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Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
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Name : |
AQUA CREATIONS LTD. |
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Formerly Known As : |
ALEBY & CO. LTD. |
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Registered Office : |
29 Ben Zvi Rd., Tel Aviv 6810310 |
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Country : |
Israel |
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Date of Incorporation : |
04.01.1994 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, exporters
and marketers of unique designed lighting fixtures, as well as furniture, of
very high end |
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No. of Employees : |
70 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Germany |
A1 |
A1 |
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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 |
AQUA CREATIONS LTD.
Telephone 972 3 515 12 22
Fax 972 3 515 12 23
29 Ben Zvi Rd.
TEL AVIV 6810310 ISRAEL
A private limited
company, incorporated as per file No. 51-191251-1 on the 04.01.1994.
Originally
registered under the name ALEBY & CO. LTD., which changed to the present
one on the 17.02.1997.
Authorized share
capital NIS 22,900.00, divided into:-
22,900 ordinary shares of NIS
1.00 each,
of which 211
shares amounting to NIS 211.00 were issued.
1. Albi Serfaty, 47.4%,
2. Ms. Ayala Serfaty,
wife of Albi, 47.4%,
3. Yuval Levi, 5.2%.
1. Albi Serfaty, General Manager,
2. Ms. Ayala Serfaty,
Designer.
Manufacturers, exporters
and marketers of unique designed lighting fixtures, as well as furniture, of
very high end.
Also carries out
lighting and furniture interior design projects.
99% of subject’s
sales are exports, worldwide.
Operating from
rented premises (offices, plant and warehouse), on an area of 6,000 sq. meters,
in 29 Ben Zvi Road, Tel Aviv.
Having 70
employees as of 2009, current number unavailable.
Financial data not
forthcoming.
There are 3
charges for an unlimited amounts registered on company’s assets (financial
assets and a vehicle), in favor of Bank Leumi Le’Israel Ltd. (last charge placed April 2010 on a
vehicle).
Sales figures not forthcoming.
AQUA CREATIONS
INC., a U.S. marketing subsidiary.
According to a report
from August 2008 subject has a subsidiary in Chinghai,
China.
Bank Leumi Le’Israel Ltd., Gordon Branch (No. 804), Tel Aviv.
Nothing
unfavorable learned.
Subject's General
Manager, Mr. Albi Serfaty,
the only authorized person to disclose data on subject is presently on vacation
and due back in two weeks time. We shall contact him upon his return and update
you accordingly.
Ms. Ayala Serfaty is a world renown designer of sculptural lighting
elements. Her (and subject’s) articles are presented in leading museums,
galleries and other public places around the world.
In July 2007, it
was reported that subject filed a request to the Court to prevent local leading
furniture chain ID Design, from selling subject’s lampshades in their stores,
as subject is the sole marketer of the designed lighting elements.
Notwithstanding the refusal to disclose
financial data, considered good for trade engagements.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible
only due to combination of the manufacturing skills of the Indian workforce and
the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery
industry in India today may be more than Rs 60000 mil
and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond
consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This
could be the biggest credibility crisis the Indian diamond industry has ever
faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat.
Until about two months ago, they had not repaid these dues. Bankers
believe many diamantaires borrowed money during the
economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
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UK Pound |
1 |
Rs.87.55 |
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Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.