|
Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ANTRIKSH EXPORTS |
|
|
|
|
Registered Office : |
20/F., Champion Building, 287-291 Des Voeux Road Central,
Sheung Wan |
|
|
|
|
Country : |
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|
|
|
|
Date of Incorporation : |
27.06.2011 |
|
|
|
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Com. Reg. No.: |
58255162-001-04 |
|
|
|
|
Legal Form : |
Sole Ownership |
|
|
|
|
LINE OF BUSINESS : |
THE SUBJECT’S LINES OF
BUSINESS ARE UNKNOWN SINCE THE SECRETARIAL FIRM KNOWS NOTHING ABOUT ITS
BUSINESS. THE DIRECTOR OF FIRST
SURPLUS CANNOT BE REACHED AS HE IS IN NO INFORMATION OF THE
SUBJECT CAN BE OBTAINED FROM OUR SECONDARY SOURCES. IT SEEMS TO BE A DIAMOND TRADER. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 |
ANTRIKSH
EXPORTS
Registerd
Office:-
c/o Akin
Professionals Ltd.
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
58255162-001-04
Manager: Mr. Sanjay Khushaldas Bavishi
First Surplus
Ltd., Hong Kong.
The
subject was established on 27th June, 2011 as a sole ownership firm with First
Surplus Ltd. as the proprietor under the Hong Kong Business Registration
Regulations.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Antriksh
Exports is a sole ownership firm set up and owned by First Surplus Ltd. [First
Surplus] which is a Hong Kong registered firm.
Commenced
business on 27th June, 2011, the subject does not have its own operating
office. Its registered office is in a
commercial service firm located at 20/F., Champion Building, 287‑291 Des
Voeux Road Central, Sheung Wan, Hong Kong, known as Akin Professionals
Ltd. [Akin] which is handling its correspondences and documents.
The
subject and First Surplus are engaged in the same lines of business.
First
Surplus was incorporated on 20th April, 2011 as a private limited liability company
under the Hong Kong Companies Ordinance.
It also does not have its own operating office. Its registered office is also in the
operating office of Akin. Akin is also
the corporate secretary of the subject.
The
subject has no employees in Hong Kong, so does First Surplus.
According
to the Companies Registry of Hong Kong, First Surplus has issued just one
ordinary share of HK$1.00 which is owned by Mr. Sanjay Khushaldas Bavishi who
is an Indian. He is an India ID holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of First
Surplus.
The
subject is also managed by Sanjay Khushaldas Bavishi.
The
subject’s lines of business are unknown since the secretarial firm knows
nothing about its business.
The
director of First Surplus cannot be reached as he is in Mumbai, India and no
contact phone number is available.
No
information of the subject can be obtained from our secondary sources. It seems to be a diamond trader.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over a year and two months.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
58255162
1590727
20th April, 2011.
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As per registry dated 20-04-2012)
|
Name |
|
No.
of share |
|
Sanjay Khushaldas BAVISHI |
|
1 = |
(As per registry dated 20-04-2012)
|
Name (Nationality) |
Address |
|
Sanjay Khushaldas
BAVISHI |
Room No. 8, G/F., 9 Gazdar Street, JSS
Road, Mumbai 400002, India. |
(As per registry dated 20-04-2012)
|
Name |
Address |
Co.
No. |
|
Akin
Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
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.53.90 |
|
|
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.00 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 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.