|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRITI DIAMONDS CC |
|
|
|
|
Registered Office : |
Suite 412, S A Jewellery Centre, 225 Main Street, Johannesburg, 2001 |
|
|
|
|
Country : |
South Africa |
|
|
|
|
Date of Incorporation : |
18.07.2002 |
|
|
|
|
Com. Reg. No.: |
B2002/055811/23 |
|
|
|
|
Legal Form : |
Closed Corporation |
|
|
|
|
Line of Business : |
Retail trade in jewellery, watches and clocks |
|
|
|
|
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 : |
Slow but Correct |
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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 – 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 Unemployment remains high and outdated infrastructure has constrained growth.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 |
PRITI DIAMONDS CC |
|
Country |
South Africa |
|
Subject Contact Person |
RUPAM GIRDHARLAL DANI- Managing Member |
|
Assessment |
On investigation contact was made with the Managing Member MR. RUPAM GIRDHARLAL DANI who declined to assist with any information on the subject. MR. DANI requested to know the name of the principal enquirer and stated he will not divulge any information until the principal enquirer is known. Please see the available information on the subject below. |
|
Registered Name |
PRITI DIAMONDS CC |
|
Trading as/ Division Name |
PRITI DIAMONDS |
|
Date of Name Change |
Sep 26 2002 12:00AM |
|
Registration Number |
B2002/055811/23 |
|
Registration Date |
2002/07/18 |
|
Date Commenced Trading |
2002-07-18 |
|
Age of Business |
10 Years 8 Months |
|
History of Business |
The subject was
established as a new business in 2002 and commenced trading immediately. |
|
History of Principals |
There are currently 5 active directors within the company. |
|
Shareholders/Members/Partners of subject and % holding |
65 % - RUPAM GIRDHARLAL DANI, 10 % -CHANDRAKANT LALLOO NAGAR, 15 % -
NITESH DINESH PETHANI, 10 % - SHAILESH DINESH PETHANI |
|
Authorised Share Capital |
R0.00 |
|
Issued Share Capital/Members Contribution |
R0.00 |
|
Status |
In Business |
|
Operations Assessment |
The subject operates as a retailer of diamonds. |
|
Industry/ Customers |
The public sector and corporate companies. |
|
Major Industry Code / SICC |
62392 |
|
Definition of Code |
Retail trade in jewellery, watches and clocks |
|
Head Office Physical Address |
SUITE 412, S A
JEWELLERY CENTRE, 225 MAIN STREET, JOHANNESBURG, 2001 |
|
Head Office Postal Address |
SUITE 412, S A JEWELLERY
CENTRE, 225 MAIN STREET, JOHANNESBURG, 2001 |
|
Current Tel Number |
0113343207 |
|
Company Registered Name |
PRIMESH & ASSOCIATES CC |
|
Registration Number |
B2004/090314/23 |
|
Physical Address |
131 SUNBIRD AVENUE, LENASIA, 1821 |
|
Postal Address |
P 0 BOX 1326, LENASIA, 1820 |
|
Contact Person |
SEGERAN |
|
Contact Number |
0113342048 |
|
Principals |
1 |
|
Subject Verified as Client |
Yes |
|
Practice Number |
633 |
|
VAT Number |
4110225952 |
|
Tax Number |
9339672157 |
|
Financial Year End |
February |
|
No of years in Business |
5 |
Previous Auditors
|
Company Name |
Phone Number |
Time with previous auditors |
Comment |
|
CG HARI |
|
Unknown |
|
|
Vat Number |
4640247088 |
|
Status |
ACTIVE |
|
Vat Liable Date |
2008/05/01 |
|
Tax Number |
9054566147 |
|
Financial Year End |
February |
Black Economic Empowerment Information - No Information on Record
ISO Information - No Information on Record
Work Mans Information - No Information on Record
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
Organisation Chart
|
Level |
Position |
Name |
Comment |
|
|
|||
|
1 |
Managing Member |
RUPAM GIRDHARLAL DANI |
|
|
|
|||
|
2 |
Member |
CHANDRAKANT LALLOO NAGAR |
|
|
|
|||
|
2 |
Member |
NITESH DINESH PETHANI |
|
|
|
|||
|
2 |
Member |
SHAILESH DINESH PETHANI |
|
Company Structure
(Ownership)
Note: One level up and all levels down
|
Holding |
Company |
Sub |
Comment |
|
65 % - RUPAM
GIRDHARLAL DANI |
PRITI DIAMONDS CC |
|
|
|
10% - CHANDRAKANT LALLOO NAGAR |
