MIRA INFORM REPORT

 

 

Report Date :

30.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FULL  EVER  INDUSTRIAL  CO.  LTD.

 

 

Registered Office :

Flat 10, 24/F., Lucida Industrial Building, 43-47 Wang Lung Street, Tsuen Wan, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.06.1999

 

 

Com. Reg. No.:

30197746

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Manufacturer and Exporter of all kinds of gloves

 

 

No. of Employees :

10 employees

 

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 :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

FULL  EVER  INDUSTRIAL  CO.  LTD.

 

 

Company ADDRESS

 

Flat 10, 24/F., Lucida Industrial Building, 43-47 Wang Lung Street, Tsuen Wan, New Territories, Hong Kong.

PHONE:            2408 8277

FAX:                 2408 8724

E-MAIL:            fullever@netvigator.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Wong Wa Hee

 

 

SUMMARY

 

Incorporated on:            16th June, 1999.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:             HK$10,000.00

 

Business Category:       Importer, Manufacturer and Exporter.

 

Employees:                  10.

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Flat 10, 24/F., Lucida Industrial Building, 43-47 Wang Lung Street, Tsuen Wan, New Territories, Hong Kong.

 

Affiliated China Factory:-

Foshan Shunde Longde Textile Co. Ltd.

Longzhou West Road, Longjiang Town, Shunde District, Foshan City, Guangdong Province, China.

[Tel: 86-757-23370286

Fax: 86-757-23370289,  23375522

E-mail: longde@longde-textile.com ]

 

 

BUSINESS REGISTRATION NUMBEr

 

30197746

 

 

COMPANY FILE NUMBER

 

 0679322

 

 

MANAGEMENT

 

Managing Director:        Mr. Wong Wa Hee

Contact Person:            Mrs. Lee Yuk Wah

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital:     HK$10,000.00

 

SHAREHOLDERS

(As per registry dated 16-06-2012)

 

            Name

 

No. of shares

LEE Yuk Wah

 

2,000

WONG Wa Hee

 

8,000

 

 

––––––

 

Total:

10,000

 

 

=====

 

 

DIRECTORS

(As per registry dated 16-06-2012)

 

         Name

   (Nationality)

 

Address

WONG Wa Hee

Flat B, 1/F., Kadoorie Hill Garden, 34B-34C Brage Circuit, Kowloon, Hong Kong.

 

LEE Yuk Wah

Flat B, 1/F., Kadoorie Hill Garden, 34B-34C Brage Circuit, Kowloon, Hong Kong.

 

 

SECRETARY 

(As per registry dated 16-06-2012)

 

            Name

Address

Co. No.

Everbright Corporate Consultants Ltd.

Unit 1005, 10/F., Tower B, Hunghom Commercial Centre, 37 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.

0478166

 

 

HISTORY

 

The subject was incorporated on 16th June, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

 

Activities:                      Importer, Manufacturer and Exporter.

 

Lines:                           All kinds of gloves.

 

Employees:                  10.

 

Commodities Imported:

Raw materials - Asian countries.

Finished products - Guangdong Province, China.

 

Markets:                        Asian countries, the United States, Europe, etc.

 

Terms/Sales:                 COD or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, D/A, etc.

 

 

GOVERNMENT CONTRACTS AWARDED:

Date

GN No.

Particulars

Amount

25-02-2005

GN924

Supply of white cotton gloves

HK$2,190,000

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

Indebtedness:               HK$20,000,501.10 

(Total amount outstanding on all mortgages and charges as per last Annual Return dated 16-06-2012)

 

Mortgage or Charge:     (See attachment)

 

Profit & Loss:               Business is profitable.

 

Condition:                     Keeping in an active state.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments on time.

 

Commercial Morality:     Satisfactory.

Bankers:-

·         Hang Seng Bank Ltd., Hong Kong.

·         Shanghai Commercial Bank Ltd., Hong Kong.

Standing:  Normal.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Full Ever Industrial Co. Ltd. is a private limited company jointly owned by Mr. Wong Wa Hee, holding 80% interests, and his spouse Mrs. Lee Yuk Wah, holding 20%.  They are also the Directors of the subject.

The subject is a glove manufacturer.  Having got an affiliated factory known as Foshan Shunde Longde Textile Co. Ltd. [Longde] in Foshan City, Shunde, Guangdong Province, China, the subject is chiefly engaged in manufacturing low-end cotton gloves.

