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Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ASMARA HOME
PRODUCTS INTERNATIONAL LTD. |
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Registered Office : |
Unit B, 8/F., |
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Country : |
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Date of Incorporation : |
27.06.2008 |
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Com. Reg. No.: |
39566675 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Home Products, Garments, Fashion Accessories, Trims & Fashion Jewellery |
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No of Employees : |
15. (Including
associates) |
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 : |
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 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
Source
Cia
ASMARA HOME
PRODUCTS INTERNATIONAL LTD.
Unit B, 8/F., Tong Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-2744 2255
FAX: 852-2744 2244
E-MAIL: contact@asmarainternational.com
Managing Director: Mr. Rajnish Negi
Incorporated on: 27th June, 2008.
Organization: Private Limited Company.
Issued Capital: US$1,175.00
Business Category: Buying Office.
Employees: 15. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit B, 8/F., Tong Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
Holding Company:-
ABP Holdings Ltd., Cayman Islands.
Associated/Affiliated
Companies:-
Ameya (BD) Pvt. Ltd., India.
Asmara America Inc., US.
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, Vietnam.
Asmara International Ltd., Hong Kong.
Asmara International Ltd., Turkey.
Asmara UK, UK.
Hangzhou Asmara Trading Ltd., China.
P.T. Ameya Livingstyle Indonesia, Indonesia.
P.T. Asmara Home Products Indonesia, Indonesia.
Sahana Creations India Pvt. Ltd., India.
Trendelephant GmbH, Germany.
39566675
1251281
Managing Director: Mr. Rajnish Negi
Contact Person: Mr. Franz Heuer
US$1,175.00
(As per registry
dated 27-06-2014)
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Name |
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No.
of shares |
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ABP Holdings Ltd. Scotia Centre, 4/F.,
P.O. Box 2804, George Town, Grand Cayman KY1-1112, Cayman Islands. |
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1,000 |
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Gurpreet Kaur TALWAR |
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175 |
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––––– |
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Total: |
1,175 ==== |
(As per registry
dated 27-06-2014)
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Name (Nationality) |
Address |
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Rajnish NEGI |
House No. 32A, Block E, Golf
Estate Bogor Raya, Bogor, Indonesia. |
(As per registry
dated 27-06-2014)
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Name |
Address |
Co.
No. |
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Arten Ltd. |
Unit 803, 8/F., Shanghai Industrial Investment Building, 48-62
Hennessy Road, Wanchai, Hong Kong. |
0668986 |
The subject was incorporated on 27th June, 2008 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: Buying Office.
Lines: All kinds of home products, garments, fashion accessories, trims, fashion jewellery
Employees: 15. (Including associates)
Commodities Imported: China, other Asian countries, etc.
Markets: Indonesia, other Asian countries, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, etc.
Issued Capital: US$1,175.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 1,175 ordinary shares, Asmara Home Products International Ltd. is jointly owned by ABP Holdings Ltd., a Cayman Islands-registered firm holding 85.1% interests; Mr. Gurpreet Kaur Talwar, holding 14.9%.
The subject is one of the key members of Asmara Group.
The subject is
trading in the following commodities:
All kinds of home products, garments, fashion accessories, trims & fashion jewellery
Commodities are chiefly sourced from China and the other Asian countries. The followings are some of its main customers:
Texwork, Mustang, Tom Tailor, Vanilia, Rod & Guns.
Established in 2000 in Indonesia, Asmara has grown into a global sourcing organisation in the areas of apparel as well as home products.
The beginning of Asmara was small, it just had an office with four persons in the city of Bogor in Indonesia (about 50 km south of Jakarta, the capital). Over the following years, offices were opened in India, Bangladesh, Hong Kong, China, Vietnam, Turkey, Sri Lanka and Pakistan. The original product line of apparel was further expanded to include accessories as well as home products.
Today, with about more than 700 professionals located in nine different offices worldwide, Asmara is working in close coordination to offer its customers a wide sourcing platform to cover their broad requirements in different products and at different price points.
The following
firms are the customers of the Group in Home Products:-
Brax, Cilio, Franco, Impressionen, Ishka, Jean Frit’s, Jericho, Joop, Kuchenprofi, Marvell’s, Mavi, Saks Fifth Avenue, Schonhuber Franchi, Studio Ag, Silit, Tchibo, To-Go Ware, WMF
The subject is responsible for the sourcing all kinds of home products from China, Taiwan, South Korea, Vietnam, India, the other Asian countries. Prime markets are India, Indonesia, other Asian countries, France, Germany, Italy, other European countries, Scandinavia. Business is rather active.
The subject has had an associated company Asmara International Ltd. [AIL] located at the same building. This firm is trading in all kinds of garments such as children’s wear, coats, denim garments, dresses and skirts, cardigan, sweater and pullover. Prime markets are Indonesia, other Southeast Asian countries, Europe.
The business of the Group is active.
The Group and a Germany firm Tom Tailor have set up a joint venture known as Tom Tailor Sourcing Ltd. in Hong Kong.
The Contact Person of the subject and AIL is Mr. Franz Heuer.
As the history of the subject is over six years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.25 |
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UK Pound |
1 |
Rs.101.92 |
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Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<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 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.