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MIRA INFORM REPORT
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Report No. : |
500327 |
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Report Date : |
26.03.2018 |
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 : |
Subject engaged in importers, manufacturers
and marketers of jewelry, mainly of gold and of diamonds. |
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No. of Employees : |
2 (2013) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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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 2.6% per year during the period 2014-16. 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 2017 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
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
HISTORY
& LEGAL FORMATION
A private limited company,
incorporated as per file No. 51-461193-8 on the 05.05.2011.
SHARE
CAPITAL
Authorized share capital NIS
100.00, divided into -100 ordinary shares of NIS 1.00 each, fully issued.
SHAREHOLDERS
Subject is fully owned by
ROLTIME LTD., owned by Ms. Zila Listenberg (75%) and David Polturak (25%).
DIRECTORS
1. Ms. Zila Listenberg,
2. David Polturak.
GENERAL
MANAGER
Elad Levi.
BUSINESS
Importers, manufacturers and
marketers of jewelry, mainly of gold and of diamonds.
Subject is part of ROLTIME
Group.
Among clientele are retail
stores operated by sister companies which operate retail watch chains stores
under two brand names, "Impress" chain of 11 branches and
"HappyWatch" chain of 11 branches (as of 2014).
Operating from ROLTIME Group’s
rented premises, on a large area, in 7 Imber Street, Kiryat Arie Industrial
Zone, Petach Tikva.
Had 2 employees in 2013. Current
number of employees not forthcoming
Having 150 - 200 employees in
ROLTIME Group (mostly employed at the Group's retail stores) according to our
records, though exact current employee number not forthcoming.
MEANS
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.
REVENUES
Sales figures not forthcoming.
OTHER
COMPANIES
ROLTIME LTD., parent company,
importers and marketers of watches (middle range value and up) and accessories,
heads ROLTIME Group, which also includes:
HAPPYWATCH LTD., operating
"HappyWatch" chain of 11 retail stores (as of 2014),
ROLNET LTD., operating
"Impress" chain of 11 retail branches,
MARVIDEX LTD., importers and
marketers of watches.
BANKERS
According to our records (since
we could not speak to subject’s officials, we were unable to verify the u/m
bank details):
Bank Leumi Le'Israel Ltd.,
Kiryat Arie Business Branch (No. 670), Petach Tikva.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Despite our efforts, we were unable to speak with subject's
officials, as they were always unavailable. We left messages which so far
remain unanswered.
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. Also holding the
representation of SAMSONITE and AMERICAN TOURIST in the suitcase field.
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.
From the Central Bureau of
Statistics data, gross imports to Israel in the segment of Jewelry, Watches and Precious Stones in 2016
summed up to US$ 259 million, compared to US$ 243 million in 2015 and US$ 248
million in 2014.
Import of such in the first 4
months of 2017 amounted to US$ 85.5 million, marking 3% increase from the
parallel period in 2016.
SUMMARY
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 |
INR 65.13 |
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1 |
INR 91.95 |
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Euro |
1 |
INR 80.34 |
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ILS |
1 |
INR 18.59 |
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 : |
TPT |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.