MIRA
INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
UIL HONG KONG
LTD. |
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Registered Office : |
C/o Prima Group Ltd. |
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Country : |
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Date of Incorporation : |
12.11.2009 |
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Com. Reg. No.: |
51488027 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of metals, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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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, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A2 |
A2 |
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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 |
Company name and address
UIL HONG
KONG LTD.
ADDRESS:
c/o Prima Group Ltd.
PHONE: 2376 3611
FAX: 2736 5115
MANAGEMENT
Managing Director: Mr. Prateek
Vijay Gupta
SUMMARY
Incorporated on: 12th
November, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$24,080,000.00
Issued: HK$24,080,000.00
Business Category: Importer, Exporter and Wholesaler.
Revenue of Parent: Rs
17,359.8 million (Year ended 31-03-2010)
Employees:
Nil.
Main Dealing Banker: ICICI Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
c/o Prima Group Ltd.
Holding Company:-
Ushdev International Ltd.,
Affiliated Companies:-
Enshrine Property Management Pvt. Ltd.,
Montex Trading Pvt. Ltd.,
P G Mercantile Pvt. Ltd.,
UIL (
Ushdev Comemrcial Services Pvt. Ltd.,
Ushdev Exporters & Importers Pvt. Ltd.,
Ushdev Mercantile Pvt. Ltd.,
Ushdev Securities Ltd.,
Ushdev Trade Ltd.,
BUSINESS REGISTRATION NUMBER
51488027
COMPANY FILE NUMBER
1390855
MANAGEMENT
Managing Director: Mr. Prateek
Vijay Gupta
CAPITAL
Nominal Share Capital: HK$24,080,000.00 (Divided into 24,080,000 shares
of HK$1.00 each)
Issued Share Capital: HK$24,080,000.00
SHAREHOLDER
(As per registry dated 12-11-2010)
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Name |
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No. of shares |
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Ushdev International Ltd. 6/F., New Harileela House, |
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24,080,000 ======== |
DIRECTORS
(As per registry dated 12-11-2010)
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Name (Nationality) |
Address |
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Prateek Vijay GUPTA |
6A/1, Brighton Apartment, |
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Swapnil Hiraman MOKASHI |
A/23, 6/F., Shreyanand Chs, Dhokali Naka, Thane (W), M.S., |
SECRETARY
(As per registry dated 12-11-2010)
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Name |
Address |
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Prima Secretaries Ltd. |
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0569406 |
HISTORY
The subject was incorporated on 12th November, 2009 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.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of metals,
etc.
Employees: Nil.
Commodities Imported:
Markets:
Revenue of Parent: Rs 5,468.0
million (Year ended 31-03-2007)
Rs 7,528.1 million (Year ended 31-03-2008)
Rs 13,084.2
million (Year ended 31-03-2009)
Rs 17,359.8
million (Year ended 31-03-2010)
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$24,080,000.00
(Divided into 24,080,000 shares of HK$1.00 each)
Issued Share Capital: HK$24,080,000.00
Mortgage or Charge: (See attachment)
Net Income of Parent: Rs 85.1 million (Year ended 31-03-2007)
Rs 156.1 million (Year ended 31-03-2008)
Rs 215.2 million (Year ended 31-03-2009)
Rs 269.3 million (Year ended 31-03-2010)
Profit or Loss: Keeping a
balance account in
Condition: Business is not active in
Facilities: Making fairly active use of general
banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker: ICICI Bank Ltd., Hong Kong Branch.
Standing:
Small.
GENERAL
UIL Hong Kong Ltd. is a wholly-owned subsidiary of Ushdev International
Ltd. [UIL] which is an India-based and listed firm.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at
The subject has no employees in
UIL was formed on 14th May, 1994 by the late Mr. Vijay Gupta. From being a commission agent, it has become
a Power generating and a trading company and is listed on the Bombay Stock
Exchange since incorporation. The core
activities of UIL are power generation and trading in metals. Of all metals, UIL deals mainly in
steel. Steel trading is its core
business and has been doing well. In
1997, UIL started making investments in power generation through windmills.
UIL is a part of the Ushdev Group whose history can be traced back to
1988. The Group began operations by
trading in imported pig iron, steel scrap, non‑ferrous metals, etc., the
Group has moved from strength to strength.
Today, UIL is the second largest private sector trading company after
Adani. UIL is ranked the 8th largest
trading company (private and public put together) after the likes of MMTC, STC,
PTC, etc.
The followings are the honours got by UIL:-
UIL was ranked the 297th by Business Standard magazine in the February
2010 issue on the basis of net sales.
Ranked the 6th by Business India magazine in the December 2009 issue on
the basis of Sales to net fixed asset ratio with 100% growth in FY 2008-09 as
compared to previous FY 2007-08.
Ranked the 38th by Business India on the basis of Sales to Assets Ration
in the December 2009 issue.
For the year ended 31st March, 2010, the sales of UIL amounted to
Rs 17,359.8 million, grew by 25.8% as compared with Rs 13,084.2 million in
FY 2009; net income for the year was Rs 269.3 million, grew by 25.1% as
compared with Rs 215.2 million in FY 2009.
It is likely that UIL deals with foreign parties under the name of the
subject and let foreign firms correspond with the subject’s registered address
in
The subject’s business in
Since the subject does not have its own operating office and has no
employees in
COURT CASES: None
per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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30-09-2010 |
Instrument: Deed of Charge Over Assets Property: All the Company’s present and future right, title and interest in and
to and the benefit of: (i) to the extent not effectively charged; (ii) all
Investments and all Related Rights; (iii) all Insurances and all Related
Rights; (iv) the Material Contracts and all Related Rights; (v) any pension
fund; (vi) all licenses, concessions and other authorizations held in
connection with the business of the Company; (vii) all goodwill and uncalled
capital of the Company; and (viii) all of the Registered Intellectual
Property Rights of the Company Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
Secured Obligation |
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30-09-2010 |
Instrument: Accounts Charge Property: All the rights, title, benefit and interest of the Borrower in and to
the Credit Balances free from any lien, charge or encumbrance of any kind as
a continuing security for the obligations of the Borrower to pay when due the
Financial Indebtedness and interest thereon and of all other amounts due
under the Facilities Agreement or any other Security Documents Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
The due performance and observance of the obligations and covenants of
the Facilities Agreement and of the Security Documents by the Borrower |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.34 |
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1 |
Rs.73.69 |
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Euro |
1 |
Rs.65.75 |
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.