MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

UNITEX INTERNATIONAL FORWARDING (HK) LIMITED

 

 

Registered Office :

Flat D, 18/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

14.03.1997

 

 

Com. Reg. No.:

598893

 

 

Legal Form :

Private Limited Liability Company

 

 

LINE OF BUSINESS :

PROVIDING LOGISTIC SERVICE.

 

 

No. of Employees :

About 10 Employees

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hongkong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONGKONG- 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

Company Name and address

 

Company Name (in English):

Unitex International Forwarding (HK) Limited

Supplied Name:

UNITEX INTL FORWARDING HK LTD

Trading Address:

Flat D, 18/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

Supplied Address:

BILLION CENTRE, NO1 WANG KWONG ROAD, KOWLOON

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Unitex International Forwarding (HK) Limited

Registered Address:

Flat D, 18/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

Telephone Number:

+852-3443-7100

Fax Number:

+852-3443-7088

E-mail:

hongkong@uif.com.hk

stephanielai@uif.com.hk

Date of Registration:

1997-3-14

Registered Number:

598893

Business Registration No.:

20765341

Paid-up Capital:

HKD 1,000,000 (USD 129,000)

(As of 2014.11, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

Principal Activities:

Providing logistic service

Staff:

About 10 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-3-14

 

 

History

 

Subject was incorporated on 1997-3-14 with the registered number 598893 as Private Limited Liability Company in Hong Kong.

 

 

Corporate Structure

 

Major Related Companies

1

Name:

Unitex Int'l Forwarding (Guangzhou) Co., Ltd.

Address:

Room 2511-2514,Yinglong Plaza,No.76 Huangpu Dadao, Zhujiangxingcheng, Tianhe District, Guangzhou, China

Tel:

+86-20-2826-8988

Fax:

+86-20-2826-8088

2

Name:

Unitex Logistics (Beijing) Ltd.

Address:

Room 3716, Block A, Dongyawangjing Center, No.401 Wangjing Yuan, Chaoyang District , Beijing

Tel:

+86-10-8478-6508

Fax:

+86-10-8478-6508

3

Name:

Unitex Logistics Limited

Address:

21-22F,Honglong Century Plaza,No.4002 Shennan Rd., East Luohu District, Shenzhen, China

Tel:

+86-755-2515-3718

Fax:

+86-755-2515-3718

4

Name:

Unitex Logistics (Singapore) Pte Ltd.

Address:

11 Sims Drive #05-01B SCN Centre Singapore 387385

Tel:

+65-6274-8287

Fax:

+65-6271-7494

 

 

Shareholders

 

Unit: HKD

Name

Subscription Amount

Proportion of Investment (%)

Tsang Hin Kwan

573,750

57.375%

Ngo Kit Wan

191,250

19.125%

Wu Xiao Hui

100,000

10%

Leung Kwong Chung

135,000

13.5%

Total

1,000,000

100%

 

Major Shareholder Information:

1

Name:

Tsang Hin Kwan

Address:

Flat B, 23/F., Tower 2, The Riverpark, 8 Che Kung Miu Road, Sha Tin, N.T., Hong Kong

2

Name:

Ngo Kit Wan

Address:

Flat D, 40/ F., Tower 6, Park Avenue, 18 Hoi Ting Road, Kowloon, Hong Kong

3

Name:

Wu Xiao Hui

Address:

5-201 Sangda New Village, 22 Huafa North Road, Tutian, Shenzhen, China

4

Name:

Leung Kwong Chung

Address:

Flat 10, 3/F., Chun Mau House, Ko Chun Court, Kowloon, Hong Kong

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Tsang Hin Kwan

Address:

Flat B, 23/F., Tower 2, The Riverpark, 8 Che Kung Miu Road, Sha Tin, N.T., Hong Kong

Position:

Director

ID Number:

H461403(A)

2

Name:

Ngo Kit Wan

Address:

Flat D, 40/ F., Tower 6, Park Avenue, 18 Hoi Ting Road, Kowloon, Hong Kong

Position:

Director & Secretary

ID Number:

C627760(6)

3

Name:

Wu Xiao Hui

Address:

5-201 Sangda New Village, 22 Huafa North Road, Tutian, Shenzhen, China

Position:

Director

Hong Kong and Macao Exit Permits:

W34990859

4

Name:

Leung Kwong Chung

Address:

Flat 10, 3/F., Chun Mau House, Ko Chun Court, Kowloon, Hong Kong

Position:

Director

ID Number:

E933361(8)

 

Personnel Structure

 

Total Employees

About 10 Employees

 

 

Operation Information

 

Offices & Factories

 

Office

Address:

Flat D, 18/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

Owned/ Rented:

Owned

 

Premises Information

 

Office address:

Address:

Office D on 18th Floor of Tower A, Billion Centre, No. 1 Wang Kwong Road, Kowloon

Owners:

Unitex International Forwarding (HK) Limited

Memorial Number:

09111800890111

Assignment with plan

Date of Instrument:

2009-10-20

Date of Registration:

2009-11-18

Consideration Value:

HKD 18,727,600.00 (PT.)

