MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	TRIMODE’82 LTD.
Formerly Known As :	Tricova Trading Ltd.
Registered Office :	Room 5-6, 17/F., Laurels Industrial Centre, 32 Tai Yau Street, San Po Kong, Kowloon
Country :	Hong Kong
Date of Incorporation :	24.04.1979
Com. Reg. No.:	06046232
Legal Form :	Private Limited Company
Line of Business :	Manufacturer and Exporter of Bathrobes, blouses, dresses, jackets, pants, pyjamas, shirts, shorts, skirts, waistcoats, etc.
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 :	---

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Hong Kong	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Source : CIA

Company name

TRIMODE’82 LTD.

Company ADDRESS

Room 5-6, 17/F., Laurels Industrial Centre, 32 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.

PHONE: 2350 0728, 2350 0403

FAX: 2328 3244, 2352 6243

E-MAIL: trimode@netvigator.com

MANAGEMENT

Managing Director: Mr. Wu Shing Tak, Jimmy

SUMMARY

Incorporated on: 24th April, 1979.

Organization: Private Limited Company.

Capital: Nominal: HK$200,000.00

Issued: HK$150,000.00

Business Category: Garment Trader.

Annual Turnover: HK$40-45 million.

Employees: 10.

Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Hang Seng Bank Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 5-6, 17/F., Laurels Industrial Centre, 32 Tai Yau Street, San Po Kong, Kowloon, Hong Kong.

Associated Company:-

Jiangsu Top Classic Garments Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

06046232

COMPANY FILE NUMBER

0069031

MANAGEMENT

Managing Director: Mr. Wu Shing Tak, Jimmy

Directress & Sales Contact: Ms. Siu Chi An, Maggie

CAPITAL

Nominal Share Capital: HK$200,000.00 (Divided into 20,000 shares of HK$10.00 each)

Issued Share Capital: HK$150,000.00

SHAREHOLDERS

(As per registry dated 24-04-2012)

Name.		No. of shares
WU Shing Tak		13,350
SIU Chi An, Maggie		1,650
		––––––
	Total:	15,000 =====

DIRECTORS

(As per registry dated 24-04-2012)

Name (Nationality)	Address
SIU Chi An, Maggie (British)	House J62, Marina Cove, Stage IV, Sai Kung, New Territories, Hong Kong.
WU Shing Tak (British)	House J62, Marina Cove, Stage IV, Sai Kung, New Territories, Hong Kong.

SECRETARY

SIU Chi An, Maggie (As per registry dated 24-04-2012)

HISTORY

The subject was incorporated on 24th April, 1979 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Tricova Trading Ltd., name changed to the present style on 17th August, 1982.

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

OPERATIONS

Activities: Manufacturer and Exporter.

Lines: Bathrobes, blouses, dresses, jackets, pants, pyjamas, shirts, shorts, skirts, waistcoats,

etc.

Brand names: “MNG”, “Klingel”, “Diesel”, “Jaspeer”.

Office Area: 465 sq.m.

Employees: 10.

Materials/Commodities: Mainly imported from Europe, Southeast Asia, China and also bought in Hong Kong.

Markets: US, Germany, other countries of the European Union, Japan, South Korea, Taiwan, etc.

Annual Turnover: HK$40-45 million.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C and T/T.

FINANCIAL INFORMATION

Nominal Share Capital: HK$200,000.00 (Divided into 20,000 shares of HK$10.00 each)

Issued Share Capital: HK$150,000.00

Profit or Loss: Traded at a small profitable angle.

Condition: Keeping in a satisfactory manner.

Facilities: Making active use of general banking facilities.

Payment: Regularly met.

Commercial Morality: Satisfactory.

Bankers:-

· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Hang Seng Bank Ltd., Hong Kong.

Standing: Good.

GENERAL

Trimode’82 Ltd. is a private limited company jointly owned by a couple Mr. Wu Shing Tak, holding 89% interests, and Ms. Siu Chi An, holding 11%. They are also directors of the subject.

The subject is a garments trader. It carries the following products:-

· Jacket - Men (Excl Ski-Jacket)(Include OEM)

Jacket - Ladies (Excl Ski-Jacket)(Include OEM)

Coat/Jacket - Children (Include OEM)

Dress & Skirt - Children (Include OEM)

Shirt - Children (Include OEM)

Shorts & Trousers - Children (Include OEM)

Sport & Tee-Shirt - Children (Include OEM)

Blouse - Embroidered (Include OEM)

Blouse - Plain (Include OEM)

Jeans (Include OEM)

Dresses & Skirts (Include OEM)

Shirt - Woven & Knitted (Include OEM)

Trousers (Pants, shorts - Include OEM)

Slacks (Pants, shorts - Include OEM)

Tee & Sweat Shirts (Include OEM)

Pyjamas (Include OEM)

Track & Training Suit (Include OEM)

Most of the products bear the trade marks of “MNG”, “Klingel”, “Diesel”, “Jaspeer”.

Commodities are acquired from local manufacturers or the manufacturers in Guangdong Province, China. Garments are exported to the United States, Europe, Taiwan, South Korea and Japan.

The subject has had an associated factory in Jiangsu Province, China known as Jiangsu Top Classic Garments Co. Ltd. [Top Classic] which was founded in 2005. The total investment of this factory was about US$2 million. It was formally put into production in the second quarter of 2006.

The annual production capacity of Top Classic is about 2 million units of garments. Covering an area of 26,400 sq.m., Top Classic currently is employing about 300 persons.

Business has been satisfactory. The subject is responsible for supplying Top Classic in China with raw materials which are mainly imported from Europe and other Asian countries.

Mr. and Mrs. Wu have been engaged in garment manufacturing for more than forty years.

The annual sales turnover of the subject ranges from HK$40 to 45 million. Making a small profit every year.

Having a history of over thirty-three years, the subject is considered good for normal business engagements.

REMARKS:

Court case record:-

Date	Plaintiff	Defendant	Cause	Amount
Nov. 1998	Guardian Property Management Ltd.	Trimode’82 Ltd.	An injunction	Not stated

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

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.