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Report No. : |
323641 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
PSONS LTD. |
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Registered Office : |
Room 3601-3602, 36/F., COSCO Tower, 183 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.07.2004 |
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Com. Reg. No.: |
34705222 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of minerals such as coal, raw sapphire, sapphire Ingot, iron ore, thermal coal, manganese ore, steel products, chrome |
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No of Employees : |
12 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source
: CIA |
PSONS LTD.
ADDRESS: Room 3601-3602, 36/F., COSCO
Tower, 183 Queen’s Road Central, Hong Kong.
PHONE: 852-2907 7667
FAX: 852-2347 7667
E-MAIL: psons@psons.com
pooja@sons.com
Managing Director: Mr. Sunil
Poddar
Incorporated on: 5th July, 2004.
Organization: Private Limited
Company.
Capital: Nominal: HK$780,000,000.00
Issued: HK$101,908,404.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 12.
Main Dealing Banker: Bank
of India, Hong Kong Branch.
Banking Relation: Satisfactory.
PSONS LTD.
Registered Head Office:-
Room 3601-3602, 36/F., COSCO Tower, 183 Queen’s Road Central, Hong Kong.
Shanghai Office:-
A-2406, Far East International Plaza, 319 Xi’an Xia Road, Shanghai,
China.
[Tel: 86-21-6208 8744
Fax: 86-21-6209 1951
E-mail: E-mail: guru@psons.com]
Holding Company:-
Pacatolus Holdings Ltd., Mauritius.
Affiliated/Associated Companies:-
A.R. Int’l (HK) Ltd., Hong Kong.
A.R.Steel Ltd., Hong Kong.
[Dissolved]
Akshay Software Technologies Ltd., India.
ARA Investments & Finance Ltd., India.
ARA Securities Pvt. Ltd., India.
Crown Labels Pvt. Ltd., India.
Jai Insurance Broking Pvt. Ltd., India.
K9 Technologies Pvt. Ltd., India.
L&T Fashion Incorporate, India.
Lanxin Engineering Pvt. Ltd., India.
Lumen Magnetic Wires Ltd., India.
Plutus Asia Pte. Ltd., Singapore.
Praag S.A., Switzerland.
Psons Foundation Ltd., Hong Kong.
Rachuman China Ltd., Hong Kong.
Seyyone Software Solutions Pvt. Ltd., India.
Subiksha Spinners Ltd., India.
Sunrise Plastech F.Z.C., UAE.
Texuna International Ltd., Hong Kong.
(Same address)
Vishnuram Textiles Pvt. Ltd., India.
Yoha Logistix Pvt. Ltd., India.
etc.
34705222
0909863
Managing Director: Mr. Sunil
Poddar
Contact Person: Ms. Rukhsana
Gulzar
Nominal Share Capital: HK$780,000,000.00 (Divided into 780,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$101,908,404.00
(As per registry
dated 05-07-2014)
|
Name |
|
No. of shares |
|
Pacatolus Holdings Ltd. St. James Court, Suite 308, St. Denis Street, Port Louis,
Mauritius. |
|
101,908,404 ========= |
(As per registry
dated 05-07-2014)
|
Name (Nationality) |
Address |
|
Pradeep Phulchand AGARWAL |
Plot No. 4, Villa B, Pockhanwala Road, Near Godrej Tower, Worli
Seaface, Worli, Mumbai 400030, India. |
|
Sujit Govindrao PARSATWAR |
5 Serenity, Nariman Road, Vile Parle (East), Mumbai‑40057,
India. |
|
Sunil PODDAR |
Flat B, 25/F., South Tower 2, Residence Bel-Air, Island South, 38,
Bel-Air Ave, Hong Kong. |
(As per registry
dated 01-03-2015)
|
Name |
Address |
|
Mukesh BAGRI |
Room 3601-3602, 36/F., COSCO Tower, 183 Queen’s Road Central, Hong
Kong. |
The subject was incorporated on 5th July, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Psons Ltd., name
changed to Pson Ltd. on 17th August, 2007 and changed back to the present style
on 4th March, 2008.
Formerly the subject was located at Flat A, 19/F., On Hing Building, 1
On Hing Terrace, Central, Hong Kong, moved to 22/F., Hong Kong Diamond Exchange
Building, 8-10 Duddell Street, Central, Hong Kong in June 2010 and further to
the present address in October 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of minerals
such as coal, raw sapphire, sapphire Ingot, iron ore, thermal coal, manganese
ore, steel products, chrome, etc.
Employees: 12.
Commodities Imported: India, South
America, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$780,000,000.00
(Divided into 780,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$101,908,404.00
Increase of Nominal Capital:-
|
From |
HK$15,600,000.00 |
to |
HK$780,000,000.00 |
on |
28-09-2009 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$ 15,600,000.00 |
|
28-09-2009 |
paid up |
HK$ 85,255,404.00 |
|
29-03-2010 |
paid up |
HK$ 1,053,000.00 |
|
|
|
––––––––––––––––– |
|
Total: |
paid up |
HK$101,908,404.00 =============== |
Mortgage or Charge (since 2013): (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in an active and steady manner.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India,
Hong Kong Branch.
