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Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
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Name : |
PUNJABI TRADING ASIA LTD. |
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Registered Office : |
Unit 1703-1706, 17/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.12.1993 |
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Com. Reg. No.: |
17740611 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler
of Tea, snacks, other foodstuffs, cookware |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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.
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
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'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, 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
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Source
: CIA |
PUNJABI TRADING
ASIA LTD.
(Business names:
ENDURANCE TRADE SERVICES COMPANY
GRAND OCEAN COMPANY
HEALTH BEVERAGES COMPANY
PTAL FOODS COMPANY
SUPREME TRUST FOODS COMPANY
SYMPA TRADING COMPANY)
ADDRESS: Unit 1703-1706, 17/F.,
Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 2221, 2722 0615,
2723 2220
FAX: 852-2723 6151
E-MAIL: info@punjabihk.com
punjabi@punjabihk.com
punjabi@netvigator.com
Managing Director: Mr. Suresh Hemandas Punjabi
Incorporated on: 28th
December, 1993.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Foodstuff Trader.
Annual Turnover: US$25~30
million.
Employees:
10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PUNJABI TRADING
ASIA LTD.
ADDRESS:
Registered Head
Office:-
Unit 1703-1706, 17/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Business Names:-
Endurance Trade Services Company, Hong Kong.
Grand Ocean Company, Hong Kong.
Health Beverages Company, Hong Kong.
PTAL Foods Company, Hong Kong.
Supreme Trust Foods Company, Hong Kong.
Sympa Trading Company, Hong Kong.
17740611
0458815
Managing Director: Mr. Suresh Hemandas Punjabi
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 28-12-2013)
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Name |
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No. of shares |
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Suresh Hemandas PUNJABI |
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3,250,000 |
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Kiran Suresh PUNJABI |
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1,500,000 |
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Yoshwin Suresh PUNJABI |
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125,000 |
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Yogesh Suresh PUNJABI |
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125,000 |
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–––––––– |
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Total: |
5,000,000 ======= |
(As per registry dated 28-12-2013)
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Name (Nationality) |
Address |
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Kiran Suresh PUNJABI [Also alternate director to Suresh Hemandas PUNJABI, Yoshwin Suresh
PUNJABI and Yogesh Suresh PUNJABI] |
Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom,
Kowloon, Hong Kong. |
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Suresh Hemandas PUNJABI [Also alternate director to Kiran Suresh PUNJABI, Yoshwin Suresh
PUNJABI and Yogesh Suresh PUNJABI] |
Flat 18A, Tower 17, Laguna Verde, 8 Laguna Verde Avenue, Hunghom,
Kowloon, Hong Kong. |
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Yoshwin Suresh PUNJABI [Also alternate director to Suresh
Hemandas PUNJABI, Kiran Suresh PUNJABI and Yogesh Suresh PUNJABI] |
Flat 18A, Tower 17, Laguna Verde, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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Beena Heman PUNJABI [Alternate director to Suresh Hemandas
PUNJABI, Kiran Suresh PUNJABI, Yoshwin Suresh PUNJABI and Yogesh Suresh
PUNJABI] |
Flat 18A, Tower 17, Laguna Verde, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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Heman Jeramdas PUNJABI [Alternate director to Suresh Hemandas
PUNJABI, Kiran Suresh PUNJABI, Yoshwin Suresh PUNJABI and Yogesh Suresh
PUNJABI] |
Flat 18A, Tower 17, Laguna Verde, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
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Yogesh Suresh PUNJABI [Alternate director to Suresh Hemandas
PUNJABI, Kiran Suresh PUNJABI and Yoshwin Suresh PUNJABI] |
Flat 18A, Tower 17, Laguna Verde, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 28-12-2013)
|
Name |
Address |
Co.
No. |
|
K. H. Ng & Partners Ltd. |
Unit A, 22/F., Full Win Commercial Centre, |
1583148 |
The subject was incorporated on 28th December,
1993 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: Importer,
Exporter and Wholesaler.
Lines: Tea,
snacks, other foodstuffs, cookware.
Employees: 10.
Commodities Imported: India, China, other Asian countries, etc.
Markets: Hong
Kong, Southeast Asia, China, Japan, Europe, etc.
Annual Turnover: US$25~30
million.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKP0461]
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Indebtedness: HK$9,945,805.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 28-12-2013)
Mortgage or Charge:-
Date of Charge
Over Account: 30-01-2008
Amount: All present and future obligations
and liabilities
Property: The Chargor as sole beneficial owner
and as security for the payment of all Secured Liabilities charges the Credit
Balance to the Bank
Mortgagee: China Construction Bank (Asia)
Corporation Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition:
Business is
active.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas
Bank, Hong Kong Branch.
China Construction
Bank (Asia) Corporation Ltd., Hong Kong.
Standing:
Very good.
Having issued 5 million ordinary shares of HK$1.00 each, Punjabi Trading
Asia Ltd. is wholly owned by the Punjabi family. The largest shareholder is Mr. Suresh
Hemandas Punjabi who is holding 55% interests.
The other shareholders are Mr. Kiran Suresh Punjabi, holding 30%; Mr.
Yoshwin Suresh Punjabi, 5%; and Mr. Yogesh Suresh Punjabi, also 5%. Most of the family members are Hong Kong ID
Card holders and have got the right to reside in Hong Kong permanently. Punjabi is an Indian family.
The business names of the subject are the following six and located at
the same address:-
Endurance Trade Services Company
Grand Ocean Company
Health Beverages Company
PTAL Foods Company
Supreme Trust Foods Company
SYMPA Trading Company
According to the subject, the subject is trading in the following
commodities:-
Confectionery;
Cookware;
Household Products – Metal (Enamelware, Enamelware);
Kitchen Utensils – Metal;
Kitchen Utensils – Miscellaneous;
Milk;
Health Beverages;
Other Beverages;
Rice;
Snack (Including Potato and Shrimp Chip) (From Australia and
New Zealand);
Spaghetti;
Tea and Teabag; &
Vacuum Flasks, etc.
The above-mentioned products are traded under the subject’s different
business names. Commodities are sourced
from India, China, the other Asian countries, Australia, New Zealand and
acquired from local suppliers. Prime
markets are Hong Kong, China, Japan, the other Asian countries, Europe, North
America, Africa, Australia, etc. Overall
business is active.
The Punjabi family set up their firm in India in 1933. Commodities carried can be shipped to
worldwide customers via the shipping company Maersk Line.
The annual sales turnover of the subject ranges from US$25 to 30
million. Business is rather active. Regular suppliers and customers have been
maintained.
Mr. Suresh Hemandas Punjabi, representing Senegal, is also a member of
The Association of Honorary Consuls in Hong Kong and Macau SAR, China.
The subject has had its own staff quarters in Hong Kong.
The subject’s total amount outstanding registered with the Companies
Registry as at late December 2013 amounted to HK$9.9 million
(2012: HK$11.5 million).
The history of the subject in Hong Kong is about twenty-one years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.85 |
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1 |
Rs.97.01 |
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Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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.