|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
WINDIAM ISRAEL LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
05.07.2004 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTERS, PROCESSORS, EXPORTERS AND
MARKETERS OF ROUGH AND POLISHED DIAMONDS. |
|
|
|
|
No. of Employees : |
100 (In Group) |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
WINDIAM ISRAEL LTD.
Telephone 972 3 751 94 92
Fax 972 3 752 39 18
Email: stella@windiam.co.il
P.O. Box 3079
(5213002)
21 Tuval Street
Diamond Exchange,
Yahalom Bldg.
RAMAT GAN 5252236
ISRAEL
A private limited company,
incorporated as per file No. 51-356340-3 on the 05.07.2004.
Originally
registered under the name W.G.A.G. DIAMONDS LTD., which changed to the present
name on the 24.07.2011.
Authorized share
capital of NIS 50,000.00, divided into: 50,000 ordinary shares of NIS 1.00
each, of which 100 shares amounting to NIS 100.00 were issued.
Subject is fully owned by Amos Raz.
Amos Raz.
Importers, processors,
exporters and marketers of rough and polished diamonds.
Several years ago
we were informed that 90% of sales are for export (current export rate
unavailable).
Among local clients: GALKO DIAM
Among local
suppliers: LLD DIAMONDS, AVI PAZ FANCY, SHUMEL FISCHER DIAMONDS, ROBERT
BABAYEV, etc.
Operating from
office premises, in 21 Tuval Street, Diamond Exchange (office 2678), Yahalom
Building, Ramat Gan. Group also operates from overseas locations.
Number of
employees in subject not forthcoming (used to have 4 employees several years
ago).
There are over 100
employees serving WINDIAM Group globally (according to the Group's website).
Current stock was valued at US$ 1,000,000 several years ago.
Other/ later
financial data not forthcoming.
There are 2 charges for unlimited amounts registered on the company's
assets, in favor of Union Bank of Israel Ltd. (both charges placed in 2007).
2005 sales claimed
to be US$ 50,000,000, of which 90% were for export.
2006 sales claimed
to be US$ 50,000,000, of which 90% were for export.
Later sales
figures not forthcoming.
WINDIAM BVBA,
Belgium.
The First International Bank of Israel Ltd.,
Diamond Exchange Branch (No. 026), Ramat Gan, account No. 379000/64.
Union Bank of Israel Ltd., Ramat Gan Branch
(No. 062), Ramat Gan,
account No. 93790/76.
A check with the Central Banks' database did not reveal anything
detrimental on subject’s a/m accounts.
Nothing
unfavorable learnt.
We spoke to subject's General Manager, Mr. Amos Raz, who refused to
update information, but asked for a fax with our request which they are to consider.
We sent a fax, which remains unanswered. We shall update you in case they
return to us with fresh data.
Mr. Amos Raz,
owner and General Manager of subject is veteran in the diamonds business with
experience of over 30 years. Prior to
establishing subject he used to be a partner in several diamond companies.
Export of polished
diamonds from Israel fell by 23% in 2012 from 2011, after the sector recovered
in 2010 and mainly in 2011 from one of the worst depressions in the global
diamond sector due to the economic crisis in global markets that erupted in
2008. The sector experienced almost an entire freeze and collapse in sales of
about 70% in the peak of the crisis. While the global diamond industry
experienced major declines during 2012, Israel saw a steady improvement in its
diamond trade in the third and fourth quarters of the year, according to the
Diamond Administration at the Ministry of Industry & Trade.
Israel’s net
polished diamond exports stood at US$5.6 billion in 2012, compared a decline of
23% from 2011. Net rough diamond exports totaled US$2.8 billion in
Net imports of
polished diamonds dropped 25% from 2011, totaling US$4.27 billion, while net
rough imports stood at US$3.8 billion, 13 % less than in 2011.
The diamond sector
has been keeping a steady trend in the first half of 2013.
Net polished
diamond exports in 2013 1st half witnessed a slight decrease (2%)
comparing to 2012 1stH, reaching US$ 3.233 billion, while export of rough
diamonds saw a 8.1% rise. Net imports of rough diamonds in the 1st
half of 2013 reached US$ 2.037 billion, 2.8% increase compared with the
parallel period in 2012, whereas import of polished diamonds fell by 5.3% to
US$ 2.084 billion.
Expectations in the
local diamond sector for 2013 2nd half is for further recovery.
The United States
continued to be Israel’s major market for polished diamonds, accounting for 44%
of the market in 2013 1st half (36% in 2012). Hong Kong is the next
largest market with 29.7% of exports (28% in 2012), with Switzerland accounting
for 7.8%, Belgium 6.7%, and Thailand with 1.1%.
According to the
President of the Israeli Diamonds Association, in 2010 the trade in the local
diamond sector rolled 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.
An affair of an
underground bank shocked the local diamond branch, after in late January 2012
Police raided the Diamond Exchange (after a long undercover operation),
arrested several individuals for investigation, caught diamonds and various
assets worth NIS millions, and blocked several bank accounts. It is suspected
that a group of people, including diamond dealers, run an illegal bank in the
Diamond Exchange compound for loans, money transfer abroad based on fictitious
transactions 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 in 2012, frozen bank accounts, and for a
while to paralysis (especially in purchase of raw diamonds) due to uncertainty
among local and foreign dealers.
In March 2012 the Police
decided to lower the profile of the investigation for a while 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). In November 2012 the Police and Tax Authorities recommended on
indictments against the 25 suspects in the affair, among them diamond dealers,
for the said suspicions and obstruction of the investigation.
In June 2013 it
was reported that the Police resumed its raids on the diamonds branch, and
although names of suspects were not released, sources say that it is also
related to the above underground bank affair. In parallel, it is also reported
that the Tax Authorities and diamonds dealers' representatives are trying to
reach an arrangement for past debts.
Notwithstanding the refusal to disclose
update details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.