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MIRA INFORM REPORT
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Report No. : |
488468 |
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Report Date : |
01.02.2018 |
IDENTIFICATION DETAILS
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Name : |
TURBOFAN LTD. |
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Registered Office : |
3 Oholiav Street
Ramat Gan 5252256 |
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Country : |
Israel |
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Date of Incorporation : |
13.12.1989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is
engaged in Manufacturers, exporters and marketers polishing equipment for
diamonds and gems. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced free market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among its leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are offset 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 weathered the 2011 Arab Spring because strong trade ties outside the Middle East insulated the economy from spillover effects.
Slowing domestic and international demand and decreased investment resulting from Israel’s uncertain security situation reduced GDP growth to an average of roughly 2.8% per year during the period 2014-17. 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 in the last decade. Political and regulatory issues have delayed the development of the massive Leviathan field, but production from Tamar provided a 0.8% boost to Israel's GDP in 2013 and a 0.3% boost in 2014. One of the most carbon intense OECD countries, Israel generates about 57% of its power from coal and only 2.6% from renewable sources.
Income inequality and high housing and commodity prices continue to be a concern for many Israelis. 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. Government officials have called for reforms to boost the housing supply and to increase competition in the banking sector to address these public grievances. Despite calls for reforms, the restricted housing supply continues to impact the well-being of younger Israelis seeking to purchase homes. Tariffs and non-tariff barriers, coupled with guaranteed prices and customs tariffs for farmers kept food prices high in 2016. Private consumption is expected to drive growth through 2018 with consumers benefitting from low inflation and a strong currency.
In the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultraorthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only about 8% of the workforce, with the rest mostly employed in manufacturing and services - sectors which face downward wage pressures from global competition. Expenditures on educational institutions remain low compared to most other OECD countries with similar GDP per capita.
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Source
: CIA |
Company
name and address
TURBOFAN LTD.
Telephone 972 3 613 23 12
Fax 972 3 613 23 79
Email: turbofan@smile.net.il
3 Oholiav Street
RAMAT GAN 5252256 ISRAEL
HISTORY
& LEGAL FORMATION
A private limited
company incorporated as per file No. 51-143182-7 on the 13.12.1989, continuing
activities which began in 1987.
SHARE CAPITAL
Authorized share
capital NIS 10,000.00 divided into -
10,000 ordinary shares of NIS 1.00
each,
of which 202
shares amounting to NIS 202.00 were issued.
SHAREHOLDERS
1. Hilel Neuman, 50%,
2. Hanoch Sterk, 50%,
3. HARGAM LTD., holding 1
single share, owned by Sterk family (namely Hanoch Sterk ) and Harel family
(namely Ehud Harel).
DIRECTORS
1. Hilel Neuman, General Manager,
2. Hanoch Sterk.
BUSINESS
Manufacturers, exporters
and marketers polishing equipment for diamonds and gems.
Operating from
premises in 3 Oholiav Street, Ramat gan
Number of
employees not forthcoming.
MEANS
Financial data not
forthcoming.
There are no
charges registered on the company's assets.
REVENUES
Sales data not
forthcoming.
OTHER
COMPANIES
HARGAM LTD.,
according to our data, gems polishing.
Hanoch Sterk (as
well as Ehud Harel) are the main shareholders (besides institutional investors)
in SARINE TECHNOLOGIES LTD., a public limited company whose shares are traded
on the Singapore Stock Exchange. Developers, manufacturers, exporters and
marketers of precision technology products based on automated three-dimensional
(3-D) geometric measurement for the processing of diamonds and gems. Current
market value € 241 million.
SARINE
TECHNOLOGIES holds (100% unless otherwise stated)::
GALATEA LTD.,
developers, manufacturers, exporters and marketers of technology and products
applicable to the fully automated detecting and mapping of internal inclusions
in rough and polished diamonds..
SARINE COLOR TECHNOLOGIES LTD. (Israel),
developers, manufacturers and marketers of instruments for assessing the light
performance,
SARINE POLISHING TECHNOLOGIES LTD. (Israel),
service centers in Israel providing customers with inclusion detection and
mapping
SARINE TECHNOLOGIES INDIA PRIVATE LTD.
(India), SARINE Group’s operation arm in India.
SARINE HOLDINGS USA LTD. (Israel), An
Israeli holding company for the
Group’s North American subsidiaries. Holds:
SARINE NORTH AMERICA INC. (USA), operating company for SARINE Group’s North
American operations; SARINE IGT 10H INC. (USA), SARINE IGT 10I INC. (USA),
SARINE IGT 10JKL INC. (USA), latter 3 are real estate companies
SARINE HONG KONG LTD. (Hong Kong), SARINE
Group’s operating arm in the Far East.
IDEX ONLINE SA7,
23%, a publisher of a leading trade magazine and an operator of a web portal in
the Diamond field.
H. STERK & CO.
LTD., dealing in gems.
BANKERS
According to our
data (since we could not speak to subject’s General Manager, we were unable to
verify the u/m bank details):
Union Bank of
Israel Ltd., Ramat Gan Branch (No. 062), Ramat Gan.
CHARACTER
AND REPUTATION
Nothing
unfavorable learned.
Yet, in the financial aspect it should be
noted that subject is suffering from negative conditions in the midstream of
the diamond industry, such as high rough diamond prices compared to polished
diamonds, high inventory of polished diamonds (resulting in a lower purchase
level of subject's products), squeezed credit lines and working capital of
manufacturers due to slower turnaround of inventories, and more.
During 2016 an improvement was shown,
following pickup in the global diamond trade, and the sales of inclusion
mapping systems.
Despite our
efforts, we were unable to speak with subject's General Manager as he was
unavailable. We were asked to call again in several days time.
Upon receiving
further data, we shall update you accordingly.
SARINE TECHNOLOGIES is considered a leading
company in their field.
The diamond market
has been volatile over the last years after experiencing its worst depression
due to the global economic crisis. According to Israel's Diamond Administration
(IDA) at the Ministry of Economics, profit margins have been decreasing due to
smaller gaps between rough (increasing) and polished (decreasing) diamond
prices.
In addition, the
local diamond sector has been negatively affected by other significant factors:
the production of counterfeit diamonds, whose quality keeps improving (harming
the raw diamonds market) and the entrance of new rules by the local Tax
Authorities on the Diamond Exchange for enforcing money laundering.
As a result, local
diamond dealers report on difficulties in executing transactions and bad
atmosphere in the branch. Signs of recovery appeared towards the last quarter
of 2016 – mainly due to the growing stability of the market and the industry’s
agreement with the Israel Tax Authority in December, yet the market is still
volatile, as witnessed with the endurance of the depression trend during 2017.
SUMMARY
We consider the company to be a reasonably fair trading partner. Yet, lacking updated
data from subject's General Manager, we prefer to remain cautious and for the
time being, dealings are recommended on secured basis.
Note: Since February 2013 Israel Post has
started using a new area code method of 7 digits (the old method of 5 digits is
no longer valid).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.68 |
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1 |
INR 90.35 |
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Euro |
1 |
INR 79.21 |
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ILS |
1 |
INR 18.68 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.