|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
Evergreen Garments & Fabrics (HK) Ltd. |
|
|
|
|
Registered Office : |
Room 35, 8/F., Man Fai Building, 33-39 Man Yuen Street, Ferry Point,
Yaumatei, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
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Date of Incorporation : |
21.12.2007 |
|
|
|
|
Com. Reg. No.: |
38924733 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Trader of all kinds of garments. |
|
|
|
|
No. of Employees : |
Nil |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
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|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012,
an increase of 59% from the previous 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 34.9
million in 2012, 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 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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, and less than 2% in 2012.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly and inflation to rise 4.1% in 2012. 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
EVERGREEN GARMENTS
& FABRICS (HK)
LTD.
ADDRESS: Room
35, 8/F., Man Fai Building, 33-39 Man Yuen Street, Ferry Point, Yaumatei,
Kowloon, Hong Kong.
PHONE: 2384 0744
Managing Director: Mr. Jeetender
Sharma
Incorporated on: 21st December, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Garment Trader.
Employees: Nil.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 35, 8/F., Man
Fai Building, 33-39 Man Yuen Street, Ferry Point, Yaumatei, Kowloon, Hong Kong.
Associated Company:-
Vee Pee Global
Ltd., Hong Kong. [Under Compulsory
Winding Up]
38924733
1197799
Managing
Director: Mr. Jeetender Sharma
Nominal Share
Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100,00 each)
Issued Share
Capital: HK$1,000,000.00
(As
per registry dated 21-12-2012)
|
Name |
|
No.
of shares |
|
Jeetender
SHARMA |
|
8,000 |
|
Manish SHARMA |
|
2,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As
per registry dated 21-12-2012)
|
Name (Nationality) |
Address |
|
Manish SHARMA |
Room 35, 8/F., Man Fai Building, 33-39 Man
Yuen Street, Ferry Point, Yaumatei, Kowloon, Hong Kong. |
|
Jeetender SHARMA |
Room 35, 8/F., Man Fai Building, 33-39 Man
Yuen Street, Ferry Point, Yaumatei, Kowloon, Hong Kong. |
(As
per registry dated 21-12-2012)
|
Name |
Address |
Co.
No. |
|
Akin
Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The
subject was incorporated on 21st December, 2007 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.
Activities: Garment Trader.
Lines: All kinds of garments.
Employees: Nil.
Commodities Imported: China and other Asian countries.
Markets: India, other Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100,00 each)
Issued Share Capital: HK$1,000,000.00
Profit & Loss: Making a small profit every year.
Condition: Keeping in a fairly active manner.
Facilities: Rather actively using general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued 10,000 ordinary shares of HK$100.00 each, Evergreen Garments & Fabrics
(HK) Ltd. is jointly owned by two Indian, namely, Mr. Manish Sharma,
holding 20%; and Mr. Jeetender Sharma, 80%. They are also directors of the subject.
The
subject’s registered address is in a private building located at Room 35, 8/F.,
Man Fai Building, 33-39 Man Yuen Street, Ferry Point, Yaumatei, Kowloon, Hong
Kong. This is the Hong Kong residence of
the Sharmas.
The
residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The
subject is a garment trader. Currently,
it is manufacturing the following commodities and offering clients with the
following services:-
|
Product/Service |
Product/Service
Remarks |
|
Garments (Men’s,
Women’s and Children’s) |
|
|
Trousers and
Slacks |
|
|
Slacks |
|
|
Trousers |
|
|
Shirts |
From
China, Philippines, Indonesia, Thailand, India |
|
Dresses and
Skirts |
From
China, Philippines, Indonesia, Thailand, India |
|
Denim Garments |
|
|
Jeans |
From
China, Philippines, Indonesia, Thailand, India |
|
Blouses |
From
China, Philippines, Indonesia, Thailand, India |
|
Suits and
Jackets – Women’s |
From
China, Philippines, Indonesia, Thailand, India |
|
Suits and
Jackets – Men’s |
From
China, Philippines, Indonesia, Thailand, India |
|
Footwear |
|
|
Sport Shoes |
From
China, Philippines, Indonesia |
|
Footwear –
Rubber and Textile |
From
China, Philippines, Indonesia |
|
Footwear – PVC
and Plastic |
From
China, Philippines, Indonesia |
|
Footwear –
Leather |
From
China, Philippines, Indonesia |
The
subject’s major customers are spread over Europe, the United States, South
America and the Gulf Countries. Its
major suppliers are located in China, South Korea, India, the Philippines,
Indonesia and Taiwan.
The
subject has had an associated company Vee Pee Global Ltd. [Vee Pee] which is
also a Hong Kong-registered firm located at a different address. However, this firm is under Compulsory
Winding Up.
Having
issued 100,000 ordinary shares of HK$100.00 each and incorporated on 15th
August, 2003, Vee Pee is jointly owned by three Indian, namely, Mr. Vinod
Kumar Sharma, holding 70% interests; Mr. Prem Khemchand Lalwani, holding 20%;
and Mr. Jeetender Sharma, 10%. They
are also directors of the subject.
The
subject’s history in Hong Kong is over five years. Business is fairly active.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, on the whole, consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.