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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
J. LANDAU & CO. LTD. |
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Formerly Known As : |
M.C.L. DIAMONDS LTD. |
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Registered Office : |
3 Jabotinsky Street, Diamond Exchange, Shimshon Bldg., Ramat Gan 5252005 |
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Country : |
Israel |
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Date of Incorporation : |
14.07.1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, processors, importers, exporters and marketers of rough and
polished diamonds. |
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No. of Employees : |
3 (including
General Manager) |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Israel |
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 since 2011 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 Tamar
field started meeting all of Israel's natural gas demand in 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. In May 2013 the Israeli government, in a politically difficult
process, passed an austerity budget to reign in the deficit and restore
confidence in the government’s fiscal position.
|
Source
: CIA |
J. LANDAU & CO.
LTD.
Telephone 972 3 613 70 72
Cellular 972 54 397 82 01
Fax 972 3 644 54 80
3 Jabotinsky Street
Diamond Exchange, Shimshon Bldg.
RAMAT GAN 5252005 ISRAEL
A private limited company, incorporated as per file No. 51-121062-7 on
the 14.07.1987.
Originally registered under the name M.C.L. DIAMONDS LTD., which changed
to the present name on the 23.07.1992.
Authorized share capital of NIS 5,000.00, divided into:
4,800 ordinary shares
(1,000 shares issued),
100 management shares
(issued),
100 founders' shares
(issued), all of NIS 1.00 each,
of which shares amounting to NIS 1,200.00 were issued.
1. Jonathan Wolf Landau,
holding 90% of ordinary shares and 100% of management shares and founders'
shares issued,
2. Mrs. Haya Landau,
holding 10% of ordinary shares issued.
1. Jonathan Wolf Landau,
General Manager,
2. Menachem Carmel,
3. Itzhak Miller.
Traders, processors, importers, exporters and marketers of rough and
polished diamonds.
Over 60% of sales are for export, the rest sold in the local market.
Operating from rented offices, on an area of 13 sq. meters, in 3
Jabotinsky Street, Diamonds Exchange, Shimshon Building (11th Floor,
room No. 19), Ramat Gan.
Having 3 employees (including General Manager).
Financial data not forthcoming.
There are 2 charges for unlimited amounts registered on the company's
assets, in favor of the Israel Union Bank Ltd. Both charges placed in 2010 on
financial and other assets.
2012 sales claimed to be US$ 5,000,000, of which over 60% were for
export.
2013 sales claimed to be US$ 5,000,000, of which over 60% were for
export.
M.B.E. DIAMONDS LTD.
Union Bank of Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
Nothing unfavorable learnt.
Israel's diamond industry remarked on impressive growth in almost all
trade parameters in 2013, from the data by Israel's Diamond Administration at
the Ministry of Economics: Net export of polished diamonds rose by 11.6% from
2012, reaching US$ 6.2 billion. The market has been volatile in recent years:
the branch –in Israel as well as globally- experienced its worst depression in
the 2nd half of 2008 and 2009 due to the global economic crisis
(almost an entire freeze and collapse in sales of about 70% in the peak of the
crisis), then recovered in 2010 and mainly in and fell again in 2012 (net
export fell by 23% in 2012 from 2011).
Net rough diamond exports totaled US$2.9 billion in 2013, a mere rise
from 2012.
Net imports of polished diamonds remained in similar level as 2012
(after drop by 25% in 2012 from 2011), totaling US$4.3 billion, while net rough
diamonds imports summed at US$ 4 billion, 4% up from 2012 (when it fell 13%
from 2011).
The United States continued to be Israel’s major market for polished
diamonds, accounting for 37% of the market in 2013 (35% in 2013). Hong Kong is
the next largest market with 27% of exports, with Switzerland accounting for
9.3%, Belgium 7.3%, and India accounting for 2.3% of Israel's polished diamond
export.
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 global crisis. The Ministry of Economics also
assisted the local diamond exporters by providing bank guarantees in total
scope of NIS 1 billion.
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. The Attorney General is in
process of preparing indictments.
In the end of December 2013 it was reported that 5 diamond dealers were
summoned to a hearing (not mandatory) regarding the a/m affair, prior to filing
an indictment, before the Tel Aviv District Attorney (Tax and Finance sector).
Good for trade engagements.
Note: The telephone numbers you provided are old, no longer relevant.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
|
<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.