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Report No. : |
313659 |
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Report Date : |
20.03.2015 |
IDENTIFICATION DETAILS
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Name : |
PANCHAGULI COMPANY |
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Registered Office : |
C/o Hong Kong Secretarial Co., Room 1001, 10/F., Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
21.02.2011 |
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Com. Reg. No.: |
53761027-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in trading in Loose Diamonds such as Marquise, Pears, Tappers, buggets and Rose Cut, Round Brilliant, Single Cut & Fancy Cut. |
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No. of Employees : |
No Employees in Hong kong
NOTE : It is to be
noted that the concern does not have its own operating office in Hong Kong.
The concern uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hongkong |
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Payment Behaviour : |
Unknown |
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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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
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 |
HONGKONG - 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 |
(Formerly located
at:
C/o WinGate
Business Ltd.
Room 2305A, 23/F.,
World-Wide House, 19 Des Voeux Road Central, Hong Kong.)
PANCHAGULI COMPANY
Registered Office:-
c/o Hong Kong
Secretarial Co.
Room 1001, 10/F.,
Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon, Hong
Kong.
Nominal Operating Address:
c/o Gems Luck HK
Ltd.
Room 1505, 15/F.,
Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
[Tel: 852-2723
7555]
53761027-000-02
21st February,
2011.
Sole Proprietorship
Name: Mr. Bhanuchandra Vrajlal LALJEE
Residential
Address: Flat 606, 6/F., Star Mansion,
3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Amit Kumar
(Hong Kong Mobile
Phone No.: 852-9042 6959)
The subject was
established on 21st February, 2011 as a sole proprietorship concern owned by
Mr. Bhanuchandra Vrajlal Laljee under the Hong Kong Business Registration
Regulations.
At the very
beginning, the registered address of the subject was located at Room 2301,
23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong, moved to
Room 2305A, of the same building in October 2012. These were the operating address of a
commercial service provider known as WinGate Business Ltd. It moved to the present address in October
2013 as it has changed its commercial service provider since then.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Panchaguli Company
is a sole proprietorship set up and owned by Mr. Bhanuchandra Vrajlal
Laljee who is an Indian. Laljee is a UK-passport
holder and does not have the right to reside in Hong Kong permanently.
The subject
commenced business in February 2011. It
does not have its own operating office.
Formerly its registered office was in a commercial service firm located
at Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central,
Hong Kong known as WinGate Business Ltd. which had handled its
correspondences and documents. The
subject’s registered address now has changed to Room 1001, 10/F., Kwong Fat
Commercial Building, 582‑588 Canton Road, Yau Ma Tei, Kowloon, Hong
Kong where is the operating address of another commercial service
provider. The commercial service
provider also offers the subject with other related services. The subject has no employees in Hong Kong.
Your given phone
number 852-2723 7555 belongs to a Hong Kong-registered concern Gems Luck HK
Ltd. which is located at Room 1505, 15/F., Lee Wai Commercial Building, 1-3
Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Given mobile phone number 852-9042 6959 belongs to Mr. Amit Kumar who is
Managing Director of Gems Luck HK Ltd.
The subject is using Gems Luck HK Ltd. as its corresponding address.
The subject is a
diamond importer, exporter and wholesaler.
It is trading in loose diamonds.
It carries loose diamonds like marquise, pears, tappers, buggets and
rose cut, round brilliant, single cut & fancy cut. It also trades in other precious stones. Commodities are chiefly imported from India,
Sri Lanka, etc. Products are marketed in
Hong Kong, exported to China, other Asian countries, the United Kingdom,
etc. The United Kingdom is the prime
market of the subject. The subject is
also a commission agent.
The subject has
been banking with Hang Seng Bank Ltd., Hong Kong, since establishment.
The subject’s business
in Hong Kong is not very active. History
in Hong Kong is just over three years and nine months.
On the whole, since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be
noted that the concern does not have its own operating office in Hong Kong. The
concern uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
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.62.42 |
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1 |
Rs.92.99 |
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Euro |
1 |
Rs.67.29 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
MNL |
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.