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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASMARA HOME PRODUCTS
INTERNATIONAL LTD. |
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|
|
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Registered Office : |
Unit B, 8/F., Tong Yuen Factory Building, 505 Castle Peak Road, Lai
Chi Kok, Kowloon |
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
27.06.2008 |
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|
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Com. Reg. No.: |
39566675 |
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|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Dealer of all Kind if Home Product. |
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|
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No. of Employees : |
15 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent
on international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong's
open economy left it exposed to the global economic slowdown that began in
2008. Although increasing integration with China, through trade, tourism, and
financial links, helped it to make an initial recovery more quickly than many
observers anticipated, it again faces a possible slowdown as exports to the
Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. The government is pursuing efforts to introduce additional use of RMB in
Hong Kong financial markets and is seeking to expand the RMB quota. The
mainland has long been Hong Kong's largest trading partner, accounting for
about half of Hong Kong's exports by value. Hong Kong's natural resources are
limited, and food and raw materials must be imported. As a result of China's
easing of travel restrictions, the number of mainland tourists to the territory
has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering
visitors from all other countries combined. Hong Kong has also established
itself as the premier stock market for Chinese firms seeking to list abroad. In
2011 mainland Chinese companies constituted about 43% of the firms listed on
the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's
market capitalization. During the past decade, as Hong Kong's manufacturing
industry moved to the mainland, its service industry has grown rapidly. Growth
slowed to 5% in 2011. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise
5.3% in 2011. Lower and middle income segments of the population are
increasingly unable to afford adequate housing. Hong Kong continues to link its
currency closely to the US dollar, maintaining an arrangement established in
1983
|
Source
: CIA |
ASMARA
HOME PRODUCTS INTERNATIONAL
LTD.
ADDRESS:
Unit B, 8/F., Tong
Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 2744 2255
FAX: 2744 2244
E-MAIL: contact@asmarainternational.com
Managing
Director: Mr. Rajnish Negi
Incorporated on: 27th June, 2008.
Organization: Private Limited Company.
Capital: Nominal: US$100,000.00
Issued: US$1,175.00
Business Category: Buying Office.
Employees: 15. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ASMARA
HOME PRODUCTS INTERNATIONAL
LTD.
Registered
Head Office:-
Unit B, 8/F., Tong
Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
Holding
Company:-
ABP Holdings Ltd.,
Cayman Islands.
Associated
Companies:-
Asmara (BD) Pvt.
Ltd., Bangladesh.
Asmara Apparel
India Pvt. Ltd., India.
Asmara Home Products
India Pvt. Ltd., India.
Asmara
International Ltd., Hong Kong. (Same
address)
PT. Asmara Home
Products Indonesia, Indonesia.
PT. Asmara Karya
Abadi, Indonesia.
Tom Tailor
Sourcing Ltd., Hong Kong.
39566675
1251281
Managing
Director: Mr. Rajnish Negi
Contact
Person: Mr. Franz Heuer
Nominal Share
Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share
Capital: US$1,175.00
(As per registry dated 27-06-2012)
|
Name |
|
No.
of shares |
|
ABP Holdings Ltd. Scotia Centre,
4/F., P.O. Box 2804, George Town, Grand Cayman KY1-1112, Cayman Islands. |
|
1,000 |
|
Gurpreet Kaur TALWAR |
|
175 |
|
|
|
––––– |
|
|
Total: |
1,175 ==== |
(As per registry dated 27-06-2012)
|
Name (Nationality) |
Address |
|
Rajnish NEGI |
House No. 32A, Block E, Golf Estate Bogor
Raya, Bogor, Indonesia. |
(As per registry dated 27-06-2012)
|
Name |
Address |
Co.
No. |
|
Arten
Ltd. |
Unit 803, 8/F., Shanghai Industrial Investment Building, 48-62
Hennessy Road, Wanchai, Hong Kong. |
0668986 |
The
subject was incorporated on 27th June, 2008 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.
Activities: Buying Office.
Lines: All kinds of home products, etc.
Employees: 15. (Including associates)
Commodities Imported: China, other Asian countries, etc.
Markets: Indonesia, other Asian countries, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$1,175.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather 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.
Having
issued 1,175 ordinary shares of US$1.00 each, Asmara Home Products
International Ltd. is jointly owned by ABP Holdings Ltd., a Cayman
Islands-registered firm holding 85.1% interests; Mr. Gurpreet Kaur Talwar,
holding 14.9%.
The
subject is one of the key members of Asmara Group.
Established
in 2000 in Indonesia, Asmara has today grown into a global sourcing
organisation in the areas of apparel as well as home products.
The
beginning of Asmara was small, it just had an office with four persons in the
city of Bogor in Indonesia (about 50 km south of Jakarta, the capital). Over the following years, offices were opened
in India, Bangladesh, Hong Kong, China, Vietnam, Turkey, Sri Lanka and
Pakistan. The original product line of
apparel was further expanded to include accessories as well as home products.
Today,
with about more than 700 professionals located in nine different offices
worldwide, Asmara is working in close coordination to offer its clients a wide
sourcing platform to cover their broad requirements in different products and
at different price points.
The
following firms are the customers of the Group in Home Products:-
Brax,
Cilio, Franco, Impressionen, Ishka, Jean Frit’s, Jericho, Joop, Kuchenprofi,
Marvell’s, Mavi, Saks Fifth Avenue, Schonhuber Franchi, Studio Ag, Silit,
Tchibo, To-Go Ware, WMF, etc.
The
subject is responsible for the sourcing all kinds of home products from China,
Taiwan, South Korea, Vietnam, the other Asian countries. Prime markets are India, Indonesia, Europe,
etc. Business is rather active.
The
subject has had an associated company Asmara International Ltd. [AIL] located
at its operating office. This firm is
trading in all kinds of garments such as children’s wear, coats, denim
garments, dresses and skirts, cardigan, sweater and pullover, etc. Prime markets are Indonesia, other Southeast
Asian countries, Europe, etc.
The
Group has had a number of significant customers in Southeast Asia and
Europe. Business is active.
The
Group and a Germany firm have set up a joint venture Tom Tailor Sourcing Ltd.
in Hong Kong.
The
Contact Person of the subject and AIL is Mr. Franz Heuer.
As
the history of the subject is over four years and three months in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.94 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.