MIRA INFORM REPORT

 

 

Report Date :

02.09.2011

 

IDENTIFICATION DETAILS

 

Name :

MY CLASS DIAMONDS LTD.

 

 

Registered Office :

1 Jabotinsky Street Diamond Exchange, Maccabi Bldg. Ramat Gan 5252  

 

 

Country :

Israel

 

 

Date of Incorporation :

06.02.2008

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturers, processors, importers, exporters, traders and marketers of diamonds (round and square).

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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      

 

MY CLASS DIAMONDS LTD.

Telephone                972 3 612 27 18

Cellular                    972 54 397 73 67

Fax                         972 3 612 27 17

1 Jabotinsky Street

Diamond Exchange, Maccabi Bldg.

RAMAT GAN            52520                    ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-409817-7 on the 06.02.2008.

Subject is continuing global diamond business activities of Tommy Moshkowitz founded over 10 years ago.

 

 

SHARE CAPITAL

 

Authorized share capital NIS 39,000.00, divided into -

                39,000 ordinary shares of NIS 1.00 each,

of which 500 shares amounting to NIS 500.00 were issued.

 

 

SHAREHOLDERS

 

1. Yehezkel Thomas Moshkowitz, 50%,

2. Ms. Elisheva Moshkowitz, 50%.

 

 

DIRECTORS

 

1. Yehezkel Thomas(Tommy) Moshkowitz, General Manager,

2. Ms. Elisheva Moshkowitz.

 

 

BUSINESS

 

Manufacturers, processors, importers, exporters, traders and marketers of diamonds (round and square).

 

Operating from office premises, in 1 Jabotinsky Street, Diamond Exchange, Maccabi Building (16th Floor), Ramat Gan.

 

Number of employees not forthcoming.

 

 

MEANS

 

Financial data not forthcoming.

 

There are 2 charges for unlimited amounts registered on the company's assets, in favor of Union Bank of Israel Ltd.

 

 

REVENUES

 

Sales figures not forthcoming.

 

 

BANKERS

 

Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

Subject's owner and general manager, Tommy Moshkowitz, refused to disclose any data.

 

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 2009 a mild recovery has been felt and continued throughout 2010, into 2011. In 2011 first half, a significant improvement was recorded, 40% higher than 2010 first half.

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 2007, a record year in polished diamonds export, with sales of US$ 7,076 million). In karat terms, net export of polished diamonds rose by 32%. Rough diamonds export (net) reached US$ 3,060 million, 62% up from 2009 and 36% increase in karat terms.

In the 1st half of 2011, 34% increase was noted comparing to the parallel period in 2010 with net export of polished diamonds of US$3,400 million. Export of rough diamonds also climbed almost 40%, reaching US$ 2,250 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 36.7% in 2011 1st half (compared to 2010), summing up to US$2,500 million. Import of polished diamonds (net) saw 68% rise in 2010 reaching US$ 4,218 million (39% rise in karat terms), and almost 50% rise  in 2011 1st half (US$ 2,800 million).

 

In terms of target export (polished diamonds) countries, overall in 2010 the USA returned to be main destination, with 41% of total export (48% in 2011 1st half). 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

 

Considering the refusal to disclose data at all, dealings are recommended on a secured basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.01

UK Pound

1

Rs.75.42

Euro

1

Rs.66.69

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.