MIRA INFORM REPORT

 

 

Report Date :           

25.06.2011

 

IDENTIFICATION DETAILS

 

Name :

FORTUNE  SPECTRUM  INDUSTRIES  LTD.

 

 

Registered Office :

Flat A & B, 2/F., Po Cheong Commercial Building, 154 Nam Cheong Street, Sham Shui Po, Kowloon

 

 

Country :

Hong Kong 

 

 

Date of Incorporation :

09.07.1992

 

 

Com. Reg. No.:

16216154

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Exporter of Hotel supplies, electrical products, general household products, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

 

Company name

 

FORTUNE  SPECTRUM  INDUSTRIES  LTD.

 

 

Company ADDRESS

 

Flat A & B, 2/F., Po Cheong Commercial Building, 154 Nam Cheong Street, Sham Shui Po, Kowloon, Hong Kong.

PHONE:            2365 0777

FAX:                 2356 9740

 

 

MANAGEMENT

 

Managing Director:  Mr. Sharad Sanjeeva Shetty

 

 

SUMMARY

 

Incorporated on:                         9th July, 1992.

 

Organization:                             Private Limited Company.

 

Capital:                                     Nominal:           HK$100,000.00

Issued:              HK$100,000.00

 

Business Category:                    Importer and Exporter.

 

Employees:                               6.

 

Main Dealing Banker:                 The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:                       Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Flat A & B, 2/F., Po Cheong Commercial Building, 154 Nam Cheong Street, Sham Shui Po, Kowloon, Hong Kong.

 

China Office:-

Room 1213, Building No. 1, Huitou Street, Haishu Zone, Zhong Shan Xi Lu, Ningbo City, Zhejiang Province, 315000 China.

[Tel: 86-574-8711 0206;  Fax: 86-574-8711 8381]

 

 

BUSINESS REGISTRATION NUMBER

 

16216154

 

 

COMPANY FILE NUMBER

 

0367836

 

 

MANAGEMENT

 

Managing Director:  Mr. Sharad Sanjeeva Shetty

 

 

CAPITAL

 

Nominal Share Capital:   HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$100,000.00

 

 

SHAREHOLDERS

(As per registry dated 09-07-2010)

 

Name

 

No. of shares

Mrs. Jyoti Sharad SHETTY

 

25,000

Sharad Sanjeeva SHETTY

 

75,000

 

 

–––––––

 

Total:

100,000

======

 

DIRECTORS  

(As per registry dated 09-07-2010)

 

Name

(Nationality)

 

Address

Sharad Sanjeeva SHETTY

Flat B, 9/F., Block 5, Tung Chung Crescent, Tung Chung, Lantau Island, Hong Kong.

 

Jyoti Sharad SHETTY

Flat B, 9/F., Block 5, Tung Chung Crescent, Tung Chung, Lantau Island, Hong Kong.

 

Megha MIZERNI

4/34 Kelvinside Road, Noble Park, Victoria 3174, Australia.

 

 

SECRETARY

(As per registry dated 09-07-2010)

 

Name

Address

Co. No.

Dhun’s Management Services Ltd.

7/F., Man On Commercial Building,
12-13 Jubilee Street, Central, Hong Kong.

0027006

 

 

HISTORY

 

The subject was incorporated on 9th July, 1992 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.

 

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           Hotel supplies, electrical products, general household products, etc.

 

Employees:                   6.

 

Commodities Imported:   China, other Asian countries, etc.

 

Markets:                       India, Middle East, Australia, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:               HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

 

Issued Share Capital:                 HK$100,000.00

 

Profit or Loss:                            Making a small profit every year.

 

Condition:                                  Keeping in a good manner.

 

Facilities:                                  Making active use of general banking facilities.

 

Payment:                                  Met trade commitments as required.

 

Commercial Morality:                 Satisfactory.

 

Banker:                                     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                                  Normal.

 

 

GENERAL

 

Having issued 100,000 ordinary shares of HK$1.00 each, Fortune Spectrum Industries Ltd. is jointly owned by Mr. Sharad Sanjeeva Shetty, holding 75% interests; and Mrs. Jyoti Sharad Shetty, holding 25%.  The two Sherttys are Indian but each is holding a Hong Kong ID Card and have got the right to reside in Hong Kong permanently.

Incorporated in July 1992, the subject is a Hong Kong based investment company in China.  It has had offices in China, Dubai and India.  It had been in business in China for the last 12 years.  The subject is a buying office for its customers in the Middle East and India.  It is trading in the following commodities:-

·         Restaurant and Hotel Supplies

·         Electrical Products, Cables and Wires

·         General Household Products

·         Other Products as entrusted by customers

The subject’s main office is in Ningbo City, Zhejiang Province, China.  This office is responsible for saucing products.  Its office in India and Dubai are responsible for the distribution of products and receiving orders.  The subject’s business has been steady as regular suppliers and customers have been maintained.  The subject’s business is chiefly handled by the Sherttys.

As the history of the subject is about nineteen years in Hong Kong, on the whole, consider it good for normal business engagements.

 

COURT CASES:            None per our.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.71.89

Euro

1

Rs.64.09

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.