MIRA
INFORM REPORT
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Report Date : |
20th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MUST GARMENT CORPORATION LTD. |
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Registered Office : |
20/F, Kwong Sang Hong Centre,
151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong. |
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Country : |
Hong
Kong |
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Date of Incorporation : |
19.4.1988 |
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Com. Reg. No.: |
214159 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Engaged
in manufacturing & supply of garments (for men, women & children). |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
MUST
GARMENT CORPORATION LTD.
20/F, KWONG SANG HONG CENTRE,
151-153 HOI BUN ROAD, KWUN TONG, KOWLOON, HONG KONG.
TEL : 852 27636683
FAX : 852 27932148
EXECUTIVE SUMMARY
INCORPORATION DATE :
19-4-1988
REGISTRATION NO. :
214159
REGISTERED LEGAL FORM : PRIVATE LIMITED CO.
CHIEF EXECUTIVE :
MAHTANI SANJEEV TIKAM (DIRECTOR)
STAFF STRENGTH :
150.
AUTHORIZED CAPITAL : HKD 39M = 390,000 SHARES @ HKD100
PAID-UP
CAPITAL : HKD 39M
BUSINESS LINE :
MANUFACTURE & SUPPLY OF GARMENTS
TURNOVER :
N/A (AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY
STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80840 = USD1 AS OF 2007-02-16
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
SC is a
private limited company registered under incorporation file no. 214159 on
19-4-1988.
SC's
shareholders & directors are shown to be as follows:
Shareholders (as at 19-4-2006) Number
of shares held
Lazare Company Inc. 389,961
Mahtani Sanjeev Tikam 39
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390,000
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Directors
(as at 19-4-2006)
Mahtani
Sanjeev Tikam / XD838196(3)
Lazare Company
Inc.
The
above registration information is based on SC's annual return filed at
Companies Registry within the last 2 years.
No
material change or amendment regarding SC has been traced & noted within
last 2 years.
SC's
registered office address: Unit 2001,
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong which is maintained as an
office by Horwath Management Services Ltd., SC's corporate secretary.
This
section will contain the civil litigations & winding-up petitions filed
against SC for the last 6 years (as stored in our database), and the
mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited
co is not required to be registered in the public records.
Civil litigation/winding-up petitions : (X)
see below ( ) see attached sheet
Date :
26-2-2003 / 17-4-2003 / 23-5-2003
Defendant(s) : SC
Plaintiff(s) : Crystal Town Ltd.
Cause of claim : Goods sold
& delivered
Claimed amount : ANS
Date :
9-11-2004
Defendant(s) : SC
Plaintiff(s) : The Montage Accessories Co.
Ltd.
Cause of claim : Goods sold
& delivered
Claimed amount : ANS
Mortgage/charge record(s) : (X)
see below ( ) see per attached
Creation date :
24-3-2005
Charger(s) : SC
Chargee(s) : DBS
Bank (Hong Kong) Ltd.
Secured amount : ANS
Charge particulars :
Charge on Cash Deposit
Creation date :
3-12-2004
Charger(s) : SC
Chargee(s) :
HSBC
Secured amount : ANS
Charge particulars :
Security over Deposits (Deposit: US$1,501,522.01)
Mortgage
Index:
Year(s)
in which mortgage registration(s) are filed: 1992, 1994 - 2001, 2003-2005
Year(s)
in which mortgage satisfaction record(s) are filed: 1995 - 2001, 2003-2005
Lazare
Company Inc. is SC's major shareholder & corporate director, whose partial
information is as follows:
Registered/business
address: P.O.Box 3151, Road Town, Tortola, British Virgin Islands.
Business
line: As an offshore investment holding co.
Civil
litigation & winding-up petition records: None in our database
Mahtani
Sanjeev Tikam, director:
- He is
by Indian nationality
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Embarked upon his career to present field as an executive trainee in his mid
20's
Currently
active in SC's day-to-day operations & is responsible for its management.
