MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
I.G.S.T. DIAMONDS LTD. |
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Registered Office : |
54 Bezalel Street, Diamond Exchange, Yahalom Building, Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
13.12.1989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders,
processors, polishers, 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
I.G.S.T. DIAMONDS
LTD.
54 Bezalel Street
Diamond Exchange,
Yahalom Building
RAMAT GAN 52521 ISRAEL
Telephone 972 3 575 36 31
Fax 972 3 575 48 59
HISTORY
A private limited company,
incorporated as per file No. 51-143170-2 on the 13.12.1989.
Originally
registered under the name S.L.D. DIAMONDS LTD., which changed to the present
name on the 18.1.1990.
SHARE CAPITAL
Authorized share
capital of NIS 13,000.00 divided into: 13,000 ordinary shares, of NIS 1.00
each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Shmuel Leviev, 99%,
2. .Ms. Sara Leviev, 1%.
SOLE DIRECTOR AND GENERAL MANAGER
Shmuel Leviev, born 1961.
BUSINESS
Traders, processors,
polishers, importers, exporters and marketers of diamonds.
60% of sales are
for export.
Among local
clients: CHEHEBAR REFAEL DIAMONDS, SEGAL DIAM, R.E.S. DIAMONDS, etc.
Among local
suppliers: LLD DIAMONDS, etc.
Operating from office
premises, in 54 Bezalel Street (also known as 21 Tuval Street), Diamond
Exchange, Yahalom Building (7th floor, Room No. 76), Ramat Gan.
Having 15
employees.
MEANS
Financial data not
forthcoming.
There are 5
charges for unlimited amounts registered on the company’s assets (financial
assets), in favor of Bank Leumi LeIsrael Ltd. and the Union Bank of Israel Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
OTHER COMPANIES
Shmuel Leviev holds, via his owned holding company D. EMPIRE LTD., 20% in D.
ROTSHTEIN CONSTRUCTION
& ASSETS CO. LTD., a public limited company, shares are traded on the Tel
Aviv Stock Exchange, with current market value US$ 7.3 million. This is a long
established real estate and contracting company, buying, constructing and holding
yielding properties.
BANKERS
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan, account No. 29458/26.
A check with the Central Banks' data base did not reveal negative
information on subject’s a/m bank account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject's
officials refused to disclose financial data.
Mr. Shmuel Leviev is the brother of Lev Leviev, one of the world's largest diamantraires,
the largest independent cutter and processor of diamonds in the world, as well
as the main source of rough diamonds. His main holding in Israel in the diamond
sector is L.L.D. DIAMONDS LTD., by far Israel's largest diamond firm.
According to the
Ministry of Industry and Trade, the local diamonds branch managed to stabilize
the total volume of export of cut diamonds during 2006, a year that witnessed
many local and global challenges, and end in the same level as 2005. In rough
diamonds a decrease was noted, due to marketing motives, and as high prices
made the trade in rough diamonds less attractive.
Total (net) export
of cut diamonds from Israel in 2006 reached US$ 6.610 billion, a mere decrease
of 1.5% from 2005 (US$ 6.709 billion). Exports (net) of rough diamonds were US$
2.701 billion, a 23.2% decrease from 2005 (US$ 3.517 billion, which was a 20.6%
increase from 2004).
Import of rough
diamonds (net) also fell in 2006 by 11.4% (from 2005) to US$ 4.709 billion,
while import of cut diamonds (net) increased in 2006 by 3.3% reaching US$ 4.025
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 (7%) and the UK
(4%).
During the first
10 months of 2007, import rough diamonds (net) to Israel noted a 10% increase
comparing to the parallel period in 2006, summing at US$ 4.1 billion. Import of
cut diamonds (net) also rose - by 12% up to US$ 3.52 billion. In the first 10
months of 2007, export of cut diamonds (net) rose by 6.9% comparing to the
parallel period in 2006, summing up to US$ 5.93 billion. Export of rough
diamonds (net) also witnessed an increase of 26.7% to US$ 2.86 billion.
SUMMARY
Notwithstanding
the refusal to disclose financial information, 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%)