MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
AVI PAZ FANCY LTD. |
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Formerly Known as : |
CATLAV DIAMONDS LTD |
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Registered Office : |
P.O. Box 3185, Ramat Gan (52131), 1 Jabotinsky Street,
Diamond Exchange, Maccabi Bldg, Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
12.10.1993 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Polishers, Importers, Marketers and Exporters of Fancy
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
AVI PAZ FANCY LTD.
Telephone 972 3 575 10 69
Fax 972 3 575 07 63
P.O. Box 3185, Ramat Gan (52131)
1 Jabotinsky Street
Diamond Exchange, Maccabi Bldg.
RAMAT GAN 52520 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-186405-0 on the 12.10.1993 (originally
registered under the name CATLAV DIAMONDS LTD., and changed name on
04.11.1993).
Subject is
continuing activities of diamond business originally founded by Avi Paz in the
1970s (including AVI PAZ DIAMONDS & CO., a general partnership).
SHARE CAPITAL
Authorized share
capital of NIS 20,000.00 divided into -
19,000 ordinary
shares,
1,000 management
shares, all of NIS 1.00 each,
of which shares
amounting to NIS 200.00 were issued.
SHAREHOLDERS
1. Avi Paz, 76%,
2. Yoav Paz, 24%.
DIRECTORS
1.
Avi Paz, General Manager, born 1946,
2.
Yoav Paz.
BUSINESS
Traders,
polishers, importers, marketers and exporters of fancy diamonds.
Most sales are for
export.
Operating from
owned premises, in 1 Jabotinsky Street, Diamond Exchange, Maccabi Building (8th
floor, room #838), Ramat Gan. Also operating from branches in the Belgium,
Switzerland, U.S.A. and other countries.
Number of
employees not forthcoming, believed to be over 10.
MEANS
Financial data not
forthcoming.
There are 3 charges for unlimited amounts
registered on the company's assets, in favor of Israel Discount Bank Ltd.
ANNUAL SALES
2005 sales for
export reported to be US$ 25,000,000.
Later sales
figures not forthcoming.
OTHER COMPANIES
Mr. Avi Paz has
holdings in other companies.
AVI PAZ FANCY (HK)
LIMITED.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange
Branch (No. 080), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject's
officials refused to disclose any details on their company.
Avi Paz is a prominent
veteran diamantaire, well-known in the local industry.
In April 2005, Avi
Paz was elected President of the Israel Diamond Exchange, a prestigious post in
which he serves to-date. He also serves as a Vice President of the World
Federation of Diamond Bourses (WFDB)
Local diamond
companies are facing a depression in business in general in recent months due
to the recession in the U.S. markets. 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 the first half
of 2008, there was an increase trend in all money parameters of import and
export: export of cut diamonds (net) from Israel rose by 6% comparing to
parallel period in 2007, reaching US$ 3.8 billion (though carat value fell by
17%). Export of rough diamonds (net) from Israel also increased by 26% to US$
2.19 billion (2.5% fall in carat value).
Import of rough
diamonds (net) rose 15% in the first half of 2008 (from 2007) to US$ 2.77
billion (though carat value fell by 11%), while import of cut diamonds (net) also
increased in 2008 by 19.5% reaching US$ 2.35 billion (carat value rose by
2.3%).
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 Hong Kong,
Switzerland, Belgium, U.K, and India.
SUMMARY
Notwithstanding
the refusal to disclose data, considered good for trade engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.80.26 |
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Euro |
1 |
Rs.63.08 |
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%)