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Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
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Name : |
PANSURIYA
IMPEX (HK) LTD. |
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Registered Office : |
Room 1201, 12/F., Chaveliar House, 45-51 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.06.2010 |
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Com. Reg. No.: |
52428313 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
· trader of GIA and IGI certified diamonds. · It is specialized in Loose Diamonds including Fancy Colour Diamonds, Fancy Shape Diamonds range from 0.30 to 5+ carats, from D to Z colours. |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
PANSURIYA IMPEX (HK) LTD.
Room 1201, 12/F., Chaveliar House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2722 1919
FAX: 852-2722 1909
E-MAIL: hk@pansuriyaimpex.com
Managing Director: Mr. Pankajkumar Punabhai Rangani
Incorporated on: 10th June, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$3,000,000.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1201, 12/F., Chaveliar House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
D. N. Diamonds (HK) Ltd., Hong Kong.
Pansun Diamonds, Hong Kong.
Pansuriya Impex, India.
Rio Star, Hong Kong.
Triple X Diamonds, Hong Kong.
Zenia, Hong Kong.
Zenias Ltd., Hong Kong.
R.D. Gem Ltd.
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
etc.
52428313
1467082
Managing Director: Mr. Pankajkumar Punabhai Rangani
(Mobile: 852-6767 6220)
Contact Person: Mr. Pankaj Franky
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry dated
10-06-2013)
|
Name |
|
No.
of shares |
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Ajaykumar
Ravjibhai PANSURIYA |
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74,000 |
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Nikhil
Keshav PANSURIYA |
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2,356,000 |
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Pankajkumar Punabhai
RANGANI |
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570,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
(As per registry
dated 06-08-2013)
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Name (Nationality) |
Address |
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Nikhill Keshav
PANSURIYA |
22 Gaurav Park Soc, Behind
Anath, Ashram, Katargam Road, Surat 395004, India. |
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Pankajkumar Punabhai RANGANI |
Room A, 4/F., Prat Mansion,
26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 10-06-2013)
|
Name |
Address |
Co.
No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
The subject was incorporated on 10th June, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Diamond Trader.
Lines: All kinds of diamonds
Employees: 4.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, other Asian countries, etc.
Terms/Sales: COD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, Advance Payment, etc.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Made very small profits in 2011 & 2012.
Condition: Business is improving.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 3 million ordinary shares of HK$1.00 each, Pansuriya Impex (HK) Ltd. is jointly owned by Ajaykumar Ravjibhai Pansuriya, holding 2.5% interests; Nikhil Keshav Pansuriya, holding 78.5%; Pankajkumar Punabhai Rangani, 19%, all of whom are Indian.
The managing director Pankajkumar Punabhai Rangani is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. The other two are India passport holders.
The subject is trading in GIA and IGI certified diamonds. It is specialized in Loose Diamonds including Fancy Colour Diamonds, Fancy Shape Diamonds. Its diamonds range from 0.30 to 5+ carats, from D to Z colours.
The subject has had an associated company Pansuriya Impex in India which has more than 40 years of experience in the field of rough and polished diamonds. Since 1972 the India firm is engaged in diamonds manufacturing, importing and exporting. The head office of Pansuriya Impex is in Surat, India. In 2000, the India firm set up an office in Mumbai, India, and in May 2010 set up the subject in Hong Kong. Now, the office in Mumbai has become the head office of Pansuriya Impex and the company in Surat is the factory office.
Most of the commodities of the subject are imported from India, the other Asian countries, Europe. Finished products such as cut and polished diamonds are marketed in Hong Kong or re‑exported to China, the other Asian countries, Europe, North America.
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 such as Jck Las Vegas 2013 which is in the United States.
It is also 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.
Chiefly handled by Rangani, the subject’s business has been improving.
As the history of the subject in Hong Kong is just over three years, on the whole, consider it good for normal business engagements on L/C basis or in small credit amounts for the time being.
|
Date |
Particulars |
Amount |
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10-07-2013 |
Instrument: Mortgage Property: 205/19,060th parts or shares of and in The Remaining Portion of Kowloon Inland Lot No. 7072, Kowloon Inland No. 8670, Kowloon Inland Lot No. 8567, Kowloon Inland Lot No. 7074 (Unit 1 on 12/F. of Chevaliver House, 45-51 Chatham Road South, Kowloon, Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All moneys |
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10-07-2013 |
Instrument: Mortgage Property: 36/10,608th parts or shares of and in Section A of Kowloon Inland Lot No. 6455, The Remaining Portion of Kowloon Inland Lot No. 6455, Section A of Kowloon Inland Lot No. 6458, The Remaining Portion of Kowloon Inland Lot No. 6458, Section A of Kowloon Inland Lot No. 6460, The Remaining Portion of Kowloon Inland Lot No. 6460 (Office Unit 05 on 13/F. of Multifield Plaza, 3 Prat Avenue, Kowloon, Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All moneys |
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10-07-2013 |
Instrument: Mortgage Property: 1/301st parts or shares of and in the Remaining Portion of Kowloon Inland Lot No. 8247 [Flat A on 16/F. (Block A) of Windsor Mansion, 29-31 Chatham Road South, Kowloon, Hong Kong.] Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All moneys |
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.41 |
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1 |
Rs.99.29 |
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Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.