MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELIBA DIAMONDS LTD. |
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Registered Office : |
P.O. Box 508, Ramat Gan (52105) 54 Bezalel Street (also referred as 21
Tuval Street) Diamond Exchange, Yahalom Building Ramat GAN 52521 |
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Country : |
Israel |
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Date of Incorporation : |
14.07.2004. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealers, Importers 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
ELIBA DIAMONDS
LTD.
Telephone 972 3 613 19 91
Fax 972
3 613 19 93
P.O. Box 508, Ramat Gan (52105)
54 Bezalel Street
(also referred as 21 Tuval Street)
Diamond Exchange, Yahalom Building
RAMAT GAN 52521
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-356654-7 on the 14.07.2004.
Activities begun
in July 2005.
SHARE CAPITAL
Authorized share
capital of NIS 10,000.00 divided into:-10,000 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Shavit Eliba.
SOLE DIRECTOR & GENERAL
MANAGER
Shavit Eliba.
BUSINESS
Dealers, importers
and marketers of polished diamonds.
Some 75% of sales
are for export.
Purchasing is both
from import and local suppliers.
Operating from
rented office premises, on an area of 50 sq. meters, in 54 Bezalel Street
(street name is also referred to as 21 Tuval Street), Diamond Exchange, Yahalom
Building (11th Floor, Room #1176), Ramat Gan.
Having 2 employees
(same as in previous years).
MEANS
Financial data not
forthcoming.
There are no
charges registered on the company's assets.
ANNUAL SALES
July – December
2005 sales claimed to be US$ 3,000,000, 90% for export.
2006 sales claimed
to be US$ 7,000,000, 90% were for export.
2007sales claimed
to be US$ 11,000,000, 75% were for export.
BANKERS
The First International Bank of Israel Ltd., Diamond Exchange Branch
(No. 026), Ramat Gan, account No. 134988.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
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.
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%).
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 recession
in the U.S. markets. However, in yearly aspect, sales are still higher than
2007.
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.
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%)