|
Report Date : |
23.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ATIT GEMS (PTY)LTD |
|
|
|
|
Registered Office : |
Sa
Diamond Centre, Suite 422, 4th Floor, 225 Main Street, Johannesburg, 2001 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
18.07.2005 |
|
|
|
|
Com. Reg. No.: |
M2005/025287/07 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Wholesale
trade in precious stones, jewellery and silverware |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – 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 |
ATIT GEMS
CC |
|
Country |
South
Africa |
|
Account
Review |
Recommended
Every 3 Months |
|
Subject
Contact Person |
BARRY
COLIN MARIPAN - Member |
|
Assessment |
This is
an established business. On investigation contact was made with BARRY COLIN MARIPAN
who declined to assist with all of the information. He requested a
questionnaire to be sent through for completion. To date no response has been
received. We await further information. Please see the available information
below. |
|
Registered
Name |
ATIT
GEMS (PTY)LTD |
|
Trading
as/ Division Name |
None |
|
Previous
Name |
None |
|
Date of
Name Change |
None |
|
Registration
Number |
M2005/025287/07 |
|
Registration
Date |
2005/07/18 |
|
Date
Commenced Trading |
2005-07-18 |
|
Age of
Business |
8 Years |
|
History
of Business |
ATIT
GEMS (PTY) LTD was registered in 2005 and operations commenced immediately. |
|
History
of Principals |
There
are currently 3 active directors within the business |
|
Shareholders/Members/Partners
of subject and % holding |
50 % -
ATIT ASHISHBHAI SHAH, 25 % - BARRY COLIN MARIPAN, 25 % - LERATO SITHOLE |
|
Authorised
Share Capital |
R1000.00 |
|
Issued
Share Capital/Members Contribution |
R 100.00 |
|
Status |
Conversion
CO/CC or CC/CO |
|
Operations
Assessment |
Dealings
relating to precious gems |
|
Industry/
Customers |
The
jewelry industry |
|
Export |
Unknown |
|
Export
Countries |
|
|
Import |
Unknown |
|
Import
Countries |
|
|
Major
Industry Code / SICC |
61393 |
|
Definition
of Code |
Wholesale
trade in precious stones, jewellery and silverware |
|
Head
Office Physical Address |
SA
DIAMOND CENTRE, SUITE 422, 4TH FLOOR, 225 MAIN STREET, JOHANNESBURG, 2001 |
|
Head
Office Postal Address |
P O BOX
1326, LENASIA, 1820 |
|
Current
Tel Number |
Unavailable |
|
Cell
Number |
0732706674 |
|
Current
Fax Number |
0866057282 |
|
Current
Email Address |
|
|
Web Site
Address |
Unavailable |
|
Comments |
|
|
Company
Registered Name |
PRIMESH
& ASSOCIATES CC |
|
Trading
Name |
PRIMESH
& ASSOCIATES |
|
Registration
Number |
B2004/090314/23 |
|
Physical
Address |
SA DIAMOND
CENTRE, SUITE 422 4TH FLOOR, 225 MAIN STREET, JOHANNESBURG, 2001 |
|
Postal
Address |
P O BOX
1326, LENASIA, 1820 |
|
Contact
Person |
Unavailable |
|
Contact
Number |
Unavailable |
|
Email |
Unavailable |
|
Principals |
1 |
|
Judgements
Against Subject |
None On
Record |
|
Judgements
Against Principals |
None On
Record |
|
Subject
Verified as Client |
|
|
Practice
Number |
633 |
|
VAT
Number |
4110225952 |
|
Tax
Number |
9339672157 |
|
BEE
Status |
Unavailable |
|
Financial
Year End |
February |
|
No of years
in Business |
2 Years
8 Months |
|
Website |
Unavailable |
|
Comment |
|
Previous
Auditors Information - No Information on Record
|
Vat
Number |
4640228906 |
|
Status |
ACTIVE |
|
Vat
Liable Date |
2006/06/01 |
|
Tax
Number |
9193040160 |
|
Tax
Clearance Expire Date |
|
|
Financial
Year End |
February |
|
Comment |
|
Black
Economic Empowerment Information - No Information on Record
ISO Information - No Information on Record
Work Mans Information - No Information on
Record
Company
Structure
Subsidiaries
Information - No Information on Record
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
Organisation
Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Member |
LERATO
SITHOLE |
|
|
|
|||
|
1 |
Member |
ATIT
ASHISHBHAI SHAH |
|
|
|
|||
|
1 |
Member |
BARRY
COLIN MARIPAN |
|
|
|
|||
|
1 |
Member |
ASHISH
SHAH |
|
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
BusinessRescue
- 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 |
6 |
|
Average Age
of Active Principals |
35 |
