MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SARA OFFSHORE
SERVICES LTD. |
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Formerly Known as : |
PROSPER CONNECTION INTERNATIONAL DEVELOPMENT LTD. |
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Registered Office : |
Unit B, 19/F., Yardley Commercial Building, 3 Connaught Road West,
Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.09.2006. |
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Com. Reg. No.: |
37446308 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Textiles Clothing, Travel goods and handbags, Electric household articles etc. |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SARA OFFSHORE
SERVICES LTD.
ADDRESS
Unit B, 19/F.,
Yardley Commercial Building, 3 Connaught Road West, Sheung Wan, Hong Kong.
PHONE: 2854 3018
FAX: 2854 3315
E-MAIL: sales@saraexport.com
MANAGEMENT
Managing
Director: Mr. Ashok Ramchand Mohinani
SUMMARY
Incorporated
on: 2nd September, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$2,000,000.00
Business
Category: General Importer
& Exporter.
Group
Turnover: US$400 million.
Employees: 20.
(Jointly with affiliate)
Main Dealing
Banker: Standard Chartered Bank
(HK) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Unit B, 19/F.,
Yardley Commercial Building, 3 Connaught Road West, Sheung Wan, Hong Kong.
G.P.O. Box 7422,
Hong Kong.
China
Representative Office:-
In Tianjin, China.
Holding Company
Eastern Focus
Investments Ltd., British Virgin Islands.
Affiliated Companies
Sara (Hong Kong) Ltd., Hong Kong.
Sara (London) Ltd., U.K.
Sara (East Africa) Ltd., Kenya.
Sara Logistics Services (P) Ltd., India.
Poly Products (Ghana) Ltd., Ghana.
Poly Sacks (Ghana) Ltd., Ghana.
Poly Tanks (Ghana) Ltd., Ghana.
Poly Kraft (Ghana) Ltd., Ghana.
Somotex (Nigeria) Ltd., Nigeria.
Montana Industries (Nigeria) Ltd., Nigeria.
Somochem (Kenya) Ltd., Kenya.
Somochem (Tanzania) Ltd., Tanzania.
Somotex Import & Export Pvt. Ltd., India,
Poly Group of Companies
etc.
BUSINESS REGISTRATION NUMBER
37446308
COMPANY FILE NUMBER
1071459
MANAGEMENT
Managing
Director: Mr. Ashok Ramchand Mohinani
Director &
Manager (Finance & Accounts): Mr.
Kannappan Perichiappan
Director &
Manager (General Goods): Mr. Sivakumar
Krishnan
CAPITAL
Nominal Share
Capital: HK$4,000,000.00 (Divided into 4,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
SHAREHOLDERS
(As per registry dated 02-09-2007)
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Name |
Occupation |
No. of shares |
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Eastern Focus Investments Ltd. Trident Chambers, P.O. Box 146, Road Town, Tortola,
British Virgin Islands. |
Corporation |
2,000,000 ======= |
DIRECTORS
(As per registry dated 02-09-2007)
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Name (Nationality) |
Address |
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Sivakumar
KRISHNAN |
Unit B, 19/F., Yardley Commercial
Building, 3 Connaught Road Weat,
Sheung Wan, Hong Kong. |
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Anil Ramchand MOHINANI |
Flat 1, Plot 1025, Ologun Agbaje Street,
Off Adeola Odeku Street, Victoria Island, Lagos State of Nigeria. |
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Ashok
Ramchand MOHINANI |
20 Jawaharlal Nehru Road, Cantonments,
Accra, Ghana. |
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Kannappan
PERICHIAPPAN |
Unit B, 19/F., Yardley Commercial
Building, 3 Connaught Road West, Sheung Wan, Hong Kong. |
SECRETARY
(As per registry dated 02-09-2007)
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Name |
Address |
Co. No. |
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C. C. Ho & Co. Ltd. |
3/F., Shun Feng International Centre,
182 Queen’s Road East, Hong Kong. |
53539 |
HISTORY
The subject was
incorporated on 2nd September, 2006 as a private limited liability company
under the Hong Kong Companies Ordinance.
It was originally registered
under the name of Prosper Connection International Development Ltd. but changed
to the present style on 23rd December, 2006.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer & Exporter.
Lines:-
- Textiles – fabrics, yarns, threads, fibres
- Clothing – knitted
- Travel goods and handbags
- Electric household articles
- Electronic household articles, audio and video equipment, radios
- Lighting fixtures and fittings
- Toys, games
- Paper and paperboard, articles of paper, stationery
- Electrical machinery, apparatus and parts
- Electronic devices, parts and accessories
- Telecommunications, audio and video equipment and parts
- Vehicles – industrial, transportation and passenger
- Plastics in primary forms
- Cosmetics, toiletries, perfumery
- Soap, cleaning agents
- Chemicals – Organic and Inorganic
Employees: 20. (Jointly with affiliate)
Commodities Imported:
Mainly from China,
Taiwan, Japan, U.K. and also bought in Hong Kong.
