MIRA INFORM REPORT

 

 

Report Date :           

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ASHER GERTLER

 

 

Registered Office :

1 Jabotinski Street, Diamond Exchange, Maccabi Bldg., Ramat Gan 525  

 

 

Country :

Israel

 

 

Date of Incorporation :

Not Available

 

 

Legal Form :

A Sole Proprietorship

 

 

Line of Business :

Traders, Importers, Exporters and marketers 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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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 & address 

 

ASHER GERTLER

Telephone 972 3 752 69 69

Fax                                     972 3 752 69 99

1 Jabotinski Street

Diamond Exchange, Maccabi Bldg.

RAMAT GAN-52520                  ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A sole proprietorship.

 

Date of establishment not forthcoming, however Asher Gertler is a veteran in the diamonds business (see below).

 

Operating under Licensed Dealer No. 001415207.

 

The business is registered with the Tax Authorities’ Files under the name of "GERTLER ASHER".

 

 

OWNERSHIP

 

Asher Gertler.

 

 

GENERAL MANAGER

 

Asher Gertler.

 

 

BUSINESS

 

Traders, importers, exporters and marketers of diamonds.

 

Operating from premises, part of the owned offices premises of the MOSHE SCHNITZER & CO. Group, on an area of 300 sq. meters, in 1 Jabotinski Street, Diamond Exchange, Maccabi Building (12th floor), Ramat Gan..

 

Number of employees not forthcoming.

 

MEANS

 

Financial data not forthcoming, known to be financially solid.

 

 

ANNUAL SALES

 

Sales figures not forthcoming.

 

 

OTHER COMPANIES

 

MOSHE SCHNITZER & CO. DIAMONDS, a general partnership in which Asher Gertler is a 50% partner (with Shmuel Schnitzer), established in December 1980, continuing business activities originally founded in 1952. Traders, importers, processors, exporters and marketers of diamonds of all sizes, 2009 sales US$ 65 million.

Asher Gertler is known to have holdings in other local and foreign firms.

 

 

BANKERS

 

Known to be working with Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

We were unable to speak with Asher Gertler. His secretary refused to disclose data and said she left messages to Mr. Gertler (which remains unanswered).

 

Asher Gertler is a veteran, respectful and well-known diamond dealer.

He is the brother-in-law of Shmuel Schnitzer, son of the Late Moshe Schnitzer, who founded MOSHE SCHNITZER & CO., which is a veteran well-known diamond firm, enjoying world reputation and among Israel’s leading diamonds manufacturers and exporters.

 

Asher’s son, Dan Gertler, is a well-known international diamond dealer, mainly via DGI Group, operating worldwide, mainly Africa, in development of natural resources in emerging markets. He is also a controlling shareholder in public companies NIKANOR PLC (U.K), dealing in copper and cobalt mining (in Africa) and Canadian KATANGA mining company, among many others, worth US$ billions.

Ms. Hana Gertler, wife of Asher, also has investments in other companies.

 

During 2010 and 2011 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, into 2011. In 2011 first quarter, a significant improvement was recorded, although still well below 2007 and 2008 first 3 quarters levels.

                                                                                                                           

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.

In the 1st quarter of 2011, 45.7% increase was noted comparing to the parallel period in 2010 with export of polished diamonds of US$2,123 million. Export of rough diamonds also noted 39.6% rise, reaching US$ 1,158 million.

 

Import of rough diamonds (net) in 2010 grew by 51% to US$ 3,755 million (30% rise in karat terms) compared with 2009, and by 24.9% in 2011 1stQ (compared to 2010 1stQ), summing up to US$1,144 million. Import of polished diamonds (net) saw 68% rise in 2010 reaching US$ 4,218 million (39% rise in karat terms), and 48.5% rise  in 2011 1stQ (US$ 1,234 million).

 

In terms of target export (polished diamonds) countries, overall in 2010 the USA returned to be main destination, with 41% of total export (45% in 2011 1stQ). 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 2010 and early 2011, export to Hong Kong comprised around 26% of sales. Other main target countries include Belgium, India, Switzerland and China.

 

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

 

 

SUMMARY

 

Notwithstanding the refusal to update details, considered good for trade engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.34

UK Pound

1

Rs.73.70

Euro

1

Rs.65.75

 

 

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 Business

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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%)

 

 

 

 

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