MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
K.E.S.Y DIAMONDS |
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Registered Office : |
3 Jabotinsky Street, Diamond Exchange, Shimshon Bldg., RAMAT GAN 52520 |
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Country : |
Israel |
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Date of Incorporation : |
27.02.2007 |
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Legal Form : |
General Partnership |
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Line of Business : |
Traders, Importers and Exporters of Diamonds. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name
& address
K.E.S.Y DIAMONDS
(Also trading as: YUVAL SOFFIYOF DIAMONDS LTD.*)
Telephone 972
3 575 13 24
Cellular 972 54 397 23 11
Fax 972 3 575
13 24
3 Jabotinsky
Street
Diamond Exchange,
Shimshon Bldg.
RAMAT GAN 52520 ISRAEL
HISTORY
A general
partnership, registered as per file No. 54-022653-7 on the 27.02.2007.
We learn that
subject is continuing (all or part) of the activities of at least one of the
partners, Yuval Soffiyof, who operated as a sole proprietorship earlier.
*Note: With regard to the additional trade name used by subject "YUVAL
SOFFIYOF DIAMONDS LTD.", we did not find a company in the Registrar of
Companies under that style (or similar).
PARTNERS
1. Yuval Soffiyof,
2. Eliezer Kayakov.
GENERAL
MANAGER
Yuval Soffiyof, born 1966.
BUSINESS
Traders, importers and exporters of diamonds.
Operating from
office premises in 3 Jabotinsky Street, Diamonds Exchange, Shimshon Building (7th
floor, Room 705), Ramat Gan.
Number of employee
not forthcoming, though believed to be few.
MEANS
Financial data not forthcoming.
ANNUAL
SALES
Sales figures not forthcoming.
BANKERS
Bank data not forthcoming.
CHARACTER AND REPUTATION
Nothing unfavorable
learned.
Subject's partner and General Manager, Mr.
Yuval Soffiyof, refused categorically to disclose any data on his
business.
This appears to be
a relatively small business.
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
Being relatively
newly established, and considering the refusal to disclose any data, dealing
are recommended on a secure basis.
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%)