MIRA INFORM REPORT

 

 

Report Date :

27.01.2011

 

IDENTIFICATION DETAILS

 

Name :

AsharoV Jacob

 

 

Registered Office :

3 Jamotinsky Street, Diamond Exchange, Trading Hall

 

 

Country :

Israel

 

 

Year of Establishment :

1975

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Dealers, Importers, Marketers and Exporters of Diamonds.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Israel

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

ASHEROV JACOB

Telephone: 972 54 345 54 41 (cellular)

Fax: 972 3 691 42 81

3 Jabotinsky Street

Diamond Exchange, Trading Hall

RAMAT GAN  52520 ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A sole proprietorship. Date of establishment not forthcoming (see below).

 

Operating under License Dealer number 008894131.

 

Note: Business name is on its owner’s name, which could be spelled in several ways (e.g. Yaacov for first name and Ashrov/ Asharov for surname).

 

In addition, we learn on a veteran business (also non-registered) called “ASHEROV DIAMONDS MANUFACTURER (SINCE 1975)”, which we assume founded by Jacob Asherov in 1975. Since we got no cooperation from subject’s officials so far, we are unable to tell if this business is practically another style for subject itself (or it could be on Dror Asherov (son of Jacob) name – we have no previous).

 

 

OWNERSHIP

 

Jacob Asherov

 

 

GENERAL MANAGER

 

Jacob Asherov

 

 

BUSINESS

 

Dealers, importers, marketers and exporters of diamonds.

 

Subject may be engaged also in cut diamond polishing.

 

Operating from the Diamond Exchange Trading Hall, in 3 Jabotinsky Street, Diamond Exchange, Ramat Gan.

 

Number of employee not forthcoming, believed to be few, may be only the owner/ General Manager himself.

We learn that Jacob Asherov’s son, Dror Asherov, is also involved in the diamond business with his father, either in subject, or in another business on his name.

 

 

MEANS

 

Financial data not forthcoming.

 

 

ANNUAL SALES

 

Sales figures not forthcoming.

 

 

BANKERS

 

Bank data not forthcoming.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learnt.

 

We spoke Subject's owner and General Manager, Mr. Jacob Asherov, who refused to disclose any data on his business and directed us to his son Dror Asherov (cellular +972 54 345 30 96). We called Dror, who told us he is busy and will get back to us another day. We have been waiting, but so far Dror did not return to us. We shall keep you posted in case we hear anything new.

 

Mr. Jacob Asherov appears to be a veteran diamond dealer. Based on our search and according to a related web-site, Dror Aherov (and probably Jacob as well, especially if it concerns the very same business), operate branches in San Francisco, USA with a diamond firm called A D I TRADING INC. and in Hong Kong, with a diamond company called A D T LIMITED. In addition, based on the Diamond Exchange database there is another local firm called A D DIAMONDS, operating from the same location as subject (same contact details of Dror Asherov).

We traced yet another local company, a private limited company called KEREM DIAMONDS LTD., related to Jacob Asherov, but based on our checks this is a non-active company.

 

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 2009 a mild recovery has been felt (in some markets, such as the American, it is estimated that it will take long time till fully recovering) and continued throughout 2010.

 

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 NIS 1 billion.

 

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 2007, a record year in polished diamonds export, with sales of US$ 7,076 million). In karat terms, net export of polished diamonds rose by 32%. Rough diamonds export (net) reached US$ 3,060 million, 62% up from 2009 and 36% increase in karat terms.

 

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 USA returned to be main destination, with 41% of total export. This comes after earlier in 2010, for the first time Far East markets became Israel’s diamond industry’s main target, with sales to Hong Kong being close to these of the USA, to whom sales decreased dramatically in view of the severe economic crisis (traditionally sales to the USA comprised some 60%-65% of total export). In all 2010, export to Hong Kong comprised 25.5% of sales. Other target countries included India (4.5%), Switzerland (4%) and China (3%).

In February 2009, Israel was ranked as the world’s largest exporter of cut diamonds, followed by India, Belgium and South Africa.

 

 

SUMMARY

 

Subject appears to be a veteran business, however considering the refusal to disclose any data, dealing are recommended on a secure basis.

                                                                                    

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.53

UK Pound

1

Rs.72.79

Euro

1

Rs.62.14

 

 

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

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

----

NB

New Company

----

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.