MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
ULTRA GEMS ISRAEL LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.11.1993 |
|
|
|
|
Legal Form : |
A Private Limited Company |
|
|
|
|
Line of Business : |
Importers, Exporters, Processors And Marketers of Small
Diamond Stones |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
ULTRA
GEMS ISRAEL LTD.
Telephone 972 3 613 64 80
Fax 972 3 613 34 65
3 Jabotinsky Street, Diamond
Exchange, Shimshon Building, RAMAT GAN-52520, ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No.
51-187583-3 on the 08.11.1993.
SHARE CAPITAL
Authorized share capital of NIS 19,800.00 divided into:
19,800 ordinary shares of NIS 1.00 each, of which 100 shares
amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Zeev Katz.
We are informed that Benjamin Muller, who used to fully own
subject, exited from the company (according to our data in January 2011). Mr.
Katz was subject’s deputy General Manager prior to taking over subject.
SOLE DIRECTOR
Benjamin Muller (of New York, USA) is still registered as
subject’s sole director, but we assume this may change.
GENERAL MANAGER
Zeev Katz.
BUSINESS
Importers, exporters, processors and marketers of small
diamond stones.
Most of sales are for export.
Operating from office premises, in
Had 8 employees in 2007, current number not forthcoming.
MEANS
Financial data not forthcoming.
There are 3 fixed charges for unlimited amounts registered
on the company's assets, in favor of Bank Leumi Le’Israel Ltd. (all charges are
from 1995).
ANNUAL SALES
Sales figures not forthcoming.
BANKERS
Bank Leumi Le'Israel Ltd., Diamond Exchange Branch (No.
629), Ramat Gan.
Note: So far we could not confirm a/m bank details, which
may have changed due to change in ownership.
CHARACTER AND REPUTATION
Nothing unfavorable learnt.
Subject's owner and General Manager, Zeev Katz, is presently
abroad. He is due to return in two weeks time, so we shall contact him upon his
return and in case he provides us with new data, we will update you
accordingly. In the previous conversations, he refused to disclose data.
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 NIS 1 billion.
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 USA returned to be main destination, with 41% of total
export. This comes after earlier in 2010, for the first time Far East markets
became Israel’s diamond industry’s main target, with sales to Hong Kong being
close to these of the USA, to whom sales decreased dramatically in view of the
severe economic crisis (traditionally sales to the USA comprised some 60%-65%
of total export). In all 2010, export to Hong Kong comprised 25.5% of sales.
Other target countries included India (4.5%), Switzerland (4%) and China (3%).
In February 2009, Israel was ranked as the world’s largest
exporter of cut diamonds, followed by India, Belgium and South Africa.
SUMMARY
Considering the lack of data from subject’s officials,
dealings are recommended on a secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.