MIRA INFORM REPORT

 

 

Report Date :

22.10.2013

 

IDENTIFICATION DETAILS

 

Name :

UNISILK LTD.

 

 

Registered Office :

Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

09.05.1986

 

 

Com. Reg. No.:

10548309-000-05

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Exporter; Transhipment Agent; Confirming House; Investment Holding of Silk (raw silk, SNY, tussah silk, SSY.); plastic raw materials (ABS, PP, PE, HDPE.); audio/video/TV/computer components; iron ore, manganese ore, high carbon ferro-chrome; finished steel (HR colis, billets, deformed bars, etc.); chemicals (industrial and pharmaceutical); cement; coal; edible oils; plant, machineries, technical know-how; yarns & fibers (cotton, polyester, acrylic).

 

 

No. of Employees :

10.  (Including subsidiaries)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

Company name

 

UNISILK LTD.

 

 

ADDRESS

 

Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            852-2992 4100,  2735 7758,  2735 7759

 

FAX:                 852-2730 0946,  2730 1817

 

E-MAIL:            unisilk@hkg.com

globals@netvigator.com

globaltrade881@gmail.com

 

 

MANAGEMENT

 

Managing Director:         Mr. Madhur Dugar

 

 

SUMMARY

 

Incorporated on:             9th May, 1986.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$39,400,000.00

Issued:                          HK$39,400,000.00

 

Business Category:        Trading and Investment Holding.

 

Annual Turnover:            HK$35~45 million.  (Including subsidiaries)

 

Group Employees:         10.  (Including subsidiaries)

 

Main Dealing Banker:     Indian Overseas Bank, Hong Kong Branch.

 

Banking Relation:           Satisfactory.

Company name

 

UNISILK LTD.

 

 

ADDRESS

 

Registered Head Office:-

Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

 

Mailing Address:-

P.O. Box 98191, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.

 

Business Names:-  (Same BR No.)

Texchemie, Hong Kong.

[BR No. 10548309-001]

Nippon Unitech Industrial Co., Hong Kong.  (Business Ceased)

[BR No. 10548309-002]

Intexport, Hong Kong.

[BR No. 10548309-003]

Concentra, Hong Kong.  (Business Ceased)

[BR No. 10548309-004]

Alwynco, Hong Kong.  (Business Ceased)

[BR No. 10548309-005]

Far East Test and Measurement Systems Co., Hong Kong.
(Business Ceased)

[BR No. 10548309-006]

Lightex, Hong Kong.  (Business Ceased)

[BR No. 10548309-008]

Alpine Silk, Hong Kong.  (Business Ceased)

[BR No. 10548309-009]

Success Engineering, Hong Kong.

[BR No. 10548309-010]

Hong Kong Yaten, Hong Kong.  (Business Ceased)

[BR No. 10548309-011]

Shanghai Shibang Machinery Co., Hong Kong.  (Business Ceased)

[BR No. 10548309-012]

Great China Alliance, Hong Kong.

[BR No. 10548309-013]

Sabko International, Hong Kong.

[BR No. 10548309-014]

Polychemin, Hong Kong.  (Business Ceased)

[BR No. 10548309-015]

 

Associated Companies:-

Amersonic International Ltd., Hong Kong.  (Same address)

Ginda Industries Ltd., Hong Kong.  [Dissolved]

King Mega International Ltd., Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

10548309-000-05

 

 

COMPANY FILE NUMBER

 

0169007

 

 

MANAGEMENT

 

Managing Director:         Mr. Madhur Dugar

Contact Person:             Ms. Christine Ko Yuk Chun

 

 

CAPITAL

 

Nominal Share Capital:   HK$39,400,000.00 (Divided into 394,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$39,400,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 09-05-2013)

Name

 

No. of shares

Madhur DUGAR

 

122,442

Sajjan DUGAR

 

271,558

 

 

–––––––

 

Total:

394,000

======

 

 

DIRECTORS

 

(As per registry dated 09-05-2013)

Name

(Nationality)

 

Address

Sajjan DUGAR

Flat A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing Street, Kowloon, Hong Kong.

 

Madhur DUGAR

Flat A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing Street, Kowloon, Hong Kong.

 

 

SECRETARY 

 

(As per registry dated 09-05-2013)

Name

Address

Co. No.

Lodestar Secretaries Ltd.

13/F., Wah Kit Commercial Cenmtre,
302 Des Voeux Road Central, Hong Kong.

0113023

 

 

HISTORY

 

The subject was incorporated on 9th May, 1986 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject was located at Room 1615, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2004.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer and Exporter; Transhipment Agent; Confirming House; Investment Holding.

 

Lines:                           Silk (raw silk, SNY, tussah silk, SSY, etc.); plastic raw materials (ABS, PP, PE, HDPE.); audio/video/TV/computer components; iron ore, manganese ore, high carbon ferro-chrome; finished steel (HR colis, billets, deformed bars, etc.); chemicals (industrial and pharmaceutical); cement; coal; edible oils; plant, machineries, technical know-how; yarns & fibers (cotton, polyester, acrylic).

 

Group Employees:         10.  (Including subsidiaries)

 

Commodities Imported:   Imported from Japan, USA, Taiwan and Korea.

