MIRA INFORM REPORT

Report No. :	347009
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	INTEXPORT

Registered Office :	Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon

Country :	Hong Kong

Date of Incorporation :	12.12.1987

Com. Reg. No.:	10548309-003-05

Legal Form :	Sole Ownership

Line of Business :	Importer, Exporter and Wholesaler of Stainless Steel, Raw materials, Metal, and Finished Products.

No. of Employees :	10 [Including Sole Owner]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Hong Kong

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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company Name

INTEXPORT

ADDRESS: Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 852-2735 7758, 2735 7759

FAX: 852-2730 0946

E-MAIL: enquiry@intexportsteel.com

MANAGEMENT:

Manager: Mr. Madhur Dugar

SUMMARY

Establishment: 12th December, 1987.

Organization: Sole Ownership.

Capital: Provided by Sole Owner.

Business Category: Importer, Exporter and Wholesaler.

Employees: 10. (Including Sole Owner)

Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.

Banking Relation: Satisfactory.

Name

INTEXPORT

ADDRESS

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.

Sister Companies:- (Same BR No.)

Texchemie, Hong Kong.

[BR No. 10548309-001]

Nippon Unitech Industrial Co., Hong Kong. (Business Ceased)

[BR No. 10548309-002]

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.

BUSINESS REGISTRATION NUMBER

10548309-003-05

MANAGEMENT

Manager: Mr. Madhur Dugar

Contact Person: Mr. Ritesh Dugar

SOLE OWNER

Unisilk Ltd., Hong Kong. (See attachment)

HISTORY

The subject was established on 12th December, 1987 as a sole ownership firm with Unisilk Ltd. as the proprietor under the Hong Kong Business Registration Regulations.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Stainless Steel, Raw materials, Metal, and Finished Products.

Employees: 10. (Including Sole Owner)

Commodities Imported: China, India, Russia.

Markets: Asia, Europe.

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

FINANCIAL INFORMATION

Capital Provider: Provided by Sole Owner.

Profit or Loss: Sole owner makes a profit every year.

Condition: Keeping in an active manner.

Facilities: Making active use of general banking facilities.

Payment: Slow but correct

Commercial Morality: Satisfactory.

Bankers:-

Indian Overseas Bank, Hong Kong Branch.

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Very Good.

GENERAL

Intexport is one of the wholly-owned subsidiaries of Unisilk Ltd. [Unisilk] which is a Hong Kong-registered firm.

The subject commenced business in December 1987.

The subject and Unisilk share the same operating office. It has been a steel and metal trader since 1986.

With more than two decades of experience, Intexport is now one of the trustworthy suppliers for various different grades of stainless steel and metal in Asia. Besides Hong Kong, its offices are in Foshan and Shenzhen Special Economic Zone of China, New Delhi of India, Hochiminh City of Vietnam, and Yangon of Myanmar.

The subject also operates its own factories and it also has strong links with some of the largest producers and therefore it is able to provide cost-efficient supplies of various types of metal ranging from different grades in stainless steel and carbon steel. These include coils, sheets, pipes, strips and circles, metal products and utensils, etc. Concerning stainless steel products, the subject trades in cold rolled and hot rolled for grades 201, 202, 400 series and 304.

The subject is trading in the following commodities:-

Supplies all grades including 201 series, 300 series, 400 series;
Supplies width from 30 mm -1500 mm depending on the grade needed by customers;
Supplies SS like Hinges, Sinks, cutlery, flexible SS pipes, round bars, etc.
Supplies all finishes like No.1 finish, 2B, BA, 6K, 8k, No.4, HL and PVD coloured stainless steel;
Supplies PCM/PPGI used for appliances manufacturing in cut to size sheets with width above 600 mm and coils;
Supplies carbon steel Cold rolled coils with width above 600 mm.; &
Supplies thickness from 0.16 mm - 6 mm in Coils in 2B finish, Thickness 0.18 mm - 1.5 mm in circles, and 2.5 mm - 30 mm in HR coils and plates.

According to the subject, it exports about 3,000 to 4,000 MT of stainless steel every month. Main markets are India, Bangladesh, Pakistan, Turkey, Ukraine, Egypt, Vietnam, South Korea, Syria.

It has developed good business relationship with most of the large mills in Asia.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in China.

Incorporated on 9th May, 1986, Unisilk 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.

Unisilk is an International Sourcing company dealing in a wide range of products with offices in Hong Kong, Shenzhen SEZ, Yiwu, India, Bangkok and even Vietnam.

Unisilk has set up a number of subsidiaries in order to trade different products while the subject is one of them.

Owned by the Dugar family, Unisilk has been increasing its scope of business.

The directors of Unisilk are 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 annual sales turnover of Unisilk is significant. Business is profitable.

The subject is fully supported by Unisilk. Its history in Hong Kong is over twenty-seven years and a month.

The history of Unisilk in Hong Kong is over twenty-eight years and eight months.

On the whole, in view of the parentage and lines of business of the subject, consider it good for normal business engagements.

Company Name & address

UNISILK LTD.

ADDRESS: Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

10548309

COMPANY FILE NUMBER

0169007

DATE OF INCORPORATION

9th May, 1986.

ISSUED SHARE CAPITAL

HK$39,400,000.00

SHAREHOLDERS

(As per registry dated 29-05-2014)

Name		No. of shares
Madhur DUGAR		122,442
Sajjan DUGAR		271,558
		–––––––
	Total:	394,000 ======

DIRECTORS

(As per registry dated 09-05-2014)

Name

(Nationality)

Address

Madhur DUGAR

A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing Street, Kowloon, Hong Kong.

Sajjan DUGAR

A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing Street, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 29-05-2014)

Name	Address	Co. No.
Lodestar Secretaries Ltd.	13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong.	0113023

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.64

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	TPT

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.