MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
noga diamonds ltd. |
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Formerly Known As : |
DAYAGEM LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
03.04.2001 |
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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 |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
company
Name and address
NOGA DIAM
Telephone 972 3 751 85 42; 77 437 17 55
Fax 972 3 612 69 75
Diamond Exchange, Yahalom Bldg.
RAMAT GAN-52521 ISRAEL
HISTORY
AND LEGAL FORMATION
A private limited company, incorporated as per file No. 51-309873-1 on
the 03.04.2001.
Originally registered under the name DAYAGEM LTD., which changed to the present
name on the 26.11.2003.
SHARE
CAPITAL
Authorized share capital
30,000 ordinary shares of
of which 100
shares amounting
SHAREHOLDERS
Subject is fully
owned by Doron Faniri.
SOLE
DIRECTOR & GENERAL MANAGER
Doron Faniri, born
1975.
BUSINESS
Traders,
importers, exporters and marketers of polished diamonds.
80% of sales are
for export.
Amongst local
clientele: H.S. ZAMIR, NOVEL COLLECTION, P.D.D., etc.
Among local suppliers:
P.D.D., POLIGEM, Y
Operating from
office premises, owned by the shareholders, on an area of 15 sq. meters, in
Having 3
employees, including General Manager (same as in previous years).
MEANS
Financial data not
forthcoming.
The property owned
by Doron Faniri in the Diamond Exchange, Yahalom Bulding (where subject is
operating from), was valued US$
There are 2
floating charges for unlimited amounts registered on the company's assets
(financial assets), in favor of Mizrahi Tefahot Bank Ltd.
ANNUAL
SALES
2006 sales claimed
to be US$ 30,000,000, of which 75% were for export.
2007 sales claimed
to be US$ 30,000,000, of which 75% were for export.
2008 sales claimed
to be US$ 30,000,000, of which 75% were for export.
2009 sales claimed
to be US$ 30,000,000, of which 75% were for export.
2010 first 6
months sales claimed to be US$ 15,000,000, of which 75%-80% were for export.
Subject's General
Manager informed us that 2010 sales ware not less than 2009, with 80% export.
Exact figure not forthcoming.
OTHER
COMPANIES
INDIGO DIAM
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Business
Center Branch (No. 466),
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
CHARACTER
AND REPUTATION
Nothing
unfavorable learned.
Doron Faniri
started to deal in the diamond business since mid 1990s, and in 2001
established his own firm.
During 2010 local diamond
companies have been recovering from one of the worst depressions in the global
diamond sector due to the severe economic crisis in global markets that erupted
in September 2008. The diamond sector experienced almost an entire freeze and
collapse in sales of about 70% in the peak of the crisis and 2009 export
diamonds shrank by some 40%. Only since mid
According to the
President of the Israeli Diamonds Association, local diamond sector in general
managed to cross the crisis, despite the sheer difficulties, including the fact
that local banks contracted credit given to local diamond firms. The President
said that trade in the sector rolls annual turnover of US$ 25 billion while
total debt to the banks stands on US$ 1.5 billion, down from US$ 2.4 billion in
the eve of the crisis. The Ministry for Industry & Trade also assisted the
local diamond exporters by providing bank guarantees in total scope of
Overall in 2010,
export (net) of polished diamonds was US$ 5,832 million, representing 48%
increase from 2009 (when it noted 37% decrease from 2008, also much less than
Import of rough
diamonds (net) in 2010 grew by 51% to US$ 3,755 million (30% rise in karat
terms), compared with 2009, while import of polished diamonds (net) saw 68%
rise reaching US$ 4,218 million (39% rise in karat terms).
In terms of target
export (polished diamonds) countries, overall in 2010 the
In February 2009,
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.44.52 |
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1 |
Rs.72.72 |
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Euro |
1 |
Rs.64.41 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.