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Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
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 |
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No. of Employees : |
27. (Hong Kong) |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
AXSTORES FAR EAST
LTD.
16/F., The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 2367 7122
FAX: 2311 2483, 2368
6642
E-MAIL: celina.cheung@afe.ahlens.com.hk
General Manager: Ms. Angie Chu
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 31-12-2011)
SEK 7,116 million (Axstores Group)
SEK 29,615
million (Axel Johnson Group)
Company Employees: 27.
(Hong Kong)
Group Employees: 3,600.
(Axstores Group average number of full-time employees as at 31-12-2011)
Main Dealing Banker: Skandinaviska
Enskilda Banken AB (publ), Hong Kong Branch.
Banking Relation: Good.
AXSTORES FAR EAST
LTD.
Registered Head
Office:-
16/F., The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
Branch Offices: China (Shanghai),
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
Associated/Affiliated
Companies:-
Axel Johnson Group of Companies
Åhléns AB, Sweden.
AltoCumulus 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.
AxLoad AB, Sweden.
Kinetico Inc., USA.
Lagerhaus AB, Sweden.
Martin & Servera AB, Sweden.
Mekonomen AB, Sweden.
Nordstjernan AB, Sweden.
Novax AB, Sweden.
Parkson Corporation, USA.
Servera R&S AB, Sweden.
Sprague Energy Corporation, USA.
Svensk Bevaknings Tjanst AB, Sweden.
etc.
10713566
0176235
General Manager: Ms. Angie Chu
Contact Person: Ms. Celina Cheung
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of
HK$10.00 each)
Issued Share Capital: HK$20.00
(As per registry dated 10-10-2012)
|
Name |
|
No. of shares |
|
Axstores AB Ringvägen 100, S-118 90 Stockholm, Sweden. |
|
2 = |
(As per registry dated 10-10-2012)
|
Name (Nationality) |
Address |
|
Lars Gunnar SCHULTZ |
Vitsippsvagen 1, 133 36 Saltsjobaden, Sweden. |
|
Birgitta Christina OLIVENSJÖ |
Toivovägen 57, 134 32 Gustavsberg, Sweden. |
(As per registry dated 10-10-2012)
|
Name |
Address |
Co. No. |
|
Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong. |
0139490 |
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.
Activities: Importer, Exporter, Re-exporter,
Agent and Representative.
Lines: Garments, other
textile products, electronic equipment, cosmetics, and general merchandises.
Company Employees: 27. (Hong Kong)
Group Employees: 3,600. (Axstores Group average number of full-time
employees as at 31-12-2011)
Commodities Imported: Imported
from Taiwan, India, Japan, Southeast Asia, China, etc.
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 |
|
Year ended 31-12-2008 |
SEK 5,789 million |
SEK 19,881 million |
|
Year ended 31-12-2009 |
SEK 6,202 million |
SEK 20,073 million |
|
Year ended 31-12-2010 |
SEK 6,657 million |
SEK 20,899 million |
|
Year ended 31-12-2011 |
SEK 7,116 million |
SEK 29,615 million |
Terms/Sales: Various terms.
Terms/Buying: L/C or as per contracted.
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 |
|
Year ended 31-12-2008 |
SEK 187 million |
SEK 515 million |
|
Year ended 31-12-2009 |
SEK 216 million |
SEK 601 million |
|
Year ended 31-12-2010 |
SEK 164 million |
SEK 650 million |
|
Year ended 31-12-2011 |
SEK 74 million |
SEK 933 million |
Profit or Loss: Business is profitable.
Condition: Business remains active.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: Skandinaviska Enskilda Banken AB (publ),
Hong Kong Branch.
Standing: Good.
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.
Axel Johnson International consists of four business areas:-
AxFlow supplies flow handling equipment in Europe and represents many
world-leading manufacturers of pumps and related equipment.
AxImage is general agent for Fuji Film in Sweden and Norway and a supplier of
photographic, graphic and medical equipment.
AxIndustries is a group of companies that develop and sell
components, systems and customized solutions to industrial companies in the
Nordic and Baltic countries with a focus on heavy vehicles, bearings and
transmissions.
AxLoad is the leading supplier of lifting and lashing equipment in Europe.
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 Axson 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 2011, the net