MIRA
INFORM REPORT
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Report Date : |
20.12.2008 |
IDENTIFICATION DETAILS
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Name : |
B. BRIZA COLORS
DIAM |
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Registered Office : |
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Country : |
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Date of Incorporation : |
3.3.2003 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Traders,
Importers, Processors and Exporters 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 : |
No Complaints |
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Litigation : |
Clear |
name & address
B. BRIZA COLORS
DIAM
Telephone 972 3 612 79 35
Fax 972
3 612 79 36
Diamond Exchange,
HISTORY
A private limited company,
incorporated as per file No. 51-338731-6 on the 3.3.2003.
Prior to
establishing subject, its shareholders operated independently for about 20
years each separately in the diamond his business, until they decided to
establish a joint company.
SHARE CAPITAL
Authorized share
capital of
50,000 ordinary
shares of
of which shares
amounting to
SHAREHOLDERS
1. A.S. BRISK LTD., 50%, owned by Amnon
and Shai Barak,
2. KETSEF HAYAM LTD., 50%, owned by Lior
Izvutzki.
DIRECTORS
1. Amnon Barak, General Manager,
2. Shai Barak,
3. Lior Izboutzky.
BUSINESS
Traders,
importers, processors and exporters of diamonds.
Also supplying
coloring services and consultation for dealers and jewelry manufacturers in the
Far East,
60% of sales are
for export.
Among clients: OVADIA DIAM
Diamonds purchasing is both from import (mainly from
Among local suppliers: MOSHE NAMDAR & CO., LEO SHECHTER DIAM
Operating from
rented offices, on an area of 50 sq. meters, in
Having offices in
Having 14
employees serving subject and sister company BRIZON (same as in 2007).
MEANS
Financial data not forthcoming.
There are 3 fixed and floating charges for unlimited amounts registered on the company’s assets (financial assets), in favor of Bank Leumi Le’Israel Ltd.
ANNUAL SALES
Consolidated sales
by subject and sister company BRIZON COLOR SERVICES LTD.:
2006 sales claimed
to be US$ 8,000,000, 60% of which were for export.
2007 sales claimed
to be US$ 8,000,000, 60% of which were for export.
Projected 2008
sales are US$ 8,800,000, 60% of which were for export.
OTHER COMPANIES
BRIZON COLOR SERVICES
LTD., owned by subject's shareholders, operating from the same offices as
subject. Diamonds processors, specializing in color enhancing natural polished
diamonds.
BRIZA COLORS USA
INC.
BANKERS
Bank Leumi Le’Israel Ltd., Diamonds Exchange Branch (No. 629),
A check with the Central Banks' database did not reveal any negative
information regarding subject's a/m account.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s officials refused to disclose financial data on
their company, besides sales figures.
Subject has
developed a method for coloring diamonds which does not involve radiation. The
process, which has FDA approval, is completely clean and produces color
enhanced diamonds for a tenth of the price of a naturally colored diamond.
Local diamond companies have been facing depression in
business in general in recent period due to the recession in the
The crisis in the world financial markets affected the
diamond industry: Export of cut diamonds (net) during the first 10 months of 2008 summed up to US$ 5.8 billion,
representing a 2.2% decrease comparing to parallel period in 2007. That after
in October 2008, cut diamonds export fell by 46% comparing to October 2007.
Export of rough diamonds (net) from
Import of rough diamonds (net) rose 1.7% in the first 10 months of 2008 (from
2007) to US$ 4.07 billion, while in October alone import fell by 52.6%. Import
of cut diamonds (net) also fell sharply in October 2008 by 44.4% reaching total
of US$ 3.79 billion for the whole first
10 months of 2008.
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). 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
According to the President of the Israeli Diamonds Association, local banks are expected to contract credit given to local diamond firms, in view of the global financial crisis. However, he believes the local diamond sector is healthy, as trade in the sector rolls annual turnover of US$ 25 billion whereas total debt to the banks stands on US$ 2.5 billion.
SUMMARY
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.48.76 |
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1 |
Rs.71.68 |
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Euro |
1 |
Rs.69.17 |
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%)