MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNERGY DIAMONDS LTD. |
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Registered Office : |
21 Tuval Street (formerly 54 Bezalel Street), Diamond Exchange,
Yahalom Tower, RAMAT GAN 52521 |
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Country : |
Israel |
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Date of Incorporation : |
29.05.2006 |
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Com. Reg. No.: |
51-383634-6 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealers, importers, exporters and marketers of diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
SYNERGY DIAMONDS LTD.
21 Tuval Street (formerly 54 Bezalel Street)
Diamond Exchange, Yahalom Tower
RAMAT GAN 52521 ISRAEL
Telephone 972 3 612 06 63
Cellular 972 54 397 53
00
Fax 972 3 612 60
86
HISTORY
A private limited company, incorporated as per file No. 51-383634-6 on
the 29.05.2006.
Subject is continuing part of the activities of a company RAFAELI-
STASHEK LTD., which was established in 1977 with the partnership of the Rafaeli
Family and Gershon Stashek, and partnership which was later dissolved due to a
business conflict, and each party continued separately.
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
Gershon Stashek, 70%,
Ms. Yael Harel, 30%.
DIRECTORS
Gershon Stashek, General Manager, born 1939,
Ms. Yael Harel.
BUSINESS
Dealers, importers, exporters and marketers of diamonds.
Operating from office premises in 21 Tuval Street (formerly 54 Bezalel Street),
Diamond Exchange, Diamond Tower (Yahalom Tower), 20th Floor, Ramat
Gan.
Number of employees not forthcoming.
MEANS
Financial data not forthcoming.
There are no charges registered on the company's assets.
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
RAFAELI-STASHEK (1977) DIAMONDS, a general partnership. According to our
files from the past, Gershon Stashek was one of the partners and may still be.
However, it is presently inactive.
RAFAELI- STASHEK LTD., in voluntary liquidation.
RAFAELI- STASHEK JEWELLERY (1996) LTD.
BANKERS
Banks data not forthcoming.
CHARACTER AND
REPUTATION
For many years, RAFAELI- STASHEK LTD. was a successful business with known
reputation in the branch. At some stage at the late 1990s, the partners, the
Rafaeli family on one hand and Gershon Stashek on the other, got into a
business conflict, which also reached the courts, and decided to end their
partnership.
In November 2000, it was reported that ISRAEL ISCOUNT BANK filed to the
Tel Aviv District Court a US$ 2 million lawsuit against RAFAELI- STASHEK LTD.
and its shareholders.
The Bank held diamonds in deposit as collaterals for credits given to
RAFAELI- STASHEK for financing foreign trade. The Bank claimed that at one
stage Mr. Stashek was given diamonds in value of US$ 1 million which he was
supposed to deposit them back after one month, but he deposited only diamonds
in value of US$ 100,000 and refused to return the rest (Ofer Rafaeli, of the
Rafaeli family, claimed Mr. Stashek withdrew the deposited diamonds in deceit).
The Bank said it possesses diamonds in value of US$ 1.3 million, which it is
operating to realize them via the receiver that was appointed to RAFAELI- STASHEK
LTD. in parallel to the lawsuit.
At one stage, the Court also issued a restraining order against Gershon
Stashek preventing him from leaving the country until the hearing in the case
between Rafaeli and Mr. Stashek.
Nothing unfavorable learned on subject itself.
Subject's shareholder and General Manager Gershon Stashek, refused
categorically to disclose any data on his company.
Gershon Stashek is veteran in the diamond business. He served in the
presidency member of the Israeli Diamond Exchange.
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
Considering the refusal to disclose any details, dealings are recommende
on a secured basis.
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%)