MIRA INFORM REPORT
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Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
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Name : |
HK DESIGNS INC |
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Registered Office : |
15 West 47th Street, Suite 303, New York, NY 10036 |
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Country : |
United States |
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Date of Incorporation : |
28.03.2003 |
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Com. Reg. No.: |
2888224 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesales 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 : |
Usually 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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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United States |
a1 |
a1 |
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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 |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
H K Designs Inc |
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Address in the order: |
15 West, 47th Street, Suite#303, New York, NY 10036 |
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Legal Name: |
HK Designs Inc |
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Legal Address |
15 West 47th Street, Suite 303, New York, NY 10036, USA |
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Telephone: |
+ 1 (212) 944-5734 |
Registration Number : |
2888224 |
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Fax: |
+ 1 (212) 944-1212 |
Legal Form: |
Corporation for Profit |
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Email: |
mfg@hkjinfo.com |
Registered in: |
New York |
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Website: |
www.hkdesignsinc.com |
Date Created: |
2003 |
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Manager: |
Hasmukh Dholakia - President |
Date Incorporated: |
March 28th, 2003 |
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Staff: |
15 employees |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Wholesales precious stones and jewelry. |
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BANKS
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Name of the Bank |
WACHOVIA BANK |
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Name of the Bank |
BANK OF AMERICA |
BUSINESS
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HISTORY |
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HK Designs Inc is a private company created in 2003 and based in India |
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PRINCIPAL ACTIVITY |
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HK Designs Inc is working as wholesaler and importer of precious
stones and jewelry. |
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Products/Services description: |
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The subject is selling a full range of jewelry and stones. |
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Sales are: |
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Wholesale |
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Clients: |
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Retailers |
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Operations area: |
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National, Local |
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The company imports from India mainly |
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The company does not export |
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Trade References: |
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Despite our searches we were not able to find any company's trade
references |
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The subject employs 15 employee(s) |
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PAYMENTS |
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made on a 35 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
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The company is headquartered at: 15 West 47th Street, Suite 303, New York, NY 10036, USA |
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The property is: |
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Rented |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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The company is a subsidiary of Hari Krishna Exports located in
(Mumbai, India). Hasmukh Dholakia is also the owner of Hari Krishna Exports |
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Management: |
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Hasmukh Dholakia - Owner and
President David Narkar, Manager |
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Related Company(ies) |
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- H. K. Designs
(India) Unit No. 113, SDF-IV, SEEPZ-SEZ, Andheri (East), Mumbai 400 096. India Tel.: +91 22 67161616 Fax: +91 22 67161626 Email: mfg@hkjinfo.com |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted Mr. David Narkar who provided us with the
following data: |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
17,500,000 |
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The cash flow is |
Normal |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
16,000,000 |
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The cash flow is |
Normal |
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Legal Fillings |
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There are no UCC files listed with the
Secretary of State of New York. There are no legal filings listed with the
District Court. For information: The Uniform Commercial Code (UCC) is one
of a number of uniform acts that have been promulgated in conjunction with
efforts to harmonize the law of sales and other commercial transactions in
all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other creditors
about a debtor’s assets used as collateral for a secured transaction by
filing a public notice (financing statement) with a particular filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
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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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Final Opinion |
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This is a medium company size with several
years in the business. Looking at the company's financials, we
can see that the turnover has increased. The company's income is pretty satisfying
for its size. Moreover the profitability is correct and
the length of payment remains regular. |
SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Person Interviewed |
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David Narkar |
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Position |
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Manager |
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Comments |
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He was able to confirm us the information in the report |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.91 |
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UK Pound |
1 |
Rs.73.06 |
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Euro |
1 |
Rs.64.03 |
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.