MIRA INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
NOGA DIAMONDS
LTD (w.e.f 26.11.2003) |
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Formerly Known As : |
DAYAGEM LTD |
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Registered Office : |
54 Bezalel Street,
Diamond Exchange, Yahalom Bldg., Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
03.04.2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers,
Exporters and Marketers of Polished 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
NOGA DIAMONDS LTD.
Telephone 972 3 751 85 42
Fax 972 3 612 69 75
54 Bezalel Street
Diamond Exchange, Yahalom
Bldg.
RAMAT GAN 52521 ISRAEL
HISTORY AND LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-309873-1 on the 03.04.2001.
Originally
registered under the name DAYAGEM LTD., which changed to the present name on
the 26.11.2003
SHARE CAPITAL
Authorized share
capital NIS 30,000.00, divided into -
30,000
ordinary shares of NIS 1.00 each,
of which shares amounting NIS 100.00 were
issued.
SHAREHOLDERS
Subject is fully
owned by Doron Faniri.
SOLE DIRECTOR & GENERAL
MANAGER
Doron Faniri, born
1975.
BUSINESS
Traders,
importers, exporters and marketers of polished diamonds.
75% of sales are
for export.
Amongst local
clientele: H.S. ZAMIR, NOVEL COLLECTION, P.D.D., etc.
Among local
suppliers: P.D.D., POLIGEM, YONDOR DIAMONDS, etc.
Operating from
office premises, owned by the shareholders, on an area of 15 sq. meters, in 54
Bezalel Street, Diamond Exchange, Yahalom Bulding (6th floor, room
690), Ramat Gan.
Having 3 employees
(including General Manager).
MEANS
Subject is a
dealer, hardly holds stock.
Financial data not
forthcoming.
The property owned
by Doron Faniri in the Diamond Exchange, Yahalom Bulding (where subject is
operating from), is valued US$ 250,000.
There are 2 floating charges for unlimited
amounts registered on the company's assets (financial assets), in favor of
Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
2006 sales claimed
to be US$ 30,000,000, of which 75% were for export.
2007 sales claimed
to be US$ 30,000,000, of which 75% were for export.
First half of 2008
sales claimed to be US$ 15,000,000, of which 75% were for export.
OTHER COMPANIES
INDIGO DIAMONDS
INC., fully owned by Doron Faniri, a diamond company in the U.S.A. Has 7
employees.
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Business
Center Branch (No. 466), Ramat Gan, account No. 160723.
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.
Doron Faniri
started to deal in the diamond business since mid 1990s, and in 2001
established his own firm.
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.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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%)