 

History of Premises Owners’

1

Memorial No.:

09111600690054

Date of Instrument:

2009-10-20

Date of Registration:

2009-11-16

Nature:

Sub-deed of mutual covenant with plans

2

Memorial No.:

09111600690029

Date of Instrument:

2009-10-20

Date of Registration:

2009-11-16

Nature:

Deed of mutual covenant and management agreement with plans

In Favor of:

Jones Lang Lasalle Management Services Limited

3

Memorial No.:

09111301120268

Date of Instrument:

2009-10-20

Date of Registration:

2009-11-13

Nature:

Mortgage

Remarks: By Unitex International Forwarding (HK) Limited

In Favor of:

Hang Seng Bank Limited

Consideration:

To secure all moneys in respect of general banking facilities (PT.)

Note: (PT.) means part of.

 

Operation Information

 

·         Subject is engaged in providing logistic service, etc.

·         The major services provided by subject include land transportation logistics, air-freight and sea-freight, etc.

·         Subject’s major cooperative vessel companies include UASC, APL, Maersk, Cosco, Hanjin, Evergreen, OOCL, CMA, Norasia, MSC, Chinashipping, etc.

·         Subject’s major cooperative airlines include Lufthans, ANA, Atlantic, United, Cathay Pacific, etc.

·         Subject’s mainly routes in advantaged: Southeast Asia, Japanese basic line, Middle East, Australia port, the Mediterranean, etc.

·         Subject’s service region almost covers all over the world.

 

 

Settlements

 

It is introduced that the details of settlements are to be negotiated.

 

 

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

 

Name:

Hang Seng Bank Limited

 

 

Public

 

Civil Litigation

 

1

Date:

2013-09-04

Court Name:

Labor Tribunal

Court No.:

LBTC2665

Claimant:

Lau Tak Keung

Lo Peggy

Tsai Yee Ni Jacqueline

(LBTC2665/2013)

(Parties)

Defendant:

Unitex International Forwarding (HK) Limited

(LBTC)

(Parties)

Reason:

Not Stated

2

Date:

2011-08-06

Court Name:

Small Claim Tribunal

Court No.:

025422/11

Claimant:

D & S Manufacturing Ltd

(SCTC025422/11)

Defendant:

Unitex International Forwarding (H.K.) Ltd

Reason:

Goods Sold and Delivered

3

Date:

2010-07-19

Court Name:

Small Claim Tribunal

Court No.:

029223/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC029223/10)

Defendant:

Ragazza Ltd

c/o

Flat 29, 10/F, Block A, Hoi Luen Industrial Centre, 55 Hoi Yuen Road, Kwun Tong, Kln

Reason:

Service Charge

4

Date:

2010-07-19

Court Name:

Small Claim Tribunal

Court No.:

029224/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC029224/10)

Defendant:

Legend Archery Ltd.

Reason:

Service Charge

5

Date:

2010-06-22

Court Name:

Small Claim Tribunal

Court No.:

019392/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019392/10)

Defendant:

Ebrahim Mohamed Rasheed

t/a

Nascent Traders

Reason:

Service Charge

6

Date:

2010-06-22

Court Name:

Small Claim Tribunal

Court No.:

019393/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019393/10)

Defendant:

Shahul Hameed Haroon Rasheed

t/a

Prime Source Trading (H.K.)

Reason:

Service Charge

7

Date:

2010-06-22

Court Name:

Small Claim Tribunal

Court No.:

019394/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019394/10)

Defendant:

Mohamed Arif
Mahmoon Asim
t/a
Pacific Traders

Reason:

Service Charge

8

Date:

2010-05-24

Court Name:

Small Claim Tribunal

Court No.:

019391/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019391/10)

Defendant:

Hotchandani Gobind Gul

t/a

Ishan Enterprises

Reason:

Service Charge

9

Date:

2010-05-24

Court Name:

Small Claim Tribunal

Court No.:

019392/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019392/10)

Defendant:

Ebrahim Mohamed Rasheed

t/a

Nascent Traders

Reason:

Service Charge

10

Date:

2010-05-24

Court Name:

Small Claim Tribunal

Court No.:

019393/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019393/10)

Defendant:

Shahul Hameed Haroon Rasheed

t/a

Prime Source Trading (H.K.)

