : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name & address
ELUL DIAMOND
COMPANY LTD.
1 Jabotinsky Street
Maccabi Building
Diamond Exchange
RAMAT GAN 52120 ISRAEL
Telephone 972 3 575 30 83
Fax 972 3 575 13 26
HISTORY
Originally established
as a non-registered business in 1987, under the name “ELUL DIAMONDS”.
Converted into a
private limited company and registered as such as per file No. 51-282337-8 on
the 30.8.1999.
SHARE CAPITAL
Authorized share
capital NIS 38,000.00, divided into – 10 management shares, 37,990 ordinary
shares, all of NIS 1.00 each, of which shares amounting to NIS 110.00 were
issued.
SHAREHOLDERS
1. Amos Pozailov, 50%,
2. Eitan Mussayouf, 50%.
DIRECTORS AND JOINT GENERAL
MANAGERS
1. Amos Pozailov,
2. Eitan Mussayouf.
BUSINESS
Importers,
traders, polishers, marketers and exporters of diamonds.
Among local
suppliers: YORAI BOROCHOV.
Operating from
offices (owned by the shareholders), on an area of 120 sq. meters, in 1
Jabotinsky Street, Maccabi Building, Diamond Exchange, Ramat Gan. Also
operating from other branches, including diamond processing plants.
Having 20
employees.
MEANS
Financial data not
forthcoming.
There are 2 charges for unlimited amounts registered on the company's assets
(fixed and financial assets), in favor of Israel Discount Bank Ltd. and The
First International Bank of Israel Ltd.
ANNUAL SALES
2000 sales claimed
to be US$ 65,000,000.00, of which 77% export
2001 sales for
export of cut diamonds reported to be US$ 33,000,000.
2002 sales for
export of cut diamonds reported to be US$ 39,000,000.
2003 sales for
export of cut diamonds reported to be US$ 36,000,000.
2004 sales for
export of cut diamonds reported to be US$ 49,000,000.
2005 sales for
export of cut diamonds reported to be US$ 46,000,000.
Later figures not
forthcoming.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.
The First International Bank of Israel Ltd., Diamond Exchange Branch
(No. 026), Ramat Gan.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject is
well-known, and considered among the leading diamond companies.
Amos Pozailov is
the son of Ben-Zion Pozailov, one of the local veteran and reputable
diamantairs, founder (with his brothers) of the PAZ DIAMONDS LTD. diamond firm.
According to the
report published by the Israel Supervisor on Diamonds in the Ministry of
Industry and Trade, subject was ranked 21st in the 2005 list of Israel's
largest polished diamonds exporters. Subject's ranking in 2004 was 20th,
same as in 2003 and was 17th in 2002.
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
10 months of 2007, import rough diamonds (net) to Israel noted a 10% increase
comparing to the parallel period in 2006, summing at US$ 4.1 billion. Import of
cut diamonds (net) also rose - by 12% up to US$ 3.52 billion.
In the first 10
months of 2007, export of cut diamonds (net) rose by 6.9% comparing to the
parallel period in 2006, summing up to US$ 5.93 billion. Export of rough diamonds
(net) also witnessed an increase of 26.7% to US$ 2.86 billion.
SUMMARY
Notwithstanding the refusal to disclose
financial details, considered 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. |
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%)