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Report No. : |
326149 |
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Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
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Name : |
UNISILK LTD. |
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Registered Office : |
Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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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 : |
Importer and Exporter; Transhipment Agent; Confirming House; Investment Holding Silk (raw silk, SNY, tussah silk, SSY); plastic raw
materials (ABS, PP, PE, HDPE);
audio/video/TV/computer components; iron ore, manganese ore, high carbon
ferro-chrome; finished steel (HR colis, billets, deformed bars); chemicals (industrial and pharmaceutical);
cement; coal; edible oils; plant, machineries, technical know-how; yarns
& fibers (cotton,
polyester, acrylic). |
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No. of Employees : |
10. (Including
Subsidiaries) |
RATING & COMMENTS
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MIRA’s 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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
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 |
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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy
protests that began in late September probably will have some adverse effects
on economic growth, particularly retail sales.
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Source
: CIA |
UNISILK
LTD.
ADDRESS: 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 Share Capital:
HK$39,400,000.00
Business Category: Trading
and Investment Holding.
Annual Turnover: HK$45~55 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. Cheri Liu
HK$39,400,000.00
(As per registry
dated 09-05-2014)
|
Name |
|
No. of shares |
|
Madhur DUGAR |
|
122,442 |
|
Sajjan DUGAR |
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271,558 |
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––––––– |
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Total: |
394,000 ====== |
(As per registry
dated 09-05-2014)
|
Name (Nationality) |
Address |
|
Sajjan DUGAR |
Flat A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing Street,
Kowloon, Hong Kong. |
|
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)
|
Name |
Address |
Co. No. |
|
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: Silk (raw silk, SNY, tussah
silk, SSY, etc.); plastic raw materials (ABS, PP, PE, HDPE, etc.); audio/video/TV/computer components; iron ore,
manganese ore, high carbon ferro-chrome; finished steel (HR colis,
billets, deformed bars, etc.); chemicals (industrial and pharmaceutical);
cement; coal; edible oils; plant, machineries, technical know-how; yarns &
fibers (cotton, polyester, acrylic, etc.); etc.
Group Employees: 10. (Including subsidiaries)
Commodities Imported: Imported
from Japan, US, Taiwan and Korea.
Markets: India,
other Asian countries and Europe.
Annual Turnover: HK$45~55 million. (Including subsidiaries)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
The Indian Chamber of Commerce, Hong Kong.
Issued Share Capital:
HK$39,400,000.00
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Making
a profit every year.
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: Very 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 Products, 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 & Equipment, Machine Parts, Electronics, Electric
Appliances, Electrical Products, Marble, Building Materials, Stationery, Skin
Care Products, Silk and Silk Fabrics, Chemicals, etc.
The subject’s plastic
resins are imported from China, the United States and the other Asian
countries, etc.
Incorporated on 9th
May, 1986, the subject is experienced in sourcing a wide range of products
catering many different industries.
The subject is an
international sourcing company dealing in a wide range of products with offices
in Hong Kong, Shenzhen Special Economic Zone, Foshan, India and even Vietnam.
Unisilk help
customers 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.
Besides, 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, etc.
The subject is a
member of The Indian Chamber of Commerce Hong Kong, Hong Kong. Business is active.
The Contact Person of
the subject Ms. Cheri Liu is a Hongkongnese.
The annual sales
turnover of the subject ranges from HK$45 to 55 million. Making a small profit
every year. Business is active.
As the history of the
subject in Hong Kong is about twenty-nine years, on the whole, consider it good
for normal business engagements.
Property information of the company:-
Property Location: 7/F.,
YHC Tower, 1A and 1B Sheung Yuet Road, Kowloon, Hong Kong.
Owner: Unisilk Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
03-03-2014 |
- |
Indian Overseas Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
(Since 2009)
|
Date |
Particulars |
Amount |
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26-08-2009 |
Instrument: Memorandum Property: Distinctive 91210300003165 29-06-2009 US$
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. |
|
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 |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
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|
1 |
Rs.98.12 |
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Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 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.