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Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
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Name : |
UNITECH INTERNATIONAL |
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Registered Office : |
Flat F, 8/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.01.2007 |
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Com. Reg. No.: |
37599117-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of business : |
Importer, exporter and wholesaler of memory cards, calculators, stationery, dvd, blank cds, lighting products, other electronic products, digital cameras & mobile phones |
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No of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 |
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Risk Category |
ECGC Classification |
|
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.
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Source
: CIA |
UNITECH INTERNATIONAL
ADDRESS: Flat F, 8/F., Far East
Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2301 3144
FAX: 852-2129
4319, 852-23013155
E-MAIL: hkunitech@netvigator.com
Manager: Mr. Naval Kithania
Establishment: 25th January, 2007.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat F, 8/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon,
Hong Kong.
37599117-000-01
Manager: Mr. Naval Kithania
Name: Mr. Naval KITHANIA
Residential Address: Flat C4,
4/F., Tsimshatsui Mansion, 83-97 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 25th January, 2007 as a sole
proprietorship. concern owned by Mr. Naval Kithania under the Hong Kong
Business Registration Regulations.
At the very beginning, the registered address of the subject was located
at Flat C4, 4/F., Tsim Sha Tsui Mansion, 83-97 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong, moved to Room 7, 17/F., Star Mansion, 3 Minden Row,
Tsimshatsui, Kowloon, Hong Kong in June 2008 and further moved to the present
address in July 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Memory
cards, calculators, stationery, DVD, Blank CDs, Lighting Products, other
Electronic
Products, Digital Cameras & Mobile Phones
Employee: 1.
Commodities Imported: China,
other Asian countries, etc.
Markets: Asian
countries, Western and Eastern Europe, North America, South America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making a very small profit in past
three years.
Condition: Business
has been normal.
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.
Unitech International is a sole proprietorship set up and owned by Mr.
Naval Kithania who is an India merchant.
He is an India passport holder and also a Hong Kong ID holder. He has got the right to reside in Hong Kong
permanently. He is also manager of the
subject.
The subject commenced business in January 2007. Its registered address is in a private
building located at Flat F, 8/F., Far East Mansion, 5-6 Middle Road,
Tsimshatsui, Kowloon, Hong Kong. This
seems to be the residence of Kithania when he is in Hong Kong.
The residential building is not trespassed by outsiders. The subject has just one employee in Hong
Kong.
The subject is trading in the following commodities:
Memory cards, Calculators, Stationery, DVD, Blank CDs, Lighting
Products, Digital Cameras, Mobile Phones &
other Electronic Products
Most of the commodities are sourced from China and the other Asian
countries. Prim markets are India, the
other Asian countries, Western and Eastern Europe, North America, South
America, etc. Business is fairly active.
Most of the time, Kithania is in China engaged in sourcing commodities
in the countries. Business is over seven
years. Business is fairly active.
The subject’s business is chiefly handled by Kithania himself.
Since the registered office of the subject is in a residential building,
on the whole, consider it good for normal business engagements on L/C basis for
the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.72 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
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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 |
|
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.