MIRA INFORM REPORT
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Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
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Name : |
WORLD DIAMOND GROUP TLV LTD. |
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Registered Office : |
54 Bezalel Street, Diamond Exchange, Yahalom Bldg., Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
24.08.2009 |
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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 : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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
WORLD DIAMOND GROUP TLV LTD.
Telephone 972 3 613 33 53
Cellular 972 54 345 15 45
Fax 972 3 613 33 53
54 Bezalel Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN-52521 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-431472-3 on the 24.08.2009.
Note:
"TLV" is subject's name stands for "Tel Aviv" (as it is
registered in the Hebrew style).
SHARE CAPITAL
Authorized share
capital of NIS 10,000.00, divided into:
10,000 ordinary shares of NIS
1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Raphael (Rafi) Birenbaum.
SOLE DIRECTOR AND GENERAL MANAGER
Raphael (Rafi) Birenbaum.
BUSINESS
Traders,
importers, exporters and marketers of diamonds.
Operating from
offices, in 54 Bezalel Street (also referred to as 21 Tuval Street), Diamond
Exchange, Yahalom Building, Ramat Gan.
Number of
employees not forthcoming, believed to be few.
MEANS
Financial data
not forthcoming.
There are no
charges registered on the company's assets.
REVENUES
Sales figures not
forthcoming.
BANKERS
Bank data not forthcoming.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
So far subject's owner General Manager refused to disclose any data. He
said he is abroad and we should contact him next week. We shall update you
after we get to speak with Mr. Birenbaum.
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
For the time
being, dealings are recommended on a secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.68 |
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UK Pound |
1 |
Rs.73.05 |
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Euro |
1 |
Rs.64.29 |
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.