|
Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT GEMS (HONG KONG) LTD. |
|
|
|
|
Registered Office : |
Room 403, 4/F., Chevalier House, 45-51 Chatham Road South,
Tsimshatsui, Kowloon |
|
|
|
|
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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|
|
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of gems and diamonds,
precious stones. |
|
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|
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No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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.
Room 403, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-2721 2642, 852-2721 4642
FAX: 852-2721 3642
E-MAIL: hk@ankitgems.com
Managing Director: Mr. Dhwanil
Pravinkumar Shah
Incorporated on: 17th January, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$3,720,000.00
Issued: HK$600,000.00
Business Category: Jewellery
and Gem Trader.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ANKIT GEMS (HONG
KONG) LTD.
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 Namibia Pty. Ltd., Namibia.
Ankit Gems Pvt. Ltd., India.
Anusha Diam LLC, UAE.
Sapphire Export Pty. Ltd., Australia.
Shashwat Stone Pvt. Ltd., India.
35539751
0946347
Managing Director: Mr. Dhwanil
Pravinkumar Shah
Nominal Share Capital: HK$3,720,000.00
(Divided into 3,720,000 shares of HK$1.00 each)
Issued Share Capital: HK$600,000.00
(As per registry dated 17-01-2013)
|
Name |
|
No. of shares |
|
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: |
600,000 ====== |
(As per registry dated 17-01-2013)
|
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 17-01-2013)
|
Name |
Address |
Co. No. |
|
Stevensec Ltd. |
4/F. & 5/F., Central Tower, 28 Queen’s 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.
Employees: 7.
Commodities Imported: India, Belgium,
Israel, US, etc.
Markets: China,
Hong Kong, Asian countries, Thailand, Middle East, US, Australia, 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$600,000.00
Indebtedness: US$1,244,039.02 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 17-01-2013)
Mortgage or Charge:-
Date of Mortgage: 22-11-2011
Amount: To
secure all moneys in respect of general banking facilities and interest thereon
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.
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.
Ankit Gems (Hong Kong) Ltd. had increased its ordinary shares of HK$1.00
to 3,720,000 in March 2011. Then, the
subject had been 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 were Indian while the fourth was an India-based firm. As 3,120,000 shares were re-purchased by the
subject on 14th December, 2012, the subject now is just equally owned by
Dhwanil Pravinkumar Shah and Shahswat Stone Pvt. Ltd. Each of the shareholders is holding 300,000
shares.
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. Now,
the contact person of Ankit Gems is Mr. Dhwanil Pravinkumar SHAH who is
one of the shareholders and directors of the subject.
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. A new office has been set up in
Australia as well.
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 2013” which had been held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
5th to 9th February, 2013. It is going
to take part in “HKTDC Hong Kong Jewellery & Gem Fair 2013” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 11th to 15th March, 2013.
Besides, it is going to take part in “HKTDC Hong Kong International Jewellery
Show 2014” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 5th to 9th March, 2014. Its booth No. is 3G-E33.
The history of the subject in Hong Kong is over eight years and five
months. Business keeps on improving.
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)
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.