MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MASINGITA LTD. |
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Registered Office : |
21 Tuval Street, Diamond Exchange, Yahalom Bldg. Ramat GAN 52522 |
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Country : |
Israel |
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Date of Incorporation : |
16.04.2008. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, Exporters and Marketers of Polished 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
MASINGITA LTD.
Telephone 972 3 576 70 00
Fax 972 3 576 40 79
21 Tuval Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN 52522
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-412867-7 on the 16.04.2008.
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
1. SALANT DIAMONDS LTD., 51%, owned by Avner
Salant and Igal Salant,
2. Ms. Yael Namdar, 40.67%,
3. Haim Habif, 6.86%,
4. Itzhak Levian, 1.47%.
DIRECTORS
1. Haim Habif, Co-General Manager,
2. Ms. Yael Namdar, Co-General Manager,
3. Avner Salant,
4. Igal Salant.
BUSINESS
Importers,
exporters and marketers of polished diamonds.
Operating from
rented office premises, in 21 Tuval Street, Diamond Exchange, Yahalom Building
(19th floor), Ramat Gan.
Subject is in its
initial stages, including in the process of recruiting employees.
MEANS
Financial data
not forthcoming, however subject is enjoying the solid financial backing of its
shareholders, i.e. parent company SALANT DIAMONDS and the Namdar family (see
more below).
There is 1 fixed charge for an unlimited amount registered on the company's
assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
Subject began
sales in June 2008.
SALANT DIAMONDS 2007 sales for export were US$ 150,000,000.
MOSHE NAMDAR & CO. 2007 sales for export were US$ 199,000,000.
OTHER COMPANIES
SALANT DIAMONDS
LTD., importers of rough diamonds, polishers, exporters,
marketers and international dealers in diamonds.
MOSHE NAMDAR & CO. LTD., owned by Moshe
Namdar, international traders in diamonds, dealing as
cutters, processors, importers, exporters and marketers of diamonds.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s officials refused to disclose
financial details.
Bothe the Salant
and Namder families are veteran diamond dealers, both are at the top of
Israel's diamond industry and trade, with worldwide renown reputation.
Salant family business
for diamond polishing and trade was originally founded by the late Moshe Salant
in 1952.
Ms. Yael Namdar is the daughter of Moshe Namdar,
owner of MOSHE NAMDAR & CO. She, as well as
shareholders No. 3 & 4, also serve as a directors in of MOSHE NAMDAR & CO.
Mr. Moshe Namdar
is a well-known veteran diamond dealer, who was partner in SCHACHTER & NAMDAR (established in 1981), until deciding to split in 2006/7.
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
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%)