MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
S.E. BARBI DIAMONDS LTD. |
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Registered Office : |
21 Tuval Street, Diamond Exchange, Yahalom Building, Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
1980 |
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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
address
21 Tuval Street
Diamond Exchange, Yahalom Building
RAMAT GAN 52521 ISRAEL
Telephone 972 3 613 10 20
Fax 972 3 575 79 71
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 21 Tuval Street (formerly 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.
Number of employees not forthcoming
MEANS
Financial data not
forthcoming.
There are 2 fixed charges
for unlimited amounts registered on the company's financial assets, in favor of
Union Bank of Israel Ltd.
ANNUAL SALES
Annual sales amount to several tens of US$ millions, exact figures not forthcoming.
OTHER COMPANIES
BARBI JEWELLERY MARKETING LTD., importers, marketers and retailers of silver jewelry, owned by the Barbi family.
BANKERS
Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing unfavorable
learned.
Subject's officials refused to disclose any data on his company.
Subject is a long
established family business, well known in the diamond branch and considered
relatively large.
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 18%), Belgium (around 8%), Switzerland (7%) and the UK
(4%).
During the first 10 months of 2007, import rough diamonds (net) to Israel noted
a 10% increase comparing to the parallel period in 2006, summing at US$ 4.1
billion. Import of cut diamonds (net) also rose - by 12% up to
US$ 3.52 billion.
In the first 10 months of 2007, export of cut diamonds (net) rose by 6.9% comparing to the parallel period in 2006, summing up to US$ 5.93 billion. Export of rough diamonds (net) also witnessed an increase of 26.7% to US$ 2.86 billion.
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. |
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%)