MIRA
INFORM REPORT
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Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
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Name : |
AXSTORES FAR EAST LTD. |
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Registered Office : |
16/F., The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.10.1986 |
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Com. Reg. No.: |
10713566 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter, Re-exporter, Agent and Representative of Garments, other textile products, electronic equipment, cosmetics, and general merchandises. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
Company name and address
AXSTORES FAR
EAST LTD.
ADDRESS: 16/F., The Cameron, 33
Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2367 7122
FAX: 2311 2483, 2368 6642
E-MAIL: angie.chu@afe.ahlens.com.hk
MANAGEMENT
General Manager: Ms. Angie Chu
SUMMARY
Incorporated on: 10th
October, 1986.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$20.00
Business Category: Agent and Representative.
Group Net Sales:- (Year ended
31-12-2010)
SEK 6,657 million (Axstores Group)
SEK 20,899 million (Axel Johnson Group)
Group Employees: 3,583. (Axstores Group average number of full-time
employees as at 31-12-2010)
Employees:
25. (Hong Kong)
Main Dealing Banker: Skandinaviska Enskilda Banken AB (publ), Hong Kong Branch.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
16/F., The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
Branch Offices: China (Shanghai)
and India (New Delhi).
Holding Company:-
Axstores AB
Ringvägen 100, SE-118 90 Stockholm, Sweden.
[Tel: 46 (8) 402 8000; Fax: 46
(8) 402 8008]
Ultimate Holding Company:-
Axel Johnson AB, Sweden.
Associated Companies:-
Axstores Group of Companies
Affiliated Companies:-
Axel Johnson Group of Companies
Åhléns AB, Sweden.
Axel Johnson Inc., USA.
Axel Johnson International AB, Sweden.
AxFast AB, Sweden.
AxFlow Holding AB, Sweden.
Axfood AB, Sweden.
AxImage AB, Sweden.
AxIndustries AB, Sweden.
Kinetico Inc., USA.
Lagerhaus AB, Sweden.
Mekonomen AB, Sweden.
Nordstjernan AB, Sweden.
Novax AB, Sweden.
Parkson Corporation, USA.
Servera R&S AB, Sweden.
Sprague Energy Corporation, USA.
Svensk BevakningsTjänst AB, Sweden.
etc.
BUSINESS REGISTRATION NUMBER
10713566
COMPANY FILE NUMBER
0176235
MANAGEMENT
General Manager: Ms. Angie Chu
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of
HK$10.00 each)
Issued Share Capital: HK$20.00
SHAREHOLDER
(As per registry dated 10-10-2011)
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Name |
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No. of shares |
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Axstores AB Ringvägen 100, S-118 90 Stockholm, Sweden. |
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2 = |
DIRECTORS
(As per registry dated 10-10-2011)
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Name (Nationality) |
Address |
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Lars Gunnar SCHULTZ |
Vitsippsvagen 1, 133 36 Saltsjobaden, Sweden. |
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Birgitta Christina OLIVENSJÖ |
Toivovägen 57, 134 32 Gustavsberg, Sweden. |
SECRETARY
(As per registry dated 10-10-2011)
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Name |
Address |
Co. No. |
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Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong. |
0139490 |
HISTORY
The subject was incorporated on 10th October, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Tareena Trading
Ltd., name changed to Ahlens Far East Ltd. on 15th January, 1988, and further
to the present style on 23rd November, 2010.
Formerly the subject was located at Room 1001-1002, 10/F., Kimberley
Plaza, 45-47 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong, moved to
Room 908-909, 9/F., Tower 1, China Hong Kong City, 33 Canton Road, Tsimshatsui,
Kowloon, Hong Kong on 15th December, 1997, and further to the present address
with effect from 18th December, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter, Re-exporter, Agent and Representative.
Lines: Garments,
other textile products, electronic equipment, cosmetics, and general
merchandises.
Group Employees: 3,583. (Axstores
Group average number of full-time employees as at 31-12-2010)
Employees: 25. (Hong Kong)
Commodities Imported: Imported from Taiwan, India, Japan, Southeast Asia, China.
Markets: Sweden
(main), other European countries, etc.
Group Net Sales:-
|
Period |
Axstores Group |
Axel Johnson
Group |
|
Year ended 31-12-2007 |
SEK 5,683 million |
SEK 19,557 million |
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Year ended 31-12-2008 |
SEK 5,789 million |
SEK 19,881 million |
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Year ended 31-12-2009 |
SEK 6,202 million |
SEK 20,073 million |
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Year ended 31-12-2010 |
SEK 6,657 million |
SEK 20,899 million |
Terms/Sales:
Various terms.
Terms/Buying: L/C
or as per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of
HK$10.00 each)
Issued Share Capital: HK$20.00
Group Net Profit:-
|
Period |
Axstores Group |
Axel Johnson
Group |
|
Year ended 31-12-2007 |
SEK 188 million |
SEK 880 million |
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Year ended 31-12-2008 |
SEK 187 million |
SEK 515 million |
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Year ended 31-12-2009 |
SEK 216 million |
SEK 601 million |
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Year ended 31-12-2010 |
SEK 164 million |
SEK 650 million |
Profit or Loss: Made small profits in the past years.
