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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ASANO HOLDINGS LTD. |
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Registered Office : |
Room 1018, 10/F., Shatin Galleria, 18-24 Shan Mei Street, Fo Tan,
Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.05.2011 |
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Com. Reg. No.: |
58411209 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of TVs, electronics and electric
appliances. |
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No. of Employees : |
28. (Including associate) |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 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 |
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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
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 |
ASANO HOLDINGS
LTD.
Room 1018, 10/F., Shatin Galleria, 18-24 Shan Mei Street, Fo Tan,
Shatin, New Territories, Hong Kong.
PHONE: 852-2698 1089~115
FAX: 852-2602 7743
E-MAIL: marketing@asano-international.com
Managing Director: Mr. Yu Chak
Cheung, Toby
Incorporated on: 25th May, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000,00
Issued: HK$5,000,000.00
Business Category: Manufacturer,
Importer and Exporter.
Employees: 28. (Including associate)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ASANO HOLDINGS
LTD.
Registered Head
Office:-
Room 1018, 10/F., Shatin Galleria, 18-24 Shan Mei Street, Fo Tan,
Shatin, New Territories, Hong Kong.
Holding Company:-
Guangdong Asano Technology Co. Ltd.
Changsheng Road, Songxia Industrial Park, Nanhai district, Foshan City,
Guangdong Province, China.
[Tel: 86-0757-85201888 Fax:
86-0757-85236938
E-mail: tv-asano@asano.com.cn]
Associated/Affiliated
Companies:-
Asano International Ltd. [AIL], Hong Kong. (Same address)
Conic Electronics International Co. Ltd., Hong Kong. (Dissolved)
Nanhai Asano Electric Appliances Co. Ltd., China.
New Conic Multimedia (Huizhou) Co. Ltd., China.
New Sun (International) Development Ltd., Hong Kong.
Tomico (International) Group Ltd., Hong Kong.
58411209
1606249
Managing Director: Mr. Yu Chak
Cheung, Toby
Nominal Share Capital: HK$5,000,000,00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 25-05-2013)
|
Name |
|
No. of shares |
|
YU Chak Cheung, Toby |
|
1,700,000 |
|
Guangdong Asano Technology Co. Ltd. |
|
3,300,000 |
|
|
|
|
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Total: |
5,000,000 ======= |
(As per registry dated 25-05-2013)
|
Name (Nationality) |
Address |
|
HE Xing |
Room 1303, 13/F., 101 Renmin Road, Foshan, Guangdong, China. |
|
WU Yan Ping |
Wen Wu Garden, 6 Yun Wu Road, Foshan, Guangzhou, China. |
|
YU Chak Cheung, Toby |
Flat A, 3/F., Block 8, Parc Versailles, 8 Mui Shu Hang Road, Tai Po, New
Territories, Hong Kong. |
(As per registry dated 25-05-2013)
|
Name |
Address |
Co. No. |
|
Group Motion Secretarial Services Ltd. |
Room C, 2/F., Wing Tat Commercial Building, 121‑125 Wing Lok
Street, Central, Hong Kong. |
1684145 |
The subject was incorporated on 25th May. 2011 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: Manufacturer,
Importer and Exporter.
Lines: TVs,
electronics and electric appliances.
Employees: 28. (Including associate)
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished products from China.
Markets: Europe,
North America, Japan and other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$5,000,000,00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Profit or Loss: Kept
a balance account in 2012.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Normal.
Having issued 5 million ordinary shares of HK$1.00 each, Asano Holdings
Ltd. was wholly owned by Mr. Toby Yu Chak Cheung who is a Hong Kong
merchant. In late 2012, the shareholder
changed. Yu Chak Cheung transferred 66%
of his shares to Guangdong Asano Technology Co. Ltd. [Guangdong Asano] which is
a China-based firm, while Yu Chak Cheung holds 34%.
The directors of the subject are Mr. He Xing, Ms. Wu Yan Ping and Yu
Chak Cheung. The first and second are
China merchants and currently residing in Foshan City, Guangdong Province,
China. However, Ms. Wu Yan Ping is
also a Hong Kong ID Card holder.
The subject has had an associated company Asano International Ltd. [AIL]
located at its operating address. AIL
and the subject are engaged in the same lines of business, more or less.
AIL is an electric appliance trader.
All the products are manufactured by Guangdong Asano. The predecessor of Guangdong Asano was Foshan
Asano Technology Co. Ltd.
Guangdong Asano, located in Songxia Industrial Park, Nanhai district,
Foshan City, Guangdong Province, is an integrated high-tech enterprise engaged
in the research, design, development, production, and sales of colour
televisions and other electric appliances.
Its main product range covers colour TV chassis, LCD TVs, CRT TVs, TV
cabinets, complete TV sets, and other related CKD and SKD components.
Guangdong Asano has over 2,000 employees, of which 15 have got the
degree of PhD, 20 employees have got master degree, about 50 engineers and more
than 300 employees are graduated from universities. Guangdong Asano has been equipped with more
than 10 advanced automatic assembly lines supported by auto inserting machines,
the auto spray-paint production lines, signal stimulating machines in full
system, the complete technical testing instruments and more than 20 plastic
injection machines. The annual
production capacity of Guangdong Asano is about 5,000,000 colour televisions
and other components ranging in sizes from 10 to 34 inches.
At present, Guangdong Asano has had closely cooperation with Philips Co.
in the Netherlands, Mitsubishi Co., Sanyo Co. and Toshiba Co. in Japan,
etc. Having passed ISO 9001 approval,
CCC approval, and other international approvals such as CB, CE, UL, SAA etc.,
Guangdong Asanos QC department ensures that all of its materials and finished
products are in conformity with its stringent standards.
In recent years, Guangdong Asano has speed up its whole business
approach and was held in high regard by local government. On 12th February, 2003, Mr. Zhang
Dejiang, the secretary of Guangdong Province, made a visit of Foshan
Asano. He gave a high praise to the
establishment of the factory.
The followings are the LCD and colour TV series of Foshan Asano: 15
63 series, 15 62 series, 19 62 series, 19 63 series, 18.5, 19 and 22,
26, 27 and 32 65 series, 20, 27, 32 66 series, 26, 27, 32 68 series,
32, 37, 42, 47 and 52 LCD TV, etc.
Bearing the trade marks of Asano and Conic, Most of
the products are exported to Europe, North America, Central & South
America, Japan and other Asian countries, the Middle East, Australia, etc. Business is rather active. In recent years, two more trade marks Sunling
and Tomico have been launched into the markets.
In order to penetrate the international market further, AIL has taken
part in fairs and exhibitions held in Hong Kong and other foreign large
cities. AIL usually takes part in Hong
Kong Electronics Fairs which are held in Hong Kong bi-annually.
The business of Guangdong Asano is administered by Mr. He Xing and
Ms. Wu Yan Ping.
The annual sales turnover of Guangdong Asano ranges from RMB350 to 380
million Yuan, making a small profit every year.
Besides Guangdong Asano, AIL has another associated factory in Huizhou
City, Guangdong Province, China known as New Conic Multimedia (Huizhou) Co.
Ltd.. This firm is also engaged in
manufacturing LCD and CRT televisions.
The China factories also receive OEM orders.
The businesses of the subject and AIL are chiefly administered by Yu
Chak Cheung.
The history of the subject in Hong Kong is just over two years.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.21 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.85.21 |
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 |
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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 |
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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 |
|
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NB |
New Business |
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This score serves as a reference to assess SCs 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.