MIRA
INFORM REPORT
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Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
GAFNI DIAMONDS LTD. |
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Formerly Known as : |
R & B DIAMONDS LTD |
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Registered Office : |
54 Bezalel Street, Diamond Exchange, Yahalom Tower, Ramat GAN 52521 |
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Country : |
Israel |
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Date of Incorporation : |
11.1.1988. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, 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
GAFNI DIAMONDS LTD.
Telephone 972 3 575 97 02
Fax 972
3 613 09 43
54 Bezalel Street
Diamond Exchange, Yahalom Tower
RAMAT GAN 52521 ISRAEL
HISTORY
A private limited company, incorporated as per file No. 51-126382-4 on the
11.1.1988.
Originally
registered under the name R & B DIAMONDS LTD., which changed to the present
name on the 4.2.1988.
SHARE
CAPITAL
Authorized share capital NIS 2,640.00, divided into –2,640 ordinary shares
of NIS 1.00 each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Yuval Gafni, 85%,
2. Gideon Gafni, 15%.
SOLE
DIRECTOR & GENERAL MANAGER
Yuval Gafni
BUSINESS
Traders, importers, exporters and marketers of diamonds.
Sales are both for exports and to the local market.
Among customers are the Tel Aviv Diamond Exchange members.
Diamond purchasing is both from import and from the local market.
Among local suppliers: YORAI BOROCHOV.
Operating from office premises, in 54 Bezalel Street, Diamond Exchange,
Yahalom Tower, 19th floor (room 89), Ramat Gan.
Having 3 employees (same as in 2007).
MEANS
Financial data not forthcoming.
There are 3 fixed charges for unlimited amounts registered on the company's
assets (financial assets), in favor of Union Bank of Israel Ltd.
ANNUAL
SALES
Sales figures not forthcoming.
BANKERS
Union Bank of Israel Ltd., Ramat Gan Branch (No.
062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's
officials refused to disclose any financial data.
Subject is long
established.
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 data, considered good for trade engagements.
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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%)