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MIRA INFORM REPORT
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Report No. : |
492834 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
UNISILK LIMITED |
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Registered Office : |
Room 1635, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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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 of 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.) |
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No. of Employees : |
10. (Including Subsidiaries) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. 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, which took effect in
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. Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name & address
UNISILK
LIMITED
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
globals@netvigator.com
globaltrade881@gmail.com
MANAGEMENT
Managing
Director: Mr. Madhur Dugar
SUMMARY
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$50~150 million.
(Including subsidiaries)
Group
Employees: 10. (Including
subsidiaries)
Main
Dealing Banker: Indian Overseas Bank,
Hong Kong Branch.
Banking
Relation: Satisfactory.
Name
UNISILK
LIMITED
ADDRESS
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]
Ocean
Electronics, Hong Kong.
[BR
No. 10548309-016]
Metinox
International, Hong Kong.
[BR
No. 10548309-017]
Associated
Companies:-
Amersonic
International Ltd., Hong Kong. (Same
address)
Ginda
Industries Ltd., Hong Kong. [Dissolved]
Intexport
Stainless Steel Co. Ltd., Hong Kong.
King
Mega International Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
10548309
COMPANY FILE
NUMBER
0169007
MANAGEMENTT
Managing
Director: Mr. Madhur Dugar
Contact
Person: Ms.
Cheri Liu
ISSUED SHARE
CAPITAL
HK$39,400,000.00
(394,000 fully paid ordinary shares)
SHAREHOLDERS
(As
per registry dated 09-05-2017)
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Name |
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No. of shares |
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Madhur DUGAR |
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122,442 |
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Sajjan DUGAR |
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271,558 |
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––––––– |
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Total: |
394,000 ====== |
DIRECTORs
(As
per registry dated 09-05-2017)
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Name (Nationality) |
Address |
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Sajjan DUGAR |
Flat A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing
Street, Kowloon, Hong Kong. |
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Madhur DUGAR |
Flat A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing
Street, Kowloon, Hong Kong. |
SECRETARY
(As
per registry dated 09-05-2017)
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Name |
Address |
Co. No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux
Road Central, Hong Kong. |
0113023 |
HISTORY
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.
OPERATIONS
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.).
Group
Employees: 10. (Including subsidiaries)
Commodities
Imported: Imported from Japan, US, Taiwan
and Korea.
Markets: India, other Asian
countries and Europe.
Annual
Turnover: HK$50~150 million.
(Including subsidiaries)
Terms/Sales: L/C,
T/T, or as per contracted, etc.
Terms/Buying: Various
terms.
MEMBERSHIP
The
Indian Chamber of Commerce, Hong Kong.
FINANCIAL
INFORMATION
Issued
Share Capital: HK$39,400,000.00 (394,000 fully paid
ordinary shares)
Mortgage
or Charge (since 2009): (See attachment)
Profit
or Loss: Making
a profit every year.
Condition: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment: Met
as required.
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.
Citibank N.A., Hong Kong Branch.
Standing: Very
Good.
GENERAL
Having
issued 394,000 ordinary shares, Unisilk Limited 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.
The
Dugar family have been in Hong Kong for a very long time.
The
subject has the following main 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, etc.
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.
Different
products are usually handled by different subsidiaries. In recent years, it has been famous for its
home furnishing products.
The
subject’s plastic resins are imported from China, the United States and the
other Asian countries, etc. It is trying
to cover more products in the years ahead.
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.
In
recent years, the subject has added two business names:
Ocean
Electronics, Hong Kong. [BR No. 10548309-016]
Metinox
International, Hong Kong. [BR No. 10548309-017]
Ocean
Electronics is actively trading in all kind of electronic products.
Metinox
International is an innovative and rapidly growing player in the global trade
and recycling of ferrous metals, non-ferrous metals, plastics and paper.
Now,
the subject has set up branch offices in India and Vietnam.
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 Hong Kong employee of the
subject.
The
annual sales turnover of the subject ranges from HK$50 to 150 million. Making a small profit every year. Business is active.
As
the history of the subject in Hong Kong is over thirty-one years and nine
months, on the whole, consider it good for normal business engagements.
REMARKS
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:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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03-03-2014 |
- |
Indian Overseas Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE OR
CHARGE
(Since 2009)
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Date |
Description of
Instrument |
Mortgagee |
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26-08-2009 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
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02-02-2010 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
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03-01-2011 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
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03-03-2014 |
Mortgage |
Indian Overseas Bank, Hong Kong Branch. |
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24-01-2017 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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09-01-2018 |
Legal Charge/Mortgage |
Citibank N.A., Hong Kong Branch. |
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09-01-2018 |
Rental Assignment |
Citibank N.A., Hong Kong Branch. |
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15-01-2018 |
Deposit Deed |
Citibank N.A., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.10 |
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1 |
INR 90.45 |
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Euro |
1 |
INR 79.59 |
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HKD |
1 |
INR 8.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.