|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASMARA INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
Unit 7B & 8B, Tong Yuen Factory Building, 505 Castle Peak Road, Lai
Chi Kok, Kowloon |
|
|
|
|
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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|
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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
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 levies excise
duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon
oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous 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 34.9 million in 2012,
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 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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.
Unit 7B & 8B, Tong Yuen Factory
Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-2744 2255, 2171 0338
FAX: 852-2744 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$30~35
million.
Employees:
15. (Hong Kong only)
Main Dealing Banker: Deutsche Bank AG, Hong Kong Branch.
Banking Relation: Satisfactory.
ASMARA
INTERNATIONAL LTD.
Registered Head
Office:-
Unit 7B & 8B, Tong Yuen Factory Building, 505 Castle Peak Road,
Lai Chi Kok, Kowloon, Hong Kong.
China & 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
etc.
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 13-05-2013)
|
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 13-05-2013)
|
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 13-05-2013)
|
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: Southeast
Asia, Europe, etc.
Annual Turnover: US$30~35 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 ============= |
Mortgage or Charge (since June 2011):-
Date of Charge Over Deposit: 27-07-2011
Amount: All obligations
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.
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:
Good.
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 P.T. Asmara Karya Abadi [Asmara]
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, Western
Europe 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 12 employees in Hong Kong and about 25
suppliers. Main products carried are the
following commodities:-
Casual wear, street wear, active wear, functional wear, ladies, men’s,
kid’s apparel, woven products, knitted products, accessories, trims, denim
garments, dresses, skirts, pullovers, wool cardigans, tops, ladies’ hooded
cardigans, etc.
It also trades in fashion accessories, fashion jewellery, etc.
Sourced from Asian countries, the subject’s products are exported to the
other Asian countries as well as 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:-
In 2005, Asmara set up its associated firm in Bangladesh. According to the subject it has had eight sourcing
offices in eight countries in Asia and the Middle East which have been
mentioned-above.
According to the subject, minimum order placed by customers should be
1,500 units 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$30 to 35 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 having about 150 employees. In
2004, Asmara started its business in India.
With a 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 700. Currently, the subject is still recruiting
staff members for its Hochiminh Representative Office in Vietnam.
The subject is fully supported by its parent in Indonesia. History in Hong Kong is over seven
years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.