|
Report Date : |
31.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WALGREENS
(HONG KONG) LTD. |
|
|
|
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Registered Office : |
Unit 1106, 11/F., Tower 2, Harbour Centre, 8 Hok Cheung
Street, Hunghom, Kowloon |
|
|
|
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Country : |
Hong Kong |
|
|
|
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Date of Incorporation : |
16.09.2008 |
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|
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Com. Reg. No.: |
39800106 |
|
|
|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Subject sells prescription and non-prescription drugs as well as general merchandise, including household items, convenience and fresh foods, personal care, beauty care, photo-finishing and candy. Its pharmacy, health and wellness services include retail,
specialty, infusion and respiratory services, mail service, convenient care
clinics and worksite health and wellness centres. |
|
|
|
|
No. of Employees : |
15 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
WALGREENS (HONG KONG) LTD.
Unit 1106, 11/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2364 7333
FAX: 852-2364 7322
General Manager: Mr. Calmen Yuen
Incorporated on: 16th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000.00
Issued: HK$10.00
Business Category: Importer, Exporter and Wholesaler.
Group Net Sales: US$71,633 million (Year ended 31-08-2012)
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1106, 11/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Walgreen Co., US.
Associated
Companies:-
Walgreen Group of Companies
Accountable Care Network of Arizona LLC, US.
Accountable Care Network of Colorado LLC, US.
Accountable Care Network of Florida LLC, US.
Accountable Care Network of Georgia LLC, US.
Accountable Care Network of Illinois LLC, US.
Accountable Care Network of Missouri LLC, US.
Accountable Care Network of New jersey LLC, US.
Accountable Care Network of Pennsylvania LLC, US.
Accountable Care Network of Tennessee LLC, US.
Accountable Care Network of Texas LLC, US.
Alliance Boots GmbH, Switzerland.
American Occupational Health Management Inc., US.
Beauty.com Inc., US.
Bond Drug Co. of Illinois LLC., US.
Bowen Development Co., US.
CHDM LLC., US.
CHI Holding Corporation, US.
Corporate Health Dimensions Inc., US.
Crescent Healthcare Inc., US.
Crescent Therafusion Inc., US.
Deerfield Funding Corporation, US.
DR Employee Service LLC., US.
DRI-I Inc., US.
Drugstore.com Inc., US.
DS Distribution Canada Ltd., British Columbia.
DS Pharmacy Inc., US.
Duane Harry’s Discount Drug Stores Inc., US.
Duane Harry’s Inc., US.
Duane Reade Holdings Inc., US.
Duane Reade Inc., US.
Duane Reade International LLC., US.
Duane Reade Realty Inc., US.
Duane Reade, US.
East-West Distributing Co., US.
Full Road Holdings Ltd., Mauritius.
Green Hills Insurance Co. A Rick Retention Group, US.
Happy Harry’s Discount Drug Stores Inc., US.
Happy Harry’s Inc., US.
HHDH Inc., US.
Home Health of Option Care Inc., US.
Hunterdon Infusion Services L.L.C., US.
I-Trax Health Management Solutions Inc., US.
LCA Insurance Co Inc., US.
Medication Adherence Solutions LLC., US.
Medicenter Inc., US.
MedNow Infusion LLC., US.
Meridian COMP of New York Inc., US.
Option Care Enterprises Inc., US.
Option Care Home Health L.L.C., US.
Option Care Inc., US.
Option Care of New York Inc., US.
Option Home Health Inc., US.
Optionet Inc., US.
Salient Business Solution Ltd., US.
Salu Australia Pty. Ltd., Australia.
Salu Beauty Inc., US.
Skincarestore Australia Pty. Ltd., Australia.
Springville Pharmacy Infusion Therapy Inc., US.
Superior Bermuda GP, Bermuda.
Superior LuxCo 1 S.a.r.l., Luxembourg.
Superior LuxCo 2 S.a.r.l., Luxembourg.
Take Care Employer Solutions LLC., US.
Take Care Health Systems Inc., US.
Take Care Health Systems LLC., US.
The 1901 Group LLC., US.
Trinity Home Care LLC., US.
University Option Care LLC., US.
Vision Direct Inc., US.
WagBeau LLC., US.
Wagdco LLC., US.
Walgreen Arizona Drug Co., US.
Walgreen Eastern Co. Inc., US.