Reason:

Service Charge

11

Date:

2010-05-24

Court Name:

Small Claim Tribunal

Court No.:

019394/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC019394/10)

Defendant:

Mohamed Arif Mahmoon Asim

t/a

Pacific Traders

Reason:

Service Charge

12

Date:

2010-04-08

Court Name:

Small Claim Tribunal

Court No.:

011243/10

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC011243/10)

Defendant:

Ragazza Ltd.

Reason:

Service Charge

13

Date:

2009-03-11

Court Name:

Small Claim Tribunal

Court No.:

002835/09

Claimant:

Unitex International Forwarding (HK) Ltd.

(SCTC002835/09)

Defendant:

Immanuel Holdings Ltd.

t/a

Eagle Logistics

Reason:

Service Charge

14

Date:

2009-02-10

Court Name:

Small Claim Tribunal

Court No.:

002835/09

Claimant:

Unitex International Forwarding (HK) Limited

(SCTC002835/09)

Defendant:

Immanuel Holdings Ltd.

t/a

Eagle Logistics

Reason:

Service Charge

15

Date:

2007-01-06

Court Name:

Small Claim Tribunal

Court No.:

059404/06

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC059404/06)

Defendant:

D.C. Enterprises (Far East) Ltd

c/o

Rm .1601, Cheung Lee Comm Bldg. 25 Kimberley Rd. TST, Kln

Reason:

Dishonored Cheque

16

Date:

2006-12-04

Court Name:

Small Claim Tribunal

Court No.:

059404/06

Claimant:

Unitex International Forwarding (HK) Ltd

(SCTC059404/06)

Defendant:

D.C. Enterprises (Far East) Ltd

c/o

Rm .1601, Cheung Lee Comm Bldg. 25 Kimberley Rd. TST, Kln

Reason:

Dishonored Cheque

 

 

Mortgage Record

 

Company Name:

Unitex International Forwarding (HK) Limited (the “Borrower”)

Instrument of Creating Mortgage:

Assignment Of Insurance Policy(ies) (Two Party) (“the Assignment”)

Date of Creating Mortgage:

2013-6-14

Amount Secured:

To secure all sums of moneys, debts and liabilities whether certain or contingent, whether at the date of the Assignment or at any time after the date of the Assignment owing or incurred to the Assignee anywhere in the world (and whether to any one or more of the Assignee’s offices and/ or branches in Hong Kong or abroad) from or by the Borrower in any manner or capacity on any account whether as principal or surety and whether separately or jointly with any other person or persons and including (i) any or all sum or sums due, owing and/ or payable to the Assignee by the Borrower, whether separately or jointly with any other person or persons under any undertakings, contracts and/ or engagements, bills, drafts, notes, loans, credit, banking, credit card or other facilities or any nature, overdraft, accommodation, loans, advances, documentary or other credits, guarantees and/ or indemnities given by the Borrower in favour of the Assignee, and/ or any or all dealings and/ or transactions in connection with the collection, negotiation, purchase and/ or discounting of bills; (ii) interest accrued or to be accrued on such sums or moneys; (iii) commissions, fees and other charges of the Assignee; (iv) legal and other costs and expenses of reasonable amount and reasonably incurred by the Assignee for the recovery of payment from the Borrower and/ or for the enforcement and realization of any security and/ or guarantee (on a full indemnity and solicitor-client basis); and (v) and other costs, expenses, disbursement and/ or payment of any nature liable to be reimbursed or otherwise payable by the Borrower to the Assignee.

Name of Mortgagee:

Hang Seng Bank Limited (“the Assignee”)

Address of Mortgagee:

83 Des Voeux Road Central, Hong Kong

Description of Property Mortgaged:

All the rights, title, benefit and interests of the Borrower in and to the Policy and the Proceeds, whether in existence at the date of the Assignment or after the date of the Assignment.

Name of the Insured: Ngo Kit Wan

Policy No.: 28006656-50

Effective date of the Policy: 2013-6-14

 

 

Special Note

 

Interview Details

Interview Date:

2014-11-18

Department:

Sales Department

 

 

Industry Information

 

Hong Kong External Trade Information:

 

Hong Kong 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: Flat D, 18/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

 

We made an on-site visit to the address as above and confirmed subject locating at the address. While the security guard prevented us from taking photos in the building, we could just provide the external view for reference.

-2524952436343C1(09-25-11-36-11)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.