Markets: Europe,
Middle East & Africa.
Group Turnover: US$400 million.
Terms/Sales: With or without L/C.
Terms/Buying: L/C, D/P, T/T & etc.
FINANCIAL INFORMATION
Nominal Share Capital:
HK$4,000,000.00 (Divided into 4,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Operation conducted on a profitable basis.
Condition: Maintained in a normal and satisfactory manner.
Facilities: Is making use of general banking facilities.
Payment: Met as agreed.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Sara Offshore
Services Ltd. [SOSL] was incorporated in Hong Kong on 2nd September, 2006 as a
private limited liability company. It
is located at the same office of Sara (Hong Kong) Ltd. [Sara HK]. Both SOSL and Sara HK are wholly-owned by an
offshore company known as Eastern Focus Investments Ltd., British Virgin
Islands.
Sara HK is the
trade and distribution wing of the Mohinani Family Group, which was founded by
Ram Udharam Mohinani in 1966. The
business of the Group can be divided into three categories including:-
1. Manufacturing of
packaging materials in Nigeria, Ghana and Burkaina Faso, under the banner of Polyproducts;
2. Electronic trade
and distribution in Nigeria and Ghana, under the banner of Somotex;
3. International
trade and distribution of polymers and chemicals, under the banner of Sara.
Sara HK is a part
of the Sara Division. It has
been serving plastics processors as well as FMCG and other industrial sectors
with their raw materials requirements for more than 30 years and is now a major
distributor of a wide range of products in Africa. Its acts as a procurement centre for the Group’s in-house
requirements. Today, Sara HK sources
goods from Far East and China for its manufacturing and trading operations as
well as for other independent clients. The
Group has stock points at Nigeria, Ghana, Tanzania, Uganda and Kenya and
offices at U.K., Hong Kong, Dubai, China and India. The Group employs more than 2,000 persons in its offices/plants
and the turnover is in excess of US$400 million.
Presently, both
Sara HK and SOSL are engaged in the same line of business but with different
customers. They have become a major
distributor of various products in the African and the EU markets. Products they handled include electronics,
building materials, light industrial products, chemicals (including plastic
materials), industrial chemicals, pharmaceuticals, machinery, and consumer
electronics, etc. They are also
specializing in sourcing and exporting T/C Poplin, T/R Fabrics, Checked
Gingham, Meiko Fabrics, Viscose Fabrics, Mini Twills, 100% Cotton Damask, Peach
Skin, Dobby Georgette, Mosk Crape, Koshibo, Satin, etc. Fabrics are chiefly sourced from Europe.
A representative
office was set up in Tianjin, China responsible for sourcing and supplying all
kinds of chemicals, ranging over basic chemicals, detergent chemicals,
refrigeration chemicals, oil-drilling chemicals, dyestuffs and food
additives. Now, Sara HK and SOSL are
still playing an important role in the group.
In view of its
background, we consider the company good for its normal business engagements.
REMARKS
Court Cases: None per our.
Property
information of its affiliate:-
1. Property
Location: Units A2, B, C & D on
19/F., Yardley Commercial Building,
3 Connaught Road West, Hong Kong.
Owner: Kirans Impex (H.K.) Ltd. [now known as Sara
(Hong Kong) Ltd.]
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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05-01-2006 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Flat G on 20/F. including A/C Platform thereof of Tower 2 on
Site A, Queen’s Terrace, No. 1 Queen Street, Hong Kong.
Owner: Kirans Impex (H.K.) Ltd. [now known as Sara
(Hong Kong) Ltd.]
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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31-08-2007 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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04-09-2007 |
Instrument: Charge Over Deposits - CD 2 (06) Property: 1) By fixed Charge: all the Company’s rights in respect of the
following: (i) Time
deposit of US$250,000 (ii) all other sums in any currency from time to
time standing to the credit of the Company or the credit of any other person
for the Company’s benefit whether alone or jointly with others on any deposit
account with the Bank or any other SCB Group Company including additions to
or renewals or replacements of such sum(s), and all interest from time to time
accruing or payable on the sums specified in (i) and (ii) above; 2) By
assignment: all Deposits held
with any SCB Group Company. Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong as trustee for itself and each SCB Group Company |
To secure the payment
or discharge of all moneys, obligations and liabilities, whether actual or
contingent at the date of the Charge or at any time after the date thereof,
due, owing or incurred by Sara (Hong Kong) Ltd. and/or Sara Offshore Services
Ltd. |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.61 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)