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MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
H. SARAF DIAMONDS (2004) LTD. |
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Registered Office : |
1 Jabotinsky Street, Diamond Exchange, Yahalom Tower, Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
24.10.2004. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders,
Importers, Processors, 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 : |
No Complaints |
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Litigation : |
Clear |
name & address
H. SARAF DIAMONDS (2004) LTD.
Telephone 972 3
751 78 69
Fax 972 3 751 78
67
1 Jabotinsky Street
Diamond Exchange, Yahalom Tower
RAMAT GAN 52520 ISRAEL
HISTORY
A private limited company,
incorporated as per file No. 51-359937-3 on the 24.10.2004.
Subject is
continuing the diamond activities of SARAF DIAMONDS LTD., a private limited
company established in the beginning of the 1980s. This company dealt in
diamonds and real estate, activities which its shareholders decided to split,
thus incorporating subject.
SHARE CAPITAL
Authorized share
capital of NIS 30,000.00 divided into: 30,000 ordinary shares, of NIS 1.00
each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Shlomo Kayakov, 50%,
2. Daniel Saraf, 50%.
DIRECTOR & JOINT GENERAL
MANAGERS
1. Shlomo Kayakov,
2. Daniel Saraf.
BUSINESS
Traders,
importers, processors, exporters and marketers of diamonds.
70% - 80% of sales
are for export.
Among local
suppliers: NITSAN SHAMIR, P.D.D., BRIZA, etc.
Operating from
offices premises, owned by the shareholders, on an area of 100 sq. meters, in 1
Jabotinsky Street, Diamond Exchange, Yahalom Tower (14th floor, unit
No. 1479), Ramat Gan.
Having 6
employees.
MEANS
Financial data not
forthcoming.
There is 1
floating charge for an unlimited amount registered on the company's financial
assets, in favor of Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
OTHER COMPANIES
SARAF DIAMONDS
LTD., a real estate company.
BANKERS
Mizrahi Tefahot
Bank Ltd., Diamonds Business Center Branch (No. 466), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject's Joint General Manager and shareholder,
refused to disclose financial data on his business.
According to the
Diamond Administration Director, year 2007 was full of challenges to the global
diamond branch, but the Israeli diamond branch coped with it well.
It should be noted
that Israeli diamond dealers note some slowdown in activities, attributed to
the sub-prime crisis in the U.S markets.
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 (over 50%). The secondary markets
are Hong Kong (around 18%), Belgium (around 8%), Switzerland (6%) and India
(1.5%).
SUMMARY
Notwithstanding
the refusal to disclose financial details, 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. |
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%)