MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
THELET DIAMONDS |
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Registered Office : |
3 Jabotinsky Street, Diamond Exchange, Shimshon Bldg,
Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
07.10.1962 |
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Legal Form : |
General Partnership |
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Line of Business : |
Traders, Buyers, Importers and Exporters 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 : |
No Complaints |
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Litigation : |
Clear |
name
& address
THELET DIAMONDS
Telephone 972 3 575 40 01
Fax 972 3 575 40 01
3 Jabotinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 52520 ISRAEL
HISTORY
& LEGAL FORMATION
A general partnership,
registered as per file No. 54-007910-0 on the 07.10.1962.
PARTNERS
1. Meir Kalman,
2. Ms. Natali Kalman.
GENERAL
MANAGER
Meir Kalman, born 1948.
BUSINESS
Traders, buyers, importers and exporters of diamonds.
20% of sales are for export.
Operating from
rented office premises, in 3 Jabotinsky Street, Diamond Exchange, Shimshon
Building (16th floor, Room 1605), Ramat Gan.
Having 5
employees.
MEANS
Financial data not forthcoming.
ANNUAL
SALES
2006 sales claimed to be US$ 6,000,000, of which 20% were for export.
2007 sales claimed to be US$ 6,000,000, of which 20% were for export.
First half of 2008 sales claimed to be US$ 3,000,000, of which 20% were for
export.
BANKERS
Bank Leumi Le'Israel Ltd., Diamond Exchange Branch (No. 629), Ramat Gan,
account No. 1244/07.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
This is a very
long established diamond business.
Local diamond
companies are facing a depression in business in general in recent months due
to the recession in the U.S. markets. The American market has been the No. 1
export market and the crisis in the U.S. market affects directly many Israeli
diamond companies, as purchasing has gone down dramatically. There are reports
on delays in payments from clients, causing a cash flow problem to some
companies.
In the first half
of 2008, there was an increase trend in all money parameters of import and
export: export of cut diamonds (net) from Israel rose by 6% comparing to
parallel period in 2007, reaching US$ 3.8 billion (though carat value fell by
17%). Export of rough diamonds (net) from Israel also increased by 26% to US$
2.19 billion (2.5% fall in carat value).
Import of rough
diamonds (net) rose 15% in the first half of 2008 (from 2007) to US$ 2.77
billion (though carat value fell by 11%), while import of cut diamonds (net)
also increased in 2008 by 19.5% reaching US$ 2.35 billion (carat value rose by
2.3%).
Year 2007 marked a
record in the export of cut diamonds from Israel, with net sales for export of
US$ 7.076 billion, 7% rise from 2006 (US$ 6.611 billion). Total export of cut
and rough diamonds crossed for the first time the US$ 12 billion line. Exports
(net) of rough diamonds were US$ 3.386 billion, a 25.5% increase from 2006 (US$
2.701 billion, which was a 23.2% decrease from 2005).
Import of rough diamonds (net) rose 8% in 2007 by (from 2006) to
US$ 5.084 billion, while import of cut diamonds (net) also increased in 2007 by
13.3% reaching US$ 4.558 billion.
The USA is the
main market for Israel’s export of cut diamonds, although its portion has been
decreasing in view of the economic situation – the export rate is circa 41%,
comparing to 60%-65% in past years. The secondary markets are Hong Kong,
Switzerland, Belgium, U.K, and India.
SUMMARY
Good for trade
engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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. |
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%)