MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPRANDI INTERNATIONAL LTD. |
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Registered Office : |
Room 1118, 11/F., Peninsula Centre, 67 Mody Road,
Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.11.1994. |
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Com. Reg. No.: |
18655346 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of All kinds of Sport Shoes and
Sportswear. |
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 : |
Exists |
name of the company
SPRANDI INTERNATIONAL LTD.
ADDRESS
Room 1118, 11/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2366 8281
FAX: 2311 1335
E-MAIL: admin@sprandi.com
enquiry@sprandi.com
info@sprandi.com
seetha@sprandi.com
(Formerly located at: Room 502, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.)
MANAGEMENT
Managing Director: Mr. Dinesh Naraindas Shahani
SUMMARY
Incorporated on: 22nd November, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$89,100,000.00
Issued: HK$89,100,000.00
Business Category: Footwear and Sportswear Trader.
Employees: 20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1118, 11/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
TST P.O. Box 98589, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Brightsign Services Ltd., British Virgin Islands.
Affiliated
Companies:-
Sprandi Asia-Pacific Ltd., Hong Kong.
Sprandi India Private Ltd., India.
Sprandi International Ltd., Russia.
Sprandi Poland S.A., Poland.
BUSINESS REGISTRATION NUMBER
18655346
COMPANY FILE NUMBER
498207
MANAGEMENT
Managing Director: Mr. Dinesh Naraindas Shahani
Merchandising Manager: Mr. Cheung Kwok Bun, Oscar
CAPITAL
Nominal Share Capital: HK$89,100,000.00 (Divided into 89,100,000 shares of HK$1.00 each)
Issued Share Capital: HK$89,100,000.00
SHAREHOLDER
(As per registry
dated 22-11-2008)
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Name |
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No. of shares |
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Brightsign Services Ltd. Trident Chambers, P.O. Box 146, Road Town, Tortola, British Virgin Islands. |
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89,100,000 ======== |
DIRECTORS
(As per registry
dated 22-11-2008)
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Name (Nationality) |
Address |
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Mrs. Seetha SUBRAMANIAN |
2018, Tower 1, Metropolis Residence, 8-9 Metropolis Drive, Hunghom, Kowloon, Hong Kong. |
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Mr. Dinesh Naraindas SHAHANI |
Room 1118, 11/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 22-11-2008)
|
Name |
Address |
Co. No. |
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Regent Secretarial & Tax Consultants Ltd. |
Unit 9-10, 27/F., Seapower Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong. |
610447 |
HISTORY
The subject was incorporated on 22nd November, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 11/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong, moved to Room 502, 5/F., Empire Centre, 68 Mody Road, Tsimshatsui East, Kowloon, Hong Kong in January 2005; to Room 520-522, 5/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong in January 2008; and further to Room 1118, 11/F. of the same building in September 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of sport shoes and sportswear.
Trade Mark: SPRANDI.
Employees: 20.
Commodities Imported: Imported from China and other Asian countries.
Markets: Russia and Eastern Europe.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C and T/T.
MEMBERSHIP
Hong Kong Rubber & Footwear Manufacturers’ Association Ltd., Hong Kong.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKS0513]
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION:
Nominal Share Capital: HK$89,100,000.00 (Divided into 89,100,000 shares of HK$1.00 each)
Issued Share Capital: HK$89,100,000.00
Alternation of Capital:-
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Initially |
paid up |
HK$ 5,000,000.00 |
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31-05-2000 |
paid up |
HK$ 35,000,000.00 |
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01-08-2007 |
paid up |
HK$ 49,100,000.00 |
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–––––––––––––––– |
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Total: |
paid up |
HK$ 89,100,000.00 ============== |
Increases of Nominal Capital:-
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From |
HK$ 5,000,000.00 |
to |
HK$40,000,000.00 |
on |
31-05-2000 |
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From |
HK$40,000,000.00 |
to |
HK$89,100,000.00 |
on |
01-08-2007 |
Mortgage or Charge: (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Business is active.
Facilities: Rather actively using general banking facilities.
Payment: Delay payment experienced in 1997 and 1999.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Standing: Normal.
GENERAL
Sprandi International Ltd. is a wholly-owned subsidiary of Brightsign Services Ltd. which is a BVI-registered firm.
The subject has an affiliated company known as Sprandi Poland S.A. [Sprandi], a Poland-based firm.
The subject is a footwear and sportswear trader. It is dealing in all kinds of sports shoes bearing the brand name of “Sprandi”. The subject’s products are manufactured by its sub-contractors who are able to provide OEM services. Finished products are exported to Russia and Eastern European countries, especially Poland, Ukraine, etc.
Sprandi is also a footwear trader. Besides shoes, Sprandi also trades in apparels and bags. The headquarters of Sprandi is in Poland while a subsidiary is located in Russia, besides the subject.
In June 2006, Quiksilver Inc. (NYSE: ZQK) and the subject set up a joint venture engaged in designing, manufacturing and marketing “Quiksilver” and “Roxy” branded products in Russia. The joint venture is responsible for establishing a Russian distribution network of company-owned retail stores as well as a sizeable wholesale business that includes licensed retail stores, large key accounts and small independent retail chains.
“Sprandi” has been a leading sports footwear and apparel brand in Russia operating since 1995. It designs, produces, distributes and retails sport and outdoor footwear and clothing under the “Sprandi” and “Earth Gear” brands.
In June 1997 and April 1999, Wing Hang Bank Ltd. and Goodfellow & Egan Ltd. entered into lawsuits against the subject for amounts due involving HK$450,616 and GBP18,018 respectively.
Now, the business of the subject is rather active.
Since the history of the subject in Hong Kong is over fourteen years, consider it good for normal business engagements.
REMARKS
Court case:-
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Date |
Plaintiff |
Defendant |
Cause |
Amount |
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June 1997 |
Wing Hang Bank Ltd. |
Sprandi International Ltd. |
Amount due |
HK$450,616 |
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Apr. 1999 |
Goodfellow & Egan Ltd. |
Sprandi International Ltd. |
Amount due |
GBP18,018 |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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05-01-1998 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: MU 975127, MH 971455 & MH 980012 Date of Receipt: 13-10-1997, 15-12-1997 & 05-01-1998 Amount of Deposit: US$218,729, HK$1,103,556 & HK$700,000 Rate of Interest: 5.5%, 7.25% & 7.5% Maturity Date Shown on Receipt: 14-04-1998, 15-06-1998 & 15-06-1998 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities, now or hereafter owing or incurred to the Bank by the Company at any third party designated by the Company |
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19-07-2000 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of US$150,000 under Deposit A/C No. 181‑736604, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge |
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09-02-2004 |
Instrument: Assignment of DC Proceeds re export bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment |
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20-09-2007 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of US$2,000,000 under Deposit No. 181-736604, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)