MIRA INFORM REPORT
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Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PARK DIAM ISR. LTD. |
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Registered Office : |
P.O. Box 456
(52103), 54 Bezalel Street, Diamond Exchange, Yahalom Bldg., Ramat Gan
52521 |
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Country : |
Israel |
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Date of Incorporation : |
14.02.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Processors,
Traders, Importers and Exporters 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 : |
Usually Correct |
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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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Israel |
a2 |
a2 |
|
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
PARK DIAM ISR. LTD.
Telephone 972 3 612 26 74; 613 15 70
Cellular 972 54 397 73 91
(of Mr. Tagra)
Fax 972 3 575 28 97
P.O. Box 456 (52103)
54 Bezalel Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN 52521 ISRAEL
HISTORY & LEGAL FORMATION
A private limited
company, incorporated as per file No. 51-228493-6 on the 14.02.1996.
SHARE CAPITAL
Authorized share
capital of NIS 28,000.00, divided into:
28,000 ordinary shares, of
NIS 1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. G.BAI VIRINIPANKA, 85%, a company from
India,
2. Nangi Bai Fatal, 15%, of India.
Note: a/m names are registered in Hebrew in the
Registrar of Companies and are translated into Latin, hence there may be
spelled differently.
DIRECTORS
1. Klisandra (Thagra) Thiagrajan, General
Manager,
2. G.BAI VIRINIPANKA, of India,
3. Nangi Bai Fatal, of India.
BUSINESS
Processors,
traders, importers and exporters of diamonds.
Operating from
rented offices, on an area of 60 sq. meters, in 54 Bezalel Street (also
referred to as 21 Tuval Street), Diamond Exchange, Yahalom Building (6th
Floor), Ramat Gan. Offices shared with an affiliated company THANGAM.
Having 1 employee
(same as in previous years).
MEANS
Financial data not
forthcoming.
There are 3
charges for unlimited amounts registered on the company's assets, in favor of
Israel Union Bank Ltd. and the State Bank of India.
REVENUES
Sales figures not
forthcoming.
OTHER COMPANIES
THANGAM LTD.,
affiliated company, incorporated 1987, traders, importers, exporters and
marketers of diamonds of all sorts. Operating from same premises as subject's.
BANKERS
Israel Union Bank
Ltd., Ramat Gan Branch (No. 062), Ramat Gan, account No. 63400/92.
A check with the
Central Banks’ database did not reveal any negative information regarding
subject’s a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's officials
refused to disclose financial data on their company.
According to our
sources, subject’s General Manager, Mr. Thagra Thiagrajan, enjoys good
reputation in the branch.
Affiliate THANGAM
LTD. shares telephone numbers and offices with subject. Subject’s officials
refused to relate to the exact affiliation, and we assume it is also a family
affiliation, via the Thiagrajan family, who owns THANGAM.
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
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
Notwithstanding
the refusal to disclose financial data, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.79 |
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UK Pound |
1 |
Rs.75.06 |
|
Euro |
1 |
Rs.65.35 |
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 |
|
<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.