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MIRA
INFORM REPORT
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Report No. : |
497462 |
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Report Date : |
16.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VISION INTERNATIONAL DIAMONDS LTD. |
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Registered Office : |
21 Tuval Street, Diamond Exchange, Yahalom Bldg, Ramat Gan 5252236 |
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Country : |
Israel |
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Date of Incorporation : |
10.08.2009 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Dealers, traders, exporters and marketers of polished diamonds of
various colors and sizes. |
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No. of Employees : |
4 (2015) |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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
VISION INTERNATIONAL DIAMONDS LTD.
Telephone 972 3 600 60 20
Mobile 972 54 397 80 30 (Chezi Nofarber)
Fax 972 3 600 60 30
Email: info@visiondiamonds.com
21 Tuval Street
Diamond Exchange,
Yahalom Bldg.
RAMAT GAN 5252236 ISRAEL
HISTORY & LEGAL FORMATION
A private limited company, incorporated as per file No. 51-430572-1 on
the 10.08.2009, continuing activities which began in 2003.
SHARE CAPITAL
Authorized share capital of NIS 39,100.00, divided into:-
39,100 ordinary shares of NIS 1.00 each,
of which 2,000
shares amounting to NIS 2,000.00 were issued.
SHAREHOLDERS
1. Yossi Hadad, 50%,
2. Chezi Nofarber, 50%.
According to the
Registrar of Companies, in October 2015 Chezi Nofarber became a 50% shareholder
(till then Yossi Hadad fully owned subject).
SOLE DIRECTOR
Chezi Nofarber, General Manager, also a registered authorized reporting
official.
BUSINESS
Dealers, traders, exporters and marketers of polished diamonds of
various colors and sizes.
According to our records (2014), 70% - 80% of sales are for export.
Operating from office premises, in 21 Tuval Street (street name is also
referred to as 54 Bezalel Street), Diamond Exchange, Yahalom Building (32nd
Floor, Suite 91-93), Ramat Gan, and from affiliated company in Hong Kong.
Website: www.visiondiamonds.com
Had 4 employees in 2015, current number of employees not forthcoming.
MEANS
Financial data not forthcoming.
There is 1 charge for an unlimited amount, as well as 1 charge for the
sum of NIS 125,000 registered on the company's assets (1 charge on all assets
placed 2010, 1 charge for financial assets-bank account placed November 2016),
in favor of Mizrahi Tefahot Bank Ltd.
REVENUES
Sales data not
forthcoming.
OTHER COMPANIES
VISION
INTERNATIONAL (H.K.) LTD., operating in Hong Kong.
BANKERS
Mizrahi Tefahot Bank Ltd., Diamond Business
Center Branch (No. 466), Ramat Gan, account No. 198615.
A check with the Central Banks' database did not
reveal any negative information regarding subject's a/m account.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject's General Manager, Mr. Chezi Nofarber, refused to update business
data at all.
Export (net) of polished diamonds from Israel in the first 9 months of
2017 totaled US$ 3,383 million, which represents 11.8% decrease compared to the
parallel period in 2016, while export of net rough diamonds fell 10.4% in this
period, reaching US$ 1,796 million. That is in contrast to the figures in 2016,
which showed signs of recovery for the Israeli diamond trade, coming after the
export of diamonds from Israel experienced a drastic fall by 20% in 2015 from
2014 (down 40% from 2011).
Net export of polished diamonds in 2016 decreased by 6.4% from 2015,
reaching US$ 4,675 compared to US$ 4,993 million in 2014 (after 0.6% rise in
2014 and 11.6% in 2013), however net rough diamonds exports jumped 23.1% to
US$2,702 million (in 2015 fell 28.3% from 2014, after 4.2% rise in 2014, and a
mere rise in 2013). Yet the figures are well away from its peak on the eve of
the crisis with export of polished diamonds of US$ 7 billion.
In total, diamonds export (polished and rough) in 2017 were expected to
sum up to US$ 7 billion, 7% lower than in 2016, from the Ministry of Economy
forecast.
The 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), the entrance of new
rules by the local Tax Authorities on the Diamond Exchange for enforcing money
laundering, and the "underground bank" affair – as below.
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.
Net imports of polished diamonds totaled US$ 3,282 million in 2016, 5.7%
decrease from 2015, while net import of rough diamonds reached US$ 3,246
million, up 16.7% from 2015.
Net imports of polished diamonds decrease by 15.1% in the first 9 months
of 2017 and totaled US$ 2,015 million, compared to the parallel period in 2016,
whereas net import of rough diamonds reached US$ 2,089 million, down 11.6% from
2016.
The United States continued to be Israel’s major market for polished
diamonds, accounting for 45% of the market in the first 9 months 2017 (was 39%
in 2016). Hong Kong is 2nd largest market with 30% of exports (26%
in 2016), followed by Switzerland 9% (7%), Belgium 8% (8%), and the rest of the
world account for the remaining 8% of Israel's polished diamond export.
In 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" (known as the "Check
List" Affair) 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.
SUMMARY
Considering the refusal to update business data,
dealings are recommended on secured basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 90.72 |
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Euro |
1 |
INR 80.32 |
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ILS |
1 |
INR 18.81 |
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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NIY |
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Report Prepared
by : |
KET |
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
·
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.