MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
H. K. DESIGNS INC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28.03. 2003 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesaler of Precious
Stones and Jewelry. |
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 : |
Regular |
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Litigation : |
Clear |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD Satisfying |
IDENTIFICATION
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Company Name: |
H. K.
Designs Inc. Dba H.K. International |
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Address: |
15 West 47th
Street, Suite 303, New York,
NY 10036, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (212) 944-5734 + 1 (212) 944-1212 2888224 New York Hasmukh Dholakia, President |
Date founded: |
March 28, 2003
Corporation for Profit N.A. N.A. 15 employees |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Wholesales precious stones and jewelry. |
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BANKS
Bank of America
Wachovia
BUSINESS
Business & Operations:
H. K. Designs Inc. also
does business as H K International.
The company is a wholesaler
of precious stones and jewelry.
H. K. Designs Inc. is
working worldwide with particular strong relationship with India where its parent
company, Hari Krishna Exports, is located.
Industry Overview:
The US jewelry
retail industry generates annual revenues of about $25 billion from 30,000
specialty stores. Large companies include Zale, Tiffany, and Sterling Jewelers.
The industry is fragmented: the top 50 jewelry chains hold less than half of
the market.
Jewelry sales
depend partly on consumer income. Small jewelers can effectively compete with
large chains because price isn't the main factor determining sales.
Profitability depends on merchandising and effective marketing. Average
industry revenue per worker is about $160,000.
Jewelry is also sold in department and discount stores, and by mass merchants. Because regular gross margins are very high, often 50 percent, mass merchants have been able to cut prices and take market share. Wal-Mart is the largest jewelry retailer in the US.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The director of the company
is:
Hasmukh Dholakia,
President.
The parent company is Hari Krishna Exports
(Mumbai, India).
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
As a private company H. K. Designs Inc. does not publish any financials.
However our source
provide us with the following information :
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Fiscal Year USD |
12/31/2007 |
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Turnover
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16,000,000 |
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LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims Reported
0 NSF Cheques Reported
0 UCC Filings
RATING
Local credit bureau gave a correct credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is correct.
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Payments are made on a regular basis.
Our final opinion
This is a small Company working on the global market.
The company presents very satisfying financial figures. Nevertheless,
according to the youth of the company on the US territory, a large credit line
should be monitored.
A credit line may be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Correct Controlled Correct |
PUBLIC PAYMENTS |
No Regular |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)