Walgreen Hastings Co., US.
Walgreen Infusion & Respiratory Services LLC., US.
Walgreen International Investments LLC., US.
Walgreen International S.a.r.l., Luxembourg.
Walgreen Investments Co., US.
Walgreen Investments Luxemborug SCS, Luxembourg.
Walgreen Louisiana Co. Inc., Louisiana.
Walgreen Medical Supply LLC., US.
Walgreen Mercantile Corporation, US.
Walgreen National Corporation, US.
Walgreen Network Health Services LLC., US.
Walgreen of Nevada LLC., US.
Walgreen of Puerto Rico Inc., Puerto Rico.
Walgreen of Sun Patricio Inc., Puerto Rico.
Walgreen Oshkosh Inc., US.
Walgreen Realty Resources LLC., US.
Walgreen Scotland Ltd., UK.
Walgreen Soctland Investments LP., UK.
Walgreen Specialty Pharmacy Holdings Inc., US.
Walgreen Specialty Pharmacy LLC., US.
Walgreen Swiss International GmbH, Switzerland.
Walgreens (Singapore) PTE Ltd., Singapore.
Walgreens (Sourcing) Pte. Ltd., Singapore.
Walgreens Assistance Inc., US.
Walgreens Business Services LLC., US.
Walgreens China Business Trust, China.
Walgreens Health Management LLC., US.
Walgreens Home Care Inc., US.
Walgreens Infusion Services at Legacy Health LLC., US.
Walgreens Infusion Services Inc., US.
Walgreens Mail Service Inc., US.
Walgreens Mail Services LLC., US.
Walgreens Market Strategies LLC., US.
Walgreens of Hawaii LLC., US.
Walgreens of Massachusetts LLC., US.
Walgreens of Maui Inc., US.
Walgreens Pharmacy Services Eastern LLC., US.
Walgreens Pharmacy Services LLC., US.
Walgreens Pharmacy Services Midwest LLC., US.
Walgreens Pharmacy Services Southern LLC., US.
Walgreens Pharmacy Services Western LLC., US.
Walgreens Pharmacy Services WHS LLC., US.
Walgreens Properties Inc., US.
Walgreens Sleep & Respiratory Pharmacy LLC., US.
Walgreens Specialty Care Centers LLC., US.
Walgreens Store No. 3288 LLC, US.
Walgreens Store No. 3332 LLC., US.
Walgreens Store No. 3680 LLC., US.
Walgreens Store No. 4650 LLC., US.
Walgreens Store No. 4651 LLC., US.
Walgreens Store No. 5576 LLC., US.
Walgreens Store No. 5838 LLC., US.
Walgreens Store No. 7839 LLC., US.
Walgreens Venture Capital LLC., US.
Walgreens.com Inc., US.
WVC Investment LLC., US.
etc.
39800106
1273108
General Manager: Mr. Calmen Yuen
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
(As per registry
dated 16-09-2012)
|
Name |
|
No.
of shares |
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Walgreen Co. 200
Wilmot Road, Deerfield, Illinois 60015, US. |
|
10 == |
(As per registry
dated 16-09-2012)
|
Name (Nationality) |
Address |
|
Walgreen Co. |
200 Wilmot Road, Deerfield,
Illinois 60015, U.S.A. |
(As per registry
dated 19-04-2013)
|
Name |
Address |
Co.
No. |
|
Dentons Secretarial Services (Hong Kong) Ltd. |
Suite 3201, 21/F., Jardine House, 1 Connaught Place,
Central, Hong Kong. |
0931628 |
The subject was incorporated on 16th September, 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: Importer, Exporter and Wholesaler.
Lines: All kinds of pharmaceuticals, drugs, general merchandise.
Employees: 15.
Commodities Imported: India, Europe, etc.
Markets: Hong Kong, other Asian countries, Europe, North America, etc.
Group Net Sales: US$59,034 million (Year ended 31-08-2008)
US$63,335 million (Year ended 31-08-2009)
US$67,420 million (Year ended 31-08-2010)
US$72,184 million (Year ended 31-08-2011)
US$71,633 million (Year ended 31-08-2012)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$10.00
Group Net Earnings: US$2,157 million (Year ended 31-08-2008)
US$2,006 million (Year ended 31-08-2009)
US$2,091 million (Year ended 31-08-2010)
US$2,714 million (Year ended 31-08-2011)
US$2,127 million (Year ended 31-08-2012)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· CITI Bank Ltd., Hong Kong.
