|
|
|
MIRA
INFORM REPORT
|
Report No. : |
504790 |
|
Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
A. K. EXPORT |
|
|
|
|
Registered Office : |
House
No. 33, Boulevard De Cascade, The Beverly Hills, 23 Sam Mun Tsai Road, Tai
Po, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
28.03.1990 |
|
|
|
|
Com. Reg. No.: |
13472620-000-03 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds
and Jewellery Products, Emerald, Precious Stones |
|
|
|
|
No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 9.4% of total system deposits in Hong Kong by the end of 2015. 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 total trade 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 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
|
Source
: CIA |
Company name and address
A. K.
EXPORT
ADDRESS: House No. 33, Boulevard de Cascade, The
Beverly Hills, 23 Sam Mun Tsai Road, Tai Po, New Territories, Hong Kong.
PHONE: 852-2367 3060
FAX: 852-2367
1162
E-MAIL: akexport@netvigator.com
MANAGEMENT:
Manager: Mr. Atul Kanaiyalal Shah
SUMMARY
Establishment: 28th
March, 1990.
Organization:
Partnership.
Capital:
Not
disclosed.
Business Category: Jewellery Trader.
Employees:
6.
Main Dealing Banker: Dah Sing Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
House No. 33, Boulevard de Cascade, The
Beverly Hills, 23 Sam Mun Tsai Road, Tai Po, New Territories, Hong Kong.
Operating Address:-
6/F., Tung Fai Building, 27-27A Cameron Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
A K Export (Shanghai) Co. Ltd., China.
Hearts & Arrows Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
13472620-000-03
MANAGEMENT
Manager:
Mr. Atul Kanaiyalal Shah
PARTNERS
Name:
Mr. Atul Kanaiyalal SHAH
Residential Address: Flat C, 4/F., Pine Tree Building, 25-27 Hillwood Road,
Tsimshatsui, Kowloon, Hong Kong.
Name:
Mr. Mala Atul SHAH
Residential Address: Flat B, 9/F., Kun Lock Building, Rear Portion, 178 Nathan
Road, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 28th March,
1990 as a sole proprietorship concern owned by Mr. Atul Kanaiyalal Shah under
the Hong Kong Business Registration Regulations.
The following table shows the changes of the
partners:-
|
Name |
Incoming
Date |
Outgoing
Date |
|
Atul
Kanaiyalal Shah |
28-03-1990 |
--- |
|
Bharat
Kanaiyalal Shah |
01-04-1992 |
31-03-1996 |
|
Samirkumar
Hasmukhlal Shah |
01-04-1996 |
01-10-2003 |
|
Pradip
Nagindas Shah |
01-10-2003 |
01-04-2007 |
|
Mala
Atul Shah |
01-04-2007 |
--- |
Initially
the subject was located at Flat C, 4/F., Pine Tree Building, 25‑27 Hillwood
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C, 8/F., Kam Ma Building,
16 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in May 1990; to Room
1713, 17/F., Beverley Commercial Centre, 87-105 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong in April 1993; to Flat B, 8/F., Kun Lock
Building, Rear Portion, 178 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in
November 1997; to 6/F., Tung Fai Building, 27 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong in November 2001; and further moved to the present address
in January 2009.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
and jewellery products, emerald, precious stones, etc.
Employees: 6.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, Southeast Asia,
Europe, Middle East, etc.
Terms/Sales:
CAD, L/C, T/T or as
per contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association,
Hong Kong.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
rather active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Slow but
Correct.
Commercial Morality: Satisfactory.
Banker:
Dah Sing
Bank Ltd., Hong Kong.
Standing:
Normal.
GENERAL
A. K. Export is a partnership jointly owned by Mr. Atul Kanaiyalal
Shah and Mr. Mala Atul Shah. The Shahs
are Indian and belong to the same family.
They are Hong Kong ID Card holders and have got the right to reside in
Hong Kong permanently.
The subject’s operating address is located at ‘6/F., Tung Fai
Building, 27 Cameron Road, Tsimshatsui, Kowloon, Hong Kong’.
Its registered address is in a private building which is not
trespassed by outsiders.
Business commenced in March 1990, the subject is a diamond
importer, exporter and wholesaler. It is
carrying the following main products:
Rose cut diamonds, rose cut heart, rose cut round, rose cut pears,
rose cut oval, rose cut marquise, emerald cut, taper, tapered baguette, fancy
cut and fancy colour diamonds, briollets beads, old mine cut diamonds round
brilliant cut diamonds, marquise, pears, oval, heart, etc.
The subject offers pieces from -000 to 1 cents in loose parcels,
colours D to Z and shapes in round, marquise and pear.
The subject’s polished and cut diamonds are imported from India,
Belgium and other European countries, etc. Some of the rough diamonds are polished or
processed in Hong Kong. Finished
products and polished diamonds are exported or re‑exported to Japan,
India, other Asian countries, the Middle East, etc.
The subject has got an affiliated company Hearts & Arrows Ltd.
[H&A] located at its operating address.
H&A is also owned by the Shah family. H&A is also a diamond and jewellery
product trader.
H&A’s another director Sumitkumar Dineshchandra Shah is in
Japan. He is responsible for
distributing H&A’s and the subject’s products in Japan.
The contact person of H&A is also Mr. Atul Kanaiyalal Shah.
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 2018” which had been held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 2nd to 6th March, 2018. Its booth No. was 1EC29.
The subject’s business is handled by the two partners. Business is rather active.
Since the history of the subject is over twenty-eight years in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.36 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 81.05 |
|
HKD |
1 |
INR 8.53 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.