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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ROLGOLD LTD. |
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Registered Office : |
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Country : |
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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 of diamonds |
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No. of Employees : |
Having
2 employees. Having 200
employees in ROLTIME Group. Subject receives services from other Group
employees. |
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 : |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. Its major imports include crude oil,
grains, raw materials, and military equipment. Cut diamonds, high-technology
equipment, and pharmaceuticals are among 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. Israel's economy also has weathered the Arab Spring
because strong trade ties outside the Middle East have insulated the economy
from spillover effects. 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, and production from the Tama field is expected to meet all of
Israel's natural gas demand beginning mid-2013. 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 |
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.
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 of diamonds.
Among clientele are retail stores operated
by sister companies (a total of 22 branches).
Operating from rented premises, on a large
area, in 7 Imber Street, Kiryat Arie Industrial Zone, Petach Tikva. Premises
serve also ROLTIME Group.
Having 2 employees.
Having 200 employees in ROLTIME Group.
Subject receives 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 ROLTIME Group:
· HAPPYWATCH LTD., operating 11 retail stores,
ROLNET LTD., operating 11 retail 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.
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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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 –
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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.60.10 |
|
UK Pound |
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.