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Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MULTI-NATIONAL DIAM |
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Formerly Known As : |
RINGER & INFELD LTD |
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Registered Office : |
21 Tuval Street Diamond Exchange, Yahalom Bldg. Ramat Gan 5252220 |
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Country : |
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Date of Incorporation : |
01.06.1995. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, importers, exporters and marketers of diamonds. |
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No. of Employees : |
10 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
Source : CIA
* Note: In your original enquiry you wrote in the Ref. No.
851192012, however in your "Pending Orders List" reminder you wrote
Ref. 193773 (which we assume is the correct ref. no.)
MULTI-NATIONAL DIAM
Telephone 972 3 612 05 90
Fax 972 3 752 01 19
Diamond Exchange, Yahalom Bldg.
A private limited
company, incorporated as per file No. 51-215765-2 on the 01.06.1995.
Originally registered
under the name RINGER & INFELD LTD., which changed to the present name on
the 19.08.1997.
Authorized share
capital of
27,100 ordinary shares of
of which 100
shares amounting to
Subject is fully owned by Marc Schreiber.
Marc Schreiber, a Bel
Traders,
importers, exporters and marketers of diamonds.
Some 85% of sales
are for export.
Among clients:
E.F.D. DIAM
Purchasing is from
both local and foreign suppliers.
Among local
diamond suppliers: LEO SCHACHTER DIAM
Operating from
rented offices, on an area of 60 sq. meters, in 21 Tuval Street (also referred
to as 54 Bezalel Street), Diamond Exchange, Yahalom Building (31st
floor),
Having 10
employees as of 2010 (same as in 2008). Current number of employees
unavailable.
Stock was valued
at US$
Later and other
financial data not forthcoming.
There are 2
charges for unlimited amounts registered on the company's assets, in favor of
Mizrahi Tefahot Bank Ltd.
2005 sales claimed
to be US$ 27,000,000.
2006 sales claimed
to be US$ 32,000,000.
2007 sales claimed
to be US$ 45,000,000.
2008 sales claimed
to be US$ 45,000,000, of which 85% for export.
Subject's General Manager
informed us that 2009 sales were less than of 2008, though exact figure were
not disclosed. 85% of sales were for export.
Later sales
figures not forthcoming.
Mizrahi Tefahot
Bank Ltd., Diamond Business Center Branch (No. 466),
A check with the Central Banks' database did not reveal negative
information on subject’s a/m bank account.
Nothing
unfavorable learned.
We are informed that subject's General Manager, Mr. Marc Schreiber, the only authorized person to disclose details on the company, is
presently in an exhibition overseas. He is expected to return in about two
weeks' time. We shall call him upon his return and update you in case he will
be willing to disclose new details. In our previous attempt in 2011 he refused
to update any data.
An affair of an
underground bank has been shocking the local diamond branch in these days,
after in late January 2012 Police raided the Diamond Exchange (after a long
undercover operation, in cooperation with the Exchange officials), arrested
several individuals for investigation and blocked several bank accounts (which
led to a chain reaction of not respecting checks of dealers). The Police
suspect that a group of people, including diamond dealers, run an illegal bank
in the Diamond Exchange compound for loans, money transfer abroad and exchange
in volume of
In early March
2012 the Police announced it suspends the investigation of further suspects for
the time being. This move is a result of the big pressure from the diamond
branch (to stop the continuing damage inflicted) and the Government (who is
losing US$ hundred millions from decrease in tax collection).
The Supervisor of
Diamonds at the Ministry of Industry, Trade & Labor published the diamond's
sector import-export data for the 1st half of 2012, which reveals a
19% fall in net sale of cut diamonds, and a fear of another deep crisis in the branch.
The sector recovered in 2010 and mainly in 2011 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 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%.
In 2011 the local
diamond sector recorded US$ 7,202 million in net sales of cut diamonds, 23.5%
higher than in 2010. This was thanks to the strong first 2 thirds of 2011,
which were stalled in the last third, reflecting the fragile global economy and
fear of another recession wave in
Net export of rough
diamonds in 2011 also climbed almost 15%, reaching US$ 3,515 million (fell
almost 29% in karat terms).
Net import of cut
diamonds in 2011 summed up to US$ 5,682 million, representing 34.7% increase
comparing to 2010 (18% rise in karat terms), while net import of rough diamonds
rose by 17.5% from 2010, totaling US$ 4,413 million (11% fall in karat terms).
In the 1st half of 2012, export (net) of cut diamonds was US$
3,264 million, down 18.9% from the 1st half of 2011, and rough
diamonds export (net) reached
US$ 1,516 million, a 33% decrease. Import of rough diamonds (net) in the 1st
half of 2012 were down 19.3% to US$ 1,993 million compared with the parallel
period in 2011, while import of polished diamonds (net) saw 21.7% fall reaching
US$ 2,201 million.
In terms of target
export (polished diamonds) countries, in 2011 the
According to the
President of the Israeli Diamonds Association, in 2010 the trade in the local
diamond 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
Local diamond
sector employs some 20,000 persons.
In February 2009,
Notwithstanding
the lack of updated data from subject's General Manager, considered good for
trade engagements.
DIAMOND INDUSTRY –
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From time immemorial,
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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
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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
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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 |
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US Dollar |
1 |
Rs.53.29 |
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1 |
Rs.86.43 |
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Euro |
1 |
Rs.68.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.