MIRA INFORM REPORT

 

 

Report Date :

03.09.2013

 

IDENTIFICATION DETAILS

 

Name :

AMSCO  FINANCE  LTD.

 

 

Registered Office :

c/o Tricor Services Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

23.05.2003

 

 

Com. Reg. No.:

33644380

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

subject is engaged in the following 5 main industries:-

·         Financial Services;

·         Private Equity Investments;

·         Real Estate;

·         Renewable Energies; &

·         Retail.

 

 

No. of Employees :

no employees in Hong Kong   

 

(It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating Office in Hong Kong

Payment Behaviour :

Unknown

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

 

Company name

 

AMSCO  FINANCE  LTD.

 

 

company ADDRESS

 

Registered Office:-

c/o Tricor Services Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

[Tel: 852-2980 1888;   Fax: 852-2861 0285]

 

Holding Company:-

COFRA Holding AG, Switzerland.

 

Associated Companies:-

COFRA Group of Companies

Bregal Investments Inc., USA.

C&A (China) Co. Ltd., China.

C&A Bank GmbH, Germany.

C&A Europe, Belgium.

C&A France, France.

C&A Mico S. de R.L., Mexico.

C&A Moda CR v.o.s., Czech Republic.

C&A Moda Kereskedelmi Kft, Hungary.

C&A Moda Retail S.r.l., Romania.

C&A Moda s.r.o., Slovakia.

C&A Moda Ticaret A.S., Turkey.

C&A Modas Lda. & C, Portugal.

C&A Modas Ltda., Brazil.

C&A Modas SL, Spain.

C&A Mode AG, Switzerland.

C&A Mode GesmbH & Co. KG, Austria.

C&A Mode KG, Germany.

C&A Modes SA, Greece.

C&A Nederland CV, the Netherlands.

C&A Polska Sp.zo.o., Poland.

Centre Partners Management LLC, USA.

COFRA Amsterdam BV, the Netherlands.

COFRA Asia Ltd., Hong Kong.

COFRA Brussels Comm. V., Belgium.

COFRA Dseldorf GmbH, Germany.

COFRA Latin Amica Ltda., Brazil.

COFRA London Ltd., UK.

COFRA Madrid SL, Spain.

COFRA North America Inc., USA.

COFRA Paris, France.

COFRA Services Mico S. de R.L., Mexico.

COFRA Vienna GmbH, Austria.

Redevco (Suisse) SA, Switzerland.

Redevco Asia Ltd., Hong Kong.

Redevco BV, the Netherlands.

Redevco France SASU, France.

Redevco Retail Belgium Comm. V., Belgium.

Redevco Services Deutschland GmbH, Germany.

Redevco Sweden AB, Sweden.

Redevco UK Ltd., UK.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

33644380

 

 

COMPANY FILE NUMBER

 

0847769

 

 

DATE OF INCORPORATION

 

23rd May, 2003.

 

 

CAPITAL

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital:     HK$1,000,000.00

 

 

SHAREHOLDER  

(As per registry dated 23-05-2013)

 

Name

 

No. of shares

COFRA Holding AG

Grafenauweg 10, 6300 Zug, Switzerland.

 

1,000,000

=======

 

 

DIRECTORS

(As per registry dated 23-05-2013)

 

Name

(Nationality)

 

Address

Robert DEEN

Tremelobaan 170 H, 3140 Keerbergen, Belgium.

 

LAI Mun Chew, Andrew

48 Loyang Rise, Singapore 507553.

 

 

SECRETARY 

(As per registry dated 23-05-2013)

 

Name

Address

Co. No.

Tricor Strath Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong.

0004873

 

 

GENERAL

 

Amsco Finance Ltd. is a private limited company incorporated on 23rd May, 2003 under the Hong Kong Companies Ordinance.  It has issued 1 million ordinary shares of HK$1.00 each.

The subject was a wholly-owned subsidiary of Amsco Holdings Pte. Ltd. [Amsco] which is a Singapore-based firm.  The directors of the subject were Mr. Chung Hak Bin and Mr. Chin Chee Kee.  Now, the subject has become a wholly-owned subsidiary of COFRA Holding AG [COFRA Holding] which is a Switzerland‑based firm.  Its directors have changed to Mr. Lai Mun Chew, Andrew and Mr. Robert Deen.  The former is a Singapore passport holder while the latter is a Holland passport holder.  Deen currently is residing in Belgium.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong known as Tricor Services Ltd. [Tricor] which is handling its correspondences and documents.

The subject’s corporate secretary is Tricor Strath Ltd.  This firm is an associate of Tricor which is also located at the above-mentioned address.

Tricor has had an office located at “24/F., Prince’s Building, Central, Hong Kong” where is the main office of Tricor.

The subject has no employees in Hong Kong.  It is a member of the COFRA Group.  The subject is engaged in the same lines of business as the Group.

The COFRA Group of companies encompasses activities in the following 5 main industries:-

·         Financial Services;

·         Private Equity Investments;

·         Real Estate;

·         Renewable Energies; &

·         Retail.

 

Each of these industries operates independently while upholding the mission and values that bind the COFRA Group together.

COFRA Holding is the holding company for a decentralised and diverse group of businesses with over 50,000 employees.  It depends strongly on its employees to promote individual success and development.  It is primarily its people and the extent to which they can reach individual and COFRA objectives which determines the success of its Group.

COFRA Holding is a family owned and managed group of companies.  Through investing in people, COFRA achieves two major objectives: growth through performance and long term health through balanced strategic investments.

COFRA Holding, founded in October 2001, is the holding company for a group of companies located in Europe, North and Latin America, and Asia.  Its activities include retail, real estate, private equity investments and financial services.  Located in Zug, Switzerland, it is also the headquarters of 12 regional offices, which provide legal, tax and financial services to the group.  The regional offices are located in the following cities:-

·         Amsterdam, The Netherlands;

·         Brussels, Belgium;

·         Dusseldorf, Germany;

·         Jersey, Channel Islands;

·         London, United Kingdom;

·         Madrid, Spain;

·         New York, United States;

·         Paris, France;

·         São Paulo, Brazil;

·         Tlaquepaque, Mexico; &

·         Vienna, Austria.

 

Robert Deen is the director of finance and controlling at C&A Europe [C&A].  C&A is part of the COFRA Holding.

COFRA Holding through its subsidiaries, is engaged in retailing, real estate, and private equity investment management businesses in Europe, North and Latin America, and Asia.  It is specialized in retailing fashion products and apparel, shoes, watches, glasses, and mobile phones in Europe, Brazil, Mexico, and China.  It owns and manages real estate properties, such as large retail parks and inner city shopping centres in Europe; and manages investments in private equity teams, as well as investments in the entrepreneurial teams in the areas of life sciences, water technologies, clean automotive technologies, and innovative materials.  COFRA Holding was founded in 2001 and is based in Zug, Switzerland with operational offices in Brussels, Belgium; and Düsseldorf, Germany.

C&A is one of the leading fashion retailers in Europe and Latin America.  Having started trading in 1841 as a textile warehouse, it has a history spanning over 160 years and 5 generations of the same family making it one of the pioneers of the retail industry.  Today, C&A operates in 18 European and 2 Latin American countries as well as China.

It is likely that C&A deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.

The subject’s business in Hong Kong is not active.  History in Hong Kong is over ten years.

On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

NOTE :

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.86

UK Pound

1

Rs.102.52

Euro

1

Rs.87.06

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.