MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TALNIR DIAMONDS LTD. |
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Registered Office : |
1 Jabotinsky Street, Diamond Exchange, Maccabi Building Ramat GAN
52520 |
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Country : |
Israel |
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Date of Incorporation : |
15.3.1993 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, Exporters and Marketers of Diamonds, Dealing in
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 Complains |
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Litigation : |
Clear |
name & address
TALNIR DIAMONDS
LTD.
Telephone 972 3 575 90 66
Fax 972
3 575 90 69
1 Jabotinsky
Street
Diamond Exchange,
Maccabi Building
RAMAT GAN 52520 ISRAEL
HISTORY
A private limited company,
incorporated as per file No. 51-179223-6 on the 15.3.1993.
Shareholders
originally operated in a company established in 1983, called ROTEM DIAMONDS
LTD.
SHARE CAPITAL
Authorized share
capital NIS 21,400.00 divided into -
21,400
ordinary shares of NIS 1.00 each,
of which shares
amounting to NIS 200.00 were issued.
SHAREHOLDERS
1. Eitan Rotem -
95%,
2. Ms. Liora Rotem - 5%.
SOLE DIRECTOR & GENERAL
MANAGER
Eitan Rotem, born
in 1952.
BUSINESS
Traders,
importers, exporters and marketers of diamonds, dealing in polished diamonds.
50% of sales are
for export.
(Note: subject is
not a diamond processor as in the past, only dealers)
Operating from
rented office premises, on an area of 60 sq. meters, in 1 Jabotinsky Street,
Diamond Exchange, Maccabi Building (5th Floor, Suit # 37), Ramat Gan
(to where they move from adjacent 3 Jabotinsky Street (Building Shimson, 12th
Floor).
Having 3 employees
(including General Manager).
MEANS
Financial data not
forthcoming.
There are 4 charges
for unlimited amounts registered on the company’s assets, in favor of Israel
Discount Bank Ltd. and Union Bank of Israel Ltd.
ANNUAL SALES
1997 sales claimed
to be US$ 30,000,000, of which US$ 20,000,000 were for export.
Later figures not
forthcoming.
BANKERS
Israel Discount
Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s
officials refused to disclose financial data.
Subject is a
veteran company in the local diamonds industry and enjoys a good reputation in
the branch.
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%)