MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PENTA DIAMONDS LTD |
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Registered Office : |
3 Jabutinsky Street Diamond Exchange, Shimshon Bldg. Ramat GAN 52520 |
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Country : |
Israel |
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Date of Incorporation : |
29.11.1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, Processors, Marketers and Exporters 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
PENTA DIAMONDS LTD.
Telephone 972 3 575 04 25
Fax 972 3 575 40 81
3 Jabutinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 52520
ISRAEL
HISTORY
A private limited company,
incorporated as per file No. 51-124620-9 on the 29.11.1987.
SHARE CAPITAL
Authorized share
capital of NIS 2,640.00 divided into:
2,440 ordinary
shares,
200 management
shares, all of NIS 1.00 each, of which shares amounting to NIS 450.00 were issued.
SHAREHOLDERS
1. Izi Rozenberg, 50%,
2. Avigdor Zuaretz, 45%,
3. Rami Zuaretz, 5%.
DIRECTORS & JOINT GENERAL
MANAGERS
1 Izi Rozenberg,
2. Avigdor Zuaretz.
BUSINESS
Traders,
importers, processors, marketers and exporters of fancy diamonds.
Operating from
owned office premises, on an area of 100 sq. meters, in 3 Jabotinsky Street,
Diamond Exchange, Shimshon Building (suit 1801), Ramat Gan.
Also operating
from offices in China, Hong Kong, Belgium and the U.S.A.
Having 20
employees.
MEANS
Financial data not
forthcoming.
There are 4
charges for unlimited amounts registered on the company's assets (fixed and
financial assets), in favor of Union Bank of Israel Ltd. and Mizrahi Tefahot
Bank Ltd.
ANNUAL SALES
Sales figures not forthcoming.
OTHER COMPANIES
M.D.F., controlled
by Izi Rozenberg, a firm registered and operating in Thailand, operating a
diamonds processing plant.
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Business Center Branch (No. 466),
Ramat Gan.
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Mr. Rozenberg, subject’s shareholder and
General Manager, refused to disclose financial details.
Subject is a
veteran diamond firm in the local diamond industry.
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
lack of financial data, 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%)