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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
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Name : |
OMTIME DISTRIBUTION LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
24.01.1978 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and marketers of watches and
Jewellery |
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No. of Employees : |
Number of
employees not forthcoming |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Israel |
A2 |
A2 |
|
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 |
israel - ECONOMIC OVERVIEW
Israel has a
technologically advanced market economy. Its major imports include crude oil,
grains, raw materials, and military equipment. Cut diamonds, high-technology
equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the Arab Spring
because strong trade ties outside the Middle East have insulated the economy
from spillover effects. 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, and production from the Tama field is expected to meet all of
Israel's natural gas demand beginning mid-2013. 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 |
OMTIME
DISTRIBUTION LTD.
Telephone 972
3 517 25 40
Fax 972
3 510 29 64
P.O.
Box 1158
48
Ha'atzmaut Rd.
Industrial
Zone
YEHUD-MONOSON 5630421 ISRAEL
Originally established as a private limited
company and registered as such as per file No. 51-077339-3 on the 24.01.1978.
Converted into a public limited company and
registered as such as per file No.
52-004138-5 on the 01.03.1994.
At a later date re-converted into a private
limited company (keeping the latter registration number).
Authorized share capital NIS 20,000,000.00,
divided into -
20,000,000
ordinary shares of NIS 1.00 each,
of which 875 shares amounting to NIS 875.00
were issued.
1. Ms. Lea
Falach, 42.86%,
2. Uriel
Falach, 42.29%, husband of Lea,
3. ISREIKO
IMPORT AND MARKETING OF WATCHES AND CLOCKS (1986) LTD., 9.49%, owned by Falah
family,
4. THE
ISRAELI CENTER FOR GOLD TRADE LTD., 4.8%, owned by Falah family,
5. There
are further 5 shareholders, each holding 1 single share.
1. Uriel (Uri) Falach, General Manager,
2. Ms. Lea Falach.
Importers and marketers of watches and
jewellery.
Sales are via some 190 points of sale,
including Group's retail chain ROYALTY JEWELLERY (some 50 shops) and other jewellery
and watches shops countrywide.
Subject and the Group are exclusive local
importers and representatives of: SEIKO, FERRARI, NINA RICCI, MILUS, PULSAR,
ELLE, SAINT HONORE, LORUS, and others.
Operating from premises, in 48 Ha'atzmaut
Road, Industrial Zone, Yehud – Monoson.
Number of employees not forthcoming.
Financial data not forthcoming.
There are 9 charges for unlimited amounts
registered on the company's assets (financial assets, fixed assets and
vehicles), in favor of Bank Leumi Le’Israel Ltd. and Bank Otsar Hahayal Ltd.
(there are 5 charges placed between 1991 and 1998 on financial and other
assets, plus 4 charges placed during 2006-2007 on financial assets).
Sales figures not forthcoming.
Also
part of subject's Group:
GOLDEN SUN JEWELRY LTD. (known as ROYALTY
JEWELLERY), operating a retail chain (some 50 shops) for jewellery and watches.
Reported turnover in 2007 NIS 168 million.
ISREIKO IMPORT AND
MARKETING OF WATCHES AND CLOCKS (1986) LTD.,
SUPERGOLD JEWELLERY LTD.,
THE ISRAELI CENTER
FOR GOLD TRADE LTD.
According to our, working with Bank Leumi
Le’Israel Ltd., branch data unavailable. We were unable to confirm that so far.
Nothing unfavorable learned.
Despite our efforts, so far we were unable to speak with subject's CFO,
the person authorized to disclose data on the company, as he was too busy to
take our calls. We left several messages which so far remain unanswered.
In case we receive fresh data from subject we shall update you
accordingly
Subject is a veteran business and among the
leading in their field. Ms. Lea and Uri are well-known, operating in the
watches and jewellery business since 1976.
Notwithstanding the lack of data from subject's
officials, considered good for trade engagements.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.59 |
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UK Pound |
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.