MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GIL KLONSKY DIAMONDS LTD. |
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Registered Office : |
1 Jabotinsky Street, Diamond Exchange, Maccabi Tower, Ramat Gan 52520 |
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Country : |
Israel |
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Date of Incorporation : |
31.7.2003 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processors, International Traders (Buying and Selling) and Exporters
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
GIL KLONSKY
DIAMONDS LTD.
Telephone 972 3 575 98 35; 575
49 48
Fax 972 3 575 58 08
1 Jabotinsky
Street
Diamond Exchange,
Maccabi Tower
RAMAT GAN 52520 ISRAEL
HISTORY
A private limited company,
incorporated as per file No. 51-343976-0 on the 31.7.2003.
Subject is
continuing part of the business activities of K.R. DIAMONDS LTD., a private
limited company established in 1990, by subject’s owner, Gil Klonsky, and
partners. The company’s partners decided to split their activities, each
partner establishing his own company, while K.R. DIAMONDS LTD. ceased
activities.
SHARE CAPITAL
Authorized share
capital of NIS 200.00 divided into:
100 ordinary
shares, of NIS 1.00 each,
2 management shares,
of NIS 50.00 each, fully issued.
SHAREHOLDERS
Subject is fully owned by Gilad (Gil) Klonsky
SOLE DIRECTOR & GENERAL
MANAGER
Gilad (Gil) Klonsky
BUSINESS
Processors,
international traders (buying and selling) and exporters of diamonds.
90% of sales are
for export.
Among service
suppliers: AMIR SMALL BUSINESS SOLUTIONS (financial software solutions).
Operating from
rented office premises, on an area of 60 sq. meters, in 1 Jabotinsky Street,
Diamond Exchange, Maccabi Tower (17th floor, room No. 32), Ramat
Gan.
Having 5
employees.
MEANS
Financial data not
forthcoming.
There are no
charges registered on the company's assets.
ANNUAL SALES
Sales figures not
forthcoming.
OTHER COMPANIES
GIL KLONSKY -
PURCHASING LTD., non-active.
K.R. DIAMONDS LTD., non-active.
BANKERS
Mizrahi Tefahot
Bank Ltd., Diamond Business Center Branch (No. 466), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's owner and
General Manager, Gil Klonsky, refused to disclose financial data on his
company.
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.
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 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.45.44 |
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UK Pound |
1 |
Rs.79.62 |
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Euro |
1 |
Rs.63.48 |
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%)