MIRA
INFORM REPORT
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Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOSHE SCHNITZER & CO. DIAMONDS |
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Registered Office : |
1 Jabotinsky Street, Diamond Exchange, Maccabi Bldg., Ramat GAN 52520 |
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Country : |
Israel |
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Date of Incorporation : |
10.12.1980 |
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Legal Form : |
General Partnership |
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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
SCHNITZER AND CO.
Correct Name: MOSHE
SCHNITZER & CO. DIAMONDS
Telephone 972 3 575 11 88
Fax 972 3 575 24 79
1 Jabotinsky Street
Diamond Exchange, Maccabi Bldg.
RAMAT GAN 52520
ISRAEL
HISTORY
A general partnership, registered as per file No. 54-014559-6 on the
10.12.1980, continuing the activities of a business originally established in
1952 by the Late Moshe Schnitzer and a partner.
PARTNERS
1. Shmuel Schnitzer, 50%,
2. Asher Gertler, 50%, brother-in-law of Shmuel
Schnitzer.
JOINT GENERAL MANAGERS
1. Shmuel Schnitzer,
2. Asher Gertler.
BUSINESS
Traders, importers, processors, exporters and marketers of diamonds.
Most sales are for export.
Operating from owned office premises (couple of hundreds sq. meters), in
1 Jabotinsky Street, Diamond Exchange, Maccabi Building (12th
floor), Ramat Gan.
Subject also owns polishing factories in Israel and in the world.
Number of employees not forthcoming, believed to be several tens.
MEANS
Financial data not forthcoming, known to be financially solid.
ANNUAL SALES
2001 sales for export of cut diamonds reported to be US$ 38,000,000.
2002 sales for export of cut diamonds reported to be US$ 45,000,000.
2003 figures not forthcoming.
2004 sales for export of cut diamonds reported to be US$ 65,000,000.
2005 sales for export of cut diamonds reported to be US$ 69,000,000.
Current exact sales figures not forthcoming, known to be of several tens
millions of US$.
BANKERS
Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject's officials refused to disclose financial data and other
business details on subject.
Subject is a veteran well-known diamond firm, enjoying world reputation
and among the leading in the local branch.
According to the
report published by the Israel Supervisor on Diamonds in the Ministry of
Industry and Trade, subject was ranked 12th in the 2001 list of Israel's
largest polished diamonds exporters. Subject's ranking in 2002 was 15th,
14th in 2004 and 15th in 2005. In recent couple of years
subject has not been ranked, but still believed to be among the top diamonds
exporters.
Subject's founder Moshe Schnitzer passed away in 2007. He was one of the
most veteran diamond dealers in Israel, among the founders of the local diamond
industry. He served as the President of the Israeli Diamond Exchange (leading
the huge expansion of the local diamond industry) and of the World Federation
of Diamond Bourses (WFDB), as well as achieving many awards and recognitions.
His son and subject's partner also served as the President of the Israeli
Diamond Exchange and the WFDB.
According to the Diamond Administration Director, year 2007 was full of
challenges to the global diamond branch, but the Israeli diamond branch coped
with it well.
It should be noted that Israeli diamond dealers note some slowdown in
activities, attributed to the sub-prime crisis in the U.S markets.
Year 2007 marked a record in the export of cut diamonds from Israel,
with net sales for export of US$ 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%)