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Report No. : |
307499 |
|
Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNION BUSINESS MACHINES CO. LTD. |
|
|
|
|
Registered Office : |
Unit 2, 4 & 6, 2/F., Block A, Hong Kong Industrial Centre, 489-491
Castle Peak Road, Lai Chi Kok, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Year of Establishment : |
1976 |
|
|
|
|
Com. Reg. No.: |
09582623 |
|
|
|
|
Legal Form : |
Private Limited Company. |
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|
|
|
LINE OF BUSINESS : |
MANUFACTURER,
IMPORTER, EXPORTER AND WHOLESALER OF TIME-RECORDER, TIME STAMP, CAR-PARK TIME
RECORDER, WATCHMAN CLOCK, STRAPPING MACHINE, SHREDDERING MACHINE, CARD RACK,
TIME-CARD, PARTS FOR TIME RECORDER AND CASH REGISTER. |
|
|
|
|
No. of Employees : |
500 (Including Workers in China) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS4 |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
-- |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
UNION BUSINESS
MACHINES CO. LTD.
Address: Unit 2, 4
& 6, 2/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road,
Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-2745
1342, 2785 5959
FAX: 852-2310
2699, 2785 0396
E-MAIL: sales@union-business.com
Managing Director: Mr. Ng Wai Kin
Establishment: 1976.
Incorporated on: 22nd March, 1985.
Organization: Private Limited
Company.
Capital: Nominal: HK$1,500,000.00
Issued: HK$1,500,000.00
Business Category: Manufacturer,
Importer, Exporter and Wholesaler.
Annual Turnover: HK$130~150 million.
Employees: 500. (Including workers in China)
Main Dealing Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office & Workshop:-
Unit 3, 2/F., Block A, Hong Kong Industrial
Centre,
489-491 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
China Offices:-
Ganzhou, Guangzhou, Hangzhou, Jinan, Shanghai, Shenyang, Shenzhen, etc.
China Factory:-
Dongguan Factory
Dongguan
Union Tianmei Business Machines Co. Ltd.
Industrial Zone IV, South Gate, Humen, Dongguan, Guangdong Province, China.
Tel: 86-769-8556 1311
Fax: 86-769-8556 2784
E-mail: dgtimmy@126.com
Trading as:-
Time Recorder City, Hong Kong.
Nideka Time Recorder (HK) Manufacturing, Hong Kong.
Union System Engineering, Hong Kong.
Associated/Affiliated
Companies:-
Dongguan Yinuo Information Technology Co. Ltd., China.
Dongguan Yishang Electronic Technology Co. Ltd., China.
Jobkeep Co. Ltd., Hong Kong.
Nideka (H.K.) Ltd., Hong Kong.
Nideka Engineering Co. Ltd., Hong Kong.
Nideka Technology Ltd., Hong Kong.
09582623
0148735
Managing Director: Mr. Ng Wai Kin
Contact Person: Mr. Steven Chau
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,500,000.00
(As per registry
dated 22-03-2014)
|
Name |
|
No. of shares |
|
NG Wai Kin |
|
1,499,899 |
|
NG Tak Chuen |
|
101 |
|
|
|
–––––––– |
|
|
Total: |
1,500,000 ======= |
(As per registry
dated 22-03-2014)
|
Name (Nationality) |
Address |
|
NG Wai Kin |
Unit 2, 2/F., Block A, Hong Kong Industrial Centre, |
|
NG Tak Chuen |
Flat B, 15/F., Tower B, Clague Garden Estate, Tsuen Wan,
New Territories, Hong Kong. |
NG Tak Chuen (As per registry dated 22-03-2014)
The subject was established in 1976 and incorporated on 22nd March, 1985
as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 12 & 13, 7/F., Block B,
Hong Kong Industrial Centre, 489-491 Castle Peak Road, Lai Chi Kok, Kowloon,
Hong Kong, moved to Unit 2, 4 & 6, 2/F., Block A of the same building
in April 1992, and further moved to Unit 3 of the same building in October
2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer, Exporter and Wholesaler.
Lines: Time-recorder, time
stamp, car-park time recorder, watchman clock, strapping machine, shreddering
machine, card rack, time-card, parts for time recorder and cash register.
Brand Names: “ACROPRINT”, “LUCKS”, “MIEKO”,
“NIDEKA”, “TIME‑POWER”, “TIMMY”, “WIDMER”, etc.
Sole Agent of:-
“Nideka” micro computer time recorder.
“Widmer” electronic time stamp,
watchman clock, automatic strapping machine.
Employees: 500. (Including workers in China)
Raw Materials: Imported
from Japan, US and Europe.
Markets: Hong
Kong, China, Southeast Asia, Europe, North America, etc.
Annual Turnover: HK$130~150
million.
Terms/Sales: COD or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$1,500,000.00
(Divided into 1,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,500,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 10,102.00 |
|
01-04-1999 |
paid up |
HK$ 1,489,898.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 1,500,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$500,000.00 |
to |
HK$1,500,000.00 |
on |
01-04-1999 |
Mortgage or Charge (since 2001): (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active and satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd.,
Hong Kong.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Dah Sing Bank Ltd., Hong Kong.
Standing: Good.
Union Business Machines Co. Ltd. is almost wholly-owned by Mr. Ng Wai
Kin who is the Managing Director. He is
a Hong Kong merchant.
