|
Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT GEMS ( |
|
|
|
|
|
|
Registered Office : |
Room 403, 4/F., Chevalier House, |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Date of Incorporation : |
17.01.2005 |
|
|
|
|
|
|
Com. Reg. No.: |
35539751 |
|
|
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of gems and diamonds, precious stones, etc. |
|
|
|
|
|
|
No. of Employees : |
6 |
|
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market
economy, highly dependent on international trade and finance - the value of
goods and services trade, including the sizable share of re-exports, is about
four times GDP. Hong Kong's open economy left it exposed to the global economic
slowdown that began in 2008. Although increasing integration with China,
through trade, tourism, and financial links, helped it to make an initial
recovery more quickly than many observers anticipated, it again faces a
possible slowdown as exports to the Euro zone and US slump. The Hong Kong
government is promoting the Special Administrative Region (SAR) as the site for
Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 7.8% of total system
deposits in Hong Kong by the end of 2011, an increase of over 59% since the
beginning of the year. The government is pursuing efforts to introduce additional
use of RMB in Hong Kong financial markets and is seeking to expand the RMB
quota. The mainland has long been Hong Kong's largest trading partner,
accounting for about half of Hong Kong's exports by value. Hong Kong's natural
resources are limited, and food and raw materials must be imported. As a result
of China's easing of travel restrictions, the number of mainland tourists to
the territory has surged from 4.5 million in 2001 to 28 million in 2011,
outnumbering visitors from all other countries combined. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the
Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. Lower and middle income segments of the
population are increasingly unable to afford adequate housing. Hong Kong
continues to link its currency closely to the US dollar, maintaining an
arrangement established in 1983.
Source
: CIA
ANKIT GEMS
(HONG KONG) LTD.
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
Managing Director: Mr. Manan
Kishorkumar Kuvadia
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.
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.
Shashwat Stone Pvt. Ltd., India.
Sapphire Export Pty. Ltd., Australia.
Ankit Gems Namibia Pty. Ltd., Namibia.
35539751
0946347
Managing Director: Mr. Manan
Kishorkumar Kuvadia
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
(As per registry dated 17-01-2012)
|
Name |
|
No. of shares |
|
Ankit Arunbhai SHAH |
|
1,560,000 |
|
Manan Kishorkumar KUVADIA |
|
1,560,000 |
|
Dhwanil Pravinkumar SHAH |
|
300,000 |
|
Shahswat Stone Pvt. Ltd. Plot No. 315, B/H Patel Faliya, Katargam Road, Gotalawadi,
Surat-395004, India. |
|
300,000 |
|
|
|
|
|
|
Total: |
3,720,000 ======= |
(As per registry dated 17-01-2012)
|
Name (Nationality) |
Address |
|
Dhwanil Pravinkumar SHAH |
201, Abhishek Park-4, Appts, B/H Pooja Abhishek Appts, Nr. Lal
Banglow, Athwalines, Surat, Gujarat 395007, India. |
|
Ankit Arunbhai SHAH |
92 Urvashi Building, Napeansea Road, Mumbai 400006, India. |
(As per registry dated 17-01-2012)
|
Name |
Address |
Co. No. |
|
Stevensec Ltd. |
4/F. & 5/F., Central Tower, 28 Queens Road Central, Hong Kong. |
0879348 |
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.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of gems and diamonds, precious stones, etc.
Employees: 6.
Commodities Imported: India, Europe, 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.
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 |
|
|
|
|
|
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: US$1,000,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 17-01-2012)
Profit or Loss: Making a small profit every year.
Condition: Keeping
in an active condition.
Facilities: Adequate
for current running.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Having issued 3,720,000 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.
Now, 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 loose diamond importer, exporter and wholesaler. It is specialized in carat size diamond
trading.
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 26 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 different 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.
Besides the Surat plant, Ankit has had another plant in Windhoek, Namibia. The Namibia plant is operated by Ankit Gems
Namibia Pty. Ltd. In Australia, Ankit
Gems also has jewellery manufacturing facility to produce premium quality rings
to suit the local market. All the Ankit
factories are using advanced technologies.
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.
Ankit Gems is specialised in 0.30 Cts to 3.00 Cts GIA triple Excellent
Round diamonds & artistically cut fancy shapes like Princess, Cushion,
Heart, Pears, & Aschers offered in single piece per parcel with detailed
grading to facilitate a good buying experience for its customers. It also provides volume assortments and
calibrated parcel selections to fulfil the specific needs of its customers.
Over the last several 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 took part in
HKTDC Hong Kong International Jewellery Show 2012 which had been held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
16th to 20th February, 2012. It is also
going to take part in HKTDC Hong Kong International Jewellery Show 2013 which
will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong
during the period of 5th to 9th March, 2013.
The history of the subject in Hong Kong is over seven years.
On the whole, consider the subject good for normal business engagements.
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)
|
Date |
Particulars |
Amount |
|
22-11-2011 |
Instrument: Mortgage Property: All Those 98/19,060 parts or shares of and in The Remaining Portion of
Kowloon Inland Lot No. 7072, Kowloon Inland Lot No. 8670, Kowloon Inland Lot No,
8567 and Kowloon Inland Lot No. 7074 (Unit No. 3 on 4/F., Chevalier House,
No. 45, 47, 49 and 51 Chatham Road South, Kowloon) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities and
interest thereon |
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.
-
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.
-
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.
-
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.55.26 |
|
|
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
This score serves as a reference to assess SCs 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.