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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
EVERTREND TEXTILE LTD. |
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Registered Office : |
Unit 3 & 5, 7/F., |
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Country : |
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Date of Incorporation : |
13.03.2003 |
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Com. Reg. No.: |
33625356 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of All kinds of fabrics. |
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No. of Employees : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
EVERTREND TEXTILE
LTD.
ADDRESS: Unit 3 & 5, 7/F., Laws Commercial
Plaza, 788 Cheung Sha Wan Road, Kowloon,
Hong Kong.
PHONE: 852-3106 8122
FAX: 852-3106 3932
E-MAIL: tamvirginia@evertrend.com.hk
Managing Director: Ms. Tam Yin Ming, Virginia
Incorporated on: 13th
March, 2003.
Organization: Private
Limited Company.
Issued Share Capital: HK$600,000.00
Business Category: Fabric Trader.
Employees:
26.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong
Kong.
Banking Relation: Satisfactory.
EVERTREND TEXTILE
LTD.
ADDRESS:
Registered Head
Office:-
Unit 3 & 5, 7/F., Laws Commercial Plaza, 788 Cheung Sha Wan Road, Kowloon, Hong Kong.
Associated
Company:-
Shiny China Holdings Ltd., Hong Kong.
33625356
0838068
Managing Director: Ms. Tam Yin
Ming, Virginia
HK$600,000.00
(As per registry dated 13-03-2014)
|
Name |
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No. of shares |
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TAM Yin Ming, Virginia |
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600,000 ====== |
(As per registry dated 13-03-2014)
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Name (Nationality) |
Address |
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TAM Yin Ming, Virginia |
Flat B, 3/F., Block 5, One Beacon Hill, Kowloon,
Hong Kong. |
(As per registry dated 13-03-2014)
|
Name |
Address |
Co. No. |
|
Wellink Business Services Ltd. |
Room 802-804, 8/F., Kin Wing Commercial Building, 24-30 Kin Wing
Street, Tuen Mun, New
Territories, Hong Kong. |
1730678 |
The subject was incorporated on 13th March,
2003 as a private limited liability company under the Hong Kong Companies
Ordinance.
Originally the subject was registered under
the name of Evertrend Holdings, name changed to the
present style on 19th May, 2003.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Fabric
Trader.
Lines: All
kinds of fabrics.
Employees: 26.
Commodities Imported: China, Europe, etc.
Markets: China,
Other Asian Countries, Southeast Asia, EU, US, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Issued Share Capital: HK$600,000.00
Mortgage or Charge:-
Date of Security
Over Deposit in respect of Obligations of the Depositor: 06-11-2009
Amount: All monies and liabilities
Property: By way of first fixed charge to the Chargee the account no.: 861060048500 and all deposits from
time to time therein which expression includes all and every deposit and any
currency into which such sums may from time to time be converted, any renewal
or substitution of such deposits and all interest payable thereon and all the
right, title, benefit and interest whatsoever, present and future, of the
Borrower together with all deposit receipts in respect thereof, free from any
lien, charge or encumbrance of any kind, to the intent that such charge shall
operate as a continuing security over the Deposits to the Chargee
until all such moneys, obligations and liabilities have been paid or
discharged.
Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
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.
Banker:
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing:
Normal.
Having issued 600,000 ordinary shares of HK$1.00 each, Evertrend Textile Ltd. is wholly owned by Ms. Tam Yin Ming,
Virginia who is a Hong Kong businesswoman.
She is also the only director of the subject.
Formerly 299,999 shares were held by Mr. Cheng Yiu,
Freddie while Tam Yin Ming held 300,001 shares.
The former transferred all the shares to the latter on 22nd April, 2013
and since then, Tam Yin Ming has become the sole shareholder.
The subject is trading in the following products: Piecegoods
- Vegetable Fibre, Drill - Cotton, Woven, Denim -
Cotton, Woven, Cambric - Cotton, Woven, Canvas - Cotton Blended, Woven, Drill -
Cotton Blended, Woven, Calico - Cotton Blended, Woven, Denim - Cotton Blended,
Woven, Corduroy - Cotton Blended, Woven, Chambray - Cotton Blended, Woven,
Cambric - Cotton Blended, Woven, Piecegoods -
Synthetic, Fabric - Synthetic, Knitted, etc.
The subject is a woven fabric supplier located in Hong Kong for China
productions with a rather good reputation in the textiles industry. It produces various kinds of woven fabric for
its customers in the United States and the European Union countries. It also has had customers in China. Its major products are woven fabrics in
cotton or natural fibres, including stretch and rigid
items, for all kinds of garments.
According to the subject, the followings are some of its main customers:
Target, Kohls, Jcp, Sears,
Gap, Express, Polo, etc.
The subject has had associated factory in China which is ISO 9001 and
9002 certified. The monthly production
capacity of the China factory is about 2 million yards.
The subject also receives OEM orders.
The production lead-time rages from 45 to 60 days after order
confirmation.
The subject has an associated company known as Shiny China Holdings Ltd.
which is a Hong Kong-registered company.
This company is trading the same commodities as the subject.
The business of the subject is chiefly handled by Ms. Tam Yin Ming. Overall business is active.
As the history of the subject is over eleven years and eight months in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.87 |
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1 |
Rs.96.83 |
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Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.