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Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
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Name : |
WEINBERG ASHER |
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Registered Office : |
1 Jabotinsky Street Diamond Exchange, Maccabi Bldg. Ramat Gan 5252138 |
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Country : |
Israel |
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Date of Incorporation : |
1990 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers, Traders, Exporters And Marketer Of Polished Diamonds. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
israel - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. It depends on
imports of crude oil, grains, raw materials, and military equipment. Cut
diamonds, high-technology equipment, and agricultural products (fruits and
vegetables) are the leading exports. Israel usually posts sizable trade
deficits, which are covered by tourism and other service exports, as well as
significant foreign investment inflows. The global financial crisis of 2008-09
spurred a brief recession in Israel, but the country entered the crisis with
solid fundamentals - following years of prudent fiscal policy and a resilient
banking sector. The economy has recovered better than most advanced, comparably
sized economies. In 2010, Israel formally acceded to the OECD. Natural
gasfields discovered off Israel's coast during the past two years have
brightened Israel's energy security outlook. The Leviathan field was one of the
world's largest offshore natural gas finds this past decade. In mid-2011,
public protests arose around income inequality and rising housing and commodity
prices. The government formed committees to address some of the grievances but
has maintained that it will not engage in deficit spending to satisfy populist
demands.
|
Source : CIA |
WEINBERG ASHER
Telephone 972 3 575 47 18
972 54 844 80 50
Fax 972 3 613 62
25
1 Jabotinsky Street
Diamond Exchange, Maccabi Bldg.
RAMAT GAN 5252138 ISRAEL
A sole proprietorship, established in 1990.
Operating under Licensed Dealer No. 068981174.
Asher Weinberg.
Asher Weinberg, born 1972.
Polished diamonds brokerage, importers, traders, exporters and marketer
of polished diamonds.
80% of sales are for export.
Operating from a rented office, in 1 Jabotinsky Street, Diamond
Exchange, Maccabi Building, Ramat Gan.
General Manager Mr. Weinberg is the only one working in the business
(same as in previous years).
Financial data not forthcoming.
Revenues data not forthcoming.
Mizrahi Tefahot Bank Ltd., Diamond Exchange
Business Center Branch
(No. 466), Ramat Gan.
Nothing unfavorable learned.
Subject's owner and General Manager, Mr. Asher Weinberg, the only person
working in the firm, is presently abroad. He asked us to call him next week for
updates. We shall update you after we manage to speak with him. In our past
interviews, he refused to disclose financial details.
An affair of an underground bank has been shocking the local diamond
branch in these days, after in late January 2012 Police raided the Diamond
Exchange (after a long undercover operation, in cooperation with the Exchange
officials), arrested several individuals for investigation and blocked several
bank accounts (which led to a chain reaction of not respecting checks of
dealers). The Police suspect that a group of people, including diamond dealers,
run an illegal bank in the Diamond Exchange compound for loans, money transfer
abroad and exchange in volume of NIS 1 billion for several years. The affair
has already led to several of reported bankruptcies of local diamond firms, a
decrease of up to 70% in transactions, frozen bank accounts, a paralysis
(especially in purchase of raw diamonds) with substantial fear of the a
collapse of the sector, while dealers –local and foreign- face uncertainty.
In early March 2012 the Police announced it suspends the investigation
of further suspects for the time being. This move is a result of the big
pressure from the diamond branch (to stop the continuing damage inflicted) and
the Government (who is losing US$ hundred millions from decrease in tax
collection).
The Supervisor of Diamonds at the Ministry of Industry, Trade &
Labor published the diamond's sector import-export data for the 1st
half of 2012, which reveals a 19% fall in net sale of cut diamonds, and a fear
of another deep crisis in the branch. The sector recovered in 2010 and mainly
in 2011 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 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%.
In 2011 the local diamond sector recorded US$ 7,202 million in net sales
of cut diamonds, 23.5% higher than in 2010. This was thanks to the strong first
2 thirds of 2011, which were stalled in the last third, reflecting the fragile
global economy and fear of another recession wave in USA and Europe. It should
be noted that in karat terms, net export of cut diamonds rose only by 4% from
2010.
Net export of rough diamonds in 2011 also
climbed almost 15%, reaching
US$ 3,515 million (fell almost 29% in karat
terms).
Net import of cut diamonds in 2011 summed up to US$ 5,682 million,
representing 34.7% increase comparing to 2010 (18% rise in karat terms), while
net import of rough diamonds rose by 17.5% from 2010, totaling US$ 4,413
million (11% fall in karat terms).
The positive trend reversed in 2012 and in the first 9 months, export
(net) of cut diamonds was US$ 4,262 million, down 27% from the parallel period
in 2011, and rough diamonds export (net) reached US$ 2,068 million, a 30.5%
decrease. Import of rough diamonds (net) in the first 9 months of 2012 were
down 25% to US$ 2,646 million compared with the parallel period in 2011 (53%
down in karat terms), while import of polished diamonds (net) witnessed a 26%
fall reaching US$ 3,083 million.
In terms of target export (polished diamonds) countries, in 2012 the USA
was the main destination, with 35% of total export, while Hong Kong being the 2nd
largest target country, with 31%. Traditionally, the USA has been by far the
largest export market for the local export (60%-65% of total export), though
the continuing economic crisis in the USA brought a change in the trend, where
the Far Eastern markets have been growing on America and Europe's account (in
early 2010, for the first time Far East markets even became Israel’s diamond
industry’s main target).
Other main target countries included Belgium (9%) and Switzerland (5%).
According to the President of the Israeli Diamonds Association, in 2010
the trade in the local diamond 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.
Local diamond sector employs some 20,000 persons.
In February 2009, Israel was ranked as the world’s largest exporter of
cut diamonds, followed by India, Belgium and South Africa.
Notwithstanding the refusal to financial data and the
fact that so far we did not get updates, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
|
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
-- |
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.