MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZABAN BECHOR JEWELERY LTD. |
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Registered Office : |
26 Rambam Street Tel Aviv 65813 |
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Country : |
Israel |
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Date of Incorporation : |
20.08.1995. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturers, Importers and Marketers of
Fancy Jewelry made of Gold, and Gold Combined with Precious Stones, Diamonds, etc. |
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 : |
No Complaints |
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Litigation : |
Clear |
name & address
ZABAN BECHOR JEWELERY LTD.
Telephone 972 3 516 99 91
Fax 972 3 516 99 93
26 Rambam Street
TEL AVIV 65813 ISRAEL
HISTORY
A private limited company, incorporated as per file No. 51-219285-7 on the
20.08.1995.
SHARE
CAPITAL
Authorized share capital NIS 3,000.00, divided into -3,000 ordinary shares
of NIS 1.00 each, of which shares amounting to NIS 1,000 were issued.
SHAREHOLDERS
Subject is fully owned by Bechor Shushan Zaban.
SOLE
DIRECTOR & GENERAL MANAGER
Bechor Shushan Zaban, born 1953.
BUSINESS
Manufacturers, importers and marketers of fancy jewelry made of gold, and
gold combined with precious stones, diamonds, etc.
Also operating a retail chain jewelry store, traded under the style
"B. Zaban". The chain includes 6 stores, located mainly in shopping
malls and centers.
In addition to subject's jewelry stores, products are also sold to jewelry
shops countrywide, as well as via sister company, throughout several point of
sales, situated within the department store chain of the NEW HAMASHBIR
LAZARCHAN.
10% of sales are for export.
Operating from main premises, owned by the shareholders, on an area of 200
sq. meters in 26 Rambam Street (corner of 82 Allenby Street), Tel Aviv, and
from stores in Ra'anana, Beer Sheva, Kiryat Ata, Afula and another 2 in Tel
Aviv.
Having 38 employees in subject and 135 employees serving the ZABAN Group.
MEANS
In March 2008, it was reported that subject invested some US$ 600,000 in
the opening of 5 stores during the recent period.
Subject intends to open 3 to 4 new stores within the next year.
Other financial data not forthcoming.
There are 6 charges for unlimited amounts registered on the company's
assets (financial and fixed assets), in favor of Mizrahi Tefahot Bank Ltd. and
Bank of Jerusalem Ltd.
ANNUAL
SALES
Sales figures not forthcoming, however, according to reports, annual sales
are some NIS 100,000,000.
OTHER
COMPANIES
Also owned by Bechor Shushan Zaban:
KORAL MILLENIUIM LTD., operating 23 points of sales for jewelry and watches
within the stores of the NEW HAMASHBIR LAZARCHAN, under the style "Coral
Jewelry".
Bechor Shushan Zaban is also involved in real estate, among others via:
MIKADO SHILUV YIZUM UBNZYA LTD.,
RAMOT MIKADO CENTER LTD., both partly owned by Bechor Shushan Zaban.
BANKERS
Mizrahi Tefahot Bank Ltd., Terafon Branch (No. 430), Bnei Brak.
Bank of Jerusalem Ltd., Bnei Brak Branch (No. 055), Bnei Brak.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject’s official refused to disclose financial details regarding subject.
Mr. Bechor Zaban is a well-known figure in the local jewelry industry and
trade.
Prior to establishing subject, Bechor Shushan Zaban held some 50% in the
leading jewelry company PAZ CHEN, then a public limited company whose shares
traded on the Tel Aviv Stock Exchange. During the 1990’s he sold most of his
shares in this company and in 1997, he sold his remaining 6% in this company,
for a sum of NIS 5.6 million.
In July 1998, it was reported that a group of investors, including Bechor
Zaban, acquired a plot on an area of 4,000 sq. meters in North Tel Aviv, for a
sum of US$ 5.72 million. The group is currently erecting a 5,000 sq. meter
commercial center on the plot.
According to the Israeli Export Institute, export of the jewelry branch
in 2007 reached US$ 410 million, comparing to US$ 390 million in 2006.
The division in export was 43% for unmixed gold jewelry, 37% were gold
mixed with diamonds (17% rise from 2006), 13% fashion jewelries and 7% of
silver jewelries.
The branch activities have been influenced by the significant rise in
gold prices in the world markets in the recent period.
There are some 250 jewelry manufacturers, 200 of which are exporters,
manufacturing gold jewelry, silver jewelry and other fashionable jewelry.
Most exports are to the USA and Canada and Western Europe.
SUMMARY
Notwithstanding the refusal to disclose financial 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%)