MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASMARA INTERNATIONAL LTD. |
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Formerly Known as : |
ASMARA FAR EAST
LTD. |
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Registered Office : |
Room 205, 2/F., Hong Kong Spinners Industrial Building No. 6, 481‑483 Castle
Peak Road, Lai Chi Kok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.05. 2006. |
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Com. Reg. No.: |
36759605 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Garments. |
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 : |
Usually correct |
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Litigation : |
Clear |
name of the company
ASMARA
INTERNATIONAL LTD.
ADDRESS
Room 205, 2/F.,
Hong Kong Spinners Industrial Building No. 6, 481‑483 Castle Peak
Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 2744 2255
FAX: 2744 2244, 2242 6554
E-MAIL: contact@asmara-fareast.com
MANAGEMENT
Managing
Director: Mr. Franz August Heuer
SUMMARY
Incorporated on: 13th May,
2006.
Organization: Private
Limited Company.
Capital: Nominal: US$2,000,000.00
Issued: US$1,950,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: US$25
million (2007)
Employees: 45.
Main Dealing Banker: Deutsche Bank AG,
Hong Kong Branch.
Banking Relation:
Satisfactory.
ADDRESS
Registered Head
Office:-
Room 205, 2/F., Hong Kong Spinners Industrial Building No. 6, 481‑483 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
Holding Company:-
ABP Holdings Ltd., Cayman Islands.
Ultimate Holding
Company:-
P.T. Asmara Karya Abadi, Indonesia.
Affiliated
Companies:-
Ameya India Pvt. Ltd., India.
Asmara Apparel India Pvt. Ltd., India.
Asmara Bangladesh Pvt. Ltd., Bangladesh.
Asmara Far East Ltd., China.
Asmara Home Products International Ltd., Hong Kong.
P.T. Ameya Livingstyle Indonesia, Indonesia.
P.T. Bidaya, Indonesia.
Sahana Creations India Pvt. Ltd., India.
Trendelephant GmbH, Germany.
BUSINESS REGISTRATION NUMBER
36759605
COMPANY FILE NUMBER
1044802
MANAGEMENT
Managing Director: Mr. Franz August Heuer
CAPITAL
Nominal Share Capital: US$2,000,000.00 (Divided into 1,950,000 Ordinary shares and 50,000 Deferred shares of US$1.00 each)
Issued Share Capital: US$1,950,000.00
SHAREHOLDERS
(As per registry
dated 30-06-2008)
|
Name |
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No. of shares |
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Ordinary |
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Rajnish NEGI |
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673,300 |
|
Franz August
HEUER |
|
99,750 |
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Pramod Kumar
BHAGAT |
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99,750 |
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Devender GUPTA |
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15,750 |
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ABP Holdings Ltd. Scotia Centre, 4/F., P.O. Box 2804, George Town, Grand Cayman
KY1-1112, Cayman Islands. |
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1,061,450 |
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–––––––– |
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Total: |
1,950,000 ======= |
DIRECTOR
(As per registry dated 13-05-2008)
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Name (Nationality) |
Address |
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Franz August HEUER |
Flat
C, 3/F., Tower 8, Island Harbourview, 11 Hoi Fai Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 13-05-2008)
|
Name |
Address |
Co. No. |
|
Arten
Ltd. |
Unit 803, 8/F., Shanghai Industrial Investment Building, 48‑62
Hennessy Road, Wanchai, Hong Kong. |
668986 |
HISTORY
The subject was
incorporated on 13th May, 2006 as a private limited liability company under the
Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Asmara Far East Ltd., name changed to
the present style on 24th December, 2007.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 45.
Commodities Imported: China and other Asian countries.
Markets: Europe, etc.
Annual Turnover: US$25 million (2007)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share
Capital: US$2,000,000.00 (Divided into 1,950,000 Ordinary shares and 50,000
Deferred shares of US$1.00 each)
Issued Share
Capital: US$1,950,000.00
Alternation of
Capital:-
|
Initially |
paid up |
US$ 888,550.00 |
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30-06-2008 |
paid up |
US$ 1,061,450.00 |
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––––––––––––––– |
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Total: |
paid up |
US$ 1,950,000.00 ============= |
Mortgage or
Charge: (See attachment)
Profit & Loss:
Making a small profit in 2007.
Condition: Business has been improving.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: Deutsche Bank AG, Hong Kong Branch.
Standing: Normal.
GENERAL
Asmara
International Ltd. is a wholly owned subsidiary of ABP Holdings Ltd. which is a
Cayman Islands-registered firm. The
ultimate holding company of the subject is P.T. Asmara Karya Abadi [Asmara]
which is based Indonesia.
The subject is a
garment trader. It is responsible for
sourcing garments in the Asia Pacific region and re-exporting to Europe and
Southeast Asian countries.
The subject has
got a main affiliated company in Shanghai China. The China firm has set up merchandising units, QC department,
garment designing department, research and development department, fabric and
trim libraries, etc.
The subject is handling
the following commodities: casual wear, sports shirts, ladies’ men’s and
children’s apparel, knitted wear, accessories, etc.
Garments are
exported to Germany, Austria, other European countries, Scandinavia, etc. Main customers are the following firms:
Bianca Moden, Dorotennis, MQ, Monari, More and More, Mustang, Schoeps, Stadium,
Tom Tailor, Zagora, etc.
According to the
subject, it is handling 1,500 pieces per style. In 2007, the subject handled 3.5 million pieces of garments. Turnover of the year amounted to about US$25
million. Business is rather active.
Asmara was set up
in 2000 in Indonesia. Now, it has
become one of the sourcing organizations in Indonesia. In 2004, Asmara started its business in
India. Asmara India set up an office in
a garment manufacturing city in India.
In 2005, Asmara set up its firm in Bangladesh.
Currently, the
subject is employing about 45 persons.
The subject is
fully supported by its parent in Indonesia.
On the whole,
consider the subject good for normal business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
17-12-2007 |
Instrument: Assignment
of Term Deposit Property: By way of assignment and charge of the Deposit
(Account No. 0006791 to the extent of US$50,000) Mortgagee: Deutsche
Bank AG, Hong Kong Branch. |
To secure the discharge and satisfaction of the Liabilities |
|
05-05-2008 |
Instrument: Assignment
of Term Deposit Property: By way of assignment and charge of the
Deposit (Account No. 0006791 to the extent of US$350,000) Mortgagee: Deutsche
Bank AG, Hong Kong Branch. |
To secure the discharge and satisfaction of the Liabilities |
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11-07-2008 |
Instrument: Assignment
of Term Deposit Property: By way of assignment and charge of the
Deposit (Account No. 0006791) Mortgagee: Deutsche
Bank AG, Hong Kong Branch. |
To secure the discharge and satisfaction of the Liabilities |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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%)