MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	EVER UNITED METAL CO. LTD.

Registered Office :	G/F., Tak Fung Building, 374-386 Reclamation Street, Mongkok, Kowloon

Country :	Hong Kong

Date of Incorporation :	March 1972

Com. Reg. No.:	07758004

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter, Wholesaler and Retailer of Aluminium Alloys, Stainless steel sheets and rods currently the subject is carrying the following commodities:- · All kinds of stainless steel materials (coil, sheets, tube, pipe, rod, flat bar, angel bar, square bar, channel, coil, wire, bolt and nut). · Aluminium Sheets; · Welding Products and Materials; & · All kinds metal hardware.

No. of Employees :	38. (Including godowns)

RATING & COMMENTS

MIRA’s Rating :

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 – December 01, 2013

Country Name

Previous Rating

(30.09.2014)

Current Rating

(01.12.2013)

Hong Kong

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

Company name

EVER UNITED METAL CO. LTD.

COMPANY ADDRESS

G/F., Tak Fung Building, 374-386 Reclamation Street, Mongkok, Kowloon, Hong Kong.

PHONE: 852-2385 3599, 2782 3772, 2394 1633

FAX: 852-2374 2567, 2770 2039, 2308 1981

E-MAIL: info@eum.com.hk

eumcarol@yahoo.com.hk

everunitedmetal@yahoo.com.hk

MANAGEMENT

Managing Director: Mr. Yip Chiu Pun (Alias Yip Chiu)

SUMMARY

Establishment: March 1972.

Incorporated on: 12th March, 1982.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000,000.00

Issued: HK$10,000,000.00

Business Category: Metal Merchant.

Annual Turnover: HK$120~150 million.

Employees: 38. (Including godowns)

Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

Banking Relation: Good.

Company ADDRESS

Registered Head Office & Main Shop:-

G/F., Tak Fung Building, 374-386 Reclamation Street, Mongkok, Kowloon, Hong Kong.

Branch Shop:-

G/F., Kin Lee Building, 21-25 Ash Street, Taikoktsui, Kowloon, Hong Kong. [Tel: 852-2394 1633; Fax: 852-2308 1981]

Godowns:-

G/F., Tai Wah Building (Block Q), Cosmopolitan Estate, 65-67 Kok Cheung Street, Kowloon, Hong Kong.

G/F., Yale Industrial Centre, 61-63 Au Pui Wan Street, Shatin, New Territories, Hong Kong.

BUSINESS REGISTRATION NUMBER

07758004

COMPANY FILE NUMBER

0109696

MANAGEMENT

Managing Director: Mr. Yip Chiu Pun (Alias Yip Chiu)

Contact Person: Ms. Carol Yip

CAPITAl

Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000 shares of HK$1,000.00 each)

Issued Share Capital: HK$10,000,000.00

SHAREHOLDERS

(As per registry dated 12-03-2013)

Name	Occupation	No. of shares
YIP Chiu Pun (Alias YIP Chiu)	Merchant	5,000
YIP King Man	Merchant	1,000
YIP King Chung	Merchant	1,000
[to be continued]
[continued]
YIP King Wai	Merchant	1,000
YIP Sau Ken	Merchant	1,000
YIP Sau Ling	Merchant	1,000
		––––––
	Total:	10,000 =====

DIRECTORS

(As per registry dated 12-03-2013)

Name (Nationality)	Address
YIP Chiu Pun (Alias YIP Chiu)	Flat A, 6/F., Block 9, Wah King Hill Road, Wonderland Villas, Kwai Chung, New Territories, Hong Kong.
YIP King Man	Flat A, 6/F., Block 9, Wah King Hill Road, Wonderland Villas, Kwai Chung, New Territories, Hong Kong.
YIP King Chung	Flat B, 75/F., Moon Tower, The Arch, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.
YIP King Wai	Flat A, 6/F., Block 9, Wonderland Villas, Wah King Hill Road, Kwai Chung, New Territories, Hong Kong.
YIP Sau Kuen	Flat B, 52/F., Moon Tower, The Arch, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.
YIP Sau Ling	Flat B, 52/F., Moon Tower, The Arch, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 12-03-2013)

Name

(Nationality)

Address

LEUNG Wai Sun

Room 1332, 13/F., Tsui Shek House, Ping Shek Estate, Kowloon, Hong Kong.