Condition:
Keeping
in an active condition.
Facilities:
Making
active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
Skandinaviska
Enskilda Banken AB (publ), Hong Kong Branch.
Standing:
Good.
GENERAL
Axstores Far East Ltd. is a wholly-owned subsidiary of Axstores AB
[Axstores] which is a Sweden-based firm.
Formerly known as Ahlens Far East Ltd., the subject was incorporated in
October 1986 under the name of Tareena Trading Ltd., name changed to Ahlens Far
East Ltd. in January 1988 and has become a subsidiary of Åhléns AB [Åhléns]
which is a Sweden-based firm since then.
Further changed to the present style on 23rd November, 2010. Accordingly, Åhléns changed name to Axstores.
In turn, Axstores is a wholly-owned subsidiary of Axel Johnson AB
[Axel Johnson], also a Sweden-based firm.
The subject has just issued 2 ordinary shares of HK$10.00 each. Formerly it was jointly owned by Åhléns and
Mr. Joakim Foresell on equal basis. At
that time, the subject had two directors including Mr. Joakim Foresell and
Mr. Frank Stig Exner. In March 1998,
Mr. Foresell transferred his single share to Mr. Dan Thomas Ekberg who was appointed
director on 1st January, 1998. Mr.
Foresell resigned on 15th February, 1998 accordingly. On 1st March, 2000, Mr. Dan Thomas
Ekberg transferred his share to Ms. Eva Susanne Margaret Iding who was
immediately appointed director while Mr. Ekberg resigned. On 5th December, 2001, Ms. Iding resigned and
she transferred her share to Mr. Bjarne Mumm on 30th January, 2002. Mr. Bjarne Mumm was appointed as
director on 9th January, 2002 but now he has resigned. The subject’s current directors are Leif Åke
Göransson and Birgitta Christina Olivensjö.
The subject is a regional office of Axstores. It is a buying office for its Swedish
parent. It is responsible for acquiring
a variety of commodities in the Asia Pacific region as well as from
Europe. Besides, Axstores is also a
buying office for Anttila of Finland.
Commodities purchased include carpets, garments, leather products,
gifts, toys, household accessories, etc.
Most of these are sourced from Hong Kong, China, Southeast Asia, India
and Taiwan. Prime market is Sweden.
“Åhléns” is one of the well known brands in Sweden and the
leading retailer in a number of fields.
Operations are focused on four business areas: Mode (Fashion), Skönhet
(Beauty), Hem (Homeware) and Media.
Within these product groups, Axstores offers a wide range of stylish and
trendy products.
In the 90’s, Axstores began a comprehensive transformation into what
would become a modern retail chain of high international standard. All its department stores nation wide are
gradually being modernised to become attractive department stores.
Every day more than a million people come into contact with employees or
products and services from one of the Axel Johnson companies. The department stores and specialty stores
within Axstores alone attract around 300,000 visitors daily, and Axfood,
through its network of stores or via franchise-owners, offers food to a large
part of Sweden’s population.
Axel Johnson AB group is one of three independent groups in the Axel
Johnson Group together with the property company AxFast and the US company Axel
Johnson Inc. The Group also has stakes
in Nordstjernan. The Axel Johnson Group
is owned by Antonia Ax:son Johnson and her family.
Axstores is one of the leading retail groups in Europe. It has about 390 department stores in Sweden,
Finland and Norway. The Axstores Group
has about 5,000 employees and receives over 300,000 customers every day.
In December 2009, the Group opened its first pharmacy in the Skanstull
department store in Stockholm. However,
in December 2010, Axstores sold its pharmacy business in Stockholm, Sweden to
Heart Pharmacy.
In FY 2010, the net sales of Axstores Group amounted to SEK 6,657
million (2009: SEK 6,202 million) and profit after financial items was SEK 164
million (2009: SEK 216 million).
For the year ended 31st December, 2010, the Axel Johnson Group’s
consolidated sales amounted to SEK 20,899 million (2009: SEK 20,073
million). Group net profit was SEK 650
million (2009: SEK 601 million). The
Axel Johnson Group’s financial position remains strong.
Axel Johnson AB group is a family company now in the fourth and fifth
generations that builds, transforms and develops businesses within retail
trading and trading-related services in the European market, with a focus on
the Nordic region. Group companies today
comprise Axel Johnson International, Novax, Servera, Svensk Bevakningstjänst,
Axstores and the partly owned listed companies Axfood and Mekonomen. The wholly and partly owned companies in the
Axel Johnson AB group have total annual sales in excess of SEK 59 billion and
approximately 17,000 employees.
In Hong Kong, the subject’s business is mainly handled by Ms. Angie Chu
who is also the Merchandise Manager. She
is a Hongkongnese.
The subject has set up a branch office in Shanghai, China and New Delhi,
India respectively. Overall business is
active and lucrative, the subject is fully supported by its Swedish parent. History in Hong Kong is over twenty‑five
years and a month.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.28 |
|
|
1 |
Rs.80.08 |
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Euro |
1 |
Rs.68.44 |
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.