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Report No. : |
315513 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
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Name : |
ASMARA INTERNATIONAL LTD. |
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Registered Office : |
Unit 7B & 8B, Tong Yuen Factory Building, 505 Castle Peak Road,
Lai Chi Kok, Kowloon |
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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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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is Importer, Exporter and Wholesaler of All kinds of garments |
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No. of Employee : |
15 (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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 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$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.
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 Americas
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 International Ltd., Hong Kong. (Same address)
Asmara Home
Products, Vietnam.
Asmara
International Ltd., Turkey.
Asmara UK, UK.
Hangzhou Asmara
Trading Co. Ltd., China.
P.T. Ameya
Livingstyle Indonesia, Indonesia.
P.T. Asmara Home
Products Indonesia, Indonesia.
Sahana Creations
India Pvt. Ltd., India.
Tom Tailor
Sourcing Ltd., Hong Kong.
Trendelephant
GmbH, Germany.
etc.
36759605
1044802
Managing Director: Mr. Franz August Heuer
US$1,950,000.00
(As
per registry dated 13-05-2014)
|
Name |
|
No.
of shares |
|
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 23-02-2015)
|
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 C, 36/F., Tower 1, The Belcher’s, 89
Pok Fu Lam Road, 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 13-05-2014)
|
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.
Issued Share Capital:
US$1,950,000.00
Mortgage or
Charge: (See attachment)
Profit or Loss: Making small profits in the past years.
Condition: Business is active.
Facilities: Making active use of general banking
facilities.
Payment: Met trade commitments on time.
Commercial
Morality: Satisfactory.
Bankers:-
Deutsche Bank AG,
Hong Kong Branch.
Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Bank of India,
Hong Kong Branch.
HBZ Finance Ltd.,
Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very 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 15 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:-
Betty
Barclay, Bertels, Bianca Moden, Carnet De Vol, Erima, GAS, Greystone, Kaporal,
Mayerline, Mister Lady, MQ, Mustang, O’ Neill, Tom Tailor, Vanilia, Venice Beach,
Texwork, Texwork (BMW-Porsche), Mustang, Tom Tailor, Vanilia, Rod & Guns,
etc.
The
subject has set up the following offices:-
·
Delhi Representative Office of India;
·
Dhaka Representative Office of Bangladesh;
·
Hangzhou Representative Office, Zhejiang Province,
China;
·
Hochiminh Representative Office of Vietnam;
·
Indonesia Representative Office, Bogor, Indonesia;
·
Istanbul Representative Office of Turkey;
·
Pakistan Representative Office; &
·
Sri Lanka Representative Office.
In
December 2011, the subject and Tom Tailor GmbH [TTG] set up a joint venture in
Hong Kong known as Tom Tailor Sourcing Ltd. [TTS]. TTS is a Hong Kong-registered company located
at the same address of the subject.
TTG
has been partnering with the subject for a very long time. TTG is a German fashion retailer and the
subject is engaged in sourcing all kinds of fashions in the Asia Pacific
region.
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.
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.
The
subject is fully supported by its parent in Indonesia. History in Hong Kong is over eight years
and eleven months.
On
the whole, consider the subject good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
27-07-2011 |
Charge Over Deposit |
Australia & New Zealand Banking Group Ltd., Hong Kong Branch. |
|
06-03-2015 |
Charge on Cash Deposit and Structured Investment Deposit to Secure
Liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.92.53 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
ASH |
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 |
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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.