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Report No. : |
354165 |
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Report Date : |
17.12.2015 |
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 : |
Hongkong |
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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 : |
Importer, Exporter and Wholesaler of all kinds of Garments. |
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No. of Employees : |
14. (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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
ASMARA INTERNATIONAL
LTD.
ADDRESS: 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
Managing Director:
Mr. Franz August Heuer
Incorporated on: 13th May, 2006.
Organization: Private Limited Company.
Issued Share Capital: US$1,950,000.00
Business Category: Importer,
Exporter and Wholesaler.
Annual Turnover: US$30~40 million.
Employees: 14. (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 13-05-2015)
|
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 13-05-2015)
|
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 13-05-2015)
|
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: 14.
(Hong Kong
only)
Commodities Imported: China
and other Asian countries.
Markets: Southeast
Asia, Europe, etc.
Annual Turnover: US$30~40
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 one of
the marketing centres of the Group. The
other two centres are in the United States and Delhi of India.
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
14 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, other European countries, 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, etc.
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 floor and the same building 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 twelve sourcing offices in ten
countries in Asia and the Middle East while some have been mentioned-above.
The followings are
some of the key statistics of the Group:
·
3 Managing Partners
·
15 Working Shareholders
·
8 Country Managers
·
1,060 Employees
Now, the annual sales
turnover of the subject ranges from US$30 to 40 million. Making a small profit every year.
Asmara was set up in
2000 in Indonesia. 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 subject is fully
supported by its parent in Indonesia.
History in Hong Kong is over nine years and seven 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.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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 |
-- |
|
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.