MIRA
INFORM REPORT
|
Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
GALCO DIAMONDS |
|
|
|
|
Registered Office : |
3, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
21.3.1991 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
International Traders in Diamonds |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
name & address
GALCO DIAM
Telephone 972 54 397 77 87; 54 397 72 17 (both mobile)
Fax 972 3 575 04 64 (general fax No. of the
Diamond Exchange Hall)
3,
Exchange Hall,
Shimshon Bldg.
HISTORY & LEGAL FORMATION
A general partnership
established on the 21.3.1991 as per file No. 54-017628-6.
PARTNERS
1. Yaacov Galili,
2. Ms. Irit Galili.
GENERAL MANAGER
Yaacov Galili
BUSINESS
International
traders in diamonds.
Operating from the
hall of the
Having 4
employees.
MEANSFinancial data not
obtainable.
ANNUAL SALES
2005 sales claimed
to be US$ 20,000,000, most of which were exports.
Later figures not
obtainable.
OTHER COMPANIES
GALCO DIAM
BANKERS
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062),
CHARACTER AND REPUTATION
Nothing
unfavorable learned.
Subject's General Manager,
Mr. Yaacov Galili, the only authorized person to disclose data on subject, is
presently on vacation and due back in about 1 week. We shall contact him upon
his return and update you if we receive further information.
Local diamond
companies have been facing some depression in business in general in recent
period due to the recession in the
Yet, in the first
9 months of 2008 there was an overall increase trend in all money parameters of
import and export: export of cut diamonds (net) from
Import of rough
diamonds (net) rose 8.2% in the first 9 months of 2008 (from 2007) to US$ 3.96
billion (though carat value fell by 6%), while import of cut diamonds (net)
also increased in 2008 by 16.2% reaching US$ 3.51 billion (carat value fell by
3.53%).
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)