|
Active
Principals Principal
- 1of 4 LERATO SITHOLE |
|
|
Surname |
SITHOLE |
|
First
Name |
LERATO |
|
Other
Names |
|
|
Marital
Status |
|
|
ID
Number |
9208200344083 |
|
Verified
ID Number |
Yes |
|
Current
Age |
20 Years
11 Months |
|
Designation |
|
|
Status |
Active |
|
Appointment
Date |
2012/06/12 |
|
Physical
Address (at time of Appointment) |
2395
ZONE 7, PROTEA SOUTH, P O CHIAWELO, 1818 |
|
Postal
Address |
2395
ZONE 7, PROTEA SOUTH, P O CHIAWELO, 1818 |
|
Current Tel
Number |
|
|
Cell
number |
|
|
Shareholding/Membership |
25 % |
Adverse
Information forLERATO SITHOLE Principal Judgement
Principal
Debt Review
Debt
review 0
Other
Default
data |No Information on Record
Business Information
forLERATO SITHOLE Principal Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
ATIT
GEMS (PTY)LTD |
M2005/025287/07 |
Conversion
CO/CC or CC/CO |
8 Years
8 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal's
Deeds Information - No information on record
Principal
- 2of 4 ATIT ASHISHBHAI SHAH
|
Surname |
SHAH |
|
First
Name |
ATIT
ASHISHBHAI |
|
Other
Names |
|
|
Marital
Status |
|
|
ID
Number |
A9493854 |
|
Verified
ID Number |
No |
|
Current
Age |
26 Years
11 Months |
|
Designation |
|
|
Status |
Active |
|
Appointment
Date |
2007/11/15 |
|
Physical
Address (at time of Appointment) |
55 GEORGIAN
TERRACE, 3RD AVENUE, RIVONIA, JOHANNESBURG, 2128 |
|
Postal
Address |
55
GEORGIAN TERRACE, 3RD AVENUE, RIVONIA, JOHANNESBURG, 2128 |
|
Current
Tel Number |
|
|
Cell
number |
|
|
Shareholding/Membership |
25 % |
Adverse Information
forATIT ASHISHBHAI SHAH Principal Judgement
Principal
Debt Review
Debt
review 0
Other
Default
data |No Information on Record
Business
Information forATIT ASHISHBHAI SHAH Principal Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
ATIT
GEMS (PTY)LTD |
M2005/025287/07 |
Conversion
CO/CC or CC/CO |
8 Years
8 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal's
Deeds Information - No information on record
Principal
- 3of 4
BARRY
COLIN MARIPAN
|
Surname |
MARIPAN |
|
First
Name |
BARRY
COLIN |
|
Other
Names |
|
|
Marital
Status |
|
|
ID
Number |
7705165183085 |
|
Verified
ID Number |
Yes |
|
Current
Age |
36 Years
2 Months |
|
Designation |
BUSINESSMAN |
|
Status |
Active |
|
Appointment
Date |
2006/05/30 |
|
Physical
Address (at time of Appointment) |
NO 63
TERRENCE HILL 1, ROLBOL ROAD, WELTEVREDEN PARK, 7785 |
|
Postal
Address |
P O BOX
76083, WENDY WOOD, 2144 |
|
Current
Tel Number |
0114633600 |
|
Cell
number |
0732706674 |
|
Shareholding/Membership |
25 % |
Adverse
Information forBARRY COLIN MARIPAN Principal Judgement
Principal
Debt Review
Debt
review 1
Other
Default
data |No Information on Record
Business
Information forBARRY COLIN MARIPAN
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of
Business |
Judgements |
Liquidation |
Comment |
|
ATIT
GEMS (PTY)LTD |
M2005/025287/07 |
Conversion
CO/CC or CC/CO |
8 Years
8 Months |
0 |
No |
|
Principal's
Previous Business Interests - No information on record
Principal's
Deeds Information - No information on record
Principal
- 4of 4
ASHISH
SHAH
|
Surname |
SHAH |
|
First
Name |
ASHISH |
|
Other
Names |
|
|
Marital Status |
|
|
ID
Number |
6103245322181 |
|
Verified
ID Number |
Yes |
|
Current
Age |
52 Years
4 Months |
|
Designation |
|
|
Status |
Active |
|
Appointment
Date |
2005/10/18 |
|
Physical
Address (at time of Appointment) |
50 GEORGIAN
TERRACE, 3RD AVENUE, RIVONIA, JOHANNESBURG, 2128 |
|
Postal
Address |
50
GEORGIAN TERRACE, 3RD AVENUE, RIVONIA, JOHANNESBURG, 2128 |
|
Current
Tel Number |
|
|
Cell
number |
0846057282 |
|
Shareholding/Membership |
50% |
Adverse Information
forASHISH SHAH Principal Judgement
Principal
Debt Review
Debt
review 0
Other
Default
data |No Information on Record
Business
Information forASHISH SHAH
Principal
Current Business Interests
|
Company
Name |
Registration
No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
ATIT
GEMS (PTY)LTD |
M2005/025287/07 |
Conversion
CO/CC or CC/CO |
8 Years
8 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.59.41 |
|
|
1 |
Rs.90.74 |
|
Euro |
1 |
Rs.78.11 |
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.