MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
BENDIACO LTD. |
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Registered Office : |
23 Tuval Street (Formerly 52 Bezalel
Street), Diamond Exchange, Noam Building, RAMAT GAN 52522 |
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Country : |
Israel |
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Date of Incorporation : |
17.11.1996. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers,
exporters and wholesalers in diamonds. |
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 : |
Regular |
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Litigation : |
Clear |
Correct Name &
address
BENDIACO LTD.
23 Tuval Street (formerly 52 Bezalel Street)
Diamond Exchange,
Noam Building
RAMAT GAN 52522 ISRAEL
Telephone 972 3 613
33 14
Fax 972
3 613 32 96
HISTORY
A private limited company,
incorporated as per file No. 51-239651-6 on the 17.11.1996.
SHARE CAPITAL
Authorized share
capital of NIS 17,600.00 divided into: 17,600 ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 118.00 were issued.
SHAREHOLDERS
1. Beni Schwalb, 50.85%,
2. Marc Schwalb, 33.90%, of
Belgium,
3. Hitash Shah, 15.25%, of
India.
SOLE DIRECTOR AND
GENERAL MANAGER
Beni Schwalb
BUSINESS
Importers,
exporters and wholesalers in diamonds.
Operating from offices
in 23 Tuval Street (formerly 52 Bezalel Street), Diamond Exchange, Noam
Building (2nd floor, room No. 12), Ramat Gan (to where they moved from the
Macabbi Building, Jabotinsky Street, two years ago).
Number of
employees not forthcoming, believed to be few.
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.
ANNUAL SALES
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 General Manager, Mr. Schwalb,
refused categorically to disclose any details on his company.
According to our research,
we came upon the name of SAMDIMON ISRAEL LTD., also dealers in diamonds in the
Diamond Exchange in Ramat Gan. It appears that subject has business connections
with SAMDIMON, however we were unable to determine the exact nature of
relationship.
According to a
report from November 2006, the diamonds branch is on the verge of a significant
recuperation after the deep crisis it got into, the worst one for decades,
which affected the profitability of Israeli diamond businesses. World sales
towards Thanksgiving Day grew by 10% comparing to 2005. That already led to a
rise in rough diamonds.
According to the
Ministry of Industry and Trade, the local diamonds branch managed to stabilize
the total volume of export of cut diamonds during 2006, a year that witnessed
many local and global challenges, and end in the same level as 2005. In rough
diamonds a decrease was noted, due to marketing motives, and as high prices
made the trade in rough diamonds less attractive.
Total (net) export
of cut diamonds from Israel in 2006 reached US$ 6.610 billion, a mere decrease
of 1.5% from 2005 (US$ 6.709 billion). Exports (net) of rough diamonds were US$
2.701 billion, a 23.2% decrease from 2005 (US$ 3.517 billion, which was a 20.6%
increase from 2004).
Import of rough diamonds
(net) also fell in 2006 by 11.4% (from 2005) to US$ 4.709 billion, while import
of cut diamonds (net) increased in 2006 by 3.3% reaching US$ 4.025 billion.
The USA is the main market for Israel’s export of cut diamonds (over 50%). The secondary markets are Hong Kong (around 20%), Belgium (around 10%), Switzerland and the UK.
During the first
quarter of 2007, import rough diamonds to Israel noted a 4.9% increase
comparing to the parallel period in 2006.
In the first
quarter of 2007, export (net) of cut diamonds fell by 2.1% comparing to the
parallel period in 2006 (main decrease in March), summing up to US$ 1.913
billion. In contrast, export of rough diamonds (net) witnessed an increase
comparing to 2006.
SUMMARY
Notwithstanding
the refusal to disclose data, considered good for trade engagements.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)