Standing: Normal.
Walgreens (Hong Kong) Ltd. is a wholly-owned subsidiary of Walgreen Co. [Walgreen/The Company] which is a US-based firm.
The subject is responsible for supplying Walgreen with all kinds of commodities as it required.
Walgreen has been listed on the following three exchanges: New York Stock Exchange, The NASDAQ Stock Market LLC and Chicago Stock Exchange.
Walgreen, together with its subsidiaries, operates the largest drugstore chain in the United States with net sales of US$71.6 billion in the fiscal year ended 31st August, 2012. It provides its customers with convenient, multi-channel access to consumer goods and services, pharmacy, and health and wellness services in communities across America. It offers its products and services through drugstores, as well as through mail, by telephone and online.
Walgreen sells prescription and non-prescription drugs as well as general merchandise, including household items, convenience and fresh foods, personal care, beauty care, photo-finishing and candy. Its pharmacy, health and wellness services include retail, specialty, infusion and respiratory services, mail service, convenient care clinics and worksite health and wellness centres. These services help improve health outcomes and manage costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. Its Take Care Health Systems subsidiary is a manager of worksite health and wellness centres and in-store convenient care clinics, with more than 700 locations throughout the United States.
Since 2nd August 2012, it has held a 45% investment interest in Alliance Boots GmbH, a leading international pharmacy-led health and beauty group, which it accounts for using the equity method of accounting. Alliance Boots delivers a range of products and services to customers including pharmacy‑led health and beauty retailing and pharmaceutical wholesaling and distribution. It also has the right, but not the obligation, to acquire the remaining 55% interest in Alliance Boots at any time during the period beginning 2nd February 2015 and ending on 2nd August, 2015.
Walgreen Co. was incorporated as an Illinois corporation in 1909 as a successor to a business founded in 1901. Its principal executive offices are located at 108 Wilmot Road, Deerfield, Illinois 60015. The Company is principally in the retail drugstore business.
As of 31st August, 2012, Walgreen operated 8,385 locations in 50 states, the District of Columbia, Guam and Puerto Rico. In 2012, it opened or acquired 266 locations for a net increase of 175 locations after relocations and closings. Total locations do not include 360 Take Care clinics that are operated primarily within its Walgreens locations or locations of unconsolidated partially owned entities such as Alliance Boots GmbH.
During fiscal 2012, Walgreen added US$1.6 billion to property and equipment, which included approximately US$0.7 billion related to stores, US$0.8 billion for information technology and US$0.1 billion related to other locations. The Company implemented new point-of-sale store technology chain wide in fiscal 2012 in preparation for the loyalty program introduction. Capital expenditures for fiscal 2013 are currently expected to be between US$1.6 billion and US$1.8 billion, excluding acquisitions and prescription file purchases, although the actual amount may vary depending upon a variety of factors, including, among other things, the timing of implementation of certain capital projects.
It completed its three-year plan to refresh approximately 5,000 stores through its “customer-centric retailing” initiative in fiscal 2012. As of 31st August, 2012, it had opened or converted stores with its pilot “Well Experience” store format in approximately 350 locations, including a market-wide transformation in the Indianapolis area and new flagship stores in select markets including Chicago, New York City, Las Vegas and Puerto Rico.
Prescription drugs represent its largest product class accounting for 63% of its total sales in fiscal 2012 followed by general merchandise and non‑prescription drugs at 25% and 12%, respectively.
Walgreen markets products and services under various trademarks, trade dress and trade names and rely on a combination of patent, copyright, trademark, service mark, and trade secret laws, as well as contractual restrictions to establish and protect its proprietary rights.
It owns numerous domain names, holds over fifty patents, have registered numerous trademarks, and have filed applications for the registration of a number of its other trademarks and service marks in various jurisdictions. It holds assorted business licenses (such as pharmacy, occupational, liquor and cigarette) having various lives within multiple legal jurisdictions, which are necessary for the normal operation of its business.
The Company sells to numerous customers including various managed care organizations within both the private and public sectors.
At 31st August 2012, the Company employed approximately 240,000 persons, approximately 69,000 of whom were part-time employees working less than 30 hours per week.
The subject is fully supported by Walgreen. History in Hong Kong is about five years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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.