MIRA INFORM
REPORT
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Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PURE
CONCEPTS LTD. |
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Registered Office : |
Unit C, 12/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.01.2005 |
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Com. Reg. No.: |
35290872 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery and diamond products, etc. |
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 : |
Small Company |
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Payment
Behaviour : |
Usually Correct |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
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 |
Company name
PURE CONCEPTS LTD.
Company ADDRESS
Unit C, 12/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2363 2812
FAX: 2363 6013
MANAGEMENT
Managing Director: Mr. Ronald Lawrench D’Souza
SUMMARY
Incorporated on: 19th January, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Unit C, 12/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Wonking (Hong Kong) Ltd., Hong Kong. (Same address)
Associated
Company:-
Donovans Ltd.
Unit G, 12/F, Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Affiliated
Companies:-
QI Group of Companies
GITA, Singapore.
Goldquest International Ltd., Hong Kong.
QI Asset Management Ltd., Cayman Islands.
QI Ltd., Cayman Islands.
QI Services (M) Sdn. Bhd., Malaysia.
QI Services (TH) Ltd., Thailand.
QiComm Asia Ltd., Hong Kong.
QiComm Asia Pacific Ltd., Hong Kong.
QNet Ltd., Hong Kong.
Quest Travel Ltd., Hong Kong. [Dissolved]
Quest Vacation International Ltd., Hong Kong. [Dissolved]
QuestNet Ltd., British Virgin Islands/Hong Kong.
QuestNet Services (HK) Ltd., Hong Kong.
Quex Courier (HK) Ltd., Hong Kong.
The Asian Hotel Corporation, Sri Lanka.
The Mayer Mint GmbH, Germany.
V-Team International Ltd., British Virgin Islands.
V-Team Ltd., Hong Kong. [Dissolved]
etc.
BUSINESS REGISTRATION NUMBEr
35290872
COMPANY FILE NUMBER
0946951
MANAGEMENT
Managing Director: Mr. Ronald Lawrench D’Souza
Director & Contact Person: Mr. Yeh Yuan Chi, Franky
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry dated 19-01-2011)
|
Name |
Occupation |
No. of shares |
|
QI Asset Management Ltd. Scotia Centre, 4/F., P.O. Box 2804, George Town, Grand Cayman, Cayman Islands. |
Corporation |
2,500 |
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Wonking (Hong Kong) Ltd., Hong Kong. |
Corporation |
7,500 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 19-01-2011)
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Name (Nationality) |
Address |
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Ronald Lawrence D’SOUZA |
Flat F, 12/F., Greenburg Court, Greenvale Village, Discovery Bay, Lantau Island, Hong Kong. |
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YEH Yuan Chi |
Flat B, 22/F., Block 19, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
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Magandran S.
RAJADURAI |
1 Jin Besi Off Jin Melawis, 41000 Klang, Malaysia. |
SECRETARY
(As per registry dated 19-01-2011)
|
Name |
Address |
Co.
No. |
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Excellence Group Ltd. |
Flat D, 2/F., Right Time Building, 21-27 Playing Field Road, Mongkok, Kowloon, Hong Kong. |
0567136 |
HISTORY
The subject was incorporated on 19th January, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Jewellery and diamond products, etc.
Employees: 6.
Commodities Imported: India, Belgium, Israel, etc.
Markets: Australasia, Central & South America, Hong Kong, North America, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Pure Concepts Ltd. is jointly owned by QI Asset Management Ltd., a Cayman Islands-registered firm holding 25% interests; and Wonking (Hong Kong) Ltd. [Wonking], a Hong Kong-registered firm holding 75%. Wonking is also located at the same operating address as the subject.
The directors of the subject are Mr. Yeh Yuan Chi, Mr. Magandran S. Rajadurai and Mr. Ronald Lawrench D’Souza. The second is a Malaysia passport holder and currently residing in Malaysia.
The subject is a diamond trader. It has had an associated company known as Donovans Ltd. [Donovans] in Hong Kong. The subject and Donovans are engaged in the same lines of business.
Donovans is a manufacturer of fine jewellery, catering for medium market, it annually launches 1,800 designs of jewellery with a China factory and in‑house design team. Its products are sold to manufacturers and wholesalers and exported to foreign countries. Foreign markets are Australasia, Central & South America, Hong Kong, North America, Western Europe, etc. The subject imports loose diamonds from India. Business is rather active.
QI Asset Management Ltd. is an associated company of the QI Group of Companies. The QI Group of Companies are a multinational conglomerate comprising a dynamic group of companies with regional offices in Hong Kong, Singapore and Malaysia and a wide range of subsidiary companies in nearly 30 countries. The QI Group has six main business lines diversified into Telecommunications, Lifestyle and Leisure, Luxury and Collectibles, Training and Conference Management, Property Development and its flagship, a global Retail and Direct Sales business. The constantly evolving group has also expanded organically into various new segments through strategic investments around the world.
With over 1,000 employees, the QI Group through its various businesses has a global customer base of over five million that spans nearly 160 countries. The QI Group is a member of the Commonwealth Business Council and a Global Growth Company member of the World Economic Forum. One of the members of the QI Group is GoldQuest International Ltd. [GoldQuest].
GoldQuest a global numismatics company renowned for its gold coin products and jewellery marketed in more than 120 countries worldwide. In its five years of existence, GoldQuest is now considered one of the most successful Asian start-up businesses, and is Asia’s largest e-business portal. With headquarters in Hong Kong and operational offices in nine countries, GoldQuest is one of the world’s largest numismatics organisations working with reputed government and private mints.
The subject is supported by the QI Group.
On the whole, consider the subject good for normal business engagements.
COURT CASES: None per our.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.93 |
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UK Pound |
1 |
Rs.76.52 |
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Euro |
1 |
Rs.66.65 |
RATING EXPLANATIONS
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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.