MIRA INFORM REPORT

Report Date :

19.05.2011

IDENTIFICATION DETAILS

Name :	RANDA ACCESSORIES HONGKONG LTD.
Registered Office :	c/o WBC Secretaries Ltd., Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai
Country :	Hong Kong
Date of Incorporation :	14.11.2007
Com. Reg. No.:	38759089
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Luggage, bags, leather belts, ties, leather products, accessories, etc.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	Regular
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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

RANDA ACCESSORIES HONGKONG LTD.

Company ADDRESS

c/o WBC Secretaries Ltd.

Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong.

PHONE: 2520 2701

FAX: 2861 3757

MANAGEMENT

Managing Director: Mr. Jeffrey Owen Spiegel

SUMMARY

Incorporated on: 14th November, 2007.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

Main Dealing Banker: Bank of America N.A., Hong Kong Branch.

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

c/o WBC Secretaries Ltd.

Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong.

Holding Company:-

Randa UK Holdings LLC, USA.

Associated Companies:-

Randa Group of Companies

Adnar Finance LLC, USA.

Countess Mara Inc., USA.

Humphrey Far East Ltd., China.

MCG-Market Connect Group, USA.

Randa Accessories Canada Ltd., Canada.

Randa Accessories Leather Goods LLC, USA.

Randa Accessories, USA.

Randa Corporation, USA.

Randa International S.r.l., Italy.

Randa Leather Goods, USA.

Randa Luggage LLC, USA.

Randa Luggage Ltd., UK.

Randa Neckwear Corporation, USA.

Randa Shanghai Ltd., China.

Randa UK Ltd., UK.

Ransal (Pty) Ltd., Australia.

Wembly Apparel (Pty) Ltd., South Africa.

Woodstock Neckwear Ltd., UK.

etc.

BUSINESS REGISTRATION NUMBER

38759089

COMPANY FILE NUMBER

1185519

MANAGEMENT

Managing Director: Mr. Jeffrey Owen Spiegel

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDER

(As per registry dated 14-11-2010)

Name	No. of shares
Randa UK Holdings LLC 120 West 45th Street, 38/F., New York, NY 10036, USA.	10,000 =====

DIRECTORS

(As per registry dated 14-11-2010)

Name (Nationality)	Address
HONG Youwei	Room 107, 208 Nan Yan Road, Jingan, Shanghai, China.
Jeffrey Owen SPIEGEL	1148 Fifth Avenue, New York, N.Y., USA.

SECRETARY

(As per registry dated 14-11-2010)

Name	Address	Co. No.
WBC Secretaries Ltd.	Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong.	0018669

HISTORY

The subject was incorporated on 14th November, 2007 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, Exporter and Wholesaler.

Lines: Luggage, bags, leather belts, ties, leather products, accessories, etc.

Employees: Nil.

Commodities Imported: Asian countries, Europe, etc.

Markets: Asian countries, Europe, North America, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Bank of America N.A., Hong Kong Branch.

Standing: Small.

GENERAL

Randa Accessories Hongkong Ltd. is a wholly-owned subsidiary of Randa UK Holdings LLC which is a US-based firm.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 1902, 19/F., MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong known as WBC Secretaries Ltd. which is handling its correspondences and documents. WBC Secretaries Ltd. is also the corporate secretary of the subject. The subject has no employees in Hong Kong. Its main office seems to be in Shanghai, China.

The director of the subject Mr. Jeffrey Owen Spiegel is an American.

The subject in fact is a member of the Randa Group of Companies while the key firm is Randa Corporation [Randa] which is a US-based firm. Spiegel is also the president of the Randa Group.

Randa is engaged in the manufacture, distribution, and marketing of accessories for men, women, and children. It offers belts, wallets, neckwear, leather goods, luggage products, casual bags, business cases, and gifts. Randa also sells private branded products through retailers. It offers its products through sales representatives to specialty, department, top-tier and mid-tier department, discount, and warehouse stores, as well as customer direct merchants. Randa has a strategic alliance with Ike Behar. It was founded in 1935 and is headquartered in New York, the United States. Randa has operations in North America, Central America, Europe, Asia, Australia, and Africa.

Randa has had the following divisions:-

· Randa Accessories

· Randa Neckwear

· Randa Belts and Leather Goods

· Randa Luggage

· Trafalgar Leather Company

· MCG: Market Connect Group

· Randa Logistics

· Ransal Australia

· Humprhey’s Accessories (now called Randa Leather Goods)

· Badanco Luggage (now called Randa Luggage)

· Wemco/Wembley Neckwear (now part of Randa Neckwear)

· Wembley Apparel (Randa South Africa)

· Randa International (Como, Italy)

· Countess Mara Neckwear (now part of Randa Neckwear)

· Woodstock Neckwear (now part of Randa UK, and Randa Scotland)

· Forsythe Neckwear (now part of Randa Canada)

Randa, a privately owned company, has experienced dramatic and consistent growth. 2009 sales exceeded US$410 million. The Randa Group employs over 3,000 people worldwide.

· Randa Accessories’ US offices are located in New York City, NY; Chicago, IL; Bloomfield, NJ; New Orleans, LA; and Reno, NV.

· Randa International offices are located in Canada, Mexico, the United Kingdom, Italy, South Africa, Australia and China.

· Randa Accessories has sourcing facilities located in Shanghai, Zhejiang Province, Fujian Province and Como, Italy

· North American distribution facilities are located in New Orleans, LA; Totowa, NJ; Reno, NV and Mississauga, Ontario.

Randa produces and distributes products under license from many of the finest and most recognized brands in the world including: “Anne Klein”, “Arrow”, “Avirex”, “Ben Sherman”, “Champion”, “Chaps”, “Claiborne”, “Columbia Sportswear”, “Countess Mara”, “Dickies”, “Dockers”, “DVF”, “Ecko Unlimited”, “Geoffrey Beene”, “Hathaway”, “Ike Behar”, “Jeff Banks”, “Jones New York”, “Levi’s”, “Liz Claiborne”, “Marc Ecko Cut & Sew”, “Nautica”, “Original Penguin”, “Perry Ellis”, “Pierre Cardin”, “Ted Baker”, “Signature by Levi’s”, “Timberland”, “Tommy Bahama”, “Trafalgar”, “Travel Gear”, “Van Heusen”, “Ventura”, “Weatherproof” and “Yak Pak”.

The subject is fully supported by the Randa Group.

On the whole, consider the subject good for normal business engagements in small credit amounts.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.08
UK Pound	1	Rs.73.45
Euro	1	Rs.64.30

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%)

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