MIRA
INFORM REPORT
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Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FANCY COLLECTION LTD. |
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Registered Office : |
P.O. Box 3156, Ramat Gan (52131), 3 Jabotinsky Street, Diamond
Exchange, Shimshon Bldg., Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
3.2.1991 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, Processors, Exporters and Marketers of Fancy
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
FANCY COLLECTION LTD.
Telephone 972 3 575 01 38
Fax 972 3 575 45 33
P.O. Box 3156, Ramat Gan (52131)
3 Jabotinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 52520
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-154369-6 on the 3.2.1991.
Originally registered under the name AVI NETANEL DIAMONDS LTD., which
changed to AVI NETANEL FANCY COLLECTION LTD. on the 9.9.2001 and then changed to the present name on the 24.3.2003.
SHARE CAPITAL
Authorized share
capital of NIS 20,000.00 divided into:20,000 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 1,000.00 were issued.
SHAREHOLDERS
Subject is fully owned by Avinoam (Avi) Nathanel.
SOLE DIRECTOR AND GENERAL MANAGER
Avinoam (Avi) Nathanel.
BUSINESS
Traders,
importers, processors, exporters and marketers of fancy diamonds.
Sizes of the fancy
cut diamonds range from 0.70 ct – 5 ct.
Sales are to the high-end
market.
100% of sales are
for export.
Operating from
rented office premises, on an area of 60 sq. meters, in 3 Jabotinsky Street,
Diamond Exchange, Shimshon Building (8th floor, Room No. 1807),
Ramat Gan.
Also operating from
offices in several countries, including Antwerp, Dubai, Geneva and Hong Kong.
Having 11
employees (same as in 2007).
MEANS
Financial data not
forthcoming.
There is 1 fixed charge for an unlimited amount registered on the company's
assets, in favor of Bank Leumi LeIsrael Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
BANKERS
Bank Leumi LeIsrael Ltd., Diamond Exchange Branch (No. 629), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Mr. Nathanel, subject’s owner and General
Manager, refused to disclose financial details.
In September 2005,
Mr. Avi Nathanel, was among 16 persons from the world diamond sector to join
the "League of Honor" of the GIA (Gemology Institute of America).
Local diamond
companies are facing a depression in business in general in recent months due
to the recession in the U.S. markets, according to reports. The American market
has been the No. 1 export market and the crisis in the U.S. market affects
directly many Israeli diamond companies, as purchasing has gone down
dramatically. There are reports on delays in payments from clients, causing a
cash flow problem to some companies.
In April 2008, for
the first time since the beginning of the year, a decrease of 17.2% (from April
2007) in the export of cut diamonds was noticed, caused mainly by the However,
in yearly aspect, sales are still higher than 2007.
In the first
quarter of 2008, there was an increase trend in all money parameters of import
and export: export of cut diamonds (net) from Israel rose 14% comparing to
parallel period in 2007, reaching US$ 2.16 billion (though carat value fell by
14%). Export of rough diamonds (net) from Israel also increased by 28% to US$
1.1 billion (10% fall in carat value).
Import of rough
diamonds (net) rose 13% in the first quarter of 2008 (from 2007) to US$ 1.32
billion (though carat value fell by 25%), while import of cut diamonds (net)
also increased in 2007 by 10.5% reaching US$ 1.06 billion (carat value rose by
4.5%).
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, although its portion has been
decreasing in view of the economic situation – the export rate is circa 41%, comparing
to 60%-65% in past years. The secondary markets are Switzerland, Belgium, U.K,
Hong Kong and India.
SUMMARY
Notwithstanding
the refusal to disclose financial information, considered good for trade
engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.95 |
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UK Pound |
1 |
Rs.85.62 |
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Euro |
1 |
Rs.67.81 |
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%)