Current Report — Form 8-K Filing Table of Contents
Document/ExhibitDescriptionPagesSize 1: 8-K Current Report HTML 26K
2: EX-10.1 Material Contract HTML 33K
3: EX-10.2 Material Contract HTML 57K
4: EX-10.3 Material Contract HTML 84K
(Former name or former address, if
changed since last report.)
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ITEM 1.01 ENTRY INTO A MATERIAL
DEFINITIVE AGREEMENT.
On August 2, 2010, Goldenway Nanjing
Garment Co., Ltd., a subsidiary of Ever-Glory International Group, Inc.,
(“Borrower” or “we”), entered into a two-year revolving line of credit agreement
(“Revolving Line of Credit Agreement”) with Bank of Nanjing Co. Ltd. (“Lender”),
a PRC Bank, which allows the Borrower to borrow up to RMB 50 million
(approximately USD 7.3 million) during the period from July 6, 2010 to July 6,2012. The Borrower is required to apply for a loan each time it needs to draw
from this revolving line of credit. The terms of each loan, such as maturity
date, interest rate, use of proceeds and etc, shall be further set out in each
individual loan agreement. The Revolving Line of Credit is guaranteed by Jiangsu
Ever-Glory International Group Corporation, an entity controlled by Mr. Kang,
our Chief Executive Officer and secured by certain properties and land use
rights of Goldenway Nanjing Garment Co., Ltd pursuant to certain guaranty and
security agreements. We did not pay any fee to Jiangsu Ever-Glory International
Group Corporation for such guaranty.
As of August 4, 2010, Borrower has used
RMB10 million (approximately USD 1.46 million) of credit under this Revolving
Line of Credit Agreement.
The foregoing description of the
Revolving Line of Credit Agreement contemplated thereby does not purport to be
complete and is qualified in its entirety by reference to the complete text of
the Revolving Line of Credit Agreement, Guaranty Agreement between Jiangsu
Ever-Glory International Group Corporation. and Bank of Nanjing Co.
Ltd. and Security Agreement between Goldenway Nanjing Garment Co.,
Ltd. and Bank of Nanjing Co. Ltd. dated August 2, 2010, each attached
hereto as Exhibit 10.1, 10.2 and 10.3 respectively.
ITEM
2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
See "Item
1.01. Entry into a Material Definitive Agreement," which is incorporated herein
by reference.
ITEM
8.01. OTHER EVENTS.
We changed our principle executive
offices to Ever-Glory Commercial Center, 509 Chengxin Road, Jiangning
Development Zone, Nanjing, Jiangsu Province, Peoples Republic of China,
effective from August 1, 2010.
ITEM
9.01. EXHIBITS.
10.1
Revolving
Line of Credit Agreement between Goldenway Nanjing Garment Co., Ltd, and
Bank of Nanjing Co. Ltd. dated August 2,2010;
10.2
Guaranty
Agreement between Jiangsu Ever-Glory International Group Corporation.
and Bank of Nanjing Co. Ltd .dated August 2,2010;
10.3
Mortgage
Agreement between Goldenway Nanjing Garment Co., Ltd. and Bank of Nanjing
Co. Ltd. dated August 2, 2010.
ITEM
9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(a)
FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not
applicable.
(b) PRO
FORMA FINANCIAL INFORMATION.
Not
applicable.
(c) SHELL
COMPANY TRANSACTIONS
Not
Applicable
(d)
EXHIBITS.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.