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Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
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Name : |
ASCO GENERAL SUPPLIES (FAR EAST) LTD. |
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Registered Office : |
13/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
11.01.1994 |
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Com. Reg. No.: |
17573779 |
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Legal Form : |
Limited Company |
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Line of Business : |
Buying Office, Importer and Exporter of all kinds of shoes, handbags, shopping bags and luggage. |
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No. of Employees : |
80. (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 : |
Good |
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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 |
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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 |
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
ASCO GENERAL
SUPPLIES (FAR EAST)
LTD.
(Incorporated in Bahamas)
ADDRESS: 13/F., Harbour Crystal
Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2734 3288, 2739 8823
FAX: 2369 9101, 2731 6700
E-MAIL: cbrowne@pentlandasia.com
etang@pentlandasia.com
Director & Chief Executive Officer:
Ms. Chan Oi Lin Irene
Incorporated in: Bahamas.
Registered in Hong Kong on: 11th January, 1994.
(Non-Hong Kong Company)
Organization: Limited
Company.
Capital: Authorised: US$1,000,000.00
Issued & Paid Up: US$1,000,000.00
Business Category: Buying Office, Importer and Exporter.
Group Employees: 80. (Hong Kong only)
Main Dealing Bankers: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very
Good.
Registered Office:-
Chancery Court, The Mall, P.O. Box F-42643, Freeport, Bahamas.
Hong Kong Principal Place of Business:-
13/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East,
Kowloon, Hong Kong.
Ultimate Holding Company:-
Pentland Group plc, UK.
Associated/Affiliated Companies:-
Asco International Sourcing Ltd., Hong Kong. [Dissolved]
Asset Member Ltd., Hong Kong.
[Dormant]
Berghaus Ltd., UK.
Brimble Investment Ltd., Hong Kong.
Canterbury International (Australia) Pty. Ltd., Australia.
China Pentland Ltd., Hong Kong.
[Dissolved]
Ellesse international S.P.A., Italy.
Ferriday Ltd., Hong Kong.
Huater Boot Ltd., UK.
JD Sports Fashion PLC, UK.
Mirtre Sports International Ltd., UK.
Pentland Asia Ltd., Hong Kong.
[Dormant]
Pentland Asia Pacific Ltd., Bahamas.
Pentland Asia Pacific Ltd., Hong Kong.
Pentland Brands PLC, UK.
Pentland India Trading Pvt. Ltd., India.
Pentland Investments Ltd., British Virgin Islands.
Pentland Trading (Shenzhen) Co. Ltd., China.
Pentland USA Inc., US.
Red or Dead Ltd., UK.
17573779
F0006314
Director & Chief Executive Officer:
Ms. Chan Oi Lin Irene
(As per registry dated
24-05-2012)
|
Name |
Address |
|
Timothy Robert COTTON |
House F, Royal Bay, 3 Nam Wai Road, Sai Kung, Hong Kong. |
Authorised Capital: US$1,000,000.00
Issued & Paid Up Capital: US$1,000,000.00
CHAN, Oi Lin, Irene
Timothy Robert, COTTON
Federicl, Rebecca LEE
Meikleham, James
|
Name |
Address |
|
CHAN Oi Lin, Irene |
Flat B, 5/F., Block 13, 9 Wah King Hill Road, Wonderland Villas, Kwai
Chung, New Territories, Hong Kong. |
The subject was incorporated in Bahamas as a limited company. It has established a principal place of
business in Hong Kong and was registered on 11th January, 1994 as an
oversea company under Part XI of the Hong Kong Companies Ordinance. The subject 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.
Activities: Buying
Office, Importer and Exporter.
Lines: All
kinds of shoes, handbags, shopping bags and luggage.
Group Employees: 80. (Hong Kong only)
Commodities Handled: Bought from Taiwan, Korea, Bangkok, Indonesia, Philippines, China
and also in Hong Kong.
Markets: Europe,
North America, etc.
Terms/Sales:
L/C or D/P.
Terms/Buying: L/C,
T/T, etc.
Authorised Capital: US$1,000,000.00
Issued & Paid Up Capital:
US$1,000,000.00
Profit & Loss: Business is profitable.
Condition:
Keeping in an
active and good condition.
Facilities:
Making active
use of general banking facilities.
Payment:
So far so good.
Commercial Morality: Good.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Barclays Bank PLC, Hong Kong Branch.
The Bank of Nova Scotia, Hong Kong
Branch.
BNP Paribas, Hong Kong Branch.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Calyon, Hong Kong Branch.
Sumitomo Mitsui Banking Corporation,
Hong Kong Branch.
The Bank of East Asia Ltd., Hong Kong.
Shanghai Commercial Bank Ltd.,
Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
ING Bank N.V., Hong Kong Branch.
Chung Khiaw Bank Ltd., Hong Kong
Office.
Royal Bank of Canada, Hong Kong Branch.
The Bank of Tokyo-Mitsubishi UFJ Ltd.,
Hong Kong Branch.
Standing: Good.
Asco General Supplies (Far East) Ltd. [Asco] was incorporated in Bahamas
and registered in Hong Kong in January 1994.
