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Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
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Name : |
UNISILK
LTD. |
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Registered Office : |
Room 1635, 16/F., Star House, |
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Country : |
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Date of Incorporation : |
09.05.1986 |
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Com. Reg. No.: |
10548309 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Engaged in trading of 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, Engineering Goods, Industrial Machinery, Stationery, Skin Care Products, silk and Silk Fabrics & also Chemicals. |
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No. of Employees |
Group Employees -
10 (Including subsidiaries) |
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
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong kong |
A1 |
A1 |
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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 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.
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Source
: CIA |
UNISILK LTD.
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
Managing Director: Mr. Madhur Dugar
Incorporated on: 9th May, 1986.
Organization: Private Limited Company.
Issued Capital: HK$39,400,000.00
Business Category: Trading and Investment Holding.
Annual Turnover: HK$40~50 million. (Including subsidiaries)
Group Employees: 10. (Including subsidiaries)
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
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]
Amersonic International, Hong Kong.
[BR No. 10548309-007]
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
0169007
Managing Director: Mr. Madhur Dugar
Contact Person: Ms. Christine Ko Yuk Chun
HK$39,400,000.00
(As per registry
dated 09-05-2014)
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Name |
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No.
of shares |
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Madhur
DUGAR |
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122,442 |
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Sajjan DUGAR |
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271,558 |
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Total: |
394,000 ====== |
(As per registry
dated 09-05-2014)
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Name (Nationality) |
Address |
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Sajjan DUGAR |
Flat A3-4, 9/F., Hong Yuen
Court, 1-5 Tak Shing Street, Kowloon, Hong Kong. |
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Madhur DUGAR |
Flat A3-4, 9/F., Hong Yuen
Court, 1-5 Tak Shing Street, Kowloon, Hong Kong. |
(As per registry
dated 09-05-2014)
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Name |
Address |
Co.
No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central,
Hong Kong. |
0113023 |
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.
The subject registered its Chinese name on 17th December, 1997.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter; Transhipment Agent; Confirming House; Investment Holding.
Lines: 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, Engineering Goods, Industrial Machinery, Stationery, Skin Care Products, silk and Silk Fabrics & also Chemicals.
Group Employees: 10. (Including subsidiaries)
Commodities Imported: Imported from Japan, US, Taiwan and Korea.
Markets: India, other Asian countries and Europe.
Annual Turnover: HK$40~50 million. (Including subsidiaries)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
The Indian Chamber of Commerce, Hong Kong.
Issued 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 condition.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· Indian Overseas Bank, Hong Kong Branch.
Bank
of Baroda, Hong Kong Branch.
BNP
Paribas, Hong Kong Branch.
Credit
Agricole Corporate & Investment Bank, Hong Kong Branch.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
UCO
Bank, Hong Kong Branch.
Standing: Good.
Having issued 394,000 ordinary shares, Unisilk Ltd. is jointly owned by Mr. Madhur Dugar, holding 31.1% interests; and Mr. Sajjan Dugar, holding 68.9%. The directors of the subject are also 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 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, Engineering Goods, Industrial Machinery
The subjects plastic resins are imported from China, the United States and the other Asian countries
Incorporated on 9th May, 1986, the subject 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, electric appliances, electrical products, marble, building materials, grinding machinery, stationery, skin care products, silk and silk fabrics, chemicals.
The subject is an international sourcing company dealing in a wide range of products with offices in Hong Kong, Shenzhen, Yiwu, India, Bangkok and even Vietnam.
Unisilk help clients in sourcing products from different countries with good quality and competitive prices. According to Unisilk, it has had its own manufacturing unit for Limestone Powder.
It is regularly Selling: limestone powder, aluminium composite panels, stainless steel coils, glass blocks, laminate flooring, DVD players, PVC flex, zirconium, caustic soda flakes.
It is also regularly Buying: caustic soda flakes, PVC resin, polypropylene, PP, LLDPE, LDPE, DOP, EVA
The subject is a member of The Indian Chamber of Commerce Hong Kong, Hong Kong. The business of the subject is rather active.
The Contact Person of the subject Ms. Christine Ko Yuk Chun is a Hongkongnese.
The annual sales turnover of the subject ranges from HK$40 to 50 million. Making a small profit every year. Business is active.
As the history of the subject in Hong Kong is over twenty-eight years, on the whole, consider it good for normal business engagements.
REMARKS:
Property
information of the company:-
Property Location: 7/F., YHC Tower, 1A and 1B Sheung Yuet Road, Kowloon, Hong Kong.
Owner: Unisilk Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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03-03-2014 |
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Indian Overseas Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
(Since 2009)
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Date |
Particulars |
Amount |
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26-08-2009 |
Instrument: Memorandum Property: Distinctive 91210300003165 29-06-2009 US$ 60,430.36 29-12-2009 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. |
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02-02-2010 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2009 FD 488
1 29-01-2010 US$100,000.00 0.49% 29-04-2010 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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03-01-2011 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2010 FD
377 1 02-12-2010
80,000.00 0.4375% 02-03-2011 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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03-03-2014 |
Instrument: Mortgage Property: All those 155/40,000 parts or shares of and in The Remaining Portion of New Kowloon Inland Lot No. 5881 (7/F., YHC Tower, 1A and 1B Sheung Yuet Road, Kowloon, Hong Kong.) Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All sums of money, losses, damages, costs, charges and
expenses |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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UK Pound |
1 |
Rs.103.14 |
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Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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.