MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

UIL HONG KONG LIMITED

 

 

Registered Office :

Unit 4112, 41F, Cosco Tower, 183 Queen’s Rd. Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

12.11.2009

 

 

Com. Reg. No.:

1390855

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of Steel Products.

 

 

No. of Employee :

Not Available

 

 

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 :

Unknown

 

 

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 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

A1

A1

 

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 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

 

Contact Points

 

Company Name:

UIL Hong Kong Limited

Supplied Name:

UIL Hongkong Limited

Trading Address:

Unit 4112A-4113A, 41th Floor, Cosco Tower, 183 Queens Road, Central, Hong Kong

Supplied Address:

Unit 4112A-4113A, 41th Floor, Cosco Tower, 183 Queens Road, Central

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

UIL Hong Kong Limited

Registered Address:

Unit 4112, 41F, Cosco Tower, 183 Queen’s Rd. Central, Hong Kong

Telephone Number:

+852-2244-3663/2244-3660

Fax Number:

+852-2244-3664

Date of Registration:

2009-11-12

Registered Number:

1390855

Business Registration No.:

51488027

Paid-up Capital:

HKD 238,676,820 (USD 30,789,309.78) = 216,618,000 Shares@ HKD 1.10

(As of 2014.12, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

67411--Flat-rolled products of iron/non-alloy steel, plated or coated electrolytically with zinc, width 600 mm or more (kg)

Principal Activities:

Trading of steel products

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-11-12

 

Notes: Subject declined to disclose the number of staff and from other source we cannot obtain the information, either.

 

History

 

Subject was incorporated on 2009-11-12 with the registered number 1390855 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Subject did not register any subsidiaries or branches, from other source we can not obtain the relevant information, either.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

UD Trading Group Holding Pte Ltd

181,518,000

83.80%

Ushdev International Ltd.

35,100,000

16.20%

Total

216,618,000

100%

 

Major Shareholder Information:

1

Name:

UD Trading Group Holding Pte Ltd

Address:

No. 08-05, Oue Bayfront, 50 Collyer Quay, Singapore 049321

2

Name:

Ushdev International Ltd.

Address:

6th Floor, New Harileela House, Mint Rd., Fort, Mumbai 400001, India

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Gupta Prateek Vijay

Address:

Villa 01 Frond K, Post Box 119975, Dubai, UAE

Position:

Director

Passport Number:

Z2473964

Issuing Country:

India

2

Name:

Mokashi Swapnil Hiraman

Address:

Flat A, 3F, Tower 12, 8 Laguna Verde Avenue, Laguna Verde, Costa Del Sol, Hung Hom, Kowloon, Hong Kong

Position:

Director

ID Number:

R906374(8)

3

Name:

Venture Partners Corporate Services Limited

Address:

10 Floor, Cosco Tower, Grand Millennium Plaza, 183 Queen’s Rd. Central, Hong Kong

Position:

Corporate Secretary

Registered Number:

803992

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 4112A-4113A, 41th Floor, Cosco Tower, 183 Queens Road, Central, Hong Kong

 

Premises Information

 

The subject is located at Unit 4112A-4113A, 41th Floor, Cosco Tower, 183 Queens Road, Central, Hong Kong. However, we cannot get any related registration information for this address in the official authorities.

 

Production Information

 

l  Subject is engaged in trading of steel products, without any production activities.

 

Purchase Information

 

l  It is introduced that subject mainly purchases its products from the Mainland of China and India,

 

Sales Information

 

l  Subject is engaged in sale of steel products

l  The major products sold by the subject are steel plates, steel scraps, copper rods, pipes, billets, angles, beams, channels

l  The main sales regions of the subject are domestic market, Japan, South Korea, Southeast Asia, USA, Australia

l  Subject’s customers are manufacturers of metal products

 

 

Settlements

 

Purchase

 

1.     Domestic Purchase

Products

Steel products

Payment Terms

T/T, Cash

 

2.     Import

Products

Steel products

Payment Terms

L/C, T/T

 

