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MIRA INFORM REPORT
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Report Date : |
09.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ANKIT
GEMS (HONG KONG)
LTD. |
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Registered Office : |
Room 403, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.01.2005 |
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Com. Reg. No.: |
35539751 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of gems and diamonds, precious stones, etc. |
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No. of Employees : |
6 |
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 : |
Moderate |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
---- |
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
ANKIT GEMS (HONG KONG) LTD.
Company ADDRESS
Room 403, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2721 2642, 2721 4642
FAX: 2721 3642
E-MAIL: hk@ankitgems.com
MANAGEMENT
Managing Director: Mr. Manan Kishorkumar Kuvadia
SUMMARY
Incorporated on: 17th January, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$3,720,000.00
Issued: HK$3,720,000.00
Business Category: Jewellery and Gem Trader.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Room 403, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
· A. C. Diam BVBA, Belgium.
· Ankit Gems Pvt. Ltd., India.
· Anusha Diam LLC, UAE.
· Shahswat Stone Pvt. Ltd., India.
BUSINESS REGISTRATION NUMBER
35539751
COMPANY FILE NUMBER
0946347
MANAGEMENT
Managing Director: Mr. Manan Kishorkumar Kuvadia
CAPITAL
Nominal Share Capital: HK$3,720,000.00 (Divided into 3,720,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,720,000.00
SHAREHOLDERS
(As per registry
dated 26-03-2011)
|
Name |
|
No. of shares |
|
Ankit Arunbhai SHAH |
|
1,560,000 |
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Manan Kishorkumar KUVADIA |
|
1,560,000 |
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Dhwanil Pravinkumar SHAH |
|
300,000 |
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Shahswat Stone Pvt. Ltd. Plot No. 315, B/H Patel Faliya, Katargam Road, Gotalawadi, Surat-395004, India. |
|
300,000 |
|
|
|
–––––––– |
|
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Total: |
3,720,000 ======= |
DIRECTORS
(As per registry
dated 17-01-2011)
|
Name (Nationality) |
Address |
|
Manan Kishorkumar KUVADIA |
A-54, Ashopalav Flats, Sharavan Talkies Road, Surendranagar, 363001, Gujarat, India. |
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Ankit Arunbhai SHAH |
703 Shivam Building, Doongarshi Road, Malbar Hill, Mumbai 400006, India. |
SECRETARY
(As per registry
dated 17-01-2011)
|
Name |
Address |
Co.
No. |
|
Stevensec Ltd. |
4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong Kong. |
0879348 |
HISTORY
The subject was incorporated on 17th January, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Black Sand Ltd., name changed to Ankit Gems Ltd. on 18th February, 2005, and further to the present style on 27th September, 2005.
Formerly the subject was located at Room 905, 9/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in January 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of gems and diamonds, precious stones, etc.
Employees: 6.
Commodities Imported: India, Belgium, Israel, etc.
Markets: Hong Kong, Asian countries, Thailand, Middle East, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$3,720,000.00 (Divided into 3,720,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,720,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 3,120,000.00 |
|
26-03-2011 |
paid up |
HK$ 600,000.00 |
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|
––––––––––––––– |
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Total: |
paid up |
HK$ 3,720,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$3,120,000.00 |
to |
HK$3,720,000.00 |
on |
26-03-2011 |
Indebtedness: HK$3,414,653.31 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 17-01-2011)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Adequate for current running.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 3,120,000 ordinary shares of HK$1.00 each at the very beginning, Ankit Gems (Hong Kong) Ltd. has increased its ordinary shares of the same value each to 3,720,000 in March 2011. The subject is jointly owned by Ankit Arunbhai Shah, holding 41.9% interests, Mr. Manan Kishorkumar Kuvadia, also 41.9%; Mr. Dhwanil Pravinkumar Shah, 8.1%; and Shahswat Stone Pvt. Ltd., also 8.1%. The former three are Indian while the fourth is an India-based firm. The subject is chiefly owned by the Shah family.
The subject is a diamond importer, exporter and wholesaler. It has got an associated company in Mumbai, India known as Ankit Gems Pvt. Ltd. [Ankit Gems]. Ankit Gems is a leading government recognized trading house unit engaged in manufacturing and exporting of all kinds of cut and polished diamonds. The founders of Ankit Gems Mr. Arvindbhai Shah, Mr. Arunbhai Shah, Mr. Vasantbhai Shah, Mr. Pravinbhai Shah, Mr. Dilipbhai Shah and Mr. Dilipbhai Soni have been engaged in the line of business for more than 25 years.
Established in 1985, Ankit Gems is a fast-growing diamond processing company. It exports polished diamond of various shapes to worldwide countries. It also imports raw material from various sources like Belgium, South Africa, Israel and India. It exports polished diamonds of various shapes and sizes to key markets such as Europe, the United States, Australia and Asia. Ankit Gems also has a strong presence in the Indian domestic market.
Ankit Gems has got a plant in Surat, India which has employed a certain number of skilled labours and has been equipped with advanced equipment. The main factory is vertically integrated and centrally air-conditioned with space over 22,400 sqft and manufacturing capacity over 125,000 carats. Its team consists of over 1,000 skilled workers.
Ankit Gems can provide international certification of grading on customer demand from reputed laboratories like GIA (Gemological Institute of America), IGI (Indian Gemological Institute), IDI (Indian Diamond Institute), etc. Ankit Gems has got the ISO 9001:2000 certification.
Over the last four years, Ankit Gems has made inroads in the fields of e‑commerce through its website “www.ankitgems.com” by catering to the B2B needs of its key customers. It is able to provide its customers with 24 x 7 services and delivered polished diamonds to any location throughout the world within 48 hours.
Besides the subject, Ankit Gems has worldwide presence with Marketing Associates in Antwerp – A. C. Diam BVBA and Anusha Diam LLC in Dubai. They work closely with the Head Office in Mumbai.
Ankit Gems and the subject are chiefly controlled by the Shah family. Almost all the commodities of the subject are provided by Ankit Gems.
The turnover of the subject is rather significant. Regular customers have been maintained.
The subject is fully supported by Ankit Gems in India. It exports its products to North America, Africa, Europe, some of the Asian countries, etc. Contact person is Manan Kishorkumar Kuvadia.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is also going to take part in Hong Kong International Jewellery Show which will be held during the period of 16th to 20th February, 2012.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Property information of the company:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
Unit 3 on 4/F., Chevalier House, 45-51 Chatham Road South, Kowloon, Hong Kong. |
Ankit Gems (Hong Kong) Ltd. |
n.a. |
n.a. |
(No mortgage record registered against the property)
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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.