|
Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
UB INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
Room A, 7/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
20.02.2012 |
|
|
|
|
Com. Reg. No.: |
59428027 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ELECTRONIC
PRODUCTS,GAMES & TOYS, JEWELLERY SETS, DIAMONDS, GIFTWARE & PREMIUM,
TEXTILE PRODUCTS, GARMENTS, FABRICS. |
|
|
|
|
No. of Employees : |
01 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
Source
: CIA
UB INTERNATIONAL
LTD.
ADDRESS: c/o Smit Diam (HK) Ltd.
Room A, 7/F., Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3114 7994
FAX: 852-3114 7995
Managing Director: Mr. Bipin Laxmanbhai Bhadiyadra
Incorporated on: 20th February, 2012.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Alto Profitto Secretarial Ltd.
Room 512, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Operating Office:-
c/o Smit Diam (HK) Ltd.
Room A, 7/F., Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
Smit Diam (HK) Ltd., Hong Kong. (same address)
59428027
1707393
Managing Director: Mr. Bipin Laxmanbhai Bhadiyadra
Contact Person: Mrs. Shital Bhadiyadra
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 20-02-2013)
|
Name |
|
No. of shares |
|
Bipin Laxmanbhai BHADIYADRA |
|
10,000 ===== |
(As per registry dated 20-02-2013)
|
Name (Nationality) |
Address |
|
Bipin Laxmanbhai BHADIYADRA |
33 Amardeep Society, NR Hari Nandan Society Hirabaug, Varachha Road, Surat 395 006 Gujarat, India. |
(As per registry dated 20-02-2013)
|
Name |
Address |
Co. No. |
|
Alto Profitto Secretarial Ltd. |
Room 512, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong. |
0741913 |
The subject was incorporated on 20th February, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 515, 5/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong where was the operating address of a commercial service provider Alto Profitto Secretarial Ltd. The subject moved to the present address with effect from 5th June, 2012 as the secretarial firm has moved to this new address since then.
However, the subject’s operating address is located at a different address.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Electronic Products, Games & Toys, Jewellery Sets, Diamonds, Giftware & Premium, Textile Products, Garments, Fabrics
Employee: 1.
Commodities Imported: China, India, other Asian countries
Markets: China, other Asian countries, Europe, North America
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, UB International Ltd. is wholly owned by Bipin Laxmanbhai Bhadiyadra who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
Currently Bhadiyadra is residing in Surat, Gujarat, India.
The subject’s registered office is in a secretarial firm located at “Room 512, 5/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong” known as “Alto Profitto Secretarial Ltd.”[APS] which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. APS has had several offices in Hong Kong. It is also an associated company of an accountant firm Michael Chan & Co. which is also located at the above-mentioned address.
The subject’s operating office is located at Room A, 7/F., Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong. This is the office of another firm Smit Diam (HK) Ltd. [Sumit Diam] is operated by Mrs. Shital Bhadiyadra who is a family member of Bipin Laxmanbhai Bhadiyadra.
Mrs. Shital Bhadiyadra can be reached at your given phone number 852-3114 7994.
The subject and Sumit Diam are engaged in the same lines of business, more or less. Both firms are trading in the following commodities:-
Electronic Products, Games & Toys, Jewellery Sets, Diamonds, Giftware & Premium, Textile Products, Garments, Fabrics, etc.
Most of the commodities are sourced from China while diamonds are sourced from India.
Its products are exported to North America, Eastern and Western Europe, Scandinavia, some of the Asian countries. Business is still under development.
The subject’s business is chiefly handled by Mrs. Shital Bhadiyadra herself.
The history of the subject in Hong Kong is just over a year.
On the whole, since the history of the subject is short in Hong Kong, consider it good for business engagements on L/C basis.
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
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.
-
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.99.41 |
|
Euro |
1 |
Rs.84.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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.