The subject is an experienced manufacturer of NIDEKA
fingerprint/RFID/punch card time and attendance recorders, door access
controllers, security guard patrol system, paper shredders, time stamp, etc.
According to the subject, it has achieved over 90% of the local market
share in the 80’s and climbed continuously to attain the leading position in
the industry. Meanwhile, the subject’s
products have been exported to worldwide countries and its sales network covers
most of the regions of the world. The
subject has over 10 branch offices spreading from Shenzhen Special Economic
Zone to Shanghai.
The subject is the manufacturer, exporter and trader of specialized
types of office equipment and supplies.
With heritable, advanced technology from Japan and has made large
investments in R&D since 1986, the subject has been a time recorder
manufacturer. Then, in order to meet the
different needs of the market, it has expanded and diversified to produce a
wide range of products including fingerprint/proximity card time and attendance
recorders, door access controller, security guard patrol system, paper
shredders, time stamps, and accessories for time recorders. Most of the products bear the following brand
names: “Acroprint”, “Lucks”, “Mieko”, “Nideka”, “Time-Power”, “Timmy”, “Widmer”, “etc.
The trade mark Nideka
has registered with the Trade Marks Registry, Intellectual Property Department,
the Government of the Hong Kong SAR. The
filing date was 7th April, 1994 while the expiry date is 7th April, 2015.
The main office in Hong Kong provides full customer services, repairing
and maintenance services, sales and marketing, warehousing and logistic
activities and other supporting services.
Its manufacturing plants are located in both Hong Kong and China. Altogether there are more than 500 workers in
total.
Currently, the subject has had factories in China which are known as
Dongguan Union Tianmei Business Machines Co. Ltd., Dongguan Yinuo Information
Technology Co. Ltd. and Dongguan Yishang Electronic Technology Co. Ltd. All the factories are is in Dongguan City, China.
The subject’s significant products are time recorders. “Nideka” was originally invented by
the Japanese. The very first model was
the “Nideka” model 500, which was invented in 1936.
The subject took over the Japanese technology and production know-how in
the 1980’s. Since then, the subject has
developed its own brand name “LUCKS” and “TIME-POWER”. In 2009, the subject got ISO 9001:2008
certification.
Besides the subject, Ng Wai Kin has set up another company known as
Nideka (H.K.) Ltd., a Hong Kong-registered company. It was set up on 21st December, 1993 and
located at the same address. The
following companies are the main OEM customers: Olympia, Alpha System, Datakeep,
Cinematico, BDE, etc.
The history of the subject in Hong Kong is over 38 years.
On the whole, consider it good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 1995 |
Chung Yiu Keung |
Union Business Machines Co. Ltd. |
Amount due |
HK$216,927 |
Property information of the company:-
1.Property Location: Workshop A2, A4 & A6 on 2/F. of Block A,
Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.
Owner: Union Business Machines Co.
Ltd.
Date of Purchase: 04-12-1991
Purchased Price: HK$13,500,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
04-12-1991 |
- |
The Daiwa Bank Ltd., Hong Kong Branch. |
Mortgage to secure general banking facilities |
2.Property Location: Workshop A3 on 2/F. of Block A, Hong Kong Industrial Centre,
489-491 Castle Peak Road, Kowloon, Hong Kong.
Owner: Union
Business Machines Co. Ltd.
Date of Purchase: 24-03-1992
Purchased Price: HK$2,583,900
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
14-08-1992 |
- |
Dah Sing Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
3.Property Location: Workshop
3 on G/F., Trust Centre, 912-914 Cheung Sha Wan Road, Kowloon, Hong Kong.
Owner: Union Business Machines Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
31-01-1994 |
- |
Dah Sing Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
4.Property Location: Flat A on
G/F. including Garden of Block 48 and Car Park No. 125 on Level 1, Southern
Carpark, Savanna Garden, 4283 Tai Po Road, Tai Po Kau, Tai Po,
New Territories, Hong Kong.
Owner: Union Business Machines Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
23-01-1989 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
5.Property Location: House 1 including Garage, Flat Roof, Garden & Roof,
Savanna Garden, 4283 Tai Po Road, Tai Po Kau, Tai Po, New Territories,
Hong Kong.
Owner: Union Business Machines Co.
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
14-12-2007 |
- |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2001)
|
Date |
Particulars |
Amount |
|
14-12-2007 |
Instrument: Mortgage Property: 52/7,700th parts or shares of and in Tai
Po Town Lot No. 72 (House 1 including Garage, Flat Roof, Garden & Roof of
Savanna Garden, 4283 Tai Po Road, Tai Po Kau, Tai Po, New Territories,
Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all monies in respect of general
banking facilities |
|
10-09-2009 |
Instrument: Charge Over Deposits – CD 1 (09a) Property: 1) By
fixed Charge: all the Company’s rights
in respect of (i) the sum deposited by the Company; and (ii) all other sums
in any currency from time to time standing to the credit of the Company or
the credit of any other person for the Company’s benefit whether alone or
jointly with others, on any deposit account with the Bank or any other SCB
Group Company including additions to or renewals or replacements of such sum;
and all interest from time to time accruing or payable on the sums specified
in (i) and (ii) above; 2) By
assignment: all Deposits held with any
SCB Group Company Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys,
obligations and liabilities, whether actual or contingent at the date of the
Charge or at any time after the date thereof, due, owing or incurred by the
Company to Standard Chartered Bank (Hong Kong) Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.70.76 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.