MIRA
INFORM REPORT
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Report Date : |
14.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
BETA DIAMONDS
LIMITED |
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Formerly Known As : |
3 Jabotinsky Street, Diamonds Exchange,
Yahalom Tower, Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
07.01.1999 |
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Com. Reg. No.: |
51-272722-3 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Cutters,
processors, polishers, importers, exporters and traders of 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 |
Company name & Address
BETA DIAMONDS LTD.
3 Jabotinsky Street
Diamonds Exchange, Yahalom Tower
RAMAT
GAN 52521 ISRAEL
Telephone 972 3 751 40 50
Fax 972 3 751 40 51
HISTORY
A private limited company, incorporated as
per file No. 51-272722-3 on the 7.1.1999.
Subject was established by the u/m
shareholders after they separated from their previous company – DELTA DIAMONDS
LTD. (established in 1984) where they held 50%. Mr. Mendler and Mr. Mizrahi
left DELTA and established subject.
SHARE CAPITAL
Authorized share capital of NIS 34,300.00
divided into:
34,300 ordinary shares, of NIS 1.00 each, of
which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
1. Itzhak Mendler, 60%,
2. Aharon Mizrahi, 40%.
DIRECTORS
1. Itzhak Mendler, General Manager,
2. Aharon Mizrahi.
BUSINESS
Cutters, processors, polishers, importers,
exporters and traders of diamonds.
Operating from offices in 3 Jabotinsky
Street, Diamonds Exchange, Yahalom Tower (15th Floor, room No.
1571), Ramat Gan.
Having several tens of employees.
MEANS
Financial data not forthcoming, however
known to be financially solid.
There are 3 charges for unlimited amounts registered
on the company's assets, in favor of Israel Union Bank Ltd.
ANNUAL SALES
Sales figures not forthcoming, however
according to the report published by the Israel Supervisor on Diamonds,
subject's exports of polished diamonds in 2005 amounted to US$ 62,000,000.
BANKERS
Israel Union Bank Ltd., Ramat Gan Branch
(No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing unfavorable learnt.
Subject's officials refused to disclose any
data on their company.
According to the report published by the Israel
Supervisor on Diamonds in the Ministry of Industry and Trade, subject was
ranked 16th in the 2005 list of Israel's 30-largest polished diamonds exporters.
Total net export of polished diamonds in 2005 by the 30-largest companies
amounted to US$ 3.139 billion, which comprises 47% of total export of polished
diamonds (see more below).
According to a report from June 2006, the
local diamonds branch is in deep crisis, and only 30% of Israeli diamonds
companies are managing to make a profit. Part of the crisis is attributed to
the new marketing systems of the global monopoly DE BEERS.
Despite this, according to the Ministry of
Industry and Trade, a recovery has been noted in October 2006 in total (net)
diamonds export, amounting to US$ 611 million, which represents a 58.5%
increase comparing to October 2005. However, total export of the first 10
months of 2006 is much similar to the export in the same period in 2005: US$
5.54 billion.
In the first half of 2006, total (net)
diamonds export reached US$ 4.43 billion, which represents a 1.6% increase
comparing to the parallel period in 2005.
Imports of rough diamonds in the first half
of 2006 decreased by 22.1%.
Total (net) export of cut diamonds from
Israel in 2005 reached US$ 6.706 billion, 5.8% increase from 2004. Exports of
rough diamonds were US$ 3.51 billion, 20.6% increase from 2004.
Import of rough diamonds also increased in
2005 by 3.2% to US$ 5.31 billion and imports of cut diamonds increased by 9.3%
reaching US$ 4.508 billion.
The USA is the main market for Israel’s
export of cut diamonds (59%). The secondary markets are Hong Kong (17%),
Belgium (8%), Switzerland (2%) 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%)