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Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
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Name : |
EVERGREEN PRODUCTS FACTORY LTD. |
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Registered Office : |
Flat A, 11/F. & 14/F., Chiap Luen Industrial Building, 30-32 Kung Yip
Street, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.12.1993 |
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Com. Reg. No.: |
17778448 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of wigs, hair
products. |
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No of Employees : |
30 (Hong Kong) |
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) |
|
Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
EVERGREEN PRODUCTS
FACTORY LTD.
(BUSINESS NAMES: EVERGREEN PRODUCTS FACTORY
AND EVERGREEN COMPANY )
ADDRESS: Flat A, 11/F. & 14/F., Chiap Luen
Industrial Building, 30-32 Kung Yip Street, Kwai Chung, New Territories, Hong
Kong.
PHONE: 852-2427 5468, 2427 5899,
2428 7133
FAX: 852-2420
3938, 2420 3902
E-MAIL: epfreg@epfhk.com
Managing Director: Mr. Chang Yoe
Chong, Felix
Incorporated on: 14th December, 1993.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 30. (Hong Kong)
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat A, 11/F. & 14/F., Chiap Luen Industrial Building, 30-32 Kung
Yip Street, Kwai Chung, New Territories, Hong Kong.
Mailing Address:
G.P.O. Box 3263, Hong Kong.
Business Names:- (Same address)
Evergreen Products Factory, Hong Kong. [BR
No. 17778448-001]
Evergreen Company, Hong Kong. [BR
No. 17778448-002]
Holding Companies:-
CLC Global Co. (PTC) Ltd., British Virgin Islands.
FC Global Co. (PTC) Ltd., British Virgin Islands.
Associated Companies:- (Same
address)
Eastern Earnings (China) Co. Ltd., Hong Kong.
Eastern Earnings Trading Co., Hong Kong.
EPF Global Enterprises Ltd., Hong Kong.
EPF International Ltd., Hong Kong.
Evergreen Investment Holding Ltd., Hong Kong.
Evergreen Products Factory (Shenzhen) Ltd., China.
Hopcom Software Co. Ltd., Hong Kong.
etc.
17778448
0457094
Managing Director: Mr. Chang Yoe Chong, Felix
Director & Contact Person: Ms. Mak Man Yi, Manly
Nominal Share Capital: HK$3,000,000.00
(Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry dated 14-12-2013)
|
Name |
|
No. of shares |
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CLC Global Co. (PTC) Ltd. P.O. Box 916, Woodbourne Hall, Road Town, Tortola, British Virgin
Islands |
|
15,300 |
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FC Global Co. (PTC) Ltd. P.O. Box 916, Woodbourne Hall, Road Town, Tortola, British Virgin Islands |
|
14,700 |
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|
|
–––––– |
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Total: |
30,000 ===== |
(As per registry dated 14-12-2013)
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Name (Nationality) |
Address |
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CHAN Kwok Keung |
Room 409, 4/F., Wang Cho House, Wang Tau Hom Estate, Kowloon, Hong
Kong. |
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CHANG Chih Lung |
Flat B, 17/F., Wing Hong Mansion, 62 MacDonnell Road, Mid-Levels, Hong
Kong. |
|
CHANG Yoe Chong, Felix |
Flat B, 17/F., Wing Hong Mansion, 62 MacDonnell Road, Mid-Levels, Hong
Kong. |
|
CHO Joo Sub |
Flat 12A, Block 6, Xian Dai Cheng Hua Ting, Chuang Ye Lu, Nanshan
District, Shenzhen, China. |
(As per registry dated 14-12-2013)
|
Name |
Address |
Co. No. |
|
M.K. Secretarial Services Ltd. |
Room 301, 3/F., China Merchants Building, 303 Des Voeux Road Central,
Hong Kong. |
0152249 |
The subject was incorporated on 14th December, 1993 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: Importer,
Exporter and Manufacturer.
Lines: All
kinds of wigs, hair products.
Brand Names: “La Buosse” and “EPF”.
Employees: 30. (Hong Kong)
About 7,000. (Group)
Raw Materials: Imported from European countries,
some of the Asian countries and finished products from China.
Markets: China, Hong Kong, Japan,
South Korea, Taiwan, Australia, other Asian countries, Europe, North
America, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Federation of Hong Kong Industries, Hong Kong. [Member No. A8504]
Nominal Share Capital: HK$3,000,000.00
(Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge (since April 2011):
(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
contracted.
Commercial Morality: Good.
Bankers:
Hang Seng Bank Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 30,000 ordinary shares of HK$100.00 each, Evergreen Products
Factory Ltd. is jointly owned by two BVI-registered firms: CLC Global Co. (PTC)
Ltd., holding 51% interests; and FC Global Co. (PTC) Ltd., holding 49%.
The subject is a wig manufacturer and trader. It is a wig and hairpiece specialist and
manufacturer. It has more than 20 years
experience in exporting premium merchandise worldwide. Its production lines are in mainland China,
with sophisticated management and high skilled workers.
Besides wigs and hairpieces, the subject is also engaged in software
development and e-business.
Currently the subject has set up offices and factories in Shanghai,
Guangzhou, Shenzhen Special Economic Zone, Kunming of Yunan Province and Henan
Province, Yuzhou and Bangladesh. In
total, there are about 7,000 employees.
The subject’s products are marketed in Hong Kong and China, exported to
Japan, South Korea, Taiwan, other Asian countries, Europe, North America, South
America, Australia, etc.
The subject’s products can be categorized into black people wigs, white
people wigs, toupees, drawstrings, weaving wigs, hairpieces and hair
accessories, doll wigs, carnival and Halloween wigs.
The subject uses good quality fibre Kanekalon which is imported from
Japan and other fibres as well to ensure diversified designs and prices to meet
the needs of its customers. It has had
an in-house designer team who is creating new items and blending new colours in
order to satisfy the ever-changing markets.
The subject has registered its trade mark “EPF” in Hong Kong and “La Buosse”
in China.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
CHANG Yoe Chong, Felix is also engaged in software development. The subject’s associated company Hopcom
Software Co. Ltd., incorporated on 28th February, 2000, is also located at
the same address.
The subject’s business is chiefly handled by the directors of the
subject. History in Hong Kong is about
21 years. Annual sales turnover is very
significant.
On the whole, consider it good for normal business engagements.
(Since April 2011)
|
Date |
Description of Instrument |
Mortgagee |
|
24-10-2011 |
Charge over Deposits/Securities (3 Parties) |
Hang Seng Bank Ltd., Hong Kong. |
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28-10-2011 |
Charge On Cash Deposit and/or Shares and Securities |
The Bank of East Asia Ltd., Hong Kong. |
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28-10-2011 |
Charge on Cash Deposit and/or Shares and Securities to secure Third
Party Obligations |
The Bank of East Asia Ltd., Hong Kong. |
|
18-11-2011 |
Charge over Securities and Receivables |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
29-04-2013 |
Mortgage |
Bank of China (Hong Kong) Ltd., Hong Kong. |
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03-01-2014 |
Assignment of Insurance Policy (Three-Party) |
Hang Seng Bank Ltd., Hong Kong. |
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11-03-2014 |
Deed of Collateral Assignment of Life Insurance Policy and Irrevocable
Beneficiary Designation |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
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19-03-2014 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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08-04-2014 |
Charge Over Deposit |
Australia & New Zealand Banking Group Ltd., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
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 |
-- |
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.