MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
MULTI-NATIONAL DIAMONDS 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 : |
01.06.1995 |
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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
MULTI-NATIONAL
DIAMONDS LTD.
Telephone 972 3 612 05 90
Fax 972
3 752 01 19
1 Jabotinsky
Street
Diamond Exchange,
Maccabi Bldg.
RAMAT GAN 52520 ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-215765-2 on the 01.06.1995.
Originally
registered under the name RINGER & INFELD LTD., which changed to the
present name on the 19.08.1997.
SHARE CAPITAL
Authorized share
capital of NIS 27,100.00 divided into: 27,100 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Mark Shreiber.
SOLE DIRECTOR AND GENERAL MANAGER
Mark Shreiber, a Belgian citizen.
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
85% of sales are
for export.
Among clients:
E.F.D. DIAMONDS, ESPEKA DIAMONDS, etc.
Purchasing is from
both local and foreign suppliers.
Among local
diamond suppliers: LEO SCHACHTER DIAMONDS, MOSHE NAMDAR & CO., etc.
Operating from
rented offices, on an area of 60 sq. meters, in 1 Jabotinsky Street, Diamond
Exchange, Maccabi Building (3rd floor, Room 335), Ramat Gan.
Having 10
employees.
MEANS
Current stock is
valued at US$ 10,000,000.
Other financial
data not forthcoming.
There is 1
floating charge for an unlimited amount registered on the company's assets, in
favor of Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
2005 sales claimed
to be US$ 27,000,000.
2006 sales claimed
to be US$ 32,000,000.
2007 sales claimed
to be US$ 45,000,000.
BANKERS
Mizrahi Tefahot
Bank Ltd., Diamond Business Center Branch (No. 466), Ramat Gan, account No.
158710.
A check with the Central Banks' database did not reveal negative
information on subject’s a/m bank 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%).
The USA is the
main market for Israel’s export of cut diamonds. The secondary markets are
Switzerland, Belgium, U.K 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%)