MIRA INFORM REPORT

 

 

Report Date :

26.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ORIANA DIAMOND DEALER CC

 

 

Registered Office :

G-8, Collage Diamond Centre Rubink Building, 243 Fox Street, Jewel City, Johannesburg, 2001

 

 

Country :

South Africa

 

 

Date of Incorporation :

27.07.2006

 

 

Com. Reg. No.:

2006/128856/23

 

 

Legal Form :

Closed Corporation

 

 

Line of Business :

Diamond cutting and polishing

 

 

No. of Employees :

Not available 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

Payment Behaviour :

Unknown

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Africa

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

South Africa - ECONOMIC OVERVIEW

 

south Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom but began to slow in the second half of 2007 due to an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-11. Unemployment remains high and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa''s economic policy is fiscally conservative focusing on controlling inflation and attaining a budget surplus. The current government largely follows these prudent policies but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

 

Source : CIA

 

 

Subject Name

ORIANA DIAMOND DEALER CC

Country

South Africa

Subject Contact Person

AJAYKUMAR PATEL - Director

Assessment

This is a well-established and well -connected business. On investigation we made contact with the director MR. AJAYKUMAR PATEL who declined to assist with any information on the subject. MR. PATEL directed us to their auditors and stated that they will provide the information required. Contact was made with GEOFF the auditor of the subject who requested a questionnaire to be sent to the company for completion. To date the auditor has not provided further information. We await further information on the subject, once received the same will be compile and forwarded. Please see the available information on the subject below.

 

 

Company summary

 

Registered Name

ORIANA DIAMOND DEALER CC

Trading as/ Division Name

ORIANA DAIMONDS

Registration Number

2006/128856/23

Registration Date

2006/07/27

Age of Business

6 Years 7 Months

History of Business

The subject is part of the ORIANA GROUP which is wholly owned by the PATEL FAMILY.

History of Principals

MR PATEL is a respected and reputable Businessman within the diamond industry. MR. PATEL has over 25 years of experience and extensive diamond knowledge in jewelry and industrial grade diamonds.

Shareholders/Members/Partners of subject and  % holding

100 % - PATEL FAMILY

Authorised Share Capital

R 0.00

Issued Share Capital/Members Contribution

R 0.00

Status

In Business

Operations Assessment

The subject provides cutting and polishing activities for high quality diamonds.

Industry/ Customers

The subject provides to Jewelers and corporate industrial businesses, as well as global markets. The markets within the industrial industry purchases finely cut diamonds for machinery.

Export

Yes

Export Countries

Belgium,Hong Kong,Israel

Major Industry Code / SICC

39212

Definition of Code

Diamond cutting and polishing

Head Office Physical Address

G-8, Collage Diamond Centre Rubink Building, 243 Fox Street, Jewel City, JOHANNESBURG, 2001

Head Office Postal Address

P O BOX 37172, BIRNAM PARK, 2090

Current Tel Number

0113347154

Cell Number

 

Current Fax Number

0113347079

Current Email Address

infosa@orianagroup.com

Web Site Address

www.orianagroup.com

 

 

Auditors inFORMATION 

 

Company Registered Name

LUTRIN ABRAMS

Trading Name

Unavailable

Registration Number

Unavailable

Physical Address

Unavailable

Postal Address

P O BOX 37172, BIRNAM PARK, 2015

Contact Person

GEOFF

Contact Number

0828283336

Email

geoff@lutrin.co.za

Judgements Against Subject

Unavailable

Judgements Against Principals

Unavailable

Subject Verified as Client

Yes

Practice Number

902973

VAT Number

Unavailable

Tax Number

Unavailable

BEE Status

Unavailable

Financial Year End

Unavailable

No of years in Business

4

Website

Under Construction

Previous Auditors

 

Company Name

Phone Number

Time with previous auditors

Comment

GOUWS AND COMPONY

 

Unknown

 

T HATTINGH AND COMPANY

 

Unknown

 

 

 

Tax information

 

Vat Number

4540236868

Status

ACTIVE

Vat Liable Date

2007/03/01

Tax Number

9190445164

Financial Year End

December

 

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record

 

Workman's compensation

 

Registered

Yes

Compliance Certified

Yes

 

 

Company Structure

 

Subsidiaries

Subsidiary Company

ORIANA DIAMONDS SURAT

Shareholding

100 % - ORIANA GROUP

Registration Number

Unavailable

Import / Export

None

Comment

The business operates as a manufacturing plant.

