MIRA INFORM REPORT
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Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MULTI-NATIONAL DIAMONDS LTD. |
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Formerly Known As : |
RINGER & INFELD LTD |
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Registered Office : |
21 Tuval Street, Diamond Exchange, Yahalom Bldg., Ramat Gan 52522 |
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Country : |
Israel |
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Date of Incorporation : |
01.06.1995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders,
Importers, Exporters and Marketers of diamonds |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Israel |
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 & address
MULTI-NATIONAL DIAM
Telephone 972 3 612 05 90
Fax 972 3 752 01 19
21 Tuval Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN-52522 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-215765-2 on the 01.06.1995.
Originally
registered under the name RINGER & INFELD LTD., which changed to the
present name on the 19.08.1997.
SHARE CAPITAL
Authorized share
capital of NIS 27,100.00, divided into:
27,100 ordinary shares of NIS
1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Mark Shreiber.
SOLE DIRECTOR AND GENERAL MANAGER
Mark Shreiber, a Bel
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
Some 85% of sales
are for export.
Among clients:
E.F.D. DIAM
Purchasing is from
both local and foreign suppliers.
Among local
diamond suppliers: LEO SCHACHTER DIAM
Operating from
rented offices, on an area of 60 sq. meters, in 21 Tuval Street (also referred
to as 54 Bezalel Street), Diamond Exchange, Yahalom Building (31st
floor), Ramat Gan (to where subject moved from 1 Jabotinsky Street, Diamond
Exchange, Maccabi Building, Ramat Gan).
Having 10
employees, as of 2010 (same as in 2008).
MEANS
Stock was valued
at US$
Later and other
financial data not forthcoming.
There
ANNUAL SALES
2005 sales claimed
to be US$ 27,000,000.
2006 sales claimed
to be US$ 32,000,000.
2007 sales claimed
to be US$ 45,000,000.
2008 sales claimed
to be US$ 45,000,000, of which 85% for export.
Subject's General
Manager informed us that 2009 sales were less than of 2008, though exact figure
were not disclosed. 85% of sales were for export.
Later sales
figures not forthcoming.
BANKERS
Mizrahi Tefahot
Bank Ltd., Diamond Business Center Branch (No. 466), Ramat Gan, account No.
158710.
A check with the Central Banks' database did not reveal negative information
on subject’s a/m bank account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
So far subject's general Manager refused to update any data. He asked us to
send him an email with our request – which we did – and they will consider our request.
In case he returns to us with further data, we will update you accordingly.
During 2010 and
2011 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
In the 1st
quarter of 2011, 45.7% increase was noted comparing to the parallel period in
2010 with export of polished diamonds of US$2,123 million. Export of rough
diamonds also noted 39.6% rise, reaching US$ 1,158 million.
Import of rough
diamonds (net) in 2010 grew by 51% to US$ 3,755 million (30% rise in karat
terms) compared with 2009, and by 24.9% in 2011 1stQ (compared to
2010 1stQ), summing up to US$1,144 million. Import of polished diamonds (net)
saw 68% rise in 2010 reaching US$ 4,218 million (39% rise in karat terms), and
48.5% rise in 2011 1stQ (US$
1,234 million).
In terms of target
export (polished diamonds) countries, overall in 2010 the USA returned to be
main destination, with 41% of total export (45% in 2011 1stQ). 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 2010 and early 2011, export to Hong Kong comprised around 26% of sales.
Other main target countries include Belgium, India, Switzerland and China.
In February 2009,
Israel was ranked as the world’s largest exporter of cut diamonds, followed by
India, Belgium and South Africa.
SUMMARY
Notwithstanding
the lack of updated data from subject's General Manager, 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.44.85 |
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UK Pound |
1 |
Rs.73.29 |
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Euro |
1 |
Rs.64.89 |
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.