Registered
residential address: Flat B, 25/F., No.3 Repulse Bay Road, Hong Kong.
Credit history check : This refers to a check of our database
whether the said person has been involved in any of the following records
stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt
collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership
background appraisal:
Rating : 2 Obtained scores : 68 (see
explanatory notes below)
Keys : 1 : scores
81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating
indicates the personal financial & operational strength of SC's major
principals. It is calculated from a
composite of scores obtained from the following 5 factors which carry equal
weight in our analysis:
Personal
financial strength, credit history & trade reputation, business experience
& track record, market connection and management skill.
Business
categories :
SC is
engaged in manufacturing & supply of garments (for men, women &
children).
Items available
include skirts, jackets, blouse, shorts, pants, trousers and dresses.
Production
is assigned to the following affiliated factories/joint venture factories:
(1)
Lenny Fashions Ltd.
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Location: Bangladesh
- Gross
area: 210,000 sq.ft.
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Workforce: 4,000
(2)
M.R.S. Fashions W.L.L. Ltd.
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Location: Bahrain
- Year
established: 2000
- Gross
area: 40,000 sq.ft.
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Workforce: 600
(3)
Pacha Fabrique SAE
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Location: Egypt
- Year
established: 2005
- Gross
area: 60,000 sq.ft.
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Workforce: 900
(4) Kwun
Tong Apparels Ltd.
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Location: Bangladesh
- Year
established: 2006
- Gross
area: 1M sq.ft.
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Workforce: 10,000
SC's
patrons include:
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Wal-Mart
- Sears
- Gap
- Target
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Primark
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Brandtex
- Tommy
Hilfiger
Principal
purchases :
Major types of
sourcing : Raw materials
Local--type of
suppliers : Importers &
manufacturers
Buying terms : COD & credit of
30 to 60 days
Overseas--supplying
countries : PR China, SE Asia &
other Asian countries
Buying terms : L/C & T/T
Principal
market :
Local--type of
customers : Nil
Selling terms : Nil
Overseas--buying
countries : USA & Europe
Selling terms : L/C & T/T
Total number of employees : 150.
Location: Maintaining its office at the heading
business address which occupies a gross area of 15,000 sq.ft. at an industrial
building in an industrial district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
Affiliates:
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- Macton
Investment Ltd. (in PR China)
- Must
USA Inc. (in USA)
Overall
payment appraisal :
( ) Excellent ( ) Good (X) Average ( ) Fair (
) Poor ( ) Not yet determined
The
appraisal serves as a reference to reveal SC's payments habits and ability to
pay. It is based on the 3 weighed
factors: Trade payment experience
(through current enquiry with SC's suppliers), our delinquent payment records
and our debt collection record concerning SC.
Trade payment experience : SC
did not provide any name of trade/service suppliers and we have no other
sources to conduct the enquiry at present.
Delinquent
payment record : None in our database.
Debt collection
record : No overdue amount owed by SC was placed to us
for collection within the last 6 years.
Banking
relations are maintained principally with:
- HSBC
- DBS
Bank (Hong Kong) Ltd.
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Industrial & Commercial Bank of China (Asia) Ltd.
During
our report preparation, the principals could not be contacted while the staff
members hesitated to release financial information without the principals'
consent.
As per
current co. search, total amount of indebtedness of SC in respect of all
mortgages and charges which are required to be registered with Companies
Registry as at 19-4-2006 was nil.
SC is
considered an old-established business with acceptable financial base to meet
fairly large amount of credit dealings.
NOTE:
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Current
land search indicated that SC was involved in the following property transaction:
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Address: Unit 12, Villa Rosa, 88 Red Hill Road, Tai Tam, Hong Kong.
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Assignor: SC
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Assignee: Banca Ltd.
- Date
of disposal & amount: 31-3-2005 / HKD29.5M
The said
premises was formerly purchased by SC at a consideration of HKD59M on 10-6-2004.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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