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Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
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Name : |
PURE
CONCEPTS LTD. |
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Registered Office : |
Unit C, 12/F., |
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Country : |
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Date of Incorporation : |
19.01.2005 |
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Com. Reg. No.: |
35290872 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery and diamond products |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
Hong Kong has a
free market economy, highly dependent on international trade and finance - the
value of goods and services trade, including the sizable share of re-exports,
is about four times GDP. Hong Kong levies excise duties on only four
commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl
alcohol. There are no quotas or dumping laws. Hong Kong''s open economy left it
exposed to the global economic slowdown that began in 2008. Although increasing
integration with China, through trade, tourism, and financial links, helped it
to make an initial recovery more quickly than many observers anticipated, it
again faces a possible slowdown as exports to the Euro zone and US slump. The
Hong Kong government is promoting the Special Administrative Region (SAR) as
the site for Chinese renminbi (RMB) internationalization. Hong Kong residents
are allowed to establish RMB-denominated savings accounts; RMB-denominated
corporate and Chinese government bonds have been issued in Hong Kong; and RMB
trade settlement is allowed. The territory far exceeded the RMB conversion
quota set by Beijing for trade settlements in 2010 due to the growth of
earnings from exports to the mainland. RMB deposits grew to roughly 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous year. The government is pursuing efforts to introduce additional
use of RMB in Hong Kong financial markets and is seeking to expand the RMB
quota. The mainland has long been Hong Kong''s largest trading partner,
accounting for about half of Hong Kong''s exports by value. Hong Kong''s
natural resources are limited, and food and raw materials must be imported. As
a result of China''s easing of travel restrictions, the number of mainland
tourists to the territory has surged from 4.5 million in 2001 to 34.9 million
in 2012, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4%
of the Exchange''s market capitalization. During the past decade, as Hong
Kong''s manufacturing industry moved to the mainland, its service industry has
grown rapidly. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income
segments of the population are increasingly unable to afford adequate housing.
Hong Kong continues to link its currency closely to the US dollar, maintaining
an arrangement established in 1983.
|
Source
: CIA |
PURE CONCEPTS LTD.
Unit C, 12/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2521 8812
FAX: 852-2521 8813
Managing Director: Mr. Ronald Lawrench D’Souza
Incorporated on: 19th January, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit C, 12/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Wonking (Hong Kong) Ltd., Hong Kong. (same address)
Associated/Affiliated
Companies:-
QI Group of Companies
Cosmos Pioneer (S) Pte. Ltd., Singapore.
Donovans Ltd., Hong Kong.
Goldquest International Ltd., Hong Kong.
JR Mayer Collections Ltd., Thailand.
Q Lifestyle (S) Pte. Ltd., Singapore.
QF Service GmbH, Germany.
QI Asset Management Ltd., Cayman Islands.
QI Ltd., Cayman Islands.
QI Philippines inc., Philippines.
QI Services (M) Sdn. Bhd., Malaysia.
QI Services (TH) Ltd., Thailand.
QiComm Asia Ltd., Hong Kong. [Dissolved]
QiComm Asia Pacific Ltd., Hong Kong.
QNet Ltd., Hong Kong.
Quest Travel Ltd., Hong Kong. [Dissolved]
Quest Vacation International Ltd., Hong Kong. [Dissolved]
QuestNet Ltd., British Virgin Islands/Hong Kong.
QuestNet Services (HK) Ltd., Hong Kong.
Quex Courier (HK) Ltd., Hong Kong.
Synergia management Consulting Inc., Philippines.
The Asian Hotel Corporation, Sri Lanka.
The Mayer Mint GmbH, Germany.
V-Team International Ltd., British Virgin Islands.
V-Team Ltd., Hong Kong. [Dissolved]
etc.
