MIRA
INFORM REPORT
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Report Date : |
22nd February, 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
S.E. BARBI DIAMONDS LTD. |
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Registered Office : |
54 Bezalel Street, Diamond Exchange, Yahalom Building, Ramat Gan 52521, Israel |
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Country : |
Israel |
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Date of Incorporation : |
24.05.1994 |
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Com. Reg. No.: |
51-197851-2 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, importers and exporters, dealing in all shapes and sizes of
diamonds, cutters and processors of rough 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 : |
Usually Correct |
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Litigation : |
Clear |
Correct Name
S.E. BARBI
DIAMONDS LTD.
(also trading as: BARBIDIAM)
Telephone 972 3 613
10 20
Fax 972 3
575 79 71
54 Bezalel Street
Diamond Exchange,
Yahalom Building
RAMAT GAN 52521
ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-197851-2 on the 24.5.1994, continuing
a business originally founded in 1980.
SHARE CAPITAL
Authorized share
capital of NIS 22,900.00 divided into: 22,900 ordinary shares, of NIS 1.00
each, of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Shimon
Barbi, 40%,
2. Eliyahu
Barbi, 40%,
3. Amos
Barbi, 20%.
DIRECTORS
1. Shimon
Barbi, General Manager,
2. Eliyahu
Barbi,
3. Amos
Barbi.
BUSINESS
Traders, importers
and exporters, dealing in all shapes and sizes of diamonds, cutters and
processors of rough diamonds.
Among clients: BHP
BILLITON.
Operating from
office premises, in 54 Bezalel Street, Diamond Exchange, Yahalom Building (16th
Floor, Room No. 75), Ramat Gan, and from offices in Antwerp, Belgium and in
Sydney, Australia.
Also operating diamond
polishing factories.
Having couple of
tens of employees.
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
Annual sales amount
to several tens of US$ millions, exact figures not forthcoming.
BANKERS
Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learnt.
Subject's shareholder and General Manager, Mr.
Shimon Barbi told us that he does not provide any data on his company.
Subject is a long
established family business, well known in the diamond branch and considered
relatively large.
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 (around 60%). The secondary
markets are Hong Kong (15%), Belgium (7%), Switzerland (5%) and the UK (2%).
SUMMARY
Notwithstanding
the refusal to disclose any details, 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%)
PRIVATE
& CONFIDENTIAL : This information is provided to you at
your request, you having employed MIPL for such purpose. You will use the
information as aid only in determining the propriety of giving credit and
generally as an aid to your business and for no other purpose. You will hold
the information in strict confidence, and shall not reveal it or make it known
to the subject persons, firms or corporations or to any other. MIPL does not
warrant the correctness of the information as you hold it free of any liability
whatsoever. You will be liable to and indemnify MIPL for any loss, damage or
expense, occasioned by your breach or non observance of any one, or more of
these conditions