 

Subsidiary Company

ORIANA DIAMONDS MUMBAI

Shareholding

100 % - ORIANA GROUP

Registration Number

Unavailable

Import / Export

Yes

Comment

 

 

Subsidiary Company

ORIANA DIAMONDS THAILAND

Shareholding

100 % - ORIANA GROUP

Registration Number

Unavailable

Import / Export

Unavailable

Comment

Provides polished diamonds to the East Asian industry

 

Subsidiary Company

ORIANA DIAMONDS HONG KONG

Shareholding

100 % - ORIANA GROUP

Registration Number

Unavailable

Import / Export

Unavailable

Comment

Sales of rough and polished diamonds.

 

Employees Information - No Information on Record

 

Company Fleet Information - No Information on Record

 

Offices Information - No Information on Record

 

Branch Information - No Information on Record

 

Management Overview

 

organization chart  - no information on Record

 

Company Structure Information - No Information on Record

Note: One level up and all levels down

 

Key Deals - No Information on Record

 

Trade References Information - No Information on Record

 

 

Adverse Information on Subject

 

Judgements - No information on record

 

Business Rescue - No Information on Record

 

Default Listing - No information on record

 

Notarial Bonds - No information on record

 

Bank Information - No Information on Record

 

Bank Code History - No Information on Record

 

Previous Bank Account Information - No Information on Record

 

Deeds Information - No information on record

 

 

Principals

 

Number of Principals

5

Average Age of Active Principals

42

 

Active Principals Principal - 1of 3 AJAYKUMAR PATEL

Surname

PATEL

First Name

AJAYKUMAR

Other Names

None

Marital Status

Married

ID Number

8506036618187

Verified ID Number

Yes

Current Age

28

Designation

Director

Status

Active

Appointment Date

2012/02/13

Physical Address (at time of

30 VILLA DELLA MONTAGANA, ALWYN AVENUE, NORTH ROAD BASSONIA, JOHANNESBURG,

Appointment)

2059

Postal Address

G 8 COLLAGE DIAMOND CENTRE, 243 FOX STREET, JOHANNESBURG, 2001

Current Tel Number

0113347154

Cell number

 

Shareholding/Membership

0.0000

 

Principal's Adverse - No information on record

 

Business Information for AJAYKUMAR PATEL

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

ORIANA DIAMOND DEALER CC

2006/128856/23

In Business

7 Years 7 Months

0

No

 

 

Principal's Previous Business Interests - No information on record

 

Principal's Deeds Information - No information on record

 

Principal - 2of 3 TULSIBHAI PATEL

 

Surname

PATEL

First Name

TULSIBHAI

Other Names

VALLABHBHAI

Marital Status

Married

ID Number

7001305816184

Verified ID Number

Yes

Current Age

43

Designation

Director

Status

Active

Appointment Date

2012/02/13

Physical Address (at time of Appointment)

30 VILLA DELLA MONTAGANA, ALWYN AVENUE, NORTH ROAD BASSONIA, JOHANNESBURG, 2059

Postal Address

G 8 COLLAGE DIAMOND CENTRE, 243 FOX STREET, JOHANNESBURG, 2001

Current Tel Number

0113347154

Shareholding/Membership

0.0000

 

Principal's Adverse - No information on record

 

Business Information for TULSIBHAI PATEL

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

ORIANA DIAMOND DEALER CC

2006/128856/23

In Business

7 Years 7 Months

0

No

 

Principal's Previous Business Interests - No information on record

 

Principal's Deeds Information - No information on record

 

Principal - 3of 3 DAHIBHEN MANGA

 

Surname

MANGA

First Name

DAHIBHEN

Other Names

None

Marital Status

Married

ID Number

4104070103086

Verified ID Number

Yes

Current Age

72

Status

Active

Appointment Date

2010/01/22

Physical Address (at time of Appointment)

HOUSE NO 2, ANAARKALI STREET, AZAAD VILLE, KRUGERSDORP, 1754

Postal Address

G 8 COLLAGE DIAMOND CENTRE, 243 FOX STREET, JOHANNESBURG, 2001

Current Tel Number

0117474661

Cell number

0716785280

Shareholding/Membership

0.0000

 

Principal's Adverse - No information on record

 

Business Information for DAHIBHEN MANGA

 

Principal Current Business Interests

 

Company Name

Registration No

Status

Age of Business

Judgements

Liquidation

Comment

ORIANA DIAMOND DEALER CC

2006/128856/23

In Business

7 Years 7 Months

0

No

 

 

Principal's Previous Business Interests - No information on record

 

Principal's Deeds Information - No information on record

 

DIAMOND INDUSTRY – INDIA

 

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.54.04

UK Pound

1

Rs.81.80

Euro

1

Rs.71.41

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.