HISTORY

The subject was originally established in March 1972 as a sole proprietorship concern of Mr. Yip Chiu Pun under the name of Yip Wing Luen Metal Co. Incorporated on 12th March, 1982 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, Exporter, Wholesaler and Retailer.

Lines: Aluminium Alloys, Stainless Steel Sheets and rods

Trade Marks: “AICHI”, “MOONSTAR” and “SAMMI” brands.

Office/Main Shop Space: 2,000 sq.ft. – self-owned.

Employees: 38. (Including godowns)

Commodities Imported:-

Stainless steel – Japan, Korea, Taiwan and Europe.

Aluminium alloys – Europe.

Markets: Hong Kong (main) and China.

Annual Turnover: HK$120~150 million.

Terms/Sales: COD or as per contracted.

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

MEMBERSHIP

The Hong Kong Metal Merchants Association, Hong Kong.

MAIN JAPANESE SUPPLIERS

Hanwa Co. (H.K.) Ltd., Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000 shares of HK$1,000.00 each)

Issued Share Capital: HK$10,000,000.00

Alternation of Capital:-

12-03-1982	paid up	HK$ 2,000.00
03-06-1983	paid up	HK$4,998,000.00
In 1990	paid up	HK$1,000,000.00
December 2011	paid up	HK$4,000,000.00
		–––––––––––––––
Total:	paid up	HK$10,000,000.00 ==============

Mortgage or Charge: (See attachment)

Profit or Loss: Business is profitable.

Condition: Keeping in an active manner.

Facilities: Making active use of general banking facilities.

Payment: Met on time.

Commercial Morality: Good.

Bankers:-

· Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

· Hang Seng Bank Ltd., Hong Kong.

· Bank of China (Hong Kong) Ltd., Hong Kong.

· BNP Paribas, Hong Kong Branch.

· The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.

· UBS AG, Hong Kong Branch.

Banking:-

One source reports a satisfactory account with the bank opened in September 1974 with respectable balances. They have financed their imports with satisfactory results.

Standing: Very Good.

GENERAL

Ever United Metal Co. Ltd. is a well-established importer and wholesaler of stainless steel sheets. The subject was jointly owned by Mr. Yip Chiu Pun, holding 83.3% interests, and Mr. Yip King Man, holding 16.7%. Now, the shareholders have been reshuffled. It is jointly owned by six members of the Yip family. The largest shareholder Yip Chiu Pun is holding 50% interests of the subject. Currently, he is about 75 years old.

Came to Hong Kong from China in 1957, Yip Chiu Pun built up his career by opening Wing Hing Loong Metal Co. in 1958 in partnership with Mr. Lau Yick Fan and Mr. Yip Che Kai who was his cousins. Wing Hing Loong dealt in brass and copper with a shop located in Ngau Tau Kok, Kowloon, Hong Kong. On 1st April, 1966, the three partners set up Wing Luen Metal Co. which traded in stainless steel products. In 1972, Wing Luen was split into two firms — Yip Wing Luen Metal Co. and Kai Kee Metal Co. The former was operated by Yip Chiu Pun while the latter by Mr. Yip Che Kai.

In 1982, Yip Chiu Pun changed his company into a private limited company under the name of Ever United Metal Co. Ltd. which is the subject.

The subject imports products chiefly from Japan and India. Currently the subject is carrying the following commodities:

· All kinds of stainless steel materials (coil, sheets, tube, pipe, rod, flat bar, angel bar, square bar, channel, coil, wire, bolt and nut).

· Aluminium Sheets;

· Welding Products and Materials; &

· All kinds metal hardware.

The subject’s products have been widely used in Hong Kong’s building and construction and other industrial sectors. Some of the subject’s products are re-exported to China and the other Asian countries. Business is active.

The subject’s registered address is a also retailing outlet. Another retailing out is located at Ash Street, Taikoktsui, Kowloon, Hong Kong. The contact person of the subject is Ms. Carol Yip who is a member of the Yip family.

Regular suppliers and customers have been maintained.

The subject owns a number of premises in Hong Kong. Financial position is good.

As the history of the subject is over 31 years in Hong Kong, on the whole, consider it good for normal business engagements.

REMARKS:

Property information of the company and director:-

1. Property Location: Shop I on G/F., Tak Fung Building, 374-388 Reclamation Street, Kowloon, Hong

Kong.

Owner: Ever United Metal Co. Ltd.

Date of Purchase: 10-11-1988

Purchased Price: HK$13,500,000 pt.