MIRA INFORM REPORT
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Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
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Correct Name : |
PANFORD ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
02.07.1980 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, Importers, Exporters and Marketers of rough diamonds. |
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No. of Employees : |
15 |
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
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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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
PANFORD (
Telephone 972
3 575 01 74
Fax 972
3 575 29 56
Diamond Exchange, Yahalom Bldg.
A private limited company, incorporated as per file No. 51-085590-1 on the
02.07.1980, as part of the Steinmetz Family diamond businesses founded years
earlier.
Authorized share capital
200,000 ordinary shares of
of which 171,550 shares amounting to
1. PANFORD (L
2. Daniel Steinmetz, 16%.
1. Daniel Steinmetz,
2. Itzhak Zissman.
David Shiama.
Traders, importers, exporters and marketers of rough diamonds.
The main company handling the STEINMETZ Family diamond business in
Operating from office premises, owned by the Steinmetz Family, on a large
area of several hundreds sq. meters, in
We were informed that couple of years ago the Group sold the 500 sq. meters
on the 17th Floor and purchased new offices, on an area of 1,000 sq.
meters on the 28th Floor.
Having 15 employees (same as in 2010, had 20 employees in 2009).
Financial data not forthcoming, known to be financially solid.
There are 4 charges for unlimited amounts registered on the company's
assets, in favor of The First International Bank of Israel Ltd. and Bank Leumi Le’Israel
Ltd.
Sales figures not forthcoming, known to be in scales of over hundred US$
million and much more.
There are many
diamond companies in the STEINMETZ Group in
STEINMETZ-ASCOT LTD., processors and polishers, traders, importers,
exporters and marketers of cut diamonds. Operate on relatively very low level.
The Steinmetz family has numerous other holdings in other fields (see more
below).
·
Israel
Discount Bank Ltd., Ramat Gan Branch (040),
·
The First International Bank of Israel Ltd.,
Diamond Exchange Branch (No. 026),
·
Bank Leumi Le’Israel Ltd., Diamond Exchange
Branch (No. 629),
Nothing unfavorable learned.
The CFO of the STEINMETZ Group said subject is operating on very high volumes,
but refused to disclose financial information.
The STEINMETZ Group is one of the world’s largest diamond miners, with wide operations
in
It is known that
the Group has suffered from the global economic crisis that adversely hurt the
global diamond industry, and as such, subject’s Group was also harmed, though
financial data is unavailable.
Mr. Benny Steinmetz, born 1956, is a
international wealthy businessman and entrepreneur (in March 2010 Forbes
Magazine evaluated his capital at US$ 2 billion). The origin of the wealth
comes from the worldwide family diamond business. The BENNY STEINMETZ Group
(BSGR) is an International concern, based in London, with several holdings in
public (traded in London Stock Exchange) and many private companies in natural resources (including diamonds, gold, copper, cobalt, steel, etc.),
finance, real estate and energy, both in Israel and overseas in volume of US$
billions. Among companies are KATANGA MINING, BSG
RESOURCES, NIKANOR, CUNICO, KOIDU, ODIMO, BAKU STEEL, etc.
During the period prior to the global crisis
BSGR and BATEMAN Groups, as well as SCORPIO (Steinmetz real estate investment
arm) raised many hundreds of millions of US$ from the public (in London and Tel
Aviv) to finance their expansion, and when the crisis occurred, they were
highly leveraged, with clear problem to finance future obligations. These
companies were obliged to seek arrangements with their bonds holders and
bankers to prevent collapse. In
In May 2010, as part
of becoming more liquidate, Steinmetz sold 51% of BSGR
It should be
emphasized that the above mentioned public affairs do not have
any impact on subject.
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
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
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
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
In February 2009,
Notwithstanding
the refusal to disclose financial data, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.67 |
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1 |
Rs.100.71 |
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Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
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Report
Prepared by : |
NIS |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.