|
Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
COURTESY DIAMONDS CC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
26.05.2009 |
|
|
|
|
Com. Reg. No.: |
B2009/103063/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Wholesale trade in precious
stones, jewellery and silverware |
|
|
|
|
No. of Employees : |
06 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
and a stock exchange that is the 15th largest in the world. Even though the
country possesses modern infrastructure that support a relatively efficient
distribution of goods to major urban centers throughout the region, some
components retard growth. The economy began to slow in the second half of 2007
due to an electricity crisis. 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. Subsequently, the global financial crisis reduced commodity
prices and world demand. GDP fell nearly 2% in 2009 but has recovered since
then. Unemployment, poverty, and inequality remain a challenge, with official
unemployment at nearly 25% of the work force. State power supplier Eskom has
built two new power stations and installed new power demand management programs
to improve power grid reliability. South Africa's economic policy has focused
on controlling inflation, however, the country has had significant budget
deficits that restrict its ability to deal with pressing economic problems. The
current government faces 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 |
COURTESY DIAMONDS CC |
|
Country |
SOUTH AFRICA |
|
Subject Contact Person |
ROHAN DILIP SHAH - Member |
|
Assessment |
This is a well-established business. On investigation contact was made with ROHAN DILIP SHAH the member of the company. The subject has been operating for 4 Years 2 Months. One Judgement is listed against an active member. The company is meeting commitments with its one local supplier within terms. Please see the information obtained below. |
|
Registered Name |
COURTESY DIAMONDS CC |
|
Trading as/ Division Name |
None |
|
Previous Name |
None |
|
Date of Name Change |
None |
|
Registration Number |
B2009/103063/23 |
|
Registration Date |
2009/05/26 |
|
Date Commenced Trading |
2009-05-26 |
|
Age of Business |
4 Years 2 Months |
|
History of Business |
COURTESY DIAMONDS CC was established in May 2009 and operations commenced immediately. |
|
History of Principals |
There are currently 4 active members within the business. |
|
Shareholders/Members/Partners of subject and % holding |
25 %
- ROHAN DILIP SHAH, 15 % - TORAL ROHAN SHAH, 26 % - ASHVIN BHAGWAN, 34 % - DILIP BABULAL SHAH |
|
Authorised Share Capital |
R0.00 |
|
Issued Share Capital/Members Contribution |
R0.00 |
|
Status |
In Business |
|
Operations Assessment |
The company is involved in the export of local diamonds to international jewelry markets. |
|
Industry/ Customers |
Jewelry |
|
Export |
Yes |
|
Export Countries |
Belgium, India, Israel |
|
Import |
Yes |
|
Import Countries |
Belgium, Hong Kong, India |
|
Major Industry Code / SICC |
61393 |
|
Definition of Code |
Wholesale trade in precious stones,
jewellery and silverware |
|
Head Office Physical Address |
SUITE 103 FIRST FLOOR, SA DIAMOND CENTRE, 240 COMMISSIONER STREET, JOHANNESBURG, 2001 |
|
Head Office Postal Address |
SUITE 103 FIRST FLOOR, SA DIAMOND CENTRE, 240 COMMISSIONER STREET, JOHANNESBURG, 2001 |
|
Current Tel Number |
0113346101 |
|
Cell Number |
0835657164 |
|
Current Fax Number |
0113346102 |
|
Current Email Address |
|
|
Web Site Address |
None |
|
Company Registered Name |
PRIMESH AND ASSOCIATES CC |
|
Trading Name |
PRIMESH AND ASSOCIATES |
|
Registration Number |
B2004/090314/23 |
|
Physical Address |
SA DIAMOND CENTRE, 240 COMMISSIONER STREET, JOHANNESBURG, 2001 |
|
Postal Address |
PO BOX 1326, LENASIA, 1820 |
|
Contact Person |
SEGERAN MOONSAMY |
|
Contact Number |
011 334 2048 |
|
Email |
Unavailable |
|
Principals |
1 |
|
Judgements Against Subject |
No information found on file |
|
Judgements Against Principals |
No information found on file |
|
Subject Verified as Client |
Yes |
|
Practice Number |
633 |
|
VAT Number |
4110225952 |
|
Tax Number |
9339672157 |
