MIRA
INFORM REPORT
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Report Date : |
24.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHLOMO BICHACI DIAMONDS LTD. |
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Registered Office : |
21 Tuval Street, Diamond Exchange, Yahalom Bldg., Ramat Gan 52521 |
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Country : |
Israel |
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Date of Incorporation : |
26.8.2002 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, Manufacturers, Polishers, Exporters and Marketers of Wide
Range 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 : |
Regular |
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Litigation : |
Clear |
name & address
SHLOMO BICHACI DIAMONDS LTD.
21 Tuval Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN 52521 ISRAEL
Telephone 972 3 613 36 21
Fax 972 3 613 13 42
HISTORY
A private limited liability company, incorporated as per file No.
51-329000-7 on the 26.8.2002, continuing a business founded years earlier.
SHARE CAPITAL
Authorized share capital NIS 39,100.00, divided into - 39,100
ordinary shares of NIS 1.00 each,
of which shares amounting to NIS 100.00 were issued.
SHAREHOLDERS
Subject is fully
owned by Shlomo Bichaci.
SOLE DIRECTOR &
GENERAL MANAGER
Shlomo Bichaci
BUSINESS
Importers,
manufacturers, polishers, exporters and marketers of wide range of
diamonds. Exports are to large jewelry
businesses and chains in the USA, Hong Kong, etc.
Operating from
owned office premises in 21 Tuval Street (formerly 54 Bezalel Street), Diamond
Exchange, 17th floor, Yahalom Bldg., Ramat Gan, and from an office
in L.A., U.S.A.
Also operating
from 3 plants in Israel: Netanya, Tel Aviv and Petach Tikva, as well as from a
plant in Thailand (subsidiary).
Note: The postal
box number 290 you provided is an internal Diamond Exchange postal box, no one
provided by the post office.
Having 120
employees in Israel and further 300 employees serving Thai subsidiary.
MEANS
Financial data not forthcoming, however said
to be of high volumes.
There is 1 charge for an unlimited amount registered on the company's
assets, in favor of Mizrahi Tefahot Bank Ltd.
ANNUAL SALES
2005 sales claimed to be US$ 20,000,000, of
which US$ 14,000.000 were for export.
2006 sales claimed to be US$ 20,000,000, of which
US$ 14,000.000 were for export.
Mr. Bichachi informed us that sales volume
has been doubled during the first 9 months of 2007 compared to previous year.
OTHER COMPANIES
OCTAGON, a subsidiary in Thailand, diamond
dealers, manufacturers, polishers and marketers.
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Exchange Business Center Branch (No.
466), Ramat Gan.
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Mr. Bichachi,
owned and General Manager, is a veteran in the diamond business.
According to the
Ministry of Industry and Trade, the local diamonds branch managed to stabilize
the total volume of export of cut diamonds during 2006, a year that witnessed
many local and global challenges, and end in the same level as 2005. In rough
diamonds a decrease was noted, due to marketing motives, and as high prices
made the trade in rough diamonds less attractive.
Total (net) export
of cut diamonds from Israel in 2006 reached US$ 6.610 billion, a mere decrease
of 1.5% from 2005 (US$ 6.709 billion). Exports (net) of rough diamonds were US$
2.701 billion, a 23.2% decrease from 2005 (US$ 3.517 billion, which was a 20.6%
increase from 2004).
Import of rough
diamonds (net) also fell in 2006 by 11.4% (from 2005) to US$ 4.709 billion,
while import of cut diamonds (net) increased in 2006 by 3.3% reaching US$ 4.025
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 (7%) and
the UK (4%).
During the first
half of 2007, import rough diamonds (net) to Israel noted a 5.4% increase
comparing to the parallel period in 2006, summing at US$ 2.41 billion. Import
of cut diamonds also rose by 5.2% up to US$ 1.96 billion.
In the first half
of 2007, export of cut diamonds rose by 6% (mainly thanks to April sales)
comparing to the parallel period in 2006, summing up to US$ 3.59 billion.
Export of rough diamonds (net) also witnessed an increase of 22% to US$ 1.74
billion.
SUMMARY
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%)