MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAIDI Y.D. LTD. |
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Registered Office : |
1 Jabotinsky Street Diamond Exchange, Maccabi Bldg. RAMAT GAN 52520 |
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Country : |
Israel |
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Date of Incorporation : |
12.10.1997. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, importers, processors, 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
MAIDI Y.D. LTD.
Telephone 972 3 575 24 69
Fax 972 3 575 33 28
1 Jabotinsky
Street
Diamond Exchange,
Maccabi Bldg.
RAMAT GAN 52520
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-254112-9 on the 12.10.1997.
SHARE CAPITAL
Authorized share
capital of NIS 28,000.00 divided into:
28,000 ordinary
shares of NIS 1.00 each,
of which shares
amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Danny Maidi, 95%,
2. Rachamim Maidi, 5%, father of Danny.
SOLE DIRECTOR & GENERAL
MANAGER
Danny Maidi, born 1964.
BUSINESS
Traders,
importers, processors, exporters and marketers of diamonds.
70% of sales are
export.
Operating from
office premises, owned by the shareholders, in 1 Jabotinsky Street, Diamond Exchange,
Maccabi Building (12th floor), Ramat Gan, and from branch offices in
New York, U.S.A.
Having 14
employees, of which 4 in Israel and 10 employees in the U.S.A.
MEANS
Financial data not
forthcoming.
There are 2 charge for an unlimited amount registered on the company's
assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.
Bank Leumi LeIsrael Ltd., Diamond Exchange Branch (No. 629), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s General Manager refused to
disclose financial data on his firm.
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.
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%)