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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
PANSUN DIAMONDS |
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Registered Office : |
Room 1305, 13/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.05.2010 |
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Com. Reg. No.: |
52341624-000-05 |
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Legal Form : |
Partnership Concern |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF DIAMONDS |
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No of Employees : |
1 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
PANSUN
DIAMONDS
ADDRESS: Room 1305, 13/F., Multifield Plaza,
3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2722 1919
FAX: 852-2722 1909
Manager: Mr. Pankajkumar Punabha Rangani
Establishment: 31st May, 2010.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employee: 1.
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
PANSUN
DIAMONDS
ADDRESS:
Head
Office:-
Room 1305, 13/F.,
Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
D. N. Diamonds (HK) Ltd., Hong Kong.
Pansuriya Impex (HK) Ltd., Hong Kong.
Triple X Diamonds, Hong Kong.
Zarra International, Hong Kong.
52341624-000-05
Manager: Mr. Pankajkumar Punabha Rangani (Mobile: 852-6767 6220)
Name: Mr. Pankajkumar Punabhai RANGANI
Residential
Address: Flat 4A, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon,
Hong Kong.
Name: Mr. Mitul Harendrakumar MAISURIA
Residential
Address: Fl. No. A, 302 Capital Complex, Nr. Gangajamna Raw House, Ranmder
Road, Surat GS, India.
The
subject was established on 31st May, 2010 as a sole proprietorship concern owned
by Mr. Pankajkumar Punabhai Rangani under the Hong Kong Business Registration
Regulations. The subject became a
partnership as Mr. Mitul Harendrakumar Maisuria joined in as a partner on
13th September, 2010.
Originally
the subject was registered under the name of Pansuriya Impex (HK), name changed
to the present style on 16th September, 2010.
Initially
the subject was located at Flat 4A, 4/F., Prat Mansion, 26-36 Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong, moved to the present address in February 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities:
Importer, Exporter and Wholesaler.
Lines: Diamonds,
etc.
Employee: 1.
Commodities
Imported: India, etc.
Markets: Hong Kong,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss:
Made very small profit in 2013.
Condition:
Business is improving.
Facilities:
Making fairly active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial
Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Pansun Diamonds is a partnership jointly owned by Mr. Pankajumar Punabha Rangani and Mr. Mitul Harendrakimar Maisuria, both are Indian. Rangani is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He can be reached at his Hong Kong mobile phone number 852-6767 6220.
The subject moved to the present new address in February 2011. It is a diamond importer, exporter and wholesaler. The subject has had the following associated companies located at its operating address:-
D. N. Diamonds (HK) Ltd. [DNDHK]
Pansuriya Impex (HK) Ltd. [PIHK]
Triple X Diamonds [TXD]
All the firms are Hong Kong-registered firms. DNDHK and PIHK have got loans from Hong Kong banks. TXD was established on 11th June, 2010. PIHK was incorporated on 10th June, 2010 while DNDHK incorporated on 30th November, 2006. All these firms are diamond traders.
The subject is the supplier, importer and exporter of versatile range of diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut round, rose cut pear, rose cut oval, rose cut marquise, fancy cut and fancy colour diamonds, briollets beads, old mine cut diamonds round brilliant cut diamonds, marquise, pears, oval, heart, emeralad, etc. The subject also trades in GIA diamonds and other certified diamonds. Most of the commodities are imported from India. Finished products, cut and polished diamonds are marketed in Hong Kong or re-exported to other Asian countries. Business keeps on improving.
The subject has had an affiliated company in Hong Kong known as Zarra International. This company was established in February 2011 and owned by Ms. Bhavna Pankajkumar Rangani who is a family member of P P Rangani. Zarra International is also a diamond and jewellery trader.
The subject’s business is chiefly handled by Rangani himself.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.27 |
|
|
1 |
Rs. 103.66 |
|
Euro |
1 |
Rs. 85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.