MIRA
INFORM REPORT
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Report Date : |
20.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIME DIAM LTD |
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Registered Office : |
3 Jabotinsky Street, Diamond Exchange, Shimshon Bldg, Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
5.3.1989 |
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Legal Form : |
A Private Limited Company |
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Line of Business : |
Processors, 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 |
Name & address
PRIMEDIAM LTD.
Telephone 972 3 575 97 30;
575 97 31
Fax 972 3 575 76
77
3 Jabotinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 52520 ISRAEL
HISTORY
A private limited company, incorporated as per file No. 51-137017-3 on
the 5.3.1989.
SHARE CAPITAL
Authorized share capital of NIS 10,000.00 divided into: 10,000 ordinary
shares of NIS 1.00 each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Sanjay Shah, 50%,
2. Mrs. Nisha Mehta Shah,
50% wife of Sanjay (both of registered address 12 Be'eri Street, Tel Aviv).
There are no registered directors to subject.
GENERAL MANAGER
Sanjay Shah
BUSINESS
Processors (via sub-contractors), importers, exporters and marketers of
diamonds.
Operating from offices in 3 Jabotinsky Street, Diamonds Exchange,
Shimshon Building (17th Floor, room 5 & 6), Ramat Gan (to where
they moved from 54 Bezalel Street, Yahalom Building, adjacent to the present
building).
Also operating from a branch in Mumbai.
Having 1 employee (besides owners).
MEANS
Financial data not forthcoming.
There are 2 charges for unlimited amounts registered on the company's
assets (financial assets), in favor of the Israel Union Bank Ltd.
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
We are informed that Mrs. Nisha Mehta Shah holds another company.
BANKERS
Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing unfavorable learnt.
So far subject's General Manager, Mr. Sanjay Shah, was too busy to talk
with us (we sent a fax to which he said he will respond). In previous
interviews he refused to disclose financial data.
In case we manage to obtain more data, we will update you accordingly.
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 since mid 2007, 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.
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%)