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Report Date : |
24.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AMERSONIC INTERNATIONAL |
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Registered Office : |
Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.07.2005 |
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Com. Reg. No.: |
10548309-007-05 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Engaged trading DVD players in complete form, parts/components of DVD player, LCD TV and monitors, CRTs, home theatres, and computer speakers as well as audio-systems. |
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No of Employees : |
09 (Including Sole
Owner) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
AMERSONIC INTERNATIONAL
(Operated by UNISILK
LTD.)
Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2735 7758, 2735 7759
FAX: 852-2730 0946, 2730 1817
E-MAIL: general@amersonic.com
Manager: Mr. Madhur Dugar
Establishment: 8th July, 2005.
Organization: Sole Ownership.
Capital Provider: Provided by Sole Owner.
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$40~45 million (Including Sole Owner)
Employees: 9. (Including Sole Owner)
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Head Office:-
Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 96156, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
China Branch Office:
Room B-2104, 21 Floor, Tianan International Building, 3012 Renmin South Road, Shenzhen Special Economic Zone 518005, China.
[Phone: +86-755-82185428 Fax: +86-755-82185438]
India Branch Office:
Lower Ground Floor, M-66A, Malviya Nagar, New Delhi - 110 017, India.
[Phone: +91-11-2667 5796 Fax: +91-11-2667 5796]
Sister Companies:-
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.
10548309-007-05
Manager: Mr. Madhur Dugar
Contact Person: Ms. Christine Ko Yuk Chun
Unisilk
Ltd., Hong Kong. (See attachment)
The subject was established on 8th July, 2005 as a sole
ownership firm with Unisilk Ltd. as the proprietor under the Hong Kong Business
Registration Regulations.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of electronic products.
Employees: 9. (Including Sole Owner)
Commodities Imported: China, Vietnam and other Asian countries.
Markets: India, other Asian countries, Middle East, Africa, etc.
Annual Turnover: HK$40~45 million (Including Sole Owner)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C or as per contracted.
Capital Provider: Provided by Sole Owner.
Profit or Loss: Sole owner makes a profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Indian Overseas Bank, Hong Kong Branch.
Standing: Good.
Amersonic International is one of the wholly-owned subsidiaries of Unisilk Ltd. [Unisilk] which is a Hong Kong-registered firm incorporated on 9th May, 1986.
The subject and Unisilk share the same operating office. Both companies are engaged in the same lines of business.
In recent years, it has been trading in DVD players in complete form, parts/components of DVD player, LCD TV and monitors, CRTs, home theatres, and computer speakers & audio-systems. It has had offices in India and China.
According to the subject, it is an OEM for leading brands.
Commodities are sourced from China, Vietnam and the other Asian countries. Prime markets are India, the other Asian countries, the Middle East, Africa, etc. Business is rather active.
Unisilk is experienced in sourcing a wide range of products catering many different industries. It is trading in many different kinds of products such as electronics, household electric appliances, electrical products, marble, building materials, granding machinery, stationery, skin care products, silk and silk fabrics, chemicals, etc.
According to Unisilk,
it is exporting the following products:
· Batteries;
· Building Materials;
· Chemicals & Fertilizers;
· Electrical & Electronic Products n.e.s;
· Energy Saving Lamps;
· Engineering Goods;
· Food Products & Commodities;
· Memory Cards;
· Metals & Minerals;
· Plastic Products; &
· Textile Goods.
It also imports
the following products:
· Building Materials;
· Chemicals & Fertilizers;
· Electrical & Electronic Products n.e.s;
· Engineering Goods;
· Food Products & Commodities;
· Metals & Minerals;
· Plastic Products; &
· Textile Goods.
Unisilk also trades in industrial machinery and equipment.
Unisilk has set up a number of subsidiaries in order to trade different products while the subject is one of them. The subject is responsible for electric appliances and electronic products.
Owned by the Dugar family, Unisilk has set up offices in India, Guangzhou, Shenzhen Special Economic Zone of China, Vietnam, etc.
According to Unisilk, it is able to source commodities directly from the factories and export the commodities by itself.
Unisilk is a member of The Indian Chamber of Commerce Hong Kong, Hong Kong.
Although Unisilk is managing business with its partners in America and Europe, it now looks forward to strongly promote its products and brand in the emerging markets like the Middle East, Africa and other countries in Asia. It plans to achieve this through increasing its trading partners by appointing agents who can sincerely work with it to develop proper marketing strategies.
The business of Unisilk is active. In 2008, Unisilk had an associated company King Mega International Ltd. incorporated. This firm has had a warehouse in a factory building in Lai Chi Kok, Kowloon, Hong Kong.
The directors of Unisilk 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 annual sales turnover of Unisilk ranges from HK$40 to 45 million. Making a small profit every year. The contact person Ms. Christine Ko Yuk Chun is a Hongkongnese.
The history of Unisilk in Hong Kong is about twenty-eight years.
On the whole, in view of the parentage of the subject, consider it good for normal business engagements.
REMARKS:
Court case record of
the Sole Owner:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Sept.
1994 |
H9709 |
Winner King Ltd. |
Unisilk Ltd. |
Possession |
Not stated |
|
Jan.
2000 |
H542 |
Standard Chartered Bank |
Unisilk Ltd. |
Mortgage |
Not stated |
|
Oct.
2009 |
S42025 |
Coface Hong Kong Branch |
Unisilk Ltd. |
Service Charge |
Not stated |
UNISILK LTD.
Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
10548309-000
0169007
9th May, 1986.
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
(As per registry
dated 09-05-2013)
|
Name |
|
No.
of shares |
|
Madhur
DUGAR |
|
122,442 |
|
Sajjan DUGAR |
|
271,558 |
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Total: |
394,000 ====== |
(As per registry
dated 09-05-2013)
|
Name (Nationality) |
Address |
|
Sajjan DUGAR |
A3-4, 9/F., Hong Yuen Court, 1-5
Tak Shing Street, Kowloon, Hong Kong. |
|
Madhur DUGAR |
A3-4, 9/F., Hong Yuen Court,
1-5 Tak Shing Street, Kowloon, Hong Kong. |
(As per registry
dated 09-05-2013)
|
Name |
Address |
Co.
No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
|
|
1 |
Rs.102.77 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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
SCs 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.