MIRA INFORM REPORT

 

 

 

 

Report Date :

09.12.2013

 

IDENTIFICATION DETAILS

 

Name :

ACE DIAMONDS LTD.

 

 

Registered Office :

54 Bezalel Street, Diamond Exchange, Yahalom Bldg., Ramat Gan 52521

 

 

Country :

Israel

 

 

Date of Incorporation :

27.06.2000

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Traders, Importers, Exporters and Marketers of diamonds.

 

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 & address 

 

ACE DIAMONDS LTD.

Telephone      972 3 612 91 21

Fax                972 3 612 91 31

54 Bezalel Street

Diamond Exchange, Yahalom Bldg.

RAMAT GAN  52521 ISRAEL

 

 

HISTORY & LEGAL FORMATION

 

A private limited company, incorporated as per file No. 51-297346-2 on the 27.06.2000.

 

 

SHARE CAPITAL

 

Authorized share capital of NIS 39,000.00, divided into:

39,000 ordinary shares of NIS 1.00 each,

of which 100 shares amounting to NIS 100.00 were issued.

 

 

SHAREHOLDERS

 

1.    Dwang Bensli, 85%,

2.    Bhavesh Shah, 15%.

 

(Please refer to CHARACTER)

 

 

DIRECTORS

 

1.    Bhavesh Shah, General Manager,

2.    Dwang Bensli.

 

 

BUSINESS

 

Traders, importers, exporters and marketers of diamonds.

 

Operating from offices premises, in 54 Bezalel Street (also referred to as 21 Tuval Street), Diamond Exchange, Yahalom Building, Ramat Gan.

 

Number of employee unavailable, believed to be a couple.

 

 

MEANS

 

Financial data not forthcoming.

 

There are 3 charges for unlimited amounts registered on the company's assets, in favor of Mizrahi Tefahot Bank Ltd. and The State Bank of India.

 

 

ANNUAL SALES

 

Sales figures not forthcoming.

 

 

BANKERS

 

Mizrahi Tefahot Bank Ltd., Diamond Business Center Branch (No. 466), Ramat Gan.

The State Bank of India (SBI), Main Branch (No. 001), Ramat Gan.

 

 

CHARACTER AND REPUTATION

 

Nothing unfavorable learned.

 

We initially spoke with Mr. Bhavesh Shah, subject’s General Manager on Thursday October 28th. We started the interview asking about the ownership in subject (in order to confirm with the Companies’ Registrar data), and at this early point Mr. Bhavesh asked us to call him back Sunday October 31st. Since Sunday we have been trying to reach Mr. Bhavesh, but he is never available (and there is no other official to obtain data). We also left a message.

 

We will still be trying to get hold of Mr. Bavesh in the next days and update you in case we manage to do so.

 

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 in sales and collapse of about 70% in sales later. 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). Further improvement witnessed during the first half of 2010.

 

Overall in 2009, export diamonds shrank by 40%. Export of cut diamonds (net) were US$ 3,922.6 million, representing 37% decrease compared to 2008. The depression in the diamond sector comes after year 2007 marked a record in the export of cut diamonds from Israel, with net sales for export of US$ 7.076 billion, while 2008 witnessed a decrease of 11.8% to US$ 6.240 billion.

In comparison to the parallel period in 2009, export of cut diamonds (net) in 2010 first 3 quarters increased by 62.5% to US$ 4,244 million, and export of rough diamonds (net) reached US$ 2,263 million, representing 80% rise. Yet, in comparison to previous years, export is still well lower.

 

Import of rough diamonds (net) in the first 3 quarters of 2010 grew by 64% to US$ 2,609 million, compared with the parallel period in 2009, while import of cut diamonds (net) saw 84% rise reaching US$ 2,803 million.

 

For the first time, Far East markets have become Israel’s diamond industry’s main target. Sales to Hong Kong in the first 9 months of 2010 are close to these of the USA, traditionally all the years the main market for Israel’s export of cut diamonds but decreased dramatically in view of the economic situation where the U.S. suffered the biggest hit. Some 35%-40% of total the export in 2010 was to the USA, comparing to 60%-65% in past years. Hong Kong (27%-38%), Belgium (5%-9%), India (4%), 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.

 

According to the President of the Israeli Diamonds Association, local banks contracted credit given to local diamond firms in view of the global financial crisis, however, he believes the local diamond sector is healthy: 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. Israel Ministry for Industry & Trade also committed to support local diamond exporters by providing bank guarantees in total scope of NIS 1 billion.

 

 

SUMMARY

 

Considering the lack of data from subject’s officials, for the time being dealings are recommended on a secured basis.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.67

UK Pound

1

Rs.100.65

Euro

1

Rs.84.25

 

 

 

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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