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Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
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Name : |
PRISTINE EXPORTS LTD. |
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Registered Office : |
Room 1502, 15/F., |
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Country : |
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Date of Incorporation : |
02.12.2009 |
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Com. Reg. No.: |
51509908 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
2. (Including affiliates) |
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 : |
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 |
PRISTINE EXPORTS
LTD.
ADDRESS: Room 1502, 15/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2736 7744
FAX: 3741 0687
E-MAIL: sunnyshahhk@hotmail.com
Managing Director: Mr. Sitanshu
Shrenik Shah
Incorporated on: 2nd
December, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 2.
(Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1502, 15/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Associated/Affiliated Companies:-
Hong Kong Stone Company, Hong Kong.
(Same address)
Mantinc (H.K.) Ltd., Hong Kong.
Marquise Diamond Ltd., Hong Kong.
(Same address)
Pristine Exports, Hong Kong.
(Same address)
Varsha Enterprise, India.
51509908
1397461
Managing Director: Mr. Sitanshu
Shrenik Shah
Nominal Share Capital: HK$ 10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 02-12-2011)
|
Name |
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No. of share |
|
Sitanshu Shrenik SHAH |
|
10,000 ===== |
(As per registry dated 02-12-2011)
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Name (Nationality) |
Address |
|
Sitanshu Shrenik SHAH |
Flat G, 6/F., Block 2, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 02-12-2011)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 2nd December, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 14, 5/F., Fu Hang Building, 1
Hok Yuen Street, Hung Hom, Kowloon, Hong Kong, moved to the present address in
early 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 2. (Including affiliates)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan,
Southeast Asia, Europe, Middle East, Scandinavia, etc.
Annual Turnover: Not
eported.
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: Made a small profit in 2011.
Condition:
Keeping in a
normal manner.
Facilities:
Making rather
active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Pristine Exports Ltd. is wholly owned by Mr. Sitanshu Shrenik Shah who
is an Indian.
The shareholder is also the only director of the subject. Being a Hong Kong ID card holder, Shah has
got the right to reside in Hong Kong permanently. The subject moved to the present operating
address in early 2012.
The subject is a diamond importer, exporter and wholesaler. It has had the following associated or
affiliated companies located at its operating address:-
Hong Kong Stone Company
Pristine Exports
Mantinc (H.K.) Ltd.
Marquise Diamond Ltd. [Marquise]
The above-mentioned three firms are registered in Hong Kong. Sitanshu Shrenik Shah is the manager and
managing director of Pristine Exports and Marquise Exports Ltd.
respectively. All these firms are also
diamond traders.
The subject has got an affiliated company Mantinc (H.K.) Ltd. [Mantinc]
which is located at a different address.
Mantinc is also a diamond trader.
Besides, the subject has got an affiliate known as Varsha Enterprise
[Varsha] in Mumbai, India. Varsha is a
polished and cut diamond supplier.
The subject is the supplier, importer and exporter of versatile range of
diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut
round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy
colour diamonds, briollets beads, old mine cut diamonds round brilliant cut
diamonds, marquise, pears ,oval, heart, emerald, etc. Commodities are chiefly imported from India.
The subject’s commodities are provided by Varsha.
The subject’s commodities are exported or re-exported to Japan,
Southeast Asia, Europe, the Middle East, Scandinavia, etc. Business is normal, making a small profit
every year.
The subject’s business is chiefly handled by Shah himself.
On the whole, consider the subject good for normal business 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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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.07 |
|
|
1 |
Rs.88.96 |
|
Euro |
1 |
Rs.71.40 |
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 |
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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 |
|
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 |
|
<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.