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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=5><B>UNITED STATES </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=5><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=3><B>Washington, D.C. 20549 </B></FONT></P>
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face="Times New Roman" color=#000000 size=5><B>FORM 8-K </B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=3><B>CURRENT REPORT</B></FONT></P><p>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=3><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></FONT></P><p>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=3><B>Date of Report (Date of earliest event reported): November 15, 2006</B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=6><B>RAPHAEL INDUSTRIES LTD.</B></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=1><B>(Exact name of registrant as specified in charter) </B></FONT></P>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>Nevada</B></FONT></P></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B></B></FONT>&nbsp;</P></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>20-3717729</B></FONT></P></TD></TR>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=1><B>(State or other jurisdiction</B></FONT></P></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=1><B></B></FONT>&nbsp;</P></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=1><B>(I.R.S. Employer</B></FONT></P></TD></TR>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=1><B>of incorporation)</B></FONT></P></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=1><B>Identification No.)</B></FONT></P></TD></TR></TABLE>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>Suite 700, One Executive Place, 1816 Crowchild Trail N.W., Calgary, Alberta </B></FONT></P></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>T2M 3Y7</B></FONT></P></TD></TR>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>(Address of principal executive offices)</B></FONT></P></TD>
    <TD vAlign=bottom width="3%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
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      <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>(Zip Code)</B></FONT></P></TD></TR></TABLE>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><B>Registrant's telephone number, including area code: (866) 261-8853 </B></FONT></P>
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<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><b>N/A</b></FONT></P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT face="Times New Roman" color=#000000 size=2><b>(Former name or former address, if changed since last report)</b> </FONT></P><P>
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<P align=justify><B>Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></p>
<P align=justify>Raphael Industries Ltd. ("Raphael") announced that on November 15, 2006 it agreed to extend its option to purchase one of its licensed databases to August 15th, 2007. In consideration of the extension Raphael has agreed to pay the licensor $10,000. The terms of the license otherwise remain in force and effect, stipulating that as of November 15, 2006 payments to Raphael on all generated revenues shall be reduced to 25% of the generated revenue, including revenue generated by third party agents. Prior to November 15, 2006 payments to Raphael on revenue generated by third party agents was 40% of the generated revenue. The outstanding balance to exercise the option to acquire the database from Free Enterprise Press remains at $50,000.  </p>



<P align=Center><u><B>SIGNATURES</B></u></p>
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<P align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized. </P>
<P style="MARGIN-LEFT: 150px"><B>RAPHAEL INDUSTRIES LTD.</B>
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    <TD><B>Signature</B></TD>
    <TD><B>Title</B></TD>
    <TD><B>Date</B></TD></TR>
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    <TD vAlign=top><u>ARNE RAABE&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>Arne Raabe</TD>
    <TD>President, Chief Executive Officer,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <BR>Chief Financial Officer, Secretary <BR>and Director</TD>
    <TD vAlign=top>November 17, 2006</TD></TR></TABLE></P></BODY></HTML>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 15, 2006
RAPHAEL INDUSTRIES LTD.
(Exact name of registrant as specified in charter)
Nevada
20-3717729
(State or other jurisdiction
(I.R.S. Employer
of incorporation)
Identification No.)
Suite 700, One Executive Place, 1816 Crowchild Trail N.W., Calgary, Alberta
T2M 3Y7
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (866) 261-8853
N/A
(Former name or former address, if changed since last report)
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Raphael Industries Ltd. ("Raphael") announced that on November 15, 2006 it agreed to extend its option to purchase one of its licensed databases to August 15th, 2007. In consideration of the extension Raphael has agreed to pay the licensor $10,000. The terms of the license otherwise remain in force and effect, stipulating that as of November 15, 2006 payments to Raphael on all generated revenues shall be reduced to 25% of the generated revenue, including revenue generated by third party agents. Prior to November 15, 2006 payments to Raphael on revenue generated by third party agents was 40% of the generated revenue. The outstanding balance to exercise the option to acquire the database from Free Enterprise Press remains at $50,000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
RAPHAEL INDUSTRIES LTD.
Signature
Title
Date
ARNE RAABE
Arne Raabe
President, Chief Executive Officer,
Chief Financial Officer, Secretary
and Director
November 17, 2006