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Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
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Name : |
AKI ENTERPRISES |
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Registered Office : |
c/o T.N.K.
Gems, Room 1215, 12/F., Fu Hang Industrial Building, |
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Country : |
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Date of Incorporation : |
17.09.2010 |
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Com. Reg. No.: |
52966965-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of
all Kinds of Jewellery and Diamonds, etc |
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No. of Employees : |
4. (Including affiliates) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
|
Source : CIA |
AKI ENTERPRISES
ADDRESS: c/o T.N.K. Gems
Room 1215, 12/F.,
Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong
Kong.
PHONE: 2314 7585
FAX: 2723 7585
E-MAIL: tnkgems@netvigator.com
Manager: Mr. Mahavir Chetanmal Shah
Establishment: 17th
September, 2010.
Organization: Sole
Proprietorship.
Capital: Not
disclosed.
Business Category:
Jewellery Trader.
Employees: 4. (Including affiliates)
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Office:-
c/o T.N.K. Gems
Room 1215, 12/F., Fu
Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Affiliated Companies:-
Kokusai Shinju Co.
Ltd., Japan.
Oasis Jewellery
Ltd., Hong Kong. (Dissolved/Same
address)
Profit Crown
Enterprises Ltd., Hong Kong
[Trading as T.N.K.
Gems and Moksh] (Same address)
Tanvirkuma
Diamonds Ltd., India.
52966965-000-09
Manager: Mr. Mahavir Chetanmal Shah
Name: Mr. Mahavir Chetanmal SHAH
Residential Address:
210C, Vasudeo Terrace, 34 Kastur Park, Boriyali West, Mumbai 400092, India.
The
subject was established on 17th September, 2010 as a sole proprietorship
concern owned by Mr. Mahavir Chetanmal Shah under the Hong Kong Business Registration
Regulations.
Initially
the subject was located at Room 375, 3/F., Conic Investment Building, 13 Hok
Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to the present address in
November 2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of jewellery and diamonds, etc.
Employees: 4. (Including affiliates)
Commodities
Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made a small loss in 2010.
Condition: Business is under development.
Facilities: Making fairly active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial
Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Small.
AKI
Enterprises is a sole proprietorship set up and owned by Mr. Mahavir Chetanmal
Shah who is an Indian. He is an India
passport holder and does not have the right to reside in Hong Kong permanently. Currently, he is residing in Mumbai, India.
The
subject commenced business in September 2010.
It is sharing the office with the following three firms: T.N.K. Gems,
Moksh, and Profit Crown Enterprises Ltd. [Profit Crown]. All these firms are Hong Kong registered
firms. T.N.K. Gems and Moksh is the
business name of Profit Crown.
Including the subject, the above-mentioned firms are owned and operated
by the Shah family.
There
was another firm Oasis Jewellery Ltd. [Oasis] located at the same operating
address. However, Oasis has been
dissolved by deregistration.
The
subject is a polished, loose diamond, gem and cut diamond trader, rough diamond
supplier and jewellery manufacturer.
Oasis
was the agent of Eternity Jewels which is an India-based firm. To our knowledge, Eternity Jewels has
got other liaison centres such as in the United States, Japan, Thailand and
associated offices throughout the world.
Oasis
also had an affiliated factory Tanvirkuma Diamonds Ltd. [TDL] which is an
India-based firm.
TDL
is the main India supplier of the subject.
The
subject’s products are marketed in Hong Kong and exported to Japan, South
Korea, other Asian countries, Europe, North America, etc.
The
subject’s business is mainly handled by Mr. Mahavir Chetanmal Shah himself.
The
history of the subject in Hong Kong is just over a year. Business is improving.
On
the whole, consider the subject good for normal business engagements on secured
basis for the time being.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.53.66 |
|
UK Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.