MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SAMROZ LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
30.08.2005 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealers in Diamonds, Processors, Importers and Exporters. |
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 : |
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
SAMROZ LTD.
Telephone 972 3 575 33 11
Fax 972
3 575 33 12
Diamond Exchange,
Maccabi Bldg.
HISTORY & LEGAL FORMATION
A private limited company,
incorporated as per file No. 51-372679-4 on the 30.08.2005.
Activities begun
on 01.01.2006.
The company is
continuing diamond business activities which started years beforehand in
several legal forms.
SHARE CAPITAL
Authorized share
capital of
10,000 ordinary shares of
SHAREHOLDERS
1. Henry K. Goldman, 50%,
2. Asher Yehuda Rosenbaum, 25%,
3. Ilan Samuel, 25%.
DIRECTORS
1. Asher Yehuda Rosenbaum, Joint General Manager,
2. Ilan Samuel, Joint General Manager,
3. Henry K. Goldman.
BUSINESS
Dealers in
diamonds, processors, importers and exporters.
Subject is
importing its own rough diamonds, itself and via owned subsidiaries control the
entire diamond process - from purchasing, production, cutting, polishing and
finishing to marketing.
Operating from
premises, in
Number of
employees not forthcoming, known to be several tens.
MEANS
Financial data not
forthcoming, known to be financially solid.
There are 2
charges for unlimited amounts registered on the company's assets, in favor of
Israel Discount Bank Ltd. and Mizrahi Tefahot Bank Ltd. (last charge placed in
August 2008)
ANNUAL SALES
According to the data published by the
Israel Supervisor on Diamonds in the Ministry of Industry & Trade, export
of polished diamonds by subject (actual overall sales presumed to be higher, as
there are local sales of polished diamonds and may have sales of rough diamonds
as well), were as follows:
2007 sales for export (net) were US$ 82,000,000.
2008 sales for export (net) were US$ 66,000,000.
2009 sales for export (net) were US$ 61,000,000.
Later sales figures unavailable.
OTHER COMPANIES
SAMUEL - ROSENBAUM
(1999) LTD., dealers in diamonds
SAMUEL ROSENBAUM
DIAM
SAMUEL ROSENBAUM
BERNSTEIN,
S.R DIAM
S.R.D DIAM
S.R.D DIAM
MACO TEAM LTD.
BANKERS
Mizrahi Tefahot Bank Ltd.,
Israel Discount Bank Ltd., Diamonds Exchange Branch (No. 080),
CHARACTER AND REPUTATION
In March 1998, it
was reported that Asher Rosenbaum and Ilan Samuel were arrested by the Tax
Authorities, following allegations of tax fraud. Both were released on bail.
In November 2004,
it was reported that both were arrested by the Tax Authorities again due to
allegations of tax fraud. Once again, they were released on bail.
We did not find
further data (indictments) on the above cases.
In November 2002,
it was reported that MACO TEAM LTD., a start up company in which Asher Rosenbaum
and Ilan Samuel were minority shareholders, ceased all activities following
unpaid debts.
Apart from the
above, nothing unfavorable learnt.
Subject’s officials refused to update any data.
Both Asher
Rosenbaum and Ilan Samuel are among the leading local diamonds dealers.
According to the
report published by the Israel Supervisor on Diamonds in the Ministry of
Industry and Trade, subject was ranked 8th in the 2009 list of
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
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
In February 2009,
SUMMARY
Notwithstanding the refusal to disclose data,
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.44.38 |
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1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.83 |
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.