MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
YACHDAV DIAMONDS LTD. |
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Registered Office : |
1 Jabotinsky
Street Diamond Exchange, Maccabi Bldg. Ramat GAN 52505 |
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Country : |
Israel |
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Date of Incorporation : |
1979 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, Exporters 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
YACHDAV DIAMONDS
LTD.
Telephone 972 3 752 17 34
Fax 972 3 752 17 35
1 Jabotinsky
Street
Diamond Exchange,
Maccabi Bldg.
RAMAT GAN 52505 ISRAEL
HISTORY
Originally
established in 1979 as a non-registered business under the style of JACOB YACHDAV.
Converted into a
private limited company under the present style and registered as such as per
file No. 51-108773-6 on the 20.10.1985.
SHARE CAPITAL
Authorized share
capital NIS 100.00, divided into -10,000 ordinary shares of NIS 0.01 each, fully
issued.
SHAREHOLDERS
1. Jacob Yachdav, 80%,
2. Mrs. Einav Yachdav, 20%, daughter of Jacob,
3. Mrs. Judith Yachdav, holding 1 single
share, wife of Jacob.
DIRECTORS
1. Jacob Yachdav, General Manager,
2.
Mrs. Einav Yachdav,
3.
Mrs. Judith Yachdav.
BUSINESS
Traders,
importers, exporters and marketers of polished diamonds.
Some 10% of sales
are for export.
Among local
clients: AVI PAZ, MOSHE SCHNITZER & CO DIAMONDS, POLIGYM, etc.
Among local
suppliers: AVI PAZ, etc.
Operating from rented
office premises, in 1 Jabotinsky Street, Diamond Exchange, Maccabi Building
(15th floor, Room #48), Ramat Gan
Having 2 employees
(including General Manager).
MEANS
Financial data not
forthcoming.
There are 2
charges for unlimited amounts registered on the company’s assets (financial
assets), in favor of Union Bank of Israel Ltd. and Bank Leumi LeIsrael Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
OTHER COMPANIES
NOFAR YACHDAV REAL
ESTATE LTD., real estate.
BANKERS
Union Bank of Israel
Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s owner and General Manager, Mr.
Yachdav, refused to disclose financial details on his 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
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%)