|
BEE Status |
NONE |
|
Financial Year End |
February |
|
No of years in Business |
1 Years 1 Months |
|
Website |
NONE |
Previous Auditors Information - No Information on Record
|
Vat Number |
4620253833 |
|
Status |
ACTIVE |
|
Vat Liable Date |
2009/08/01 |
|
Tax Number |
9083915174 |
|
Financial Year End |
February |
|
Status |
No |
|
Score |
9.00 |
|
BEE Certificate Available |
No |
|
|
|
|
ISO Information -
No Information on Record |
|
|
Registered |
No |
|
Compliance Certified |
No |
Subsidiaries
|
Subsidiary Company |
THERE ARE NO REPORTED SUBSIDIARIES |
|||
|
Employees |
||||
|
Number of Employees |
6 |
|||
|
1. Salaried employees |
6 |
|||
|
2. Waged employees |
0 |
|||
|
3. Permanent employees |
0 |
|||
|
4. Casual employees |
0 |
|||
|
5. Contracted employees |
0 |
|||
|
Comment |
|
|||
|
Company Fleet |
||||
|
Company Fleet |
No of vehicles: |
Owned/Leased |
Value |
Outstanding Balance |
|
Fleet Operations |
|
|
|
|
|
The Fleet is made up of |
0 |
|||
|
Comment |
THERE ARE NO VEHICLES REGISTERED IN THE NAME OF THE COMPANY |
|||
|
Cars |
0 |
|
|
|
|
Offices |
Offices |
|
|
Head Office Owned/ Rented |
Leased |
|
|
Rental Company |
REDEFINE PROPERTY AAANAGEMENT (PTY) LTD |
|
|
Lease Agreement |
ANNUAL |
|
|
Lease Expire Date |
2014 |
|
|
Type of Premises |
OFFICE |
|
|
Branch Information |
||
|
Branches Names |
Country |
Province |
|
There are no reported branches |
South Africa |
|
Organisation Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Managing Member |
DILIP BABULAL SHAH |
|
|
|
|||
|
2 |
Member |
ASHVIN BHAGWAN |
|
|
|
|||
|
2 |
Member |
ROHAN DILIP SHAH |
|
|
|
|||
|
2 |
Member |
TORAL ROHAN SHAH |
|
Company Structure
(Ownership)
Note: One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
25 % - ROHAN
DILIP SHAH |
COURTESY DIAMONDS CC |
|
|
|
15 % - TORAL
ROHAN SHAH |
COURTESY DIAMONDS CC |
|
|
|
26 % - ASHVIN BHAGWAN |
COURTESY DIAMONDS CC |
|
|
|
34 % - DILIP
BABULAL SHAH |
COURTESY DIAMONDS CC |
|
|
Key Deals - No
Information on Record
|
Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
Comment |
|
1 |
MALCA AMIT |
0113348877 |
|
|
AGAINST COMPANY
POLICY TO PROVIDE TRADE REFERENCES |
|
2 |
BRINKS DIAMOND
& JEWELRY SERVICES |
003232342151 |
|
|
Supplier is
based in Belgium |
|
Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
|
1 |
|
|
|
|
|
|
Against company policy
to provide trade references |
|
2 |
|
|
|
|
|
|
Foreign Supplier |
· Judgements - No information on record
Business Rescue - No
Information on Record
Default Listing - No
information on record
Notarial Bonds - No
information on record
|
Bank |
NEDBANK |
|
Branch |
BUSINESS CENTRAL GAUTENG |
|
Brach Code |
198765 |
|
Bank Account Number |
1284139883 |
|
Type of Account |
CURRENT ACCOUNT |
|
Account Name |
COURTESY DIAMONDS CC |
|
Overdraft Facilities |
The company does not require an overdraft facility as credit balances
are maintained at the bank. |
|
Bank Code |
C - For R 100 000 |
|
Bank Comment |
Good for the amount quoted, if strictly in the way of business. |
Bank Code History - No
Information on Record
Previous Bank Account
Information - No Information on Record
Deeds Information - No
information on record
|
CURRENT ASSETS |
R15000000.00 |
|
Stock |
R15000000.00 |
|
Debtors |
R0.00 |
|
FIXED ASSETS |
R0.00 |
|
Plant, Equipment, Vehicles |
R0.00 |
|
Property |
R0.00 |
|
CURRENT LIABILITIES |
R0.00 |
|
Creditors |
R0.00 |
|
Loans/ From? |
R0.00 |
|
Loan Details |
|
|
LONG TERM LIABILITIES |
R0.00 |
|
Mortgage Bonds |
R0.00 |
|
Please note the following: |
|
|
Turnover and assets less than R 1,000,000.00 |
The subject falls within the National Credit Act |
|
Turnover and assets less than R 2,000,000.00 |
The subject falls within the Consumer Protection Act |
|
Number of Principals |
4 |
|
Average Age of Active Principals |
43 |
Active Principals
Principal - 1of 4 ROHAN SHAH
|
Surname |
SHAH |
|
First Name |
ROHAN |
|
Other Names |
DILIP |
|
Marital Status |
|
|
ID Number |
G5895230 |
|
Verified ID Number |
No |
|
Current Age |
32 Years 11 Months |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2012/06/09 |
|
Physical Address (at time of Appointment) |