Sales

 

1.     Domestic Markets

Product

Steel products

Selling Terms

T/T, Cash

 

2.     Export

Product

Steel products

Selling Terms

L/C, T/T

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Civil Litigation

 

1

Date:

2014-12-17

Court Name:

High Court Companies Winding-Up

Court No.:

381

Claimant:

Uil Hong Kong Ltd

c/o

Unit 4112, 41/F,  Cosco Tower, 183 Queen's Road, Central, HK

c/o

Arun Nigam Associates (a firm)

Defendant:

Daicom Group (Hong Kong) Co Ltd

c/o

G/F, No.7 Yick Fai Building, 20 Sai Ching Street, Yuen Long, NT, HK

Reason:

Winding Up Petition

Amount(HKD):

--

2

Date:

2014-12-17

Court Name:

High Court Companies Winding-Up

Court No.:

381

Claimant:

Uil Hong Kong Ltd

c/o

Unit 4112, 41/F,  Cosco Tower, 183 Queen's Road, Central, HK

c/o

Arun Nigam Associates (a firm)

Defendant:

Daicom Group (Hong Kong) Co Ltd

c/o

G/F, No.7 Yick Fai Building, 20 Sai Ching Street, Yuen Long, NT, HK

Reason:

Winding Up Petition

Amount(HKD):

--

 

Mortgage Record

 

1

Company Name:

UIL Hong Kong Limited

Instrument of Creating Mortgage:

General Letter Of Hypothecation

Date of Creating Mortgage:

2014-2-20

Amount Secured:

All The Money Now Granted By The Bank And The Company Now Owing To The Bank, and Inclusive Of The Monies Which In Future Will Be Granted By The Bank And The Company Will Become Owing Any Such Sums To The Bank.

Name of Mortgagee:

Bank Of India Kowloon Branch

Address of Mortgagee:

Unit 906-908, 9th Floor Hong Kong Pacific Centre No. 28 Hankow Road, TST, Kowloon, Hong Kong

Description of Property Mortgaged:

Bills of exchange, and /or invoices, or any other documents representing or relating to goods. The company agree that the same and all goods thereby represented or to which the document relate shall be hypothecated byway of first charge as a continuing security for all sums in which the company from time to time be actually or contingently indebted or liable to bank on any account

2

Company Name:

UIL Hong Kong Limited

Instrument of Creating Mortgage:

Letter Of Set-Off & Appropriation

Date of Creating Mortgage:

2014-2-20

Amount Secured:

Advance And Other Facilities Granted By The Bank At Its Discretion From Time To Time

Name of Mortgagee:

Bank Of India Kowloon Branch

Address of Mortgagee:

Unit 906-908, 9th Floor Hong Kong Pacific Centre No. 28 Hankow Road, TST, Kowloon, Hong Kong

Description of Property Mortgaged:

Any credit balance in the Company’s current/Savings Account or in respect of moneys kept on Term Deposit or Deposits withdraw able after notice or any other deposits. Particulars of existing Term deposits/Other deposits.

3

Company Name:

UIL Hong Kong Limited

Instrument of Creating Mortgage:

Trade Finance Agreement (the “Agreement”)

Date of Creating Mortgage:

2013-12-5

Amount Secured:

As a continuing security for payment to the Bank of all sums (including re-exchange expenses, interest, commissions, charges, disbursements and all other expenses) which the Company may from time to time after the date of the Agreement be actually, contingently or otherwise indebted or liable to the Bank for any reason and on any account.

Name of Mortgagee:

Union Bank of India, Hong Kong Branch (the “Bank”)

Address of Mortgagee:

Suite 1903-04, 19/F, 9 Queens Road, Central, Hong Kong

Description of Property Mortgaged:

(a)        Pledges and agrees to pledge to the Bank all bills, promissory notes, documents of title, transportation documents, insurance policies and other documents representing or relating to goods and the goods represented thereby.

