MIRA
INFORM REPORT
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Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOVA DIAMONDS INTERNATIONAL LTD. |
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Formerly Known as : |
G.I.I. DIAMONDS
LTD |
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Registered Office : |
Diamond
Exchange, Yahalom Building, Ramat GAN 52522 |
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Country : |
Israel |
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Date of Incorporation : |
07.12.2003 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, Exporters and Marketers of Polished 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 : |
No Complaints |
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Litigation : |
Clear |
name & address
BOVA DIAMONDS
INTERNATIONAL LTD.
Telephone 972 3 600 58 79
Fax 972
3 751 56 77
21 Tuval Street
Diamond Exchange,
Yahalom Building
RAMAT GAN 52522 ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-345942-0 on the 07.12.2003.
Originally
registered under the name G.I.I. DIAMONDS LTD., which changed to the present
name on the 08.11.2005.
SHARE CAPITAL
Authorized share
capital of NIS 10,000.00 divided into:10,000 ordinary shares of NIS 1.00 each,
of which shares
amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully owned by Ilan Bar-Or.
SOLE DIRECTOR AND GENERAL MANAGER
Ilan Bar-Or.
BUSINESS
Traders,
importers, exporters and marketers of polished diamonds.
90% of sales are
for export.
Operating from
rented offices, on an area of 25 sq. meters, in 21 Tuval Street, Diamond
Exchange, Yahalom Building (12th floor, room # 74), Ramat Gan.
Having 10
employees.
MEANS
Financial data not
forthcoming.
There is 1
floating charge for an unlimited amount registered on the company's assets, in
favor of Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
OTHER COMPANIES
BOVA DIAMONDS,
Dallas, USA
BANKERS
Mizrahi Tefahot
Bank Ltd., Diamonds Business Center Branch (No. 466), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Prior to establishing subject, owner and
General Manager Mr. Ilan Bar-Or worked for many years in the diamond field in
the U.S.A.
Year 2007 marked a
record in the export of cut diamonds from Israel, with net sales for export of
US$ 7.076 billion, 7% rise from 2006 (US$ 6.611 billion). Total export of cut
and rough diamonds crossed for the first time the US$ 12 billion line. Exports
(net) of rough diamonds were US$ 3.386 billion, a 25.5% increase from 2006 (US$
2.701 billion, which was a 23.2% decrease from 2005).
Import of rough diamonds (net) rose 8% in 2007 by (from 2006) to US$ 5.084 billion, while import of cut
diamonds (net) also increased in 2007 by 13.3% reaching US$ 4.558 billion.
In the first
quarter of 2008, there was an increase trend in all money parameters of import
and export: export of cut diamonds (net) from Israel rose 14% comparing to
parallel period in 2007, reaching US$ 2.16 billion (though carat value fell by
14%). Export of rough diamonds (net) from Israel also increased by 28% to US$
1.1 billion (10% fall in carat value).
Import of rough
diamonds (net) rose 13% in the first quarter of 2008 (from 2007) to US$ 1.32
billion (though carat value fell by 25%), while import of cut diamonds (net)
also increased in 2007 by 10.5% reaching US$ 1.06 billion (carat value rose by
4.5%).
The USA is the
main market for Israel’s export of cut diamonds. The secondary markets are
Switzerland, Belgium, U.K and India.
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. |
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%)