SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 12b-25

                        Commission File Number 000-30183

                           NOTIFICATION OF LATE FILING

(Check One): [  ] Form 10-K   [  ] Form 11-K  [  ] Form 20-F   [ X ] Form 10-Q
[  ] Form N-SAR
For Period Ended: June 30, 2001
                                  -------------

[  ] Transition Report on Form 10-K      [  ] Transition Report on Form 10-Q
[  ] Transition Report on Form 20-F      [  ] Transition Report on Form N-SAR
[  ] Transition Report on Form 11-K
         For Transition Period Ended:


         Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.

         If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
____________________________________


                                     PART I
                             REGISTRANT INFORMATION

Full name of registrant  MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED.
                         ---------------------------------------------

Former name if applicable
                           PANAGRA INTERNATIONAL CORPORATION.

Address of principal executive office (Street and number)
                       One World Trade Center, 85th Floor

City, state and zip code  New York, New York 10048

                                     PART II
                            RULE 12-b 25 (b) AND (c)

         If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)

                  (a) The reasons  described in reasonable detail in Part III of
                  this form could not be eliminated without  unreasonable effort
                  or expense;

[X}               (b)  The  subject  annual  report,   semi-annual  report,
                  transition  report on Form 10-K,  20-F, 11-K or Form N-SAR, or
                  portion  thereof will be filed on or before the 15th  calendar
                  day  following  the   prescribed  due  date;  or  the  subject
                  quarterly report or transition report on Form 10-Q, or portion
                  thereof  will be filed on or  before  the fifth  calendar  day
                  following the prescribed  due date;  and (c) The  accountant's
                  statement or other exhibit required by Rule 12b-25(c) has been
                  attached if applicable.



                                    PART III
                                    NARRATIVE

         State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)

         The Registrant is unable to file its Form 10-QSB within the prescribed
time period without unreasonable effort or expense due to the fact that it is in
the process of preparing and integrating international operating information
into statements for the current six month period. The Registrant anticipates
that it will file its Form 10-QSB within the five-day grace period provided by
Exchange Act Rule 12b-25.

                                     PART IV
                                OTHER INFORMATION

         (1) Name and  telephone  number of person to  contact in regard to this
notification

             Ronald C.H. Lui  (President)         (212)             829-0905
                  (Name)                        (Area Code)   (Telephone Number)

         (2) Have all other periodic  reports required under Section 13 or 15(d)
of the Securities  Exchange Act of 1934 or Section 30 of the Investment  Company
Act of 1940 during the  preceding 12 months or for such shorter  period that the
registrant was required to file such report(s) been filed?  If the answer is no,
identify report(s).

                                      [ X ] Yes [ ] No

         (3) Is it  anticipated  that  any  significant  change  in  results  of
operations  from the  corresponding  period  for the last  fiscal  year  will be
reflected by the  earnings  statements  to be included in the subject  report or
portion thereof?

                                      [  ] Yes  [ X ]  No

         If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.



                  MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED
                  (Name of Registrant as Specified in Charter)

Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.


                                    MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED


                                    By: /s/ Ronald C.H. Lui
                                    ----------------------
                                    Name:  Ronald C.H. Lui
                                    Title:  President


Date:   August 14, 2001