(b)        Assigns to the Bank any rights and powers which the Company may have as the unpaid seller of goods.

4

Company Name:

UIL Hong Kong Limited

Instrument of Creating Mortgage:

Charge on Deposit B (the “Charge”)

Date of Creating Mortgage:

2013-12-5

Amount Secured:

The Secured Obligations

“Secured Obligations” means all sums of money and liabilities whether absolute or contingent, at the date of the Charge or at any time thereafter may be due and owing or incurred to the Bank on any account or in any manner whatsoever by the Company whether as principal or surety and whether by the Company solely or by the Company jointly with any other person or persons or from any firm in which the Company may be a partner and in whatever style, name or form including;

(a)        all money obtained from, or liabilities incurred to, and facilities granted by, the Bank (notwithstanding that the borrowing, incurring of such liabilities or the granting of such facilities may be invalid whether by reason of any legal limitation, disability or incapacity or in excess of the powers of the Company or of any director, attorney, agent, partner or other person purporting to borrow or act on behalf of the Company and notwithstanding any other irregularity in such borrowing or incurring such liabilities or facilities);

(b)        all sums payable under cheques, drafts, bills, notes and negotiable instruments drawn by or for the account of the Company on or otherwise purchased or negotiated or honored by the Bank or the Bank’s agents or correspondents; and

(c)        all money and liabilities due to the Bank in relation to or arising out of any facilities granted to the Company or at its request in any country together with all interest on all such debts and facilities to the date of payment (whether before or after judgment) as well as commission, banking charges, legal and other costs, charges and expenses occasioned by or incidental to any agreement relating to the Secured Obligations or any guarantee, indemnity or security held by or offered to the Bank for the same indebtedness, or occasioned by or incidental to the perfection or enforcement or perfection of any such agreement, guarantee, indemnity or security or by or to any attempt to recover thereunder from the Company or any other person.

Name of Mortgagee:

Union Bank of India, Hong Kong Branch (the “Bank”)

Address of Mortgagee:

Suite 1903-04, 19/F, 9 Queens Road, Central, Hong Kong

Description of Property Mortgaged:

Short Particulars of the Property Mortgaged or Charged (Section 6)

(a)        By way of a first fixed charge the Deposit and all right, title and interest of the Company whatsoever and whenever, present and future, thereto and therein, together with any certificates of deposit or other instruments or securities evidencing title, or otherwise relating, thereto (the “Deposit Assets”).

(b)        First floating charge the Deposit Assets if, and so far as, the security created thereupon shall, for any reason, be ineffective as a fixed charge.

 

 

Special Note

 

Interview Details

Name

Ms. Natasha

Department:

Sales Department

 

 

Industry Information

 

67411--Flat-rolled products of iron/non-alloy steel, plated or coated electrolytically with zinc, width 600 mm or more (kg)

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

UK

 

 

13,650

86

Japan

9,895,086

63,732

51,507,222

335,109

South Korea

2,804,160

17,358

17,219,196

105,223

Malaysia

 

 

105,576

748

Taiwan

168,780

1,101

715,325

4,284

Vietnam

426

7

15,147

142

Exports

The Mainland of China

14,068,989

88,759

82,562,990

531,940

Indonesia

 

 

5,220

193

Japan

 

 

4,492

4,492

Philippines

17,098

149

33,940

297

Thailand

 

 

7,082

94

Taiwan

 

 

636,110

3,458

 

 

External Trade Information

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Address: Unit 4112A-4113A, 41th Floor, Cosco Tower, 183 Queens Road, Central, Hong Kong

 

Cosco Tower, 183 Queens Road, Central, Hong Kong

 

IMG_1

41th Floor, Cosco Tower, 183 Queens Road, Central, Hong Kong

 

IMG_4

 

Unit 4112A-4113A, 41th Floor, Cosco Tower, 183 Queens Road, Central, Hong Kong

 

IMG_3

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.46

UK Pound

1

Rs.98.51

Euro

1

Rs.77.31

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

ANK

 

 

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.