MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BARZILAI MOSHE DIA COMPANY 2000 LTD. |
|
|
|
|
Formerly Known as : |
BARZILAI MOSHE DIAMONDS. |
|
|
|
|
Registered Office : |
54 Bezalel Street, Diamond Exchange, Yahalom Bldg, RAMAT GAN 52521 |
|
|
|
|
Country : |
Israel |
|
|
|
|
Date of Incorporation : |
1981 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Traders, Importers,
Marketers and Exporters of Diamonds (specializing in diamonds with weight of
over 1.0 karat). 33% of Sales are for Export. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
BARZILAI MOSHE DIA COMPANY 2000 LTD.
Telephone 972 3 575 11 36
Fax 972 3 575 00 77
54 Bezalel Street
Diamond Exchange, Yahalom Bldg.
RAMAT GAN 52521
ISRAEL
HISTORY & LEGAL FORMATION
Originally established as a general partnership, registered as per file
No. 54-016029-8 in 1981, under the
name BARZILAI MOSHE DIAMONDS.
Converted into a private limited company, and registered as such as per
file
No. 51-300025-7 on the 03.09.2000.
(Note: Full
registered Latin name is: BARZILAI MOSHE DIAMONDS COMPANY 2000 LTD.).
SHARE CAPITAL
Authorized share
capital of NIS 100,000.00 divided into -
98,000 ordinary
shares,
2,000 management
shares, all of NIS 1.00 each,
of which shares
amounting to NIS 200.00 were issued.
SHAREHOLDERS
1. Moshe Barzilai, 50%,
2. Ms. Anat Barzilai, 50%, spouse
of Moshe.
DIRECTORS
1.
Moshe Barzilai, General Manager, born 1954,
2.
Ms. Anat Barzilai.
BUSINESS
Traders,
importers, marketers and exporters of diamonds (specializing in diamonds with
weight of over 1.0 karat).
33% of sales are
for export.
Operating from
office premises, owned by the shareholders, on an area of 45 sq. meters, in 54
Bezalel Street, Diamond Exchange, Yahalom Building (16th floor,
rooms #1684-#1685), Ramat Gan.
Having 13
employees.
MEANS
Financial data not
forthcoming.
Property owned by the shareholders in
Yahalom Building, Diamond Exchange (where subject is operating from), is valued
at US$ 500,000.
There are no charges registered on the
company's assets.
ANNUAL SALES
2006 sales claimed
to be US$ 25,000,000, of which 25% were for export.
2007 sales claimed
to be US$ 30,000,000, of which 33% were for export.
Projected 2008
sales are US$ 35,000,000, 33% of which for export.
OTHER COMPANIES
BARZILAI MOSHE
DIAMONDS, a non-active partnership.
BANKERS
Israel Discount Bank Ltd., Diamond Exchange
Branch (No. 080), Ramat Gan, account No. 5667.
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.
Local diamond
companies have been facing some depression in business in general in recent
period due to the recession in the U.S. markets, which worsened with the
collapse in the financial markets in the U.S.A. and the world in
September-October 2008. 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 have been reports on
delays in payments from clients, causing a cash flow problem to some local
companies.
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 Israel in October fell even sharper – by
58.5% comparing to October 2007.
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 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 currently
43%, comparing to 60%-65% in past years. The secondary markets are Hong Kong
(24%), Belgium (9%), U.K (3%), followed by China, Switzerland and India.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)