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Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ASMARA INTERNATIONAL LTD. |
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Registered Office : |
Unit 7B & 8B, Tong Yuen Factory Building, 505 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. |
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No. of Employees : |
15. (Hong Kong only) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 INTERNATIONAL
LTD.
ADDRESS: Unit 7B & 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
franz@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 7B & 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 13-05-2012)
|
Name |
|
No. of shares |
|
|
|
Ordinary |
|
ABP Holdings Ltd. Scotia Centre, 4/F., P.O. Box 2804, George Town, Grand Cayman
KY1-1112, Cayman Islands. |
|
1,950,000 ======= |
(As per registry dated 13-05-2012)
|
Name (Nationality) |
Address |
|
Franz August HEUER |
Flat C, 3/F., Tower 8, Island Harbourview, 11 Hoi Fai Road,
Kowloon, Hong Kong. |
|
Chirikandth Rajesh Madhavan KADALA |
Flat A, 22/F., Pokfulam
Terrace, 8 Wah Fu Road, Pokfulam, Hong Kong. |
|
Rajnish NEGI |
House No. 32A, Block E, Golf Estate Bogor Raya, Bogor, Indonesia. |
|
Markus ZIMMERMANN |
Flat B, 3/F., 10 Prince’s Terrace, Mid Levels, Hong Kong. |
(As per registry dated 13-05-2012)
|
Name |
Address |
Co. No. |
|
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$1,950,000.00
Alternation of Capital:-
|
Initially |
paid up |
US$ 888,550.00 |
|
30-06-2008 |
paid up |
US$ 1,061,450.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
US$ 1,950,000.00 ============= |
Indebtedness: HK$579,571.99
(Total amount outstanding on all mortgages and charges as per last
Annual Return dated 13-05-2012)
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: Is
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 one of the members of the Asmara Group.
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 15 employees in Hong Kong and 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. It
also trades in fashion accessories, fashion jewellery.
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, Texwork (BMW-Porsche), Mustang, Tom Tailor,
Vanilia, Rod & Guns, etc.
The subject has set up the following offices:-
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 over six years
and eight months.
On the whole, consider the subject good for normal business engagements.
(Since June 2011)
|
Date |
Particulars |
Amount |
|
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 |
|
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 |
|
15-09-2011 |
Instrument: Security
Agreement over Securities Property: 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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.