MIRA INFORM REPORT
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Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ANS
EXPORTS |
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Registered Office : |
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.12.2009 |
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Com. Reg. No.: |
51580495-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler
of all kinds of diamonds and jewellery |
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No. of Employees
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2 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
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 |
Company name
ANS EXPORTS
Company ADDRESS
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
MANAGEMENT
Manager: Ms. Anishi Nikhil Sheth
SUMMARY
Establishment: 22nd December, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
Room 206, 2/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
· Hans Impex, Hong Kong.
· L D Sheth (HUF), India.
· Likin Gems Pvt. Ltd., India.
· Nihkil Corporation, India.
· Sia Impex, Hong Kong.
· Viva Int’l Co. (HK) Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
51580495-000-12
MANAGEMENt
Manager: Ms. Anishi Nikhil Sheth
SOLE PROPRIETOR
Name: Ms. Anishi Nikhil SHETH
Residential Address: Flat K, 5/F., The Harbour Place, Tower 2, 8 Oi King Street, Hunghom, Kowloon, Hong
Kong.
HISTORY
The subject was established on 22nd December, 2009 as a sole proprietorship concern owned by Ms. Anishi Nikhil Sheth under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat F2-03, 2/F., Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong, moved to the present address in November 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery.
Employees: 2.
Commodities Imported: India, other Asian countries, Belgium, Israel, etc.
Markets: Southeast Asia, North America, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Kept a balance account in 2010.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
ANS Exports is a sole proprietorship set up and owned by Ms. Anishi Nikhil Sheth who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
Business commenced in December 2009, the subject moved to the present address in November 2011.
A. N. Sheth belongs to the Sheth family which is a significant surname in India.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, Tanzanite, jewellery, etc. Raw materials are imported from India, Belgium and other European countries, etc. Some of the rough diamonds are polished or processed in Hong Kong. Finished products and polished diamonds are marketed in Hong Kong, exported or re‑exported to Japan, India, other Asian countries, North America, Europe, etc. Business is improving.
Currently, it has had three affiliated companies in India, namely, Likin Gems Pvt. Ltd. [Likin Gems], Nikhil Corporation and L D Sheth (HUF).
Likin Gems was established in the year 1958 under the leadership of Mr. Lalit Sheth and the guardianship of his father Mr. D. K. Sheth who was a well renowned character in the diamond business. Now, Likin Gems is run by Mr. Nikhil Lalit Sheth who is the third generation of the Sheth family.
Mr. D. K. Sheth, father of Mr. Nikhil Lalit Sheth, successfully managed the family business of gems, diamonds and jewellery with their manufacturing units in Palanpur, Surat, Ahmedabad and Gujarat District much before the family decided to diversify and also venture into the business of trading in diamonds under the name of Likin Gems founded by Mr. Nikhil Lalit Sheth.
Likin Gems is a member of the Gem and Jewellery Export Promotion Council which is a well renowned body for the exports of cut and polished diamonds from India specially promoted by the Government of India and approved by the Reserve Bank of India as well. Likin Gems exports its products to the United States, Europe, Mauritius, Sri Lanka, other Asian countries, etc. It is also the largest supplier of the subject in India.
The main associated company of Likin Gems in Hong Kong is Viva Int’l Co. (HK) Ltd. which is also operated by the Sheth family. This firm is incorporated on 27th April, 2007.
The subject’s history in Hong Kong is just about two years. It is fully supported by Likin Gems and the Sheth family.
On the whole, since the subject’s history in Hong Kong is short, consider it good for business engagements on secured basis.
REMARKS:
Property
information of associate:-
Property Location: Flat K on 5/F. of Tower 2, The Harbour Place, 8 Oi King Street, Kowloon, Hong
Kong.
Owner: Viva Int’l Co. (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of
Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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11-09-2008 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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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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.
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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 –
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.
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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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.39 |
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UK Pound |
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.