 

Markets:                       India, other Asian countries and Europe.

 

Annual Turnover:            HK$35~45 million.  (Including subsidiaries)

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               On various terms.

 

 

MEMBERSHIP

 

The Indian Chamber of Commerce, Hong Kong.

 

FINANCIAL INFORMATION

           

Nominal Share Capital:                           HK$39,400,000.00 (Divided into 394,000 shares of HK$100.00 each)

 

Issued Share Capital:                             HK$39,400,000.00

 

Mortgage or Charge (since 2009):             (See attachment)

 

Profit or Loss:                                        Business is profitable.

 

Condition:                                              Keeping in an active and satisfactory manner.

                                               

Facilities:                                              Making active use of general banking facilities.

 

Payment:                                              So far regular.

 

Commercial Morality:                             Good.

 

Bankers:-

Indian Overseas Bank, Hong Kong Branch.

Bank of Baroda, Hong Kong Branch.

Credit Agricole Corporate & Investment Bank, Hong Kong Branch.

UCO Bank, Hong Kong Branch.

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

BNP Paribas, Hong Kong Branch.

 

Standing:                                              Good.

 

 

GENERAL

 

Having issued 394,000 ordinary shares of HK$100.00 each, Unisilk Ltd. is jointly owned by Mr. Madhur Dugar, holding 31.1% interests; and Mr. Sajjan Dugar, holding 68.9%.

 

The subject has the following business names (which can be regarded as subsidiaries):-

Great China Alliance, Hong Kong.

Intexport, Hong Kong.

Sabko International, Hong Kong.

Success Engineering, Hong Kong.

Texchemie, Hong Kong.

 

The subject and its subsidiaries are trading in the following commodities:-

Tiles – Porcelain/Ceramic, Decorative, Car Tyres, Machine – Grinding, Aluminium (Aluminium coil), DVD Player/Recorder, VCD Player, other Electronic Products, Industrial Machinery, Partition – Aluminium (Aluminium composite panel), Building Material – Glass (Glass, black and reflective glass), Marble – Cutting and Polishing, Tiles and Coverings (Laminated flooring), Plastic Materials (including Resins and Sheet), Textile Goods, Plastic Products, Chemical Fertilizers, Metals & Minerals, Foodstuffs, etc.

 

The subject’s plastic resins are imported from China, the United States and other Asian countries, etc.

 

Incorporated on 9th May, 1986, the subject is experienced in sourcing a wide range of products catering many different industries.  Besides the above‑mentioned commodities, it is trading in many different kinds of products such as electronics, electric appliances, electrical products, marble, building materials, grinding machinery, stationery, skin care products, silk and silk fabrics, chemicals, etc.  The subject has set up a number of subsidiaries in order to trade different products.

 

Owned by the Dugar family, the subject has set up offices in India, Guangzhou, Shenzhen Special Economic Zone, Vietnam, etc.  According to the subject, it is able to source commodities directly from the factories and export the commodities by itself.

 

The subject is a member of The Indian Chamber of Commerce Hong Kong, Hong Kong.  The business of the subject is rather active.

 

The directors of the subject are Mr. Sajjan Dugar and Mr. Madhur Dugar.  Both of whom are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

 

The Contact Person of the subject Ms. Christine Ko Yuk Chun is a Hongkongnese.

 

The annual sales turnover of the subject ranges from HK$35 to 45 million.  Making a small profit every year.

 

As the history of the subject in Hong Kong is over twenty-seven years, on the whole, consider it good for normal business engagements.

 

MORTGAGE OR CHARGE

 

(Since 2009)

 

Date

Particulars

Amount

26-08-2009

Instrument:        Memorandum

Property:

Distinctive
No. of Receipts  Date of Issue     Amount Due Date

91210300003165            29-06-2009        US$  60,430.36  29-12-2009
91210300003335            24-08-2009        US$150,000.00  24-11-2009

Mortgagee:        Bank of Baroda, Hong Kong Branch.

Loan or credit or other facilities available to Unisilk Ltd., Amersonic International Ltd. and Great China Alliance Ltd.

02-02-2010

Instrument:        Undertaking Relating to Deposits

Property:

Distinctive         Date of  Amount Rate of  Maturity
No. of Receipt    Receipt of Deposit          Interest             Date    

2009 FD 488 1   29-01-2010        US$100,000.00  0.49%   29-04-2010
2009 FD 489 1   29-01-2010        US$  55,000.00  0.49%   29-04-2010
2009 FD 490 1   29-01-2010        US$  50,000.00  0.49%   29-04-2010

Mortgagee:        Indian Overseas Bank, Hong Kong Branch.

All and any liabilities

03-01-2011

Instrument:        Undertaking Relating to Deposits

Property:

Distinctive         Date of  Amount Rate of  Maturity
No. of Receipt    Receipt of Deposit          Interest             Date    

2010 FD 377 1   02-12-2010        €       80,000.00 0.4375%           02-03-2011
2010 FD 414 1   31-12-2010        US$260,000.00  1.1000%           03-01-2012

Mortgagee:        Indian Overseas Bank, Hong Kong Branch.

All and any liabilities

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.99.41

Euro

1

Rs.84.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.