MIRA INFORM REPORT
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Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SHLOMO BICHACHI DIAMONDS LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26.08.2002 |
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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,
specializing in small fancy cut 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 |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Israel |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name & address
SHLOMO BICHACHI DIAM
Telephone 972 3 613 36 20/ 1
Fax 972
3 613 13 42
Diamond Exchange, Yahalom Bldg.
RAMAT GAN-52521 ISRAEL
HISTORY
& LEGAL FORMATION
A private limited liability company, incorporated as per file No. 51-329000-7
on the 26.08.2002, continuing a business founded years earlier.
SHARE
CAPITAL
Authorized share capital
39,100 ordinary shares of
of which 100shares
amounting to
SHAREHOLDERS
Subject is fully
owned by Shlomo Bichachi.
SOLE
DIRECTOR & GENERAL MANAGER
Shlomo Bichachi
BUSINESS
Importers,
manufacturers, polishers, exporters and marketers of wide range of diamonds,
specializing in small fancy cut diamonds.
Exports are to
large jewelry businesses and chains in the
Operating from
owned office premises, in
Also operating
from 3 plants in
Having 120
employees in the Group as of end of 2008 (same as in 2007). Current number of
employees unavailable.
MEANS
Financial data not forthcoming, however said
to be of high volumes.
There is 1 charge for unlimited amounts 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.
2007 sales claimed to be US$ 35,000,000, of
which US$ 28,000,000 were for export.
2008 sales claimed to be circa US$ 35,000,000,
of which US$ 28,000,000 for export.
According to the report published by the
Israel Supervisor on Diamonds in the Ministry of Industry and Trade, in 2010
subject exported (polished diamonds) in volume of US$ 27,000,000 (actual
overall sales presumed to be higher, as there are local sales of polished
diamonds and may have sales of rough diamonds as well) .
OTHER
COMPANIES
OCTAGON, a subsidiary in
BANKERS
Mizrahi Tefahot Bank Ltd.,
CHARACTER
AND REPUTATION
Nothing
unfavorable learned.
Despite our efforts, we were unable to speak with subject's officials,
as they were always unavailable. We left messages which so far remain
unanswered.
Mr. Bichachi,
subject's owner and General Manager, is veteran in the diamond business and
enjoy good reputation in the branch.
According to the
report published by the Israel Supervisor on Diamonds in the Ministry of Industry
and Trade, subject was ranked 25th in the 2010 list of
During 2010 local
diamond companies have been recovering from one of the worst depressions in the
global diamond sector due to the severe economic crisis in global markets that
erupted in September 2008. The diamond sector experienced almost an entire
freeze and collapse in sales of about 70% in the peak of the crisis and 2009
export diamonds shrank by some 40%. Only since mid
According to the
President of the Israeli Diamonds Association, local diamond sector in general
managed to cross the crisis, despite the sheer difficulties, including the fact
that local banks contracted credit given to local diamond firms. The President
said that trade in the sector rolls annual turnover of US$ 25 billion while
total debt to the banks stands on US$ 1.5 billion, down from US$ 2.4 billion in
the eve of the crisis. The Ministry for Industry & Trade also assisted the
local diamond exporters by providing bank guarantees in total scope of
Overall in 2010,
export (net) of polished diamonds was US$ 5,832 million, representing 48%
increase from 2009 (when it noted 37% decrease from 2008, also much less than
Import of rough
diamonds (net) in 2010 grew by 51% to US$ 3,755 million (30% rise in karat
terms), compared with 2009, while import of polished diamonds (net) saw 68%
rise reaching US$ 4,218 million (39% rise in karat terms).
In terms of target
export (polished diamonds) countries, overall in 2010 the
In February 2009,
SUMMARY
Notwithstanding the lack of updated data
from subject’s officials, considered good for trade engagements.
Note: Please note subject's correct
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.68 |
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1 |
Rs.72.56 |
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Euro |
1 |
Rs.63.53 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.