MIRA INFORM
REPORT
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Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ASMARA
INTERNATIONAL LTD. |
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Formerly Known As : |
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Registered Office : |
Unit 8B, |
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Country : |
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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 |
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No. of Employees
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15. (Hong Kong only) |
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 : |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ASMARA INTERNATIONAL
LTD.
Unit 8B, Tong Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 2744 2255
FAX: 2744 2244, 2242 6554
E-MAIL: contact@asmarainternational.com
Managing Director: Mr. Franz August Heuer
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$28~32 million.
Employees: 15. (Hong Kong only)
Main Dealing Banker: Deutsche Bank AG, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 8B, Tong Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
Overseas Representative Offices:-
Hangzhou Representative Office
13/F., Xiao Hong Mansion,
1777 Bin Sheng Road, Bin Jiang District, Hangzhou 310052, China.
Tel: (86-571) 2887 8878
Fax: (86-571) 2887 8879
E-mail: contact@asmarainternational.com
Pakistan
Representative Office
98-A Faisal Town, Near Fast
National University, Lahore 54700, Pakistan.
Tel: (92) 42 3616
2333
Fax: (92) 42 3616
2333
E-mail: contact@asmarapakistan.com
Sri
Lanka Representative Office
No. 47/80, Perera Mawatha,
Battaramulla, Colombo 10120, Sri Lanka.
Tel: (94) 11
2786702
Fax: (94) 11
2786702
e-mail: gihan@asmara-srilanka.com
Turkey
Representative Office
Basin Express Yolu, Cemal
Ulusoy Cad Enco Tesisleri Kat: 3, 34620 Yenibosna, Istanbul, Turkey.
Tel: (90)
212-4955757
Fax: (90)
212-4955758
E-mail: contact@asmara-turkey.com
Vietnam
Representative Office
2/F., A2 Block, 36 Tay
Thanh Street, Tay Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam.
Tel: (84-8) 6267
1900, 6267 1901
Fax: (84-8) 6267
1902
E-mail: contact@asmara-vietnam.com
vietnam@asmara-home.com
Holding Company:-
ABP Holdings Ltd., Cayman Islands.
Ultimate Holding
Company:-
P.T. Asmara Karya Abadi, Indonesia.
Associated/Affiliated
Companies:-
Ameya (BD) Pvt. Ltd., India.
Asmara Apparel India Pvt. Ltd., India.
Asmara Bangladesh Pvt. Ltd., Bangladesh.
Asmara Canada, Canada.
Asmara Europe GmbH, Germany.
Asmara Far East Ltd., China.
Asmara Home Products India Pvt. Ltd., India.
Asmara Home Products International Ltd., Hong Kong. (Same address)
Asmara Home Products, Vietnam.
Asmara International Ltd., Turkey.
Asmara UK, UK.
P.T. Ameya Livingstyle Indonesia, Indonesia.
P.T. Asmara Home Products Indonesia, Indonesia.
Sahana Creations India Pvt. Ltd., India.
Trendelephant GmbH, Germany.
etc.
36759605
1044802
Managing Director: Mr. Franz August Heuer
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
(As per registry
dated 13-05-2011)
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Name |
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No. of shares |
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Ordinary |
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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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1,950,000 ======= |
(As per registry
dated 13-05-2011)
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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. |
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Chirikandth Rajesh Madhavan KADALA |
Flat A, 22/F., Pokfulam Terrace, 8 Wah Fu Road, Pokfulam, Hong Kong. |
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Rajnish NEGI |
House No. 32A, Block E, Golf
Estate Bogor Raya, Bogor, Indonesia. |
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Markus ZIMMERMANN |
Flat B, 3/F., 10 Prince’s Terrace, Mid Levels, Hong Kong. |
(As per registry dated
13-05-2011)
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Name |
Address |
Co.
No. |
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Arten Ltd. |
Unit 803, 8/F., Shanghai Industrial Investment Building, |
0668986 |
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.
Formerly the subject was located at Room 205, 2/F., Hong Kong Spinners Industrial Building No. 6, 481-483 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong, moved to the present address in May 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 15. (Hong Kong only)
Commodities Imported: China and other Asian countries.
Markets: Europe, etc.