Longde is one of the largest export-oriented string knitted working gloves manufacturers in China.  It manufactures T/C ,100% Cotton and 100% Polyester yarns, 7 Gauge and 10 Gauge string knitted working gloves and elastic yarns.  Longde covers 80,000 sq.m. in building area and its total investment amounted to RMB200 million Yuan.

Longde has been equipped with 2,000 sets Fully Automatic Seamless SHIMA SEIKI Glove Knitting Machines imported from Japan and a set of production equipment for polyester short fibre and cotton yarn spinning.

The annual production capacity of gloves is 20 million dozens.  As for polyester fibre and all cotton yarns, the annual output reaches 6,000 tons and 15,000 tons respectively.  The products are exported to Japan, the United States, Canada, the Middle East, South Asia, Russia, West Europe, South America and other countries.  Longde also has set up sales network in Northeast, Northwest, Southwest and Middle-South of China.

The subject is one of the distributors of Longde’s products.  Business is normal.

In late 2004, the subject got a contract awarded by the Hong Kong SAR Government in the supply of three million pairs of white cotton gloves which were worth about HK$2.2 million, FIS Hong Kong.

The subject’s history in Hong Kong is over thirteen years.

The premises, where is the office of the subject located, is owned by the subject and have been mortgaged to Shanghai Commercial Bank Ltd. which is a Hong Kong‑based bank for securing general banking facilities.

The subject’s total amount outstanding registered with the Registrar of Companies as at mid-June 2012 amounted to HK$20.0 million.

On the whole, consider the subject good for normal business engagements.

REMARKS:

 

Property information of the company:-

1)     Property Location:      Flat B, 1/F. and Car Parking Space No. 11 on Car Park Floor, Kadoorie Hill Garden, Nos. 34B and 34C Braga Circuit, Kowloon, Hong Kong.

Owner:     Full Ever Industrial Co. Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

07-07-2000

-

Hang Seng Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

2)     Property Location:      Workshop No. 10, 24/F., Lucida Industrial Building, 43-47 Wang Lung Street, Tsuen Wan, New Territories, Hong Kong.

Owner:     Full Ever Industrial Co. Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

27-06-2001

-

Shanghai Commercial Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

07-07-2000

Instrument:  Mortgage

Property:
66/769th parts or shares of and in The Remaining Portion of Section B of Subsection 9 of Section A of Kowloon Inland Lot No. 2657 (Flat B on the 1st Floor and Car Parking Space No. 11 on Car Park Floor of Kadoorie Hill Garden, Nos. 34B and 34C Braga Circuit, Kowloon, Hong Kong.)

Mortgagee:  Hang Seng Bank Ltd., Hong Kong.

To secure all money in respect of general banking facilities

27-06-2001

Instrument:       Charge of Receivables (“the Charge”)

Property:

1)   By way of first fixed charge, all the Receivables;

2)   By way of first fixed charge, all credit balance from time to time in the Account;

3)   By way of first floating charge, the property, assets and rights described in sub‑paragraphs (1) and (2) above, if and in so far as, the security created thereupon shall, for any reason, be declared to be invalid, unenforceable or ineffective as first fixed charges under any applicable law for any reason.

Mortgagee:       Shanghai Commercial Bank Ltd., Hong Kong.

All moneys, obligations and liabilities

27-06-2001

Instrument:       Mortgage

Property:

11/2,118th parts or shares of and in The Remaining Portion of Lot No. 485 in Demarcation District No. 443 (Workshop No. 10 on the 24th Floor of Lucida Industrial Building, 43-47 Wang Lung Street, Tsuen Wan, New Territories, Hong Kong.)

Mortgagee:       Shanghai Commercial Bank Ltd., Hong Kong.

To secure all monies general banking facilities

18-07-2012

Instrument:      Mortgage

Property:

All Those 66 equal undivided 769 parts or shares of and in The Remaining Portion of Section B of Subsection 9 of Section A of Kowloon Inland Lot No. 2657 (Flat B on 1/F., and Car Parking Space No. 11 on Car Park Floor, Kadoorie Hill Garden, No. 34B & 34C Braga Circuit, Kowloon)

Mortgagee:      Shanghai Commercial Bank Ltd., Hong Kong.

To secure all monies general banking facilities

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.67

UK Pound

1

Rs.88.05

Euro

1

Rs.69.96

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.