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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
EPIC DESIGNERS LTD. |
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Registered Office : |
7/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.01.1979. |
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Com. Reg. No.: |
05905346 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Trader of all kinds of garments and piecegoods. |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
No Complaints |
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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
EPIC DESIGNERS
LTD.
ADDRESS: 7/F., EGL Tower, 83 Hung To
Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-3512 0800
FAX: 852-2345 8558
E-MAIL: sales@epichk.com
Managing Director: Mr. Ranjan
Tikam Mahtani
Incorporated on: 12th
January, 1979.
Organization: Private
Limited Company.
Capital: Nominal: HK$19,013,000.00
Issued: HK$19,013,000.00
Business Category: Garment
& Fabric trader.
Employees:
120.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
7/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Operating Office:-
6-7/F. & 9/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong
Kong.
Holding Company:-
Alpha Rank Ltd., British Virgin Islands.
Associated Companies:-
Alpha Start Ltd., Hong Kong.
Classic Textiles Ltd., China.
Cosmopolitan Industries Pvt. Ltd., Bangladesh.
EPIC Americas Inc., US.
EPIC Designers (Vietnam) Ltd., Vietnam.
EPIC Designers Ltd., Bangladesh.
EPIC Garments Manufacturing Co. Ltd., Bangladesh.
EPIC Studio, US.
Pearl Garments Co. Ltd., Bangladesh.
05905346
0066867
Managing Director: Mr. Ranjan
Tikam Mahtani
Nominal Share Capital: HK$19,013,000.00 (Divided into 190,130 shares of
HK$100.00 each)
Issued Share Capital: HK$19,013,000.00
(As per registry dated 12-01-2013)
|
Name |
|
No. of shares |
|
Ranjan Tikam MAHTANI |
|
1 |
|
Alpha Rank Ltd. Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin
Islands. |
|
190,129 |
|
|
|
––––––– |
|
|
Total: |
190,130 ====== |
(As per registry dated 12-01-2013)
|
Name (Nationality) |
Address |
|
Ranjan Tikam MAHTANI |
House 12, Villa Rosa, 88 Red Hill Road, Hong Kong. |
|
Alpha Rank Ltd. |
Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin
Islands. |
(As per registry dated 12-01-2013)
|
Name |
Address |
Co. No. |
|
Prinza Ltd. |
Room 3806, 38/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
0334490 |
The subject was incorporated on 12th January, 1979 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 & Fabric trader.
Lines: All kinds of garments
and piecegoods.
Employees: 120.
Commodities Imported: China, India, Taiwan, other Asian countries, Europe, etc.
Markets: Europe, other Asian countries,
Europe, North America, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$19,013,000.00 (Divided into 190,130 shares
of HK$100.00 each)
Issued Share Capital: HK$19,013,000.00
Indebtedness: HK$600,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 12-01-2013)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Good.
Epic Designers Ltd. is a wholly-owned subsidiary of Alpha Rank Ltd.
which is a BVI-registered firm.
The operating address of the subject is located at 6-7/F., & 9/F.,
EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
The subject in fact is a member of the EPIC Group [EPIC/Group].
It is trading in the following commodities:-
Piecegoods - Vegetable Fibre (From China)
Jacket - Men ( Excluding Ski-Jacket)
Suit - Men
Jacket - Ladies (Excluding Ski-Jacket)
Suit - Ladies, Blouses, Jeans, Dresses & Skirts, Shirts, Slacks, Tee
& Sweat Shirts
Products are exported to North America, Europe and Southeast Asia, etc.
Established in 1971, EPIC has changed from a buying agent to today a
large multinational company with manufacturing facilities in Asia employing
over 15,000 people.
EPIC produces its own collections for the Spring, Summer, Fall and
Holiday seasons with over 100 new fabrics developed for each season.
EPIC maintains design studios in Hong Kong and London managed by
industry veterans who work with its customers and their design teams to
collaborate on product development.
Partnering with its customers, EPIC manufactures clothing for the United
States, Central America, Europe, Japan and Canadian markets, for customers like
Abercrombie & Fitch, Macy’s, Nautica, Lee, Wrangler, Gap, Wal-mart, Haggar,
Next, Levi’s,
The other customers include JC Penney, Jones Apparel Sears, Kohl’s, VF
Corporation, H&M, M&S, Walt Disney, etc.
The subject has had an associated company in Hong Kong known as Alpha
Start Limited which is the supply chain for the EPIC group. The Group sources all the textiles and
accessories via this firm required by its manufacturing centres. Currently, the Group’s manufacturing
facilities located in Bangladesh, Vietnam and China manufacture over 36 million
garments a year.
The Group’s China factory Classic Textiles Ltd. [CTL] is in Wuxi City,
Jiangsu Province, China. CTL exports
over 35 million yards of fabric annually.
The subject is headed by Mr. Ranjan Tikam Mahtani who planned to create
a garment facility in India in 2005.
Now, he has set up Denim Textile Plant in Bangladesh. The consolidated plant known as Cosmopolitan
Industries Pvt. Ltd. in India was put into operation in April 2006.
The subject has about 120 employees in Hong Kong.
As the history of the subject is over 34 years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
28-02-2007 |
Instrument: Assignment of DC Proceeds re export
bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial
owner, all monies in any currency representing proceeds payable or to be paid
to the customer under the Documentary Credits, all the customer’s right,
title and interest in the said Documentary credit and the benefit of all
powers and remedies for enforcing the Documentary credits Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
customer against documents submitted under a Documentary credit, all monies
& liabilities in any currency owing by the customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
|
20-07-2011 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s right in respect
of any amount standing to the credit of the account from time to time and the
debt represented by it Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities of Alpha Start Ltd. and Epic Designers Ltd. to
the Bank or to any other company of the Standard Chartered Group being
Standard Chartered Bank, the holding company, subsidiary or associated
company of SCB anywhere |
|
20-07-2011 |
Instrument: Security Agreement over Securities Property: 1) By way of first fixed
charge: (a) All specified securities; (b) All specified securities; (c) All related rights of a capital nature; (d) All related rights of an income nature; (e) Where specified securities are held in a relevant system; and 2) By way of assignment,
all the Chargor’s rights, title and interest, present and future, in and to
any Specified Securities and any Related Rights Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities of Alpha Start Ltd. and Epic Designers Ltd. to
the Bank or to any other company of the Standard Chartered Group being
Standard Chartered Bank, the holding company, subsidiary or associated
company of SCB anywhere |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.