MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE ASEAN
CORPORATION LTD. |
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Registered Office : |
Room 1713A, 17/F., 113 Argyle Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.05.1998. |
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Com. Reg. No.: |
21663398 |
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Legal Form : |
Non-Hong Kong Company |
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Line of Business : |
Importer, Exporter and Distributor of Environmental
Friendly Tableware and Related Products. |
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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Maximum Credit Limit : |
US$500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
THE
ASEAN CORPORATION LTD.
ADDRESS
Room 1713A, 17/F.,
113 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: 3582 3306
FAX: 3582 3310
E-MAIL: james@aseancorp.com
Credit Request: Good for credit of US$500,000 against D/A
terms.
MANAGEMENT
Managing
Director: Mr. Chu Seow Yoong
SUMMARY
Registered in Hong Kong on: 11th May, 1998.
Organization: Non-Hong Kong Company.
Capital: Authorised: US$50,000.00
Issued & Paid Up: US$1.00
Business Category: Importer, Exporter and Distributor.
Employees: 4.
Main Dealing Banker: DBS Bank Hong Kong Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Offshore
Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands
Hong Kong Principal Place of Business:-
Room 1713A, 17/F.,
113 Argyle Street, Mongkok, Kowloon, Hong Kong.
Affiliated Companies:-
Asean Corporation,
United States.
Stalk Market Inc.,
United States.
BUSINESS REGISTRATION NUMBER
21663398
COMPANY FILE NUMBER
F0009018
MANAGEMENT
Managing
Director: Mr. Chu Seow Yoong
Contact
Person: Mr. James Yik
AUTHORIZED REPRESENTATIVES IN
HONG KONG
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Name |
Address |
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Thomas Reinhard FRENZEL |
52 Chung Hom Kok Road, Hong Kong. |
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LAU Mei Po, Teresa |
Flat F, 28/F., Block 1, Castello, Shatin,
New Territories, Hong Kong. |
CAPITAL
Authorised Share
Capital: US$50,000.00
Issued & Paid
Up Capital: US$1.00
DIRECTORS
(As per registry dated 11-05-2008)
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Name (Nationality) |
Address |
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CHU Seow Yoong |
Block 22D, Punggol Field, #06-450,
Singapore 824101. |
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WANG Linglong,
Benny |
3602 Fox Ridge Ln, Unit E, Rolling Hills
Estates CA 90274, USA. |
SECRETARY
(As per registry dated 11-05-2008)
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Name |
Address |
Co. No. |
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McCabe
Secretarial Services Ltd. |
29/F., Wing On Centre, 111 Connaught Road Central, Hong Kong. |
95390 |
HISTORY
The subject was
incorporated in the British Virgin Islands as a limited company. It has established a principal place of
business in Hong Kong and has been registered on 11th May, 1998 as an
oversea company under Part XI of the Hong Kong Companies Ordinance. It has become a non-Hong Kong company since
14th December, 2007.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Distributor.
Lines: Environmental friendly tableware and related products.
Employees: 4.
Commodities Imported: US, Asian countries, etc.
Markets: US, Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Authorised Share Capital: US$50,000.00
Issued & Paid Up Capital: US$1.00
Profit & Loss: Made small profits in the past years.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: DBS Bank Hong Kong Ltd., Hong Kong.
Standing: Normal.
GENERAL
The Asean
Corporation Ltd. is a non-Hong Kong company which is incorporated in the
British Virgin Islands.
The subject’s Hong
Kong authorised representative are Mr. Thomas Reinhard Frenzel and Ms. Teresa
Lau Mei Po.
The subject is
trading in all kinds of environmental friendly tableware and related
products. The subject has got an
affiliated company in the United States known as Asean Corporation. In turn, Asean Corporation has got an
affiliated company Stalk Market Inc. [StalkMarket] located at its operating
address in the United States.
StalkMarket is the
leading provider of eco-friendly disposable tableware, flatware and food
packaging in the United States. Its
product line includes a wide array of plates, bowls, serving trays, to-go
containers, sandwich boxes and cups which are both biodegradable and 100%
compostable.
All StalkMarket
products are made of renewable plant materials that will break down completely
in a composter or landfill. StalkMarket
provides a vastly superior alternative to disposable paper, plastic and
polystyrene (Styrofoam) products.
Headquartered in
Portland, Oregon, StalkMarket was started in 2003 to provide an environmentally
and economically viable alternative to traditional disposable paper- and
plastic-based products. StalkMarket
began its distribution in the United States in 2003 at New Seasons markets
throughout the Portland area.
As green
technology continues to develop and evolve, so does Stalk Market’s product
line. In 2007, StalkMarket began using
“Ingeo®” biopolymers from “NatureWorks®”. “Ingeo” polymer is similar to
hydrocarbon-based thermoplastics with one very important difference – it is
made from plants instead of oil. “Ingeo”
polymers are used in StalkMarket’s Planet Plus and Jaya product lines. Like all of the company’s products, they are
100% compostable and biodegradable.
StalkMarket
products are available to consumers at major grocery chains, office supply
stores, organic and natural food retailers and online. StalkMarket distributes
its products to restaurants and industrial food service customers through
wholesale distributors.
StalkMarket does
not sell directly to the consumer. Its
products are sold at grocery stores, office supply stores and various other
retailers nationwide.
Besides the brand
of “StalkMarket”, StalkMarket also carries two more distinct brands: “Jaya”
and “Planet Plus”. The new
brands were added on 5 May, 2008.
It is likely that
the subject is trading in Facial Tissue, Paper Cups, Plates, Food Trays,
Disposable Tableware, etc. bearing the brand names of “StalkMarket”, “Jaya”
and “Planet Plus”. Sourced in
Asia, the subject’s products are chiefly exported to the United States and some
Asian countries. The subject is fully
supported by Asean Corporation.
The subject’s
business is chiefly handled by Mr. James Yik who is a Hongkongnese.
On the whole, consider
the subject good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.40 |
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UK Pound |
1 |
Rs.83.15 |
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Euro |
1 |
Rs.65.74 |
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%)