MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIMCHA ITZHAKOV
DIAMONDS |
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Registered Office : |
3 Jabotinsky Street, Diamond Exchange, Shimshon Bldg., Ramat GAN 52520 |
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Country : |
Israel |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers, Traders, Processors, Exporters and
Marketers of Diamonds, Specializing mainly in Fantasy 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
SIMCHA ITZHAKOV DIAMONDS
(Also known as ITZHAKOV SIMCHA)
Telephone 972 3 616 08 07
Fax 972 3 613 33 42
3 Jabotinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 52520 ISRAEL
HISTORY
A sole proprietorship,
established in 2001.
Operating under
License Dealer No. 016788697.
Mr. Itzhakov was a partner in another diamond business before starting his
own business and has been dealing with diamonds since 1980.
OWNERSHIP
Simcha Itzhakov.
GENERAL
MANAGER
Simcha Itzhakov,
born in 1954.
BUSINESS
Importers, traders, processors, exporters and marketers of diamonds,
specializing mainly in fantasy diamonds.
50% of sales are
for export.
Operating from an
office, owned by Simcha Itzhakov, on an area of 22 sq. meters on the 18th floor, in 3 Jabotinsky Street, Diamond Exchange, Shimshon Building,
Ramat Gan.
Number of
employees not forthcoming.
MEANS
Financial data not forthcoming.
ANNUAL
SALES
Sales figures not forthcoming.
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Business
Center Branch (No. 466), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Mr. Itzhakov refused to disclose further
data on his business, including financial details and number of employees.
Simcha Itzhakov is veteran in the local
diamond field.
Local diamond
companies are facing a depression in business in general in recent months due
to the recession in the U.S. markets. The American market has been the No. 1
export market and the crisis in the U.S. market affects directly many Israeli
diamond companies, as purchasing has gone down dramatically. There are reports
on delays in payments from clients, causing a cash flow problem to some
companies.
In the first half
of 2008, there was an increase trend in all money parameters of import and
export: export of cut diamonds (net) from Israel rose by 6% comparing to
parallel period in 2007, reaching US$ 3.8 billion (though carat value fell by
17%). Export of rough diamonds (net) from Israel also increased by 26% to US$
2.19 billion (2.5% fall in carat value).
Import of rough
diamonds (net) rose 15% in the first half of 2008 (from 2007) to US$ 2.77
billion (though carat value fell by 11%), while import of cut diamonds (net)
also increased in 2008 by 19.5% reaching US$ 2.35 billion (carat value rose by
2.3%).
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.
The USA is the
main market for Israel’s export of cut diamonds, although its portion has been
decreasing in view of the economic situation – the export rate is circa 41%,
comparing to 60%-65% in past years. The secondary markets are Hong Kong,
Switzerland, Belgium, U.K, and India.
SUMMARY
Notwithstanding
the refusal to disclose financial details, considered good for trade
engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.28 |
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UK Pound |
1 |
Rs.82.79 |
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Euro |
1 |
Rs.65.69 |
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%)