MIRA
INFORM REPORT
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Report Date : |
07.02.2012 |
IDENTIFICATION DETAILS
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Name : |
A. K. EXPORT |
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Registered Office : |
House No. 33, Boulevard de Cascade, The Beverly Hills, 23 Sam Mun Tsai Road, Tai Po, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.03.1990 |
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Com. Reg. No.: |
13472620-000-03 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
Nil. |
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 Concern |
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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 30, 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 and address
A. K.
EXPORT
Address:
House No. 33, Boulevard de Cascade, The Beverly Hills, 23 Sam Mun Tsai
Road, Tai Po, New Territories,
Hong Kong.
(Your enquiry given as:
A K EXPORTS with former address at:
6/F., Tung Fai Building, 27 Cameron Road, Tsimshatsui, Kowloon, Hong
Kong.)
PHONE: 2367 3060
FAX: 2367 1162
E-MAIL: akexport@netvigator.com
MANAGEMENT
Manager: Mr. Atul Kanaiyalal Shah
SUMMARY
Establishment: 28th
March, 1990.
Organization: Partnership.
Capital: Not
disclosed.
Business Category: Jewellery Trader.
Employees:
Nil.
Main Dealing Banker: Dah Sing Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
House No. 33, Boulevard de Cascade, The Beverly Hills, 23 Sam Mun Tsai
Road, Tai Po, New Territories, Hong Kong.
Affiliated Companies:-
Hearts & Arrows Ltd., Hong Kong.
Sonu Diam, Hong Kong.
BUSINESS REGISTRATION NUMBER
13472620-000-03
MANAGEMENT
Manager: Mr. Atul Kanaiyalal Shah
PARTNERS
Name: Mr. Atul Kanaiyalal SHAH
Residential Address: Flat C,
4/F., Pine Tree Building, 25-27 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Mala Atul SHAH
Residential Address: Flat B,
9/F., Kun Lock Building, Rear Portion, 178 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The subject was established on 28th March, 1990 as a sole proprietorship
concern owned by Mr. Atul Kanaiyalal Shah under the Hong Kong Business
Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
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Atul Kanaiyalal Shah |
28-03-1990 |
- |
|
Bharat Kanaiyalal Shah |
01-04-1992 |
31-03-1996 |
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Samirkumar Hasmukhlal Shah |
01-04-1996 |
01-10-2003 |
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Pradip Nagindas Shah |
01-10-2003 |
01-04-2007 |
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Mala Atul Shah |
01-04-2007 |
- |
Initially the subject was located at Flat C, 4/F., Pine Tree Building,
25‑27 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat
C, 8/F., Kam Ma Building, 16 Cameron Road, Tsimshatsui, Kowloon, Hong Kong
in May 1990; to Room 1713, 17/F., Beverley Commercial Centre, 87-105 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong in April 1993; to Flat B, 8/F., Kun
Lock Building, Rear Portion, 178 Nathan Road, Tsimshatsui, Kowloon, Hong Kong
in November 1997; to 6/F., Tung Fai Building, 27 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong in November 2001; and further moved to the present address
in January 2009.
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 products, emerald, precious stones, etc.
Employees: Nil.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan,
Southeast Asia, Europe, Middle East, etc.
Terms/Sales:
L/C, T/T or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
FINANCIAL INFORMATION
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
rather active condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met obligations
on time.
Commercial Morality: Satisfactory.
Banker:
Dah Sing
Bank Ltd., Hong Kong.
Standing:
Small.
GENERAL
A. K. Export is a partnership jointly owned by Mr. Atul Kanaiyalal Shah
and Mr. Mala Atul Shah. The Shahs are
Indian and belong to the same family.
They are Hong Kong ID Card holders and have got the right to reside in
Hong Kong permanently.
Formerly the subject was located at 6/F., Tung Fai Building, 27 Cameron
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in January
2009. The subject had been in the old
office for over seven years. The present
address is in a private house where is supposed to be the new residence of the
two partners.
Business commenced in March 1990, the subject is a diamond importer,
exporter and wholesaler. It is carrying
the following main products: rose cut diamonds, rose cut heart, rose cut round,
rose cut pears, rose cut oval, rose cut marquise, emerald cut, taper, tapered
baguette, fancy cut and fancy colour diamonds, briollets beads, old mine cut
diamonds round brilliant cut diamonds, marquise, pears, oval, heart, trilliant,
etc. The subject’s polished and cut
diamonds 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 exported or re‑exported
to Japan, India, other Asian countries, the Middle East, etc.
The subject has got an affiliated company Hearts & Arrows Ltd.
[H&A] located at its old operating address.
H&A is also owned by the Shah family. H&A is also a diamond and jewellery
product trader.
Incorporated in 9th May, 2008, H&A is wholly owned by Mr. Romil
Devendrabhai Shah who is an Indian residing in Navsari, Gujarat, India. He is an India passport holder. R. D. Shah is responsible for supplying the
subject with commodities or rough diamonds.
H&A’s another director Sumitkumar Dineshchandra Shah is in
Japan. He is responsible for
distributing H&A’s and the subject’s products in Japan.
The subject has been maintaining a number of regular suppliers and
foreign customers in Japan and other Asian countries. Business is rather active.
Since the history of the subject is over twenty-one years in Hong Kong,
on the whole, consider it good for business engagements in small credit
amounts.
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 |
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US Dollar |
1 |
Rs.48.68 |
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|
1 |
Rs.76.75 |
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Euro |
1 |
Rs.63.57 |
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.