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Report No. : |
348289 |
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Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
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Name : |
RONI DUEK DIAM |
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Registered Office : |
23 Tuval Street Diamond Exchange, Noam Bldg. Ramat Gan 5252238 |
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Country : |
Israel |
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Date of Incorporation : |
27.07.1987 |
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Com. Reg. No.: |
51-121348-0 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Traders, processors, polishers, importers, exporters and marketers of diamonds. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Israel |
B1 |
B1 |
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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. 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.
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Source
: CIA |
RONI DUEK DIAM
Telephone 972 3 575 60 88
Fax 972 3 751 90 65
Email: anat@proteadesign.com
23 Tuval Street
Diamond Exchange,
Noam Bldg.
RAMAT GAN 5252238 ISRAEL
A private limited
company, incorporated as per file No. 51-121348-0 on the 27.07.1987.
Authorized share
capital of NIS 2,640.00, divided into:
2,640 ordinary shares of NIS
1.00 each,
of which 100
shares amounting to NIS 100.00 were issued.
1. Aharon (Roni) Duek, 70%,
2. Moshe Duek, 15%,
3. Bernard Jean-Claude Maimon, 15%.
During the first half of 2009 Ms. Mor Shmuelov, who used to hold 15% in subject,
sold her shares to the other shareholders.
According to the, Mr. Eyal Yadid entered as a 15% shareholder in subject in
mid 2007 and left during the 2nd half of 2011 (replaced by Dotan Duek).
In June 2013 Bernard Jean-Claude Maimon entered as a shareholder, assuming
15% of Roni Duek's (who held until then 70%).
At a later stage Roni Duek assumed Dotan Duek's shares (15%).
1. Aharon (Roni) Duek, General
Manager,
2. Dotan Duek.
Traders,
processors, polishers, importers, exporters and marketers of diamonds.
Manufacturing/
processing is carried out through sub-contractors.
50% of 2013 sales
are export (was around 30% in 2012 and 2011).
Among local
clients: M. SCHNITZER & CO., PROTEA DIAM
Diamonds
purchasing is both from import and local suppliers.
Among local
suppliers: ITZHAK LEVAVI DIAM
Operating from
owned offices, on an area of 50 sq. meters, in 23 Tuval Street (also referred
to as 52 Bezalel Street), Diamond Exchange, Noam Building (7th
floor, Room #709), Ramat Gan.
Subject shares
premises with subsidiaries.
Having 8 employees
(same as in previous years).
Financial data not
forthcoming, known to be financially solid.
There are 3 charges for unlimited amounts registered on the company’s
assets (financial and fixed assets), in favor of Israel Discount Bank Ltd. and
a partnership
2008 sales claimed
to be US$ 2,690,000, of which 50% were for export.
2009 sales claimed
to be US$ 2,300,000, of which 50% were for export.
2010 sales claimed
to be US$ 4,500,000, of which 50% were for export.
A growth in sales
has been noticed in over the first half of 2011, comparing to the 2010 trend.
Later sales data
not disclosed, only that 50% of sales in 2013 were for export.
K.D.D. DIAM
R.G.E DIAMONDS
LTD., incorporated 1995, controlled by Duek family (according to our from
December 2014, Roni Duek holds some 40%, Dotan Duek – some 20%), traders,
importers and marketers of polished diamonds.
BLUE MOON DIAMONDS
LTD., 50% owned by Roni Duek, incorporated in 2013, traders, importers,
exporters and marketers of diamonds of all sorts.
PROTEA DIAM
PROTEA DIAMONDS PTY, South Africa,
PROTEA DIAMONDS CO. (1984) LTD.
TAL-LIRON DIAMONDS
LTD., 60%, established in 2005, traders, importers, exporters and marketers of
diamonds.
DUEK ET SASSON
DIAMONDS LTD., partially owned, diamond dealers.
Israel Discount
Bank Ltd., Diamonds Exchange Branch (No. 080), Ramat Gan, account No. 820687.
A check with the Central Banks' database did
not reveal anything detrimental on subject’s a/m account.
Nothing
unfavorable learnt.
Subject’s officials refused to update
financial details.
Roni Duek is a
well-known local diamond dealer, enjoying good reputation.
Duek family is
wealthy and veteran in the diamonds business. Subject is part of the well-known
international PROTEA DIAM
Israel's diamond
industry continued the growth trend in all trade parameters in 2014, after the
impressive growth in 2013 in most parameters, based on the data by Israel's
Diamond Administration (IDA) at the Ministry of Economics: Net export of
polished diamonds rose by 0.6% from 2013, reaching US$6.269 billion (after
rising 11.6% in 2013), and net rough diamond exports totaled US$3.061 billion
in 2014, up 4.2% from 2013 (after a mere rise in 2013). The market has been
volatile over the last years after experiencing its worst depression due to the
global economic crisis, then recovered in 2010 but fell again in 2012. The
recovery in 2013 and 2014 is positive news for the local branch (still away
from its peak on the eve of the crisis with export of polished diamonds of US$
7 billion), however it is reported that profit margins have been decreasing due
to smaller gaps between rough and polished diamond prices (leading the diamond
dealers to search for new rough sources in hope to decrease costs). Overall,
IDA reports that 2014 was tough year for the diamond industry in Israel and
globally.
In addition, the
local diamond sector has been negatively affected by 2 other significant
factors: the production of counterfeit diamonds, whose quality keeps improving
(harming the raw diamonds market) and the "underground bank" affair –
see below. As a result, local diamond dealers report on difficulties in
executing transactions and bad atmosphere in the branch.
The data published
for the 1st half of 2015 (compared to 1stH 2014) points on a
negative reverse trend in all parameters: Net export of polished diamonds
represents 17% decrease, reaching US$2,975 million, and net rough diamond
exports decreased by 22%, totaled US$ 1,361 million. Net imports of polished
diamonds fell by 17%, reaching US$ 1,793 million, while net import of rough
diamonds fell 21% totaling US$ 1,623 million.
The United States continued
to be Israel’s major market for polished diamonds, accounting for 44% of the
market in the 1stH 2015 (some recovery from 39% in latest years). Hong Kong is
2nd largest market with 31% of exports (30% in 2014), then
Switzerland 10%, Belgium 6.5%, and U.K. accounting for 2.4% 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 stood on US$ 1.5 billion, down from US$ 2.4 billion in the eve of the
global crisis.
In February 2009,
Israel was ranked as the world’s largest exporter of cut diamonds, followed by
India, Belgium and South Africa.
Local diamond sector
employs some 20,000 persons.
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 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 said 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.
Since mid-2014 the
State Attorney started to file indictments against central defendants in the
affair, initially against dealers who
provided foreign currency services to the "underground bank", for
felonies of money laundering and tax evasion in volumes of US$ millions (in
June 2015 the court made the first conviction in the affair, sending a foreign
currency dealer who pretended also to be a diamond dealer, for 4 years prison
and a fine, part of a plea bargain), and in October 2015 indictments for severe
charges pressed against 5 diamond firms and persons for felonies committed in
volumes of millions US$.
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.79 |
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1 |
Rs.99.94 |
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Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.