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Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ROLGOLD LTD. |
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Registered Office : |
P. O. Box 10298 (4900202) 7 Imber Street Kiryat Arie Industrial Zone Petach Tikva 4951141 |
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Country : |
Israel |
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Date of Incorporation : |
05.05.2011. |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers, manufacturers, and marketers of jewelry, mainly of gold and diamonds. |
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No. of Employees : |
2 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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. It depends on imports of crude oil, grains,
raw materials, and military equipment. Cut diamonds, high-technology equipment,
and agricultural products (fruits and vegetables) are 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. Natural gasfields discovered off Israel's coast during the
past two years have brightened Israel's energy security outlook. The Leviathan
field was one of the world's largest offshore natural gas finds this past
decade. 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.
Source
: CIA
ROI GOLD JEWELRY
Correct name: ROLGOLD LTD.
(Also trading
as ROLGOLD JEWELRY)
Telephone 972 3 929 70 00
Fax 972 3 924 63 95
P.
O. Box 10298 (4900202)
7
Imber Street
Kiryat
Arie Industrial Zone
PETACH
TIKVA-4951141-ISRAEL
A private limited company, incorporated as
per file No. 51-461193-8 on the 05.05.2011.
Authorized share capital NIS 100.00 divided
into -
100
ordinary shares of NIS 1.00 each,
Fully issued.
1.
Subject is fully owned by ROLTIME LTD., owned by
Ms. Zila Listenberg (75%) and David Polturk (25%).
1. Ms. Zila Listenberg,
2. David Polturk.
Elad Levi.
Importers, manufacturers, and marketers of
jewelry, mainly of gold and diamonds.
Among clientele are retail stores operated
by sister companies (a total of22 branches)
Operating from rented premises, on a large
area, in 7 Imber Street, Kiryat Arie Industrial Zone, Petach Tikva. Premises
serves the ROLTIME Group.
Having 2 employees.
Having 200 employees in the ROLTIME Group.
Subject received services from other Group employees.
Financial data not forthcoming.
There are 3 charges for unlimited amount registered on the company's
assets (all assets) in favor of Bank Leumi Le'Israel Ltd. and Bank Hapoalim
Ltd. (charges placed October 2011-February 2012).
Sales figures not forthcoming.
ROLTIME LTD., parent company, importers and
marketers of watches (middle range value and up) and accessories.
Also in the ROLTIME group:
HAPPYWATCH LTD., operating 11 stores,
ROLNET LTD., operating 11 stores,
MARVIDEX LTD.,
Bank Leumi Le'Israel Ltd., Kiryat Arie
Business Branch (No. 670), Petach Tikva.
Nothing unfavorable learned.
Subject's officials refused to disclose
financial data.
ROLTIME is a veteran business and one of the
leading in the local watches branch, and is sole representatives of SWATCH,
TISSOT, HYSEK, OMEGA, GLASHUTTE, and more.
According to a report from July 2011,
ROLTIME Group holds a third of the watch market in Israel. The high end watch
market is valued at NIS 600 million annually.
According to the Ministry of Industry,
Trade & Labour data, export of Gold, Silver
and Fashion Jewelry from Israel reached US$ 255 million in 2011, up from US$
230 million in 2010. This marks a recovery, though numbers are still well below
those prior to the global economic crisis: export level were close to US$ 300
million in 2009, and over US$ 400 in 2007.
The division in export in 2011 was US$ 155
million for gold jewelry, and US$ 100 million in silver & fashion
jewelries.
There are some 250 jewelry manufacturers, 200 of
which are exporters, manufacturing gold jewelry, silver jewelry and other
fashionable jewelry.
Most exports are to the USA and Canada and Western Europe
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
Note: Since the beginning of 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).
DIAMOND INDUSTRY –
INDIA
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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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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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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 –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
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|
1 |
Rs.84.09 |
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Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
-- |
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.