It was formed to take over the business of Asco General Supplies (Far
East) Ltd. [renamed as Asco General Supplies Hong Kong (1972) Ltd. and further
to Pentland Asia Ltd.] which was originally set up in Hong Kong on 7th March,
1972. However, Pentland Asia Ltd.
commenced dormancy on 23rd October, 2002.
Asco is now a wholly-owned subsidiary of Pentland Group plc, the United
Kingdom.
In Hong Kong, the business of Asco is managed by Ms. Chan Oi Lin, Irene
who is a Hong Kong businesswoman.
The main function of Asco is to act as a buying office in the Asia
Pacific region for the parent company as well as an exporter of sundries to the
United States and Europe. In addition,
Asco also acts as a purchasing agent of Taiwan-made products for overseas
customers with documents via Hong Kong and commodities directly shipped
from origin to destinations.
Asco is trading in the following products which bear the following brand
name:-
|
Brand Name |
Brand Product/Service |
Brand Remarks |
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Berghaus |
Tee and Sweat Shirts |
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Track and Training Suit |
For mountaineering, trekking |
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Sports Jacket |
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Sports Shorts |
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Knapsack |
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Mountaineering / Climbing Equipment |
Mountaineering, trekking and outdoor accessories |
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Lacoste |
Boots – Leather |
Fashion |
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Footwear – PVC and Plastic |
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Footwear – Rubber and Textile |
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Sport Shoes |
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Ellesse |
Tee and Sweat Shirts |
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Track and Training Suit |
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Sports Jacket |
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Sports Shorts |
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Swimwear |
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Ski-Jacket |
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Ski-Pants |
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Sports Gloves |
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Hats and Caps |
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Sport Shoes |
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Sporting Bag |
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Kickers |
Tee and Sweat Shirts |
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Track and Training Suit |
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Sports Jacket |
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Sports Shorts |
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Ski-Jacket |
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Ski-Pants |
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Footwear – Leather |
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Footwear – Rubber and Textile |
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Kangaroos |
Footwear – PVC and Plastic |
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Sport Shoes |
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Speedo |
Tee and Sweat Shirts |
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Beachwear |
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Swimwear |
Men’s and women’s |
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Sandals – PVC |
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Goggles – Swimming |
|
The Pentland Group was founded in Liverpool in 1932 as the Liverpool
Shoe Company by the parents of the present Chairman, Stephen Rubin, who joined
the company in 1959, becoming Chairman in 1969.
The Group first was in wholesale shoe business, then has expanded into a
manufacturing business.
Pentland Brands was founded in the 1930’s in Liverpool by the current
CEO’s grandparents. It started life as a
small shoe business and has grown into the UK’s leading global brand management
group in sports, outdoor and fashion.
Pentland Brands owns the following brands globally: Speedo, Canterbury
of New Zealand, Ellesse, Berghaus, Red or Dead, Mitre, Kangaroos and Boxfresh;
and is also the global licensee for Lacoste and Ted Baker footwear.
Pentland Brands is part of Pentland Group plc which was publicly listed
on the London Stock Exchange until 1999, but was then taken private by the
Rubin family. The Group is now privately
owned in the United Kingdom by the Rubin family. Pentland is also the majority owner of JD Sports
Fashion plc which operates over 800 sports, fashion and outdoor stores in
Europe. It sells its products in over
190 countries and globally employ 16,000 people.
Pentland Brand’s Headquarters in Finchley, North London was awarded best
corporate workplace in the United Kingdom on completion in 2003, and in 2008 it
was voted the best family business in the UK by the Institute of Family
Businesses. Pentland has also won 4
Queen’s Awards for innovation and export.
Most recently it was also recognised as one of the UK’s Best Workplaces
2012 by Great Place to Work®. Pentland Brands was the only fashion or outdoor
business to make this year’s list and, at number 16, is ranked higher than any
other sports company.
The Group has had its headquarters in Finchley since 1985, however, many
of the brands have a heritage in the United Kingdom cities where they are still
based. In addition, the Group has a
large warehousing division, based in the Blackburn and Sunderland areas and a
Shipping division based in Manchester.
Internationally the Group is well represented, with offices in around 30
countries worldwide. Pentland Asia is
the Asia based sourcing subsidiary of Pentland Group and manages brands
Sourcing and business development for quality clothing, footwear and
accessories in sports, outdoor and fashion. Pentland Asia head office is in
Hong Kong with offices in Vietnam (HCM City), Thailand (Bangkok), China
(Dongguan / Shenzhen), India (Chennai), and Indonesia (Jakarta), etc.
DG Pentland FW Ltd. and Pentland Trading (Shenzhen) Co. Ltd. are the two
sourcing subsidiaries of Pentland Asia in China. They are engaged in managing products
development, production in third party factories, quality control and logistics
in apparel and footwear.
The global sales of the Group exceeded US$2.2 billion.
Asco is fully supported by the Group.
The history of Asco in Hong Kong is over nineteen years.
On the whole, consider the subject good for normal business engagements.
Property information of
the company:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
13/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui
East, Kowloon, Hong Kong. |
Asco General Supplies (Far East) Ltd. |
28-02-1987 |
HK$30,328,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.51 |
|
|
1 |
Rs.84.85 |
|
Euro |
1 |
Rs.71.43 |
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.