16 MUSCOVY ROAD, BENMORE GARDENS, SANDTON, 2196 |
|
Postal Address |
SA DIAMOND CENTRE, SUITE 103, 225 MAIN STREET, JOHANNESBURG, 2001 |
|
Shareholding/Membership |
25.00 |
Adverse Information
for ROHAN SHAH
|
Number of Judgements |
0 |
|
Principal Debt
Review |
|
|
Debt review |
No Information on Record |
|
Other |
|
|
Default data |
No Information on Record |
Business Information
for ROHAN SHAH
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
COURTESY DIAMONDS CC |
B2009/103063/23 |
In Business |
4 Years 4 Months |
0 |
No |
|
|
SAKET EXPORTS CC |
B2010/158750/23 |
In Business |
3 Years 3 Months |
0 |
No |
|
Principal's Previous
Business Interests - No information on record
Principal's Deeds Information
- No information on record
Principal - 2of 4
TORAL SHAH
|
Surname |
SHAH |
|
First Name |
TORAL |
|
Other Names |
ROHAN |
|
Marital Status |
|
|
ID Number |
G6231639 |
|
Verified ID Number |
No |
|
Current Age |
26 Years 10 Months |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2009/05/26 |
|
Physical Address (at time of Appointment) |
16 MUSCOVY ROAD, BENMORE GARDENS, 2010 |
|
Postal Address |
16 MUSCOVY ROAD, BENMORE GARDENS, 2010 |
|
Shareholding/Membership |
15.00 |
Adverse Information
for TORAL SHAH
|
Number of Judgements |
0 |
|
Principal Debt
Review |
|
|
Debt review |
No Information on Record |
|
Other |
|
|
Default data |
No Information on Record |
Business Information for TORAL SHAH
Principal Current Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
COURTESY DIAMONDS CC |
B2009/103063/23 |
In Business |
4 Years 4 Months |
0 |
No |
|
Principal's Previous Business Interests - No information on record
Principal's Deeds
Information - No information on record
Principal - 3of 4
ASHVIN BHAGWAN
|
Surname |
BHAGWAN |
|
First Name |
ASHVIN |
|
Other Names |
NATVARLAL |
|
Marital Status |
Married |
|
ID Number |
5810275091087 |
|
Verified ID Number |
Yes |
|
Current Age |
54 Years 9 Months |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2009/05/26 |
|
Physical Address (at time of Appointment) |
14 WILD OLIVE STREET, WINCHESTER HILLS, 2091 |
|
Postal Address |
14 WILD OLIVE STREET, WINCHESTER HILLS, 2091 |
|
Current Tel Number |
0114339311 |
|
Cell number |
0828741072 |
|
Shareholding/Membership |
26.00 |
Adverse Information for
ASHVIN BHAGWAN
Number of Judgements 1
Principal Debt Review
Debt review No Information on Record
Other
Default data No Information on Record
Business Information
for ASHVIN BHAGWAN
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
COURTESY DIAMONDS CC |
B2009/103063/23 |
In Business |
4 Years 4 Months |
0 |
No |
|
Principal's Previous Business Interests - No information on record
Principal's Deeds Information
- No information on record
Principal - 4of 4
DILIP SHAH
|
Surname |
SHAH |
|
First Name |
DILIP |
|
Other Names |
BABULAL |
|
Marital Status |
|
|
ID Number |
Z1108021 |
|
Verified ID Number |
No |
|
Current Age |
57 Years 9 Months |
|
Designation |
Managing Member |
|
Status |
Active |
|
Appointment Date |
2009/05/26 |
|
Physical Address (at time of Appointment) |
16 MUSCOVY ROAD, BENMORE GARDENS, 2010 |
|
Postal Address |
16 MUSCOVY ROAD, BENMORE GARDENS, 2010 |
|
Shareholding/Membership |
34.00 |
Adverse Information
for DILIP SHAH
Number of Judgements 0
Principal Debt
Review
Debt review No Information
on Record
Other
Default data No Information on
Record
Business Information
for DILIP SHAH
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
COURTESY DIAMONDS CC |
B2009/103063/23 |
In Business |
4 Years 4 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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February 2013.
Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India
exported $ 1.84 billion worth of polished diamonds in February 2013. A senior
executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following prudent
risk management norms when lending money to gems and jewellery sector. This
follows the implementation of Basel III accord – a global voluntary regulatory
standard on bank capital adequacy, stress testing and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.