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Report No. : |
301979 |
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Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PG INTERNATIONAL (HK) LTD. |
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Registered Office : |
Room 706, 7/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.01.2007 |
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Com. Reg. No.: |
37533757 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Diamonds and
Jewellery Products, Emerald, Precious Stones |
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No. of Employee : |
3 [Including Affiliate] |
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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hong Kong |
A1 |
A1 |
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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 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.
|
Source
: CIA |
PG INTERNATIONAL (HK) LTD.
ADDRESS: Room
706, 7/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2724
2772
FAX: 852-2724
2770
E-MAIL: vinnu@pgintlhk.com
Managing Director: Mr. Vinubhai
Dharmshibhai Gadhiya
Incorporated on: 11th January, 2007.
Organization: Private Limited Company.
Issued Share Capital: HK$3,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 3. (Including affiliate)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PG INTERNATIONAL (HK) LTD.
Registered Head
Office:-
Room 706, 7/F., Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon,
Hong Kong.
Affiliated
Company:-
One Vision Ltd., Hong Kong. (Same
address)
37533757
1101483
Managing Director: Mr. Vinubhai
Dharmshibhai Gadhiya
Contact Person: Mr. Vicky
HK$3,000,000.00
(As per registry dated 11-01-2014)
|
Name |
|
No. of shares |
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Vipulkumar Rameshbhai MIYANI |
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3,000,000 ======= |
(As per registry dated 01-04-2014)
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Name (Nationality) |
Address |
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Vinubhai Dharmshibhai GADHIYA |
Unit E, 6/F., Windsor Mansion, |
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Bhaveshkumar Vinubhai GADHIYA |
1 Gaurav Park Society, b/h Gayatri Parivar-2, Katar Gam Road, Surat
Gujarat, India. |
(As per registry dated 11-01-2014)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung,
Lantau Island, Hong Kong. |
The subject was incorporated on 11th January, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject moved to the present address in January 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones
Employees: 3. (Including affiliate)
Commodities Imported: India,
Belgium, Israel
Markets: Japan,
other Asian countries, Belgium, UAE, UK, US, Australia
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Issued Share Capital: HK$3,000,000.00
Indebtedness:
HK$3,788,886.30 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
11-01-2014)
Mortgage or Charge: (See attachment)
Profit or Loss: Made a small
profit in past five years.
Condition: Business is
normal.
Facilities: Making 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.
Having issued 3 million ordinary shares of HK$1.00 each, PG
International (HK) Ltd. is wholly owned by Mr. Vipulkumar Rameshbhai Miyani who
is an Indian. The directors of the
subject are Vinubhai Dharmshibhai Gadhiya and Bhaveshkumar Vinubhai
Gadhiya. The former is a Hong Kong ID
Card holder and has got the right to reside in Hong Kong permanently. The latter is also an India merchant holding
an India passport and residing in Gujarat, India. The latter was appointed on 1st April, 2014.
The subject moved to the present address in January 2009.
The subject is a diamond importer, exporter and wholesaler. It is a trader of rare fancy colours of
different size with its marketing and purchase experts. It also deals in 0.02 carat to carat size and
sells IF to I3 quality in round cut diamonds in E, F, G, H and I colour without
certificate and 0.30 to 5.00 carat with GIA certificate in D to J colour, IF to
I1 clarity goods.
Raw materials are imported from India, Belgium and Israel. Polished and cut diamonds are exported to
Japan, Singapore, Belgium, the United Arab Emirates, the United States,
Australia.
The subject shares the office with One Vision Ltd. [One Vision] which is
a Hong Kong-registered company.
Incorporated on 23rd January, 2007 in Hong Kong, One Vision is
wholly-owned by Jigneshkumar Bhanubhai Malaviya. He and his family member Bhagvatiben
Jigneshkumar Malaviya are handling One Vision’s business in Hong Kong. One Vision and the subject are engaged in the
same lines of business.
The subject’s business is chiefly handled by the two Gadhiyas. Overall business is normal.
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 is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 2nd to 6th March, 2015. Its
booth No. is AWE 7-A01.
The subject operates from its own office. These premises have been mortgaged to The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong, for securing
banking facilities of “Unlimited Amount”.
On the whole, since the history of the subject is about eight years,
consider it good for normal business engagements.
Property information of the company:-
Property Location: Unit 06
on 7/F., Multified Plaza, 3 Prat Avenue, Kowloon, Hong Kong
Owner: PG International (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
15-10-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
|
15-10-2008 |
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 and The Remaining Portion of
Kowloon Inland Lot No. 6460 (Unit 06 on 7/F. of Multified Plaza, 3 Prat
Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure further general banking facilities of “Unlimited Amount” |
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07-05-2012 |
Instrument: Assignment of Receivables – General
with Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as
beneficial owner and by way of security for the payment of the Secured
Monies, hereby assigns, and agrees to assign, to the Bank the Receivables
until all the Secured Monies have been paid or discharged. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of general banking facilities |
|
09-05-2012 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s
claims, options, privileges, right, title, interest and benefit in and under
the Insurance (ii) All the Assignor’s
claims and rights against the issuer of the Policy upon the terms herein set out
as a continuing security for the due and punctual payment of the Secured
Monies Insurance Policy No.: 28005268-50 Name of Insurance: HSBC
Life (International) Ltd. Name of the Insured: Gadhiya
Vinubhai Dharmshibhai Name of Assignor: PG
International (HK) Ltd. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) All and any monies and liabilities; (ii) Interest on such monies;
(iii) All monies paid by the Bank; (iv) All expenses of the Bank |
|
10-07-2012 |
Instrument: Mortgage Property: 1/301st parts or shares of and in The Remaining Portion of Kowloon
Inland Lot No. 8247 (Flat E on 6/F. , Windsor Mansion, 29-35 Chatham Road,
Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
|
|
1 |
Rs.94.17 |
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Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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 |
-- |
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.