MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ERIC GELLER DIAMONDS LTD. |
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Formerly Known as : |
GELLER - PROTHEA DIAMONDS LTD |
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Registered Office : |
P.O. Box 3201, 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 : |
21.12.1999 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, 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
ERIC GELLER DIAMONDS LTD.
Telephone 972 3 613 18 86
Fax 972 3 613 14 55
P.O. Box 3201,
Ramat Gan (52131)
3 Jabotinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 52520
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-287360-5 on the 21.12.1999.
Originally
registered under the name GELLER - PROTHEA DIAMONDS LTD., which changed to the
present name on 13.8.2001.
SHARE CAPITAL
Authorized share
capital of NIS 38,100.00 divided into:
38,100 ordinary
shares of NIS 0.00 each,
of which shares amounting to NIS 100.00
were issued.
SHAREHOLDERS
Subject is fully owned by Arie Geller.
DIRECTORS
1. Arie Geller, General Manager, born 1967,
2. Ms. Nirit Geller.
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
90% of sales are
for export.
Most purchasing is
from import, chiefly from India.
Operating from
rented office premises, on an area of 40 sq. meters, in 3 Jabotinsky Street,
Diamond Exchange, Shimshon Bldg. (4th floor), Ramat Gan.
Having 8
employees (same as in 2006 and 2007).
MEANS
Financial data
not forthcoming.
There is 1 charge
for unlimited amount registered on the company's assets, in favor of Israel
Discount Bank Ltd.
ANNUAL SALES
2004 sales
claimed to be US$ 4,500,000, 90% for export.
2005 sales
claimed to be US$ 4,800,000, 90% for export.
2006 sales
claimed to be US$ 6,500,000, 90% for export.
2007 sales
claimed to be US$ 6,500,000, 90% for export.
First half of
2008 sales claimed to be US$ 3,300,000, 90% for export.
BANKERS
Israel Discount Bank Ltd., Diamonds Exchange Branch (No. 080), Ramat
Gan.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
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.43.34 |
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UK Pound |
1 |
Rs.86.53 |
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Euro |
1 |
Rs.68.54 |
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%)