35290872
0946951
Managing Director: Mr. Ronald Lawrench D’Souza
Director & Contact Person: Mr. Yeh Yuan Chi, Franky
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 19-01-2013)
|
Name |
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No.
of shares |
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QI Asset Management Ltd. Scotia Centre,
4/F., P.O. Box 2804, George Town, Grand Cayman, Cayman Islands. |
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2,500 |
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Wonking (Hong Kong) Ltd.,
Hong Kong. |
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7,500 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 19-01-2013)
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Name (Nationality) |
Address |
|
Ronald
Lawrence D’SOUZA |
Flat F, 12/F., Greenburg
Court, Greenvale Village, Discovery Bay, Lantau Island, Hong Kong. |
|
Magandran S.
RAJADURAI |
1 Jin Besi Off Jin Melawis,
41000 Klang, Malaysia. |
|
LEE Pui Lam |
Flat F, 9/F., Block 2,
Mountain Shore, 8 Yuk Tai Street, Ma On Shan, New Territories, Hong Kong. |
(As per registry
dated 19-01-2013)
|
Name |
Address |
Co.
No. |
|
Excellence Group Ltd. |
Flat D, 2/F., Right Time Building, 21-27 Playing Field
Road, Mongkok, Kowloon, Hong Kong. |
0567136 |
The subject was incorporated on 19th January, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Jewellery and diamond products.
Employees: 6.
Commodities Imported: India, Belgium, Israel, etc.
Markets: Australasia, Central & South America, Hong Kong, North America, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
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: Making a small profit every year.
Condition: Keeping in a normal condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Pure Concepts Ltd. is jointly owned by QI Asset Management Ltd., a Cayman Islands-registered firm holding 25% interests; and Wonking (Hong Kong) Ltd. [Wonking], a Hong Kong-registered firm holding 75%. Wonking is also located at the same operating address as the subject.
The directors of the subject are Mr. Lee Pui Lam, Mr. Magandran S. Rajadurai and Mr. Ronald Lawrench D’Souza. The second is a Malaysia passport holder and currently residing in Malaysia.
The subject is a diamond trader. It has had an affiliated company known as Donovans Ltd. [Donovans] in Hong Kong. The subject and Donovans are engaged in the same lines of business. Donovans is a manufacturer of fine jewellery, catering for medium market. Donovans is one of the suppliers of the subject.
Donovans was founded in 2002. This company is a manufacturer of fine jewelry. It provides an extensive range of 9K, 10K, 14K and 18K gold jewelry accented with diamonds and gemstones available in bracelets, bangles, earrings, necklaces, pendants and rings. Catering for medium to high-end market, Donovans annually launches 1,800 designs of jewelry with a China factory and in-house design team.
The subject imports and distributed loose diamonds from India. Business is rather active.
QI Asset Management Ltd. is an associated company of the QI Group of Companies. The QI Group of Companies are a multinational conglomerate comprising a dynamic group of businesses with regional offices in Hong Kong, Singapore, Malaysia, Thailand and the Philippines and a wide range of subsidiary companies in nearly 30 countries. The Group has six main business lines diversified into lifestyle & leisure, luxury & collectibles, training and education, property development and project management, logistics and an e-commerce based retail & direct sales business. Constantly evolving, the Group has also expanded organically into various new segments through strategic investments around the world.
The Group has investments in the field of telecommunications, television and broadcast media, the banking industry, commercial and retail properties, entertainment and hospitality, among others, its most recent venture was into the education sector, with the establishment of a university in Malaysia.
With over 1,000 employees, the QI Group through its various businesses has a global customer base of over five million that spans nearly 160 countries. The QI Group is a member of the Commonwealth Business Council and a Global Growth Company member of the World Economic Forum. One of the members of the QI Group is GoldQuest International Ltd. [GoldQuest].
GoldQuest a global numismatics company renowned for its gold coin products and jewellery marketed in more than 120 countries worldwide. In its five years of existence, GoldQuest is now considered one of the most successful Asian start-up businesses, and is Asia’s largest e-business portal. With headquarters in Hong Kong and operational offices in nine countries, GoldQuest is one of the world’s largest numismatics organisations working with reputed government and private mints.
The subject is supported by the QI Group. History in Hong Kong is over eight years.
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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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 –
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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.
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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.61.79 |
|
UK Pound |
1 |
Rs.98.66 |
|
Euro |
1 |
Rs.83.42 |
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 |
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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 |
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<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.