MIRA
INFORM REPORT
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Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
BENDIACO LTD. |
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Registered Office : |
23 Tuval Street (formerly 52 Bezalel Street), Diamond Exchange, Noam
Building, Ramat GAN 52522 |
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Country : |
Israel |
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Date of Incorporation : |
17.11.1996. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers,
Exporters and Wholesalers in 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
BENDIACO LTD.
Telephone 972 3
613 33 14
Fax 972 3 613 32
96
23 Tuval Street (formerly 52 Bezalel Street)
Diamond Exchange, Noam Building
RAMAT GAN 52522 ISRAEL
HISTORY
A private limited
company, incorporated as per file No. 51-239651-6 on the 17.11.1996.
SHARE CAPITAL
Authorized share
capital of NIS 17,600.00 divided into:
17,600 ordinary shares
of NIS 1.00 each, of which shares amounting to NIS 118.00 were issued.
SHAREHOLDERS
1. Beni Schwalb, 50.85%,
2. Marc Schwalb, 33.90%, of
Belgium,
3. Hitash Shah, 15.25%, of
India.
SOLE DIRECTOR AND GENERAL MANAGER
Beni Schwalb
BUSINESS
Importers,
exporters and wholesalers in diamonds.
Operating from
offices in 23 Tuval Street (formerly 52 Bezalel Street), Diamond Exchange, Noam
Building (2nd floor, room No. 12), Ramat Gan (to where they moved from the
Macabbi Building, 1 Jabotinsky Street, over two years ago).
Number of
employees not forthcoming, believed to be few.
MEANS
Financial data not
forthcoming.
There are 3
charges for unlimited amounts registered on the company's assets (financial and
fixed assets), in favor of Union Bank of Israel Ltd.
ANNUAL SALES
Sales figures not
forthcoming.
BANKERS
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject’s General Manager, Mr. Schwalb,
refused categorically to disclose any details on his company.
According to our
research, we came upon the name of SAMDIMON ISRAEL LTD., subject had business
connections with SAMDIMON. Based on our check, this company is non-active.
According to the
Diamond Administration Director, year 2007 was full of challenges to the global
diamond branch, but the Israeli diamond branch coped with it well.
It should be noted
that Israeli diamond dealers note some slowdown in activities since mid 2007,
attributed to the sub-prime crisis in the U.S markets.
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 (over 50%). The secondary
markets are Hong Kong (around 18%), Belgium (around 8%), Switzerland (6%) and
India (1.5%).
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%)