MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
OFER NOFF DIAMONDS LTD |
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Formerly Known as : |
OFER NOFF DIAMONDS |
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Registered Office : |
21 Tuval Street, Diamond Exchange, Yahalom Bldg. Ramat GAN 52521 |
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Country : |
Israel |
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Date of Incorporation : |
2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers,
Marketers 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
OFER NOFF DIAMONDS LTD.
Telephone 972 3 674 77 96
Cellular 972 54 397 77 27
Fax 972 3 575 76 69
21 Tuval Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN 52521 ISRAEL
HISTORY & LEGAL FORMATION
Originally
established as a sole proprietorship in 2001, under the name OFER NOFF
DIAMONDS.
The business converted into a private limited company on the 01.01.2008,
though in a company which incorporated on the 19.03.2007as per file
No. 51-395534-4.
SHARE CAPITAL
Authorized share
capital NIS 50,000.00, divided into –50,000.00 ordinary shares of NIS 1.00
each,
of which shares
amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully
owned by Ofer Noff.
SOLE DIRECTOR & GENERAL
MANAGER
Ofer Noff, born
1970.
BUSINESS
Traders,
importers, marketers and exporters of diamonds.
85% of sales are
for export.
Operating from a rented
office, at the Gellem Hall, Yahalom Building, Diamond Exchange, 21 Tuval Street
(formerly 54 Bezalel Street), Ramat Gan.
Having 3 employees
(including subject's owner, his father and a third employee) (same as in 2007).
MEANS
Financial data not
forthcoming.
There are no
charges registered on the company's assets.
ANNUAL SALES
2007 sales claimed
to be US$ 20,000,000.
First 8 months of
2008 sales claimed to be US$ 15,000,000.
BANKERS
Mizrahi Tefahot Bank
Ltd., Diamonds Business Center Branch (No. 466), Ramat Gan, account No. 120683.
A check with the
Central Banks' database did not reveal anything detrimental on subject’s a/m
account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject owner,
Ofer Noff, refused to disclose financial details besides sales.
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
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%)