MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
PACIFIC POTENTIAL TRADING CO. LTD. |
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Registered Office : |
37/F., One |
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Country : |
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Date of Incorporation : |
13th September, 1985. |
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Com. Reg. No.: |
10005781 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of All kinds of Garments. |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
PACIFIC
POTENTIAL TRADING CO. LTD.
ADDRESS
37/F., One
PHONE: 2263 3923, 2263 3900
FAX: 2797 8417
E-MAIL: ppttammy@glorisun.com
MANAGEMENT
Managing Director: Ms. Cheung Man Yee, Carmen
SUMMARY
Incorporated on: 13th September, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$200,000.00
Business Category: Garment Trader.
Group Revenue: HK$4,783,880,000 (Year ended 31-12-2007)
Group Employees: About 30,000. (As at 31-12-2007)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Good.
ADDRESS
Registered Head Office:-
37/F.,
One
Immediate Holding Company:-
Glorious Sun Industries (BVI) Ltd., British Virgin Islands/Hong Kong.
Penultimate Holding Company:-
Glorious Sun Enterprises (BVI) Ltd., British Virgin Islands/Hong Kong.
Ultimate Holding Company:-
Glorious Sun Enterprises Ltd., Bermuda/Hong Kong.
Affiliated Companies:-
Glorious Sun Group of
Companies
Advancetex Fashion Garment Mfy. (Hui Zhou) Ltd.,
Advancetex International Trading (HK) Co. Ltd., Hong Kong.
Advancetex Investment Ltd., Hong Kong/China.
Chapman International
Dongguan Ming Hoi Dyeing & Finishing Factory Co. Ltd.,
Full Yuen Investments Ltd.,
Gennon (
Gennon Industries Ltd.,
Glorious Sun Licensing (L) Ltd., Malaysia/Hong Kong.
Glorious Sun Overseas Co. Ltd., Hong Kong.
Glorious Sunshine Textiles Co. Ltd.,
Gold Treasure Investment Ltd.,
Goldpromise Ltd., British Virgin Islands/Hong Kong.
Hubei Xian Garment Mfg. Co. Ltd.,
I.T China Ltd.,
Jeanswest (BVI) Ltd., British Virgin Islands/Hong Kong.
Jeanswest Corporation (
Jeanswest Corporation Pty. Ltd.,
Jeanswest International (H.K.) Ltd., Hong Kong/China.
Jeanswest International (L) Ltd., Malaysia/Hong Kong.
Jeanswest Investments (
Jeanswest Wholesale Pty. Ltd.,
Main Pui Investments Ltd.,
Mingshi Dyeing Factory Co. Ltd.,
Nanjing Jiangda Clothes Co. Ltd.,
Quiksilver Glorious Sun JV Ltd., Hong Kong.
Rays Apparel (H.K.) Ltd., Hong Kong.
Rays Apparel Inc.,
Rays The Glorious Investment (BVI) Ltd., British Virgin Islands/Hong Kong.
RTG Garments Manufacturing (HK) Ltd., Hong Kong.
Shamoli Garments Ltd.,
Shijiazhuang Changhong Building Decoration Engineering Co.
Ltd.,
Sparrow Apparels Ltd.,
Taizhou
Famebish Apparel Co. Ltd.,
The Glorious Sun Fashion Garment Manufactory (H.K.) Ltd., Hong Kong.
etc.
BUSINESS REGISTRATION NUMBER
10005781
COMPANY FILE NUMBER
158101
MANAGEMENT
Group Chairman: Dr. Yeung Chun Kam (alias Charles Yeung)
Group Vice Chairman & General Manager: Mr. Yeung Chun Fan
Managing Director: Ms. Cheung Man Yee, Carmen
CAPITAL
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
SHAREHOLDERS
(As per registry dated 13-09-2007)
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Name |
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No. of shares |
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Glorious Sun Industries (BVI) Ltd. |
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199,999 |
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YEUNG Chun Kam |
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1 |
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––––––– |
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Total: |
200,000 ====== |
DIRECTORS
(As per registry dated 13-09-2007)
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Name (Nationality) |
Address |
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CHEUNG Man Yee, Carmen |
Flat B, 2/F., Skyscraper, |
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CHOW Hing Ping |
House C6, Seaview Villa, Sha
Ha, Sai Kung, New Territories, |
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Flat E, 11/F., Silverfair Mansion, 2E, Shiu Fai Terrace, Stubbs Road, Hong Kong. |
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YEUNG Chun Kam |
Flat E, 26/F., |
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YEUNG Chun Fan |
12A/F., Block D, Skyscraper, 138 Tin Hau Temple Road, North Point, Hong Kong. |
SECRETARY
(As per registry dated 18-07-2008)
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Name |
Address |
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Glorious Sun Enterprises Services Ltd. |
38/F., One |
566213 |
HISTORY
The subject was incorporated on 13th September, 1985 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Lankind Industries Ltd., name changed to the present style on 31st January, 1986.
Last time, the subject was located at 4/F., Glorious Sun Group Building, 97 How Ming Street, Kwun Tong, Kowloon, Hong Kong, moved to the present address with effect from 18th July, 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of garments.
