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Report Date : |
03.12.2013 |
IDENTIFICATION DETAILS
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Name : |
UNION
INDUSTRIAL (CHINA) LTD. |
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Registered Office : |
c/o Unmil Industries Suite B, 15/F., Wing Cheong Commercial Building, 19-25 Jervois Street, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.07.2006 |
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Com. Reg. No.: |
36988262 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is an importer, stockist and supplier in Ferrous and Non- Ferrous Metals. |
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No. of Employees : |
no employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company 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 |
TATUS |
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 Hong Kong |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
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 |
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
UNION INDUSTRIAL (CHINA) LTD.
Registered
Office:-
c/o Unmil Industries
Suite B, 15/F., Wing Cheong Commercial Building, 19-25 Jervois Street, Sheung Wan, Hong Kong.
Associated
Companies:-
Union Industrial (China) Ltd., China.
Union Industrial Steels, India.
Affiliated
Company:-
Unmil Industries, Hong Kong. (Same address)
36988262
1061545
22nd July, 2006.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 22-07-2013)
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Name |
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No.
of share |
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Uttamkumar Bansilal PAWAR |
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1 = |
(As per registry
dated 22-07-2013)
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Name (Nationality) |
Address |
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Aarti UTTAMKUMAR PAWAR |
240, Jin Bao Lao, Room 701,
Hangfu Road, Guangzhou, Postal Code: 510095, China. |
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Uttamkumar Bansilal PAWAR |
240, Jin Bao Lao, Room 701, Hangfu
Road, Guangzhou, Postal Code: 510095, China. |
(As per registry
dated 22-07-2013)
|
Name |
Address |
Co.
No. |
|
Rossmore Secretaries Ltd. |
Room 2001-2004, 20/F., China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong. |
0038363 |
Union Industrial (China) Ltd. was incorporated on 22nd July, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a Hong Kong-registered firm located at “Suite B, 15/F., Wing Cheong Commercial Building, 19-25 Jervois Street, Sheung Wan, Hong Kong” known as “Unmil Industries” [Unmil] which is handling its correspondences and documents. Your given phone and fax number 852-2815 2986 and 852‑2815 2277 respectively belong to Unmil.
The subject has no employees in Hong Kong. All the employees in the office belong to Unmil.
According to the Companies Registry of Hong Kong, the subject has issued just one ordinary share of HK$1.00 which is owned by Mr. Uttamkumar Bansilal Pawar who is an Indian. He and Aarti Uttamkumar Pawar are directors of the subject. Both are India passport holders and do not have the right to reside in Hong Kong permanently. Currently, they are residing in Guangzhou City, Guangdong Province, China.
The subject has had an associated company Union Industrial Steels [UIS] in Mumbai, India.
Established since year 2000, UIS is an importer, stockist and supplier in Ferrous and Non- Ferrous Metals.
The subject and UIS have gained rather high reputation in the world market for industrial products like pipes, bars, coils/sheets/strips, wire rods, and fittings.
UIS also has catered its industrial products to sectors like Petroleum Refineries, Electric Power, Food Processing Plants, Nuclear Industries, Pharmaceutical Plants, Ship Building, Offshore, Sewage Treatment, Paper Mills, Textile Industry, Machinery Fabrication, Chemical Industry and Dairy Plant, etc.
UIS is an importer and supplier of the following items.
Carbon Steel:
· Pipes & Tubes - (Seamless/Welded)
Steel
Bars - (Round/Rcs/Hexagons/Square)
Wire
Rods - (Rods/Wire Rolled)
Coils/Sheets
- (Coil Form/Sheet)
Alloy Steel:
· Pipes & Tubes - (Seamless/Welded)
Steel
Bars - (Round/Rcs/Hexagons/Flat/Square)
Coils
/ Sheets - (Coil Form/Sheet)
Stainless Steel:
· Pipes & Tubes - (Seamless/Welded)
Steel
Bars - (Round/Rcs/Hexagons/Square)
Wire
Rods - (Rods/Wire Rolled)
Coils
/ Sheets - (Coil Form/Sheet)
UIS is serving customers in India and abroad by offering them quality products at reasonable prices.
The subject has had associated companies in Shanghai and Guangzhou, Guangdong Province, China.
The E-mail address of the subject is union_china@163.com
Unmil is trading in polyester blankets and textile products. The Contact person of Unmil Mr. Deepak N. Relwani is also an Indian.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on L/C basis.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.23 |
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|
1 |
Rs.102.14 |
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Euro |
1 |
Rs.84.64 |
INFORMATION DETAILS
|
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 |
-- |
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.