ABN AMOR Bank
N.V., the Netherlands.
Allahabad Bank,
Hong Kong Branch.
Bank of Baroda,
Hong Kong Branch.
Canara Bank,
Hong Kong Branch.
UCO Bank,
Hong Kong Branch.
Union Bank of
India, Hong Kong Branch.
Standing: Very Good.
Psons Ltd. formerly was a wholly-owned subsidiary of Psons Holdings Ltd.
which was a Mauritius-registered firm.
Now, the holding company of the subject is Pacatolus Holdings Ltd., also
a Mauritius-registered firm.
The subject in fact is an Indian firm owned by India passport
holders. The main office of the subject,
also known as Psons Ltd. [Psons], is in Mumbai, India. It is chiefly a mining company.
Besides the subject, Psons also has set up offices in Shanghai, China
and Dubai of the United Arab Emirates, Singapore, Indonesia, India, South
Africa, and Brazil.
The subject started operations in 2004 and has since been growing its
business over the years. It is chiefly
trading in raw materials for steel making.
In 2011, the subject shipped over 3.8 million tons of iron ore to its
worldwide customers. Now, its annual
shipping volume is over 4 million tons.
The subject sources iron ore from India, Indonesia, Norway and
Africa. It predominantly sources
directly from the mining companies. It
plans to further increase the size and extent of its global sourcing in the
years ahead as the demand has been increasing.
It has developed strong relationships with its suppliers and has also
entered into long term sourcing arrangements with them.
The subject is also trading in the following commodities: Coal, Gants
Mod Port Processing Park, Mineral Rough, Charcoal Briquette, Steel Products,
Chrome, Manganese, Aluminium, Bitumen, Cotton, Clinkers, etc.
Since 2008, the subject has been handling the chartering of vessels
in-house through its Singapore office.
It has a professional team who have established good business ties with
some of the major global shipping companies.
Other than in-house chartering, the logistics division increasingly
handles chartering for third parties as well.
The subject has established a marketing office in Shanghai since its
inception. Besides, it also has opened
an office in Beijing, China. In recent
years, a subsidiary has been set up in Australia.
With a view to integrate its business and bring in long term sustainable
growth, the subject has invested in iron ore mines in Brazil and coal mine in
Indonesia. As iron ore and coal are the
two major raw materials to produce steel, the subject is trying to become a
strong global supplier of these two commodities. It is also trying to source iron ore from
Australia, Malaysia, the Middle East, Europe and Latin America, etc.
Psons is one of the largest exporters of iron ore to China from
different countries.
The history of the subject is over ten years and ten months in Hong
Kong. Business in Hong Kong is
chiefly handled by Ms. Rukhsana Gulzar who is also an Indian.
Mr. Pradeep Phulchand Agarwal is the executive Chairman of Psons and
also one of the directors of the subject.
Agarwal is also managing director of Phulchand Exports Ltd. which is an
India-based company.
The subject is fully supported by its main office in Mumbai, India. The annual sales turnover of the Group is
quite significant, ranges from US$700 to 800 million. Business is active and steady.
On the whole, in view of the subject’s lines of business and background,
consider it good for normal business engagements.
Brief personnel profile of director:-
Mr. Pradeep Phulchand Agarwal is the executive chairman of Psons. He has over 2 decades of experience in
international trading of a wide range of commodities such as metals, minerals,
agro-products and chemicals. He is also the
Managing Director of Phulchand Exports Ltd, Mumbai which has won many accolades
from the Indian Government for his performance in commodity exports. Mr. Pradeep Agarwal has also successfully
expanded into apparel manufacturing and established Prateek Apparels Pvt. Ltd
in 1995. Prateek Apparels currently is
one of the largest apparel manufacturers in India.
Mr. Pradeep P Agarwal obtained his MBA degree from Switzerland and also
received a bachelor’s degree in commerce from University of Bombay, India.
(Since 2013)
|
Date |
Description of Instrument |
Mortgagee |
|
25-01-2013 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
|
14-02-2013 |
Deed of Assignment |
ABN AMRO Bank N.V., Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands. |
|
14-02-2013 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
|
28-02-2013 |
Undertaking Relating to Deposits |
Canara Bank, Hong Kong Branch. |
|
06-03-2014 |
General Letter of Hypothecation |
Allahabad Bank, Hong Kong Branch. |
|
02-05-2014 |
Security Assignment |
ABN AMRO Bank N.V., Gustav Mahlerlaan 10, 1082 PP Amsterdam, The
Netherlands. |
|
24-06-2014 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.70 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 70.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
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Report Prepared
by : |
DPT |
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 |
|
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 |
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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 |
|
<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.