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Report No. : |
324288 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SASPORTAS MOSHE DIAMONDS |
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Registered Office : |
Ramat Gan |
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Country : |
Israel |
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Year of Incorporation : |
1980 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Dealers, importers, polishers, exporters and marketers of diamonds. |
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No. of Employees : |
6 (2013) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Israel |
A2 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2013, growth averaged nearly 5% per year, led by exports. 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. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Slowing demand domestically and internationally and reduced investment due to uncertainties caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2% during 2014. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is expected to come online no sooner than 2017, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and a 0.5% boost in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. The government formed committees and has started splitting up the oligopolies to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition.
|
Source
: CIA |
SASPORTAS MOSHE
DIAMONDS
Telephone 972 54 397 64 13
Email: sasportas.diamonds@gmail.com
RAMAT GAN ISRAEL
A sole proprietorship, established in 1980.
Operating under Licensed Dealer No. 78946662.
The business is registered with the Tax Authorities’ Files under the name of "SASPORTAS MOSHE".
Note: We spoke with Ms. Osnat Sasportas and inquired on subject business SASPORTAS MOSHE DIAMONDS. She said: "today this is not exactly SASPORTAS MOSHE DIAMONDS, send us an email with your request and we shall see" (her exact words). So far we did not receive an answer to our email, therefore we could not understand if subject is still actually active (as the Sasportas Family may be operating under a different legal entity!) as well as subject's address and telephone numbers.
Moshe Sasportas.
Moshe Sasportas
used to be the General Manager, we do not know the current status.
Based on our: Dealers,
importers, polishers, exporters and marketers of diamonds.
Sales for export
are very small, almost all sales are local.
According to our
past and the Diamond Exchange directory, operating from office premises, in 54
Bezalel Street (also referred to as 21 Tuval Street), 11th Floor
(rooms #79-81), Diamond Exchange, Yahalom Building, Ramat Gan.
At this stage, we
cannot confirm that this is the actual physical location.
Had 6 employees as
of end of 2013 (similar to 2011). Current employees data not forthcoming.
Financial data not
forthcoming.
Sales figures not
forthcoming.
According to our records:
Israel Discount Bank Ltd., Diamond Exchange Branch (No. 080), Ramat Gan.
As noted above, at
this stage we do not know if subject is active, and if yes, what are its
address details and other information. We called the telephone number that we
had (+972) 03-5755480 – this line does not belong to subject anymore.
We called the cellular
no. of Mr. Dudu Sasportas, son of Moshe Sasportas (+972) 054-3974274 – line is
unavailable.
We called another
cellular no., of Mr. Benny Sasportas (+972) 054-3974277 – he directed us to his
sister, Ms. Osnat Sasportas, at (+972) 054-3976413.
As described
above, Ms. Osnat Sasportas was non-cooperative, she did not confirm any data on
subject or else, just asked us for an email with our request. We sent her an
email last week, but so far it remains unanswered. We tried to reach them
later, unsuccessfully.
In case we receive
any fresh update, we shall inform you accordingly.
We did not find
any detrimental data on Moshe Sasportas.
This used to be a
veteran family business. From the little Ms. Osnat Sasportas said, we learn
that there may be other businesses or companies they are operating through,
which we cannot confirm at the moment.
Dealings are
recommended on secured basis only.
DIAMOND INDUSTRY – INDIA
-
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 –
-
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.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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|
|
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Report Prepared by
: |
VNT |
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 |
|
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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 |
|
|
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 |
|
|
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 |
-- |
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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.