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MIRA INFORM REPORT
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Report No. : |
484176 |
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Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
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Name : |
EPIC DESIGNERS LIMITED |
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Registered Office : |
6-7/F. & 9/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 : |
Subject is garment & fabric trader of all kinds of garments and piecegoods. |
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No. of Employees : |
120 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company
name and address
EPIC DESIGNERS
LIMITED
ADDRESS: 6-7/F. & 9/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
MANAGEMENT:
Managing Director: Mr. Ranjan Tikam Mahtani
SUMMARY
Incorporated on: 12th
January, 1979.
Organization:
Private Limited
Company.
Issued Share Capital: 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.
ADDRESS
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 Apparel PLC, Ethiopia.
EPIC Designers (Vietnam) Ltd., Vietnam.
EPIC Designers Ltd., Bangladesh.
EPIC Garments Manufacturing Co. Ltd.,
Bangladesh.
EPIC Studio, US.
Green Textile Ltd., Bangladesh.
Pearl Garments Co. Ltd., Bangladesh.
BUSINESS
REGISTRATION NUMBER
05905346
COMPANY
FILE NUMBER
0066867
MANAGEMENT
Managing Director: Mr. Ranjan Tikam Mahtani
ISSUED
SHARE CAPITAL
HK$19,013,000.00 (190,130 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 12-01-2017)
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Name |
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No. of shares |
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Ranjan Tikam MAHTANI |
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1 |
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Alpha Rank Ltd. Palm Grove House, P.O. Box 438, Road Town,
Tortola, British Virgin Islands. |
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190,129 |
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––––––– |
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Total: |
190,130 ====== |
DIRECTORS
(As per registry dated 12-01-2017)
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Name (Nationality) |
Address |
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Ranjan Tikam MAHTANI |
House 12, Villa Rosa, 88 Red Hill Road,
Hong Kong. |
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Alpha Rank Ltd. |
Palm Grove House, P.O. Box 438, Road Town,
Tortola, British Virgin Islands. |
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Dinesh Gope VIRWANI |
Flat C, 32/F., Tavistock II, 10A Tregunter
Path, Mid‑levels, Hong Kong. |
SECRETARY
(As per registry dated 12-01-2017)
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Name |
Address |
Co. No. |
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Prinza Ltd. |
Room 3806, 38/F., Central Plaza, 18 Harbour
Road, Wanchai, Hong Kong. |
0334490 |
HISTORY
The subject was incorporated on 12th January,
1979 as a private limited liability company under the Hong Kong Companies
Ordinance.
A new director Mr. Dinesh Gope Virwani was
appointed on 12th January, 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Garment
& Fabric trader.
Lines: All
kinds of garments and piecegoods, etc.
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.
FINANCIAL
INFORMATION:
Issued Share Capital: HK$19,013,000.00 (190,130 fully paid ordinary shares)
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:
No
Complaints.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Good.
GENERAL
Epic Designers Limited 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 directors of the subject are Ranjan Tikam Mahtani and Dinesh
Gope Virwani, both are Hong Kong ID holders and have got the right to reside in
Hong Kong. The latter was newly
appointed on 12th January, 2017.
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)
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Jacket - Men (
Excluding Ski-Jacket)
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Suit - Men
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Jacket - Ladies
(Excluding Ski-Jacket)
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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 20,000 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, Levi Strauss, etc.
The other customers include JC Penney, Jones Apparel Sears,
Kohl’s, VF Corporation, H&M, M&S, Walt Disney, Tesco, Sainsbury’s,
Marks & Spencer, C&A, 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 are located in Bangladesh, Vietnam, Ethiopia, Jordan, etc.
Currently, the EPIC Group is operating 11 manufacturing units in
Bangladesh, two facilities in Vietnam and a denim jeans plant in Jordan, as
well as a newly set up facility in Ethiopia.
The turnover of the Group ranges from US$300 to 350 million. It has got LEED certification and ISO
50001:2011 certification.
The subject is headed by Mr. Ranjan Tikam Mahtani.
The subject has about 120 employees in Hong Kong.
As the history of the subject is about 39 years in Hong Kong, on
the whole, consider it good for normal business engagements.
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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28-02-2007 |
Assignment of DC Proceeds re export bills
restricted to other banks for negotiation/payment |
The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
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20-07-2011 |
Security Agreement over Bank Account |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
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20-07-2011 |
Security Agreement over Securities |
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
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12-05-2016 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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HKD |
1 |
INR 8.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.