MIRA INFORM
REPORT
|
Report Date : |
20.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MUST
GARMENT CORPORATION LTD. |
|
|
|
|
Registered Office : |
Room 3806, 38/F., Central Plaza, 18 Harbour Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.04.1988 |
|
|
|
|
Com. Reg. No.: |
11830135 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of ll kinds of
fashion garmentsa |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Hong Kong |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company
name
MUST GARMENT CORPORATION LTD.
Company
ADDRESS
20/F., Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2763 6683
FAX: 2793 2148
E-MAIL: sales@mustgarment.com
MANAGEMENT
Managing Director: Mr. Sanjeev Tikam Mahtani
SUMMARY
Incorporated on: 19th April, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$39,000,000.00
Issued: HK$39,000,000.00
Business Category: Garment Trader.
Annual Turnover: About HK$300 million.
Employees: 150.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company
ADDRESS
Registered
Office:-
Room 3806, 38/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Head Office:-
20/F., Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.
Operating
Company:-
Revolutionnaire, Hong Kong.
Holding Company:-
Lazare Co. Inc., British Virgin Islands.
Associated
Companies:-
Kwun Tong Apparels Ltd., Bangladesh.
Lenny Apparels Ltd., Bangladesh.
Lenny Fashions Ltd., Bangladesh.
M.R.S. Fashions W.L.L. Ltd., Bahrain.
Macton Investment Ltd., China.
Must Europe, UK.
Must USA Inc., USA.
Pacha Fabrique SAE, Egypt.
BUSINESS
REGISTRATION NUMBER
11830135
COMPANY
FILE NUMBER
0214159
MANAGEMENT
Managing Director: Mr. Sanjeev Tikam Mahtani
CAPITAL
Nominal Share Capital: HK$39,000,000.00 (Divided into 390,000 shares of HK$100.00 each)
Issued Share Capital: HK$39,000,000.00
SHAREHOLDERS
(As per registry
dated 19-04-2010)
|
Name |
|
No. of shares |
|
Lazare Co. Inc. P.O. Box 3151, Road Town, Tortola, British Virgin Islands. |
|
389,961 |
|
Sanjeev Tikam MAHTANI |
|
39 |
|
|
|
––––––– |
|
|
Total: |
390,000 ====== |
DIRECTORS
(As per registry dated 19-04-2010)
|
Name (Nationality) |
Address |
|
Sanjeev Tikam MAHTANI (Indian) |
Flat B, 25/F., 3 Repulse Bay Road, Hong Kong. |
|
Lazare Co. Inc. |
P.O. Box 3151, Road Town, Tortola, British Virgin Islands. |
SECRETARY
(As per registry dated 19-04-2010)
|
Name |
Address |
Co.
No. |
|
Prinza Ltd. |
Room 3806, 38/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
0334490 |
HISTORY
The subject was incorporated on 19th April, 1988 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered office was located at Room 2001, 20/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, moved to Room 3806, 38/F. of the same building in May 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of fashion garments.
Brand Name: REVOLUTIONNAIRE.
Employees: 150.
Commodities Imported: Imported from China and Bangladesh.
Markets: ndia, Middle East, Africa, etc.
Annual Turnover: About HK$300 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
MEMBERSHIP
The American Chamber of Commerce in Hong Kong.
FINANCIAL
INFORMATION
Nominal Share Capital: HK$39,000,000.00 (Divided into 390,000 shares of HK$100.00 each)
Issued Share Capital: HK$39,000,000.00
Mortgage or Charge (since 2006):-
Date of Charge Over Deposits – CD 1 (06): 11-10-2007
Amount: To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by the Company to Standard Chartered Bank (Hong Kong) Ltd.
Property: 1) By fixed Charge: all the Company’s rights in respect of (i) the sum (time deposit
US$650,000.00) deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above;
2) By assignment: all Deposits held with any SCB Group Company
Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping in a satisfactory manner.
Facilities: Rather actively using general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
Standing: Normal.
GENERAL
Must Garment Corporation Ltd. is a private limited company wholly-owned by Lazare Co. Inc. which is incorporated in the British Virgin Islands.
The subject is a fashion garment trader. It is also the head office of the Must Group.
Having more than 150 employees, the subject has had a product development team with designers and graphic artists who constantly create new designs.
The subject is also the sourcing and logistics arm of the Group which is responsible for the supplying and quality controlling of textiles and accessories to its factories.
The subject is trading in the following commodities:-
· Jacket – Ladies (Excluding Ski-Jacket)
· Suit – Ladies
· Blouses (From Bangladesh)
· Jeans
· Dresses and Skirts (From Bangladesh)
· Shirts (From Bangladesh)
· Trousers
· Slacks
· Tee and Sweat Shirts (From Bangladesh)
· Sport Suits (From Bangladesh)
The subject’s commodities are acquired from local manufacturers while some of its orders are sub-contracted to the garment manufacturers in China and Bangladesh. Finished products are exported to foreign markets such as India, the Middle East, Africa, North America, etc. The subject is responsible for supplying raw materials which are imported from various sources, including Europe, for its affiliated factories in China. Business has been active.
Mainly controlled by the Indian Mr. Sanjeev Tikam Mahtani who have been in Hong Kong for a very long time, the subject’s annual sales amount is very significant.
The Must Group was founded in 1984 by the Mahtani family in Hong Kong with a single office and a handful of employees. Today the Must Group is an international company with more than 10,000 employees supporting the company’s business of manufacturing and supplying high quality garments to top brands in the United States and the European market.
With factories and offices in Hong Kong, the United States, the United Kingdom, China, Bangladesh, Vietnam, Egypt, and Bahrain, the Group has a global presence with exports of over 35 million garments annually. The following firms are the customers of the Must Group: Wal-Mart, Sears, GAP, Target, Federated, H&M, HOHL’S, Marks & Spencer, Primark, ZARA, orsay, C&A, JCPenney, Tommy Hilfiger, etc. The annual sales turnover of the Group ranges from HK$1.2 to 1.5 billion. Business is profitable.
The history of the subject is over twenty-three years.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements.
REMARKS:
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Nov. 1991 |
American Eagle Enterprise |
Must Garment Corporation Ltd. |
Amount due – Goods sold and delivered |
HK$333,433 |
|
June 1994 |
Cheng Chau Wa trading as Cheong Shing Garment Article Co. |
Must Garment Corporation Ltd. |
Amount due – Goods sold and delivered |
HK$689,851 |
|
Aug. 1994 |
Kwan Yick Textile Co. Ltd. |
Must Garment Corporation Ltd. |
Amount due – Dishonoured cheque |
HK$198,563 |
|
Oct. 1995 |
Penrose Industries Ltd. |
Must Garment Corporation Ltd. |
Damages |
Not stated |
Property information of the company:-
Property Location: Whole of 20/F. (including Godowns 01, 02 & 03 and Workshops 08, 09, 10, 11, 12, 13, 14 & 15) and Light Van Parking Space Nos. 10 & 11 on 1/F., Kwong Sang Hong House, 151-153 Hoi Bun Road, Kowloon, Hong Kong.
Owner: Must Garment Corporation Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
08-06-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.53 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.