Annual Turnover: US$28~32 million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
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$1,950,000.00
Alternation of Capital:-
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Initially |
paid up |
US$ 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 ============= |
Indebtedness: US$1,249,941.94 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 13-05-2011)
Mortgage or Charge (since June 2011): (See attachment)
Profit or Loss: Making a small profit in the past years.
Condition: Business has been satisfactory.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Bankers:-
· Deutsche Bank AG, Hong Kong Branch.
· Bank of India, Hong Kong Branch.
· HBZ Finance Ltd., Hong Kong.
·
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
·
Australia
& New Zealand Banking Group Ltd., Hong Kong Branch.
·
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
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 in Indonesia.
The subject is a garment trader. It is responsible for sourcing garments in the Asia Pacific region, chiefly from China, Vietnam, Pakistan and re-exporting to Indonesia and the other foreign markets.
The subject is Asmara’s global marketing and finance departments. It has had three showrooms in the office. Besides, the subject and its affiliated firm in China have set up the following units: Merchandising Unit, QA Unit, QC Unit, Designing Unit, Research & Development Unit, and Fabric & Garment Testing Laboratory Unit.
The subject has had about 25 suppliers. Main products handled are: casualwear, streetwear, activewear, functionalwear, ladies, men’s, kid’s apparel, woven products, knitted products, accessories, trims, denim garments, dresses, skirts, etc. Sourced from Asian countries, products are exported to the other Asian countries, France, Germany, Italy, Scandinavia, etc.
The subject has had an associated company Asmara Home Products International Ltd. in Hong Kong. Trading in all kinds of home textile products and other sundries, this firm is located at the same operating address as the subject.
The following firms are the subject’s main customers: Betty Barclay, Bertels, Bianca Moden, Carnet De Vol, Erima, GAS, Greystone, Kaporal, Mayerline, Mister Lady, MQ, Mustang, O’ Neill, Tom Tailor, Vanilia, Venice Beach, Texwork, etc.
The
subject has set up the following offices:-
· Hangzhou Representative Office, Zhejiang Province, China
· Pakistan Representative Office
· Sri Lanka Representative Office
· Turkey Representative Office
· Vietnam Representative Office
In 2005, Asmara set up its affiliated firm in Bangladesh.
According to the subject, minimum order placed by customers should be 1,500 pieces per style.
In 2007, the subject carried 3.5 million pieces of garments. Turnover of the year amounted to about US$25 million. Business is rather active. Now, the annual sales turnover of the subject ranges from US$28 to 32 million. Making a small profit every year.
Asmara was set up in 2000 in Indonesia. Now, it has become one of the significant sourcing organizations in Indonesia with about 150 employees. In 2004, Asmara started its business in India. With main office in Delhi, Asmara India set up a factory in a garment manufacturing city in India. The India factory is employing about 120 persons.
The total employees of the Asmara Group worldwide are about 500.
The subject is fully supported by its parent in Indonesia. History in Hong Kong is about six years.
On the whole, consider the subject good for normal business engagements.
MORTGAGE OR CHARGE
(Since June 2011)
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Date |
Particulars |
Amount |
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27-07-2011 |
Instrument: Charge Over Deposit Property: The Depositor charges the Deposit with full title guarantee and by way
of a first fixed charge, in favour ANZ as continuing security for the due and
punctual payment of all moneys Mortgagee: Australia & New
Zealand Banking Group Ltd., Hong Kong Branch. |
All
obligations |
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15-09-2011 |
Instrument: Security Agreement over
Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect
of any amount standing to the credit of the Account Mortgagee: Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong. |
To secure the
payment and satisfaction of all present and future obligations and
liabilities |
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15-09-2011 |
Instrument: Security Agreement
over Securities Property: 1)
By
way of first fixed charge: (a) all Specified Securities which are on the date
of the Security Agreement the Chargor’s property; (b) all Specified
Securities in which the Chargor may in the future acquire an interest; (c)
all Related Rights of a capital nature; (d) all Related Rights of an income
nature; and (e) where Specified Securities are held in a Relevant System; and 2)
By
way of assignment, all the Chargor’s rights, title and interest, present and
future in and to any Specified Securities and any Related Rights Mortgagee: Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.23 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.68.84 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.