PRITI DIAMONDS CC |
|
|
|
15 % - NITESH
DINESH PETHANI |
PRITI DIAMONDS CC |
|
|
|
10% - SHAILESH DINESH PETHANI |
PRITI DIAMONDS CC |
|
|
Key Deals - No
Information on Record
Trade References Information
- No Information on Record
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
|
Number of Principals |
5 |
|
Average Age of Active Principals |
53 |
Active Principals Principal - 1of 4 NITESH DINESH PETHANI
|
Surname |
PETHANI |
|
First Name |
NITESH DINESH |
|
Other Names |
None |
|
Marital Status |
|
|
ID Number |
Z1782411 |
|
Verified ID Number |
No |
|
Current Age |
47 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2008/07/31 |
|
Physical Address (at time of Appointment) |
31 CHALTON QUAY, DESMOND ROAD, MORNINGSIDE, SANDTON, 2196 |
|
Postal Address |
31 CHALTON QUAY, DESMOND ROAD, MORNINGSIDE, SANDTON, 2196 |
|
Current Tel Number |
0113343207 |
|
Cell number |
|
|
Shareholding/Membership |
15 % |
Principal's Adverse -
No information on record
Business Information
for NITESH DINESH PETHANI
Principal Current
Business Interests
|
Company Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
PRITI DIAMONDS CC |
B2002/055811 /23 |
In Business |
10 Years 8 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 2 Years
|
Company
Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
AZ DIAMONDS CC |
B2010/066699/23 |
In Business |
2 Years 10 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
Principal - 2of 4 CHANDRAKANT LALLOO NAGAR
|
Surname |
NAGAR |
|
First Name |
CHANDRAKANT LALLOO |
|
Other Names |
None |
|
ID Number |
461095131084 |
|
Verified ID Number |
No |
|
Current Age |
67 |
|
Designation |
BUSINESSMAN |
|
Status |
Active |
|
Appointment Date |
2008/05/08 |
|
Physical Address (at time of Appointment) |
8 LARKSPUR AVENUE, EXTENSION 3, LENASIA, 1827 |
|
Postal Address |
8 LARKSPUR AVENUE, EXTENSION 3, LENASIA, 1827 |
|
Current Tel Number |
0113343207 |
|
Shareholding/Membership |
10% |
Principal's Adverse -
No information on record
Business Information
for CHANDRAKANT LALLOO NAGAR
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
PRITI DIAMONDS CC |
B2002/055811 /23 |
In Business |
10 Years 8 Months |
0 |
No |
|
Principal - 3of 4 RUPAM GIRDHARLAL DANI
|
Surname |
DANI |
|
First Name |
RUPAM GIRDHARLAL |
|
Other Names |
None |
|
ID Number |
7404080000000 |
|
Verified ID Number |
No |
|
Current Age |
39 |
|
Designation |
Director |
|
Status |
Active |
|
Appointment Date |
2002/09/26 |
|
Physical Address (at time of Appointment) |
274 PEARL STREET, LAUDIUM, PRETORIA, 0037 |
|
Postal Address |
274 PEARL STREET, LAUDIUM, PRETORIA, 0037 |
|
Current Tel Number |
0113343207 |
|
Cell number |
|
|
Shareholding/Membership |
65 % |
Principal's Adverse -
No information on record
Business Information
for RUPAM GIRDHARLAL DANI
Principal Current
Business Interests
|
Company Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
PRITI DIAMONDS CC |
B2002/055811 /23 |
In Business |
10 Years 8 Months |
0 |
No |
|
Principal - 4of 4 SHAILESH
DINESH PETHANI
|
Surname |
PETHANI |
|
First Name |
SHAILESH DINESH |
|
Other Names |
None |
|
ID Number |
EG045438 |
|
Verified ID Number |
No |
|
Current Age |
48 |
|
Designation |
Member |
|
Status |
Active |
|
Appointment Date |
2008/07/31 |
|
Physical Address (at time of Appointment) |
31 CHARLTON QUAY, DESMOND ROAD, MORNINGSIDE, 2196 |
|
Postal Address |
SA JEWELLERY CENTRE, SUITE 412A, 225 MAIN STREET, JHB, 2001 |
|
Current Tel Number |
0113343207 |
|
Shareholding/Membership |
10% |
Principal's Adverse -
No information on record
Business Information
for SHAILESH DINESH PETHANI
Principal Current
Business Interests
|
Company Name |
Registration
No |
Status |
Age
of Business |
Judgements |
Liquidation |
Comment |
|
PRITI DIAMONDS CC |
B2002/055811 /23 |
In Business |
10 Years 8 Months |
0 |
No |
|
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.54.44 |
|
UK Pound |
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
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.