Employees: About 30,000. (As at 31-12-2007)
Materials/Commodities: Imports raw materials
from European countries, some Asian countries and finished products from
Markets: Worldwide.
Group Revenue: HK$3,310,309,000 (Year ended 31-12-2003)
HK$3,583,751,000 (Year ended 31-12-2004)
HK$3,802,398,000 (Year ended 31-12-2005)
HK$4,397,359,000 (Year ended 31-12-2006)
HK$4,783,880,000 (Year ended 31-12-2007)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
MEMBERSHIP
The
Chinese Manufacturers’ Association of
FINANCIAL INFORMATION
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
Group Net Profit: HK$257,291,000 (Year ended 31-12-2003)
HK$272,743,000 (Year ended 31-12-2004)
HK$291,485,000 (Year ended 31-12-2005)
HK$313,658,000 (Year ended 31-12-2006)
HK$553,275,000 (Year ended 31-12-2007)
Group Net Worth: HK$1,342,399,000 (As at 31-12-2003)
HK$1,470,253,000 (As at 31-12-2004)
HK$1,663,138,000 (As at 31-12-2005)
HK$1,723,002,000 (As at 31-12-2006)
HK$2,057,833,000 (As at 31-12-2007)
Profit & Loss: The Group makes a profit every year.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
The
Hongkong & Shanghai Banking Corp. Ltd.,
Standard
Chartered Bank (Hong Kong) Ltd.,
Bank
of
Citibank N.A., Hong Kong Branch.
Bank
of
Standing: Good.
GENERAL
Pacific Potential Trading
Co. Ltd. is a wholly-owned subsidiary of Glorious Sun Industries (BVI) Ltd., a
BVI-registered firm. Glorious Sun
Industries (BVI) Ltd. in turn is a wholly-owned subsidiary of Glorious Sun
Enterprises Ltd. [GSEL], a
GSEL was incorporated in
The Group also provides
apparel design, and merchandising and buying agency services to its OEM export
customers at a fee for the purpose of rendering comprehensive services. The Group is also trading in fabrics. The Group maintain its head office in
The apparel manufactured by
the Group for retail are marketed and sold under the Group’s “JEANSWEST”
and, to a much lesser extent, “CODE BLEU” brandnames. The “JEANSWEST” series comprises
ladies, men and unisex casual wear which include T-shirts, polo shirts, woollen
sweater, blouses, skirts, jackets, vests, jeans, trousers and shorts. They are sold in the Group’s “JEANSWEST”
shops in the PRC and
The Group also exports a
wide range of men and ladies casual wear under customers’ brandnames (such as “GAP”, “JC Penney”, “Phillip Van Heusen”, “Structure” and “Hagger”) to the United States and Canada,
according to the customers’ designs and specifications.
The manufacturing operations
of the Group was first established in 1974.
Now, the Group’s products include jeans, pants, shorts, T-shirts,
shirts, sweaters, skirts, jackets, vests, trousers, and swimwear, as well as
accessories, including slippers, sandals, fleece, pillows, waist packs, socks,
and bags.
As of 31st December, 2007,
the Group operated 1,940 retail stores, of which 777 stores were operated under
franchised arrangements. It also
involves in other businesses; provision of agency services and production
management services; import and distribution of textile products; and property
holding and provision of management services.
In addition, the Group is also engaged in the provision of dyeing and
knitting services; and interior decoration and renovation services.
The Group operates primarily
in Mainland
For the year ended 31st
December, 2007, the sales of the Group amounted to HK$4,783.9 million, grew by
8.8% as compared with HK$4,397.4 million in FY 2006; profit attributable to
equity holders was HK$515.7 million, grew by 89.9% as compared with HK$271.6
million in FY 2006. The profit of the
Group in FY 2007 was good.
During FY 2007, the
Furthermore, it is due to
the recent worldwide financial crisis, the Group’s business will unavoidably be
affected substantially.
The subject is fully
supported by the Group.
On the whole, consider the subject good for
normal business engagements.
REMARKS
Brief information of the principal directors:-
Dr.
YEUNG Chun Kam, SBS, JP, alias Charles YEUNG, aged 61, is the founder and
Chairman of the Group. He is responsible
for the Group’s business strategies. Dr.
Yeung has over 35 years of experience in the garment industry. He was an awardee of the “Young Industrialist
Award of Hong Kong” in 1991 and was conferred an honorary doctorate degree by
the
Mr.
YEUNG Chun Fan, aged 55, is the Vice-Chairman and General Manager of the
Group which he joined in 1975. He has
over 30 years of experience in the garment industry. Mr. Yeung is an Honorary Fellow Member of the
Hong Kong Institution of Textile and Apparel, the President of The Federation
of Hong Kong Garment Manufacturers, an advisory professor of the
Ms.
CHEUNG Man Yee, Carmen, aged 57, joined the Group in 1982 and is responsible
for the Group’s product development and marketing operations. Ms. Cheung graduated from the
Court Cases: None per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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. |
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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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%)