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MIRA INFORM REPORT
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Report No. : |
497449 |
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Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
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Name : |
INTEXPORT |
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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 : |
12.12.1987 |
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Com. Reg. No.: |
10548309-003-05 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Subject is Importer, Exporter and Wholesaler of Stainless Steel, Raw
materials, Metal, and Finished Products. |
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No. of Employees : |
11 |
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 : |
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
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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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name and address
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 Provider: Provided by Sole Owner.
Business Category: Importer,
Exporter and Wholesaler.
Employees: 11. (Including Sole Owner)
Main Dealing Banker: Indian
Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
address
Head Office:-
Room 1635, 16/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong.
Branch Company:-
Room 1523C, 15/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]
Ocean Electronics, Hong Kong.
[BR No. 10548309-016]
Metinox International, Hong Kong.
[BR No. 10548309-017]
Related/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
10548309-003-05
MANAGEMENT
Manager: Mr.
Madhur Dugar
Contact Person:
Ms. Cheri Liu
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, etc.
Employees: 11. (Including Sole Owner)
Commodities Imported: China,
India, Russia, etc.
Markets: Other
Asian countries, Europe, etc.
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
condition.
Facilities: Making active use of general
banking facilities.
Payment: No Complaints
Commercial Morality:
Good.
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. The subject has had a number of sister
companies in Hong Kong.
With more than two
decades of experience, Intexport is now one of the significant 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 also has strong links with some of the largest
iron & steel product producers, especially those in China. It has developed good business relationship
with most of the large iron and steel mills in Asia. One of its main China suppliers is Baogang
which is in Shanghai, China.
It provides customers
with 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 such as 201, 202, 400 series and 304.
According to the
subject is trading in the following commodities:-
All grades including
201 series, 300 series, 400 series;
PCM/PPGI used for
appliances manufacturing in cut to size sheets with width above 600 mm and
coils;
Width from 30 mm -
1500 mm depending on the grade needed by customers;
SS like Hinges,
Sinks, cutlery, flexible SS pipes, round bars, etc.
All finishes like
No.1 finish, 2B, BA, 6K, 8k, No.4, HL and PVD coloured stainless steel;
Carbon steel Cold
rolled coils with width above 600 mm.; &
Steel 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.
In former years, the
subject exported about 3,000 to 3,500 MT of stainless steel every month. Now, it just exports about 2,500 to 3,000 MT
every month. This was due to the
sluggish worldwide market.
Its main markets are
India, Bangladesh, Pakistan, Turkey, Ukraine, Egypt, Vietnam, South Korea,
Syria, etc.
In recent years, as
the demands of iron and steel decreases, the subject’s export volume has
decreased. It is predicted that the
worldwide markets will recover by the end of this year.
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 and
equipment, stationery, skin care products, silk and silk fabrics, chemicals,
iron and steel, etc.
Unisilk is an
International Sourcing company dealing in a wide range of products with offices
in Hong Kong, Shenzhen SEZ, Yiwu, Foshan, India, Bangkok and even Vietnam.
Its China offices are
responsible for sourcing commodities from the suppliers in China and the other
Asian countries.
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. However, according to Unisilk, about 55% of
its business is in stainless steel trading while the rest is the other
products.
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.
They are also managers of the subject.
The annual sales
turnover of Unisilk is significant.
Business is profitable.
In June 2016, Unisilk
set up a branch office in 15th floor of the same building. Unisilk has set up a subsidiary known as
Metinox International, Hong Kong, which is also located at the same address.
The subject is fully
supported by Unisilk. Its history in
Hong Kong is over thirty years and a month.
The history of
Unisilk in Hong Kong is over thirty-one years and eight months.
On the whole, in view
of the parentage, history and lines of business of the subject, consider it
good for normal business engagements.
Company
name and 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 (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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Madhur DUGAR |
A3-4, 9/F., Hong Yuen Court, 1-5 Tak Shing Street,
Kowloon, Hong Kong. |
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Sajjan DUGAR |
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 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.08 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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HKD |
1 |
INR 8.29 |
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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VIV |
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Report Prepared
by : |
SYL |
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.