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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
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Name : |
PURE DESIGNS JEWELLERY LTD. |
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Registered Office : |
Flat 1, 9/F., Tung Shun Hing Commercial Centre, |
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Country : |
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Date of Incorporation : |
28.04.2005 |
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Com. Reg. No.: |
35605768 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter & Wholesaler; Manufacturer of all kinds of diamonds and jewellery products, etc. |
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No. of Employees : |
5. |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
PURE DESIGNS
JEWELLERY LTD.
ADDRESS: Flat 1, 9/F., Tung Shun Hing Commercial
Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2311 8285
FAX: 2311 8385
Managing Director: Ms. Tang Yuet
Sin
Incorporated on: 28th
April, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Jewellery Designer and Manufacturer.
Annual Turnover: HK$30 -
40 million.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat 1, 9/F., Tung Shun Hing Commercial Centre, 20-22 Granville Road,
Tsimshatsui,, Kowloon, Hong Kong.
35605768
0967078
Managing Director: Ms. Tang Yuet
Sin
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 28-04-2012)
|
Name |
|
No. of shares |
|
TANG Yuet Sin |
|
10,000 ===== |
(As per registry dated 28-04-2012)
|
Name (Nationality) |
Address |
|
TANG Yuet Sin |
Flat 2010A, 20/F., Hong Shun House, Cheung Hong Estate, Tsing Yi, New Territories,
Hong Kong. |
(As per registry dated 28-04-2012)
|
Name |
Address |
Co. No. |
|
Kingsmen Consultants Ltd. |
Room 113, 1/F., Clifford Tower, 46 Pak Tin Par Street, Tsuen Wan, New
Territories, Hong Kong. |
0464677 |
The subject was incorporated on 28th April, 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.
Activities: Importer,
Exporter & Wholesaler; Manufacturer.
Lines: All
kinds of diamonds and jewellery products, etc.
Employees: 5.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, Europe, United States, etc.
Annual Turnover: HK$30 - 40 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
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 in the past years.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
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: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Pure Designs
Jewellery Ltd. is wholly-owned by Ms. Tang Yuet Sin.
Formerly, the subject was equally owned by Ms. Rita Chang and Ms. Tang
Yuet Sin. Both were Hong Kong
businesswomen. In May 2010, Rita Chang
transferred all her shares to Tang. Tang
is also the only director of the subject.
The subject is a diamond importer, exporter and wholesaler. It is also a jewellery product designer.
According to the subject, it provides customers with 14K and 18K fine
jewellery set with diamond and gemstones.
Main products are diamond rings, diamond necklaces, diamond bangles, white
gold diamond rings, white gold diamond necklaces, 14K white gold diamond rings,
14K white gold necklaces, diamond jewellery sets, etc.
Its major markets include Hong Kong, the United States and Europe. The subject claims that the prices of
its products are very competitive. It
has got an affiliated factory in China which is able to manufacture varieties
of jewellery products.
The subject imports loose diamonds from India, Israel, Belgium and the
other Asian countries. Business is
normal.
The annual sales turnover of the subject ranges from HK$30 to 40
million. Making a small profit in the
past two years.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it is going to
take part in “HKTDC Hong Kong International Jewellery Show 2013” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 5th to 9th March, 2013.
The subject’s business is chiefly handled by Tang herself.
As the history of the subject is over seven years in Hong Kong, on
the whole, consider it good for normal business engagements in moderate credit
amounts.
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.
-
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.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.