|
Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PSONS LTD. |
|
|
|
|
Registered Office : |
22/F., Hong Kong Diamond Exchange Building, 8-10 Duddell Street, Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
05.07.2004. |
|
|
|
|
Com. Reg. No.: |
34705222 |
|
|
|
|
Legal Form : |
Private Limited Company. |
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|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of minerals such as coal, raw sapphire, sapphire Ingot |
|
|
|
|
No. of Employees : |
5. |
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 |
|
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, 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
PSONS LTD.
ADDRESS: 22/F., Hong Kong Diamond
Exchange Building, 8-10 Duddell Street, Central, Hong Kong.
PHONE: 852-2907 7667
FAX: 852-2347 7667
E-MAIL: psons@psons.com
pooja@sons.com
Managing Director: Mr.
Arunachalam Muthuveerappan
Incorporated on: 5th
July, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$780,000,000.00
Issued: HK$101,908,404.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 5.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
22/F., Hong Kong Diamond Exchange Building, 8-10 Duddell Street,
Central, Hong Kong.
Shanghai Office:-
A-2406, Far East International Plaza, 319 Xi’an Xia Road, Shanghai,
China.
[Tel.: 86-21-6208 8744, Fax:
86-21-6209 1951
E-mail: guru@psons.com]
Holding Company:-
Pacatolus Holdings Ltd., Mauritius.
Affiliated/Associated Companies:-
A.R. Int’l (HK) Ltd., Hong Kong.
(same address)
A.R.Steel Ltd., Hong Kong.
[Dissolved]
Akshay Software Technologies Ltd., India.
ARA Investments & Finance Ltd., India.
ARA Securities Pvt. Ltd., India.
Crown Labels Pvt. Ltd., India.
Jai Insurance Broking Pvt. Ltd., India.
K9 Technologies Pvt. Ltd., India.
L&T Fashion Incorporate, India.
Lanxin Engineering Pvt. Ltd., India.
Lumen Magnetic Wires Ltd., India.
Psons Asia Pte. Ltd., Singapore.
Rachuman China Ltd., Hong Kong.
Seyyone Software Solutions Pvt. Ltd., India.
Subiksha Spinners Ltd., India.
Sunrise Plastech F.Z.C., UAE.
Texuna International Ltd., Hong Kong.
(same address)
Vishnuram Textiles Pvt. Ltd., India.
Yoha Logistix Pvt. Ltd., India.
etc.
34705222
0909863
Managing Director: Mr. Arunachalam
Muthuveerappan
Contact Person: Ms. Rukhsana
Gulzar
Nominal Share Capital: HK$780,000,000.00 (Divided into 780,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$101,908,404.00
(As per registry dated 05-07-2013)
|
Name |
|
No. of shares |
|
Pacatolus Holdings Ltd. St. James Court, Suite 308, St. Denis Street, Port Louis, Mauritius. |
|
101,908,404 ========= |
(As per registry dated 05-07-2013)
|
Name (Nationality) |
Address |
|
Pradeep Phulchand AGARWAL |
Plot No. 4, Villa B, Pockhanwala Road, Near Godrej Tower, Worli
Seaface, Worli, Mumbai 400030, India. |
|
Sujit Govindrao PARSATWAR |
5 Serenity, Nariman Road, Vile Parle (East), Mumbai‑ 40057, India. |
|
Arunachalam MUTHUVEERAPPAN |
Flat C, 19/F., Block 2, Estoril Court, 55 Garden Road, Midlevels,
Central, Hong Kong. |
|
Sunil PODDAR |
Flat B, 25/F., South Tower 2, Residence Bel-Air, Island South, 38,
Bel-Air Ave, Hong Kong. |
(As per registry dated 05-07-2013)
|
Name |
Address |
|
Sincere Secretaries Ltd. |
13/F., Chun Wo Commercial Centre, 23-29 Wing Wo Street, Central, Hong
Kong. |
The subject was incorporated on 5th July, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Psons Ltd., name
changed to Pson Ltd. on 17th August, 2007 and changed back to the present style
on 4th March, 2008.
Formerly the subject was located at Flat A, 19/F., On Hing Building, 1
On Hing Terrace, Central, Hong Kong moved the present address on 28th June
2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of minerals such as coal, raw sapphire, sapphire Ingot.
Employees: 5.
Commodities Imported: India, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$780,000,000.00
(Divided into 780,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$101,908,404.00
Increase of Nominal Capital:-
|
From |
HK$15,600,000.00 |
to |
HK$780,000,000.00 |
on |
28-09-2009 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$
15,600,000.00 |
|
28-09-2009 |
paid up |
HK$
85,255,404.00 |
|
29-03-2010 |
paid up |
HK$
1,053,000.00 |
|
|
|
––––––––––––––––– |
|
Total: |
paid up |
HK$101,908,404.00 =============== |
Mortgage or Charge (since 2013): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
ABN AMOR Bank N.V., the Netherlands.
Bank of Baroda, Hong Kong Branch.
Canara Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Union Bank of India, Hong Kong Branch.
Standing:
Good.
Psons Ltd. was a wholly-owned subsidiary of Psons Holdings Ltd. which is
a Mauritius-registered firm. Now, the
holding company of the subject is Pacatolus Holdings Ltd., also a
Mauritius-registered firm.
The subject in fact is an Indian firm owned by India passport
holders. The main office of the subject,
Psons, is in Mumbai, India. It is a
mining company.
Besides the subject, Psons also has set up offices in Shanghai, China
and Dubai of the United Arab Emirates, Singapore, Indonesia, India, South
Africa, Brazil.
The subject started operations in 2004 and has since been growing its
business over the years. In 2011, the
subject shipped over 3.8 million tons of iron ore. Now, its annual shipping is about 4 million
tons.
The subject sources iron ore from India, Indonesia, Norway and
Africa. It predominantly sources
directly from the mining companies. It
plans to further increase the size and extent of its global sourcing in the
years ahead. It has developed strong
relationships with its suppliers and has also entered into long term sourcing
arrangements with them.
Since 2008, the subject has been handling the chartering of vessels
in-house through its Singapore office.
It has a professional team who have established good tie-ups with some
of the major global shipping companies.
Other than in-house chartering the logistics division increasingly
handles chartering for third parties as well.
The subject has established a marketing office in Shanghai since its
inception. Besides, it has recently
opened an office in Beijing, China.
The subject has diversified its trading portfolio to include other
commodities such as coal, chrome ore, manganese ore, steel products, etc.
With a view to integrate its business and bring in long term sustainable
growth, the subject has invested in iron ore mines in Brazil and coal mine in
Indonesia. As iron ore and Coal being
two major raw materials to produce steel, the subject envisions to become a
strong global supplier of these two commodities.
Psons is one of the largest exporters of iron ore to China from
different countries.
The history of the subject is over nine years in Hong Kong. Business in Hong Kong is handled by Ms.
Rukhsana Gulzar who is also an Indian.
The subject is fully supported by its main office in Mumbai, India. The annual sales turnover of the Group is
quite significant.
On the whole, in view of the subject’s lines of business and background,
on the whole, consider it good for normal business engagements.
(Since 2013)
|
Date |
Particulars |
Amount |
|
13-07-2009 |
Instrument: Memorandum Property: Deposit under Checking Account No. 91210200000259 upto an amount of
US$2,500,000 kept from time to time Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
27-10-2009 |
Instrument: Undertaking Relating to Deposits Property: Rate
of Maturity FD 154/2009 23-10-2009 US$500,000 1.23% 23-10-2010 Mortgagee: Canara Bank, Hong Kong Branch. |
“Liabilities” means all and any liabilities |
|
19-03-2010 |
Instrument: Letter of Set-off and Appropriation Property: Deal No. Date Amount Due Date 159164 11-11-2009 US$2,500,000 11-11-2010 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
|
26-04-2010 |
Instrument: Undertaking Relating to Deposits Property: Receipt No. Date
of Receipt Due Date Amount 2010 EM 9 26-04-2010 25-04-2011 US$1,250,000 Mortgagee: UCO Bank, Hong Kong Branch. |
“Liabilities” means all and any liabilities |
|
25-01-2013 |
Instrument: Memorandum Property: Distinctive 91210300005425 07-01-2013 US$5,000,000 07-01-2014 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
14-02-2013 |
Instrument: Deed of Assignment Property: All of the Company’s right, title benefit & interest, present
& future, in and to the Assigned rights and the proceeds thereof Mortgagee: ABN AMRO Bank N.V., Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands. |
To secure all present and future indebtedness, obligations &
liabilities |
|
14-02-2013 |
Instrument: Charge on Deposit Property: A sum of US$2,000,000.00 currently represented or evidenced by a certificate
of deposit dated 14th February, 2013 bearing number 000013010000899 Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
|
28-02-2013 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt:
2013 FD 44 Date of Receipt: 28-02-2013 Amount of Deposit: US$600,000 Rate of Interest: 0.75% Maturity Date of Deposit:
21-02-2014 Mortgagee: Canara Bank, Hong Kong Branch. |
All and any liabilities, sole or joint, actual or contingent,
quantified or not, now or hereafter owing or incurred to the Bank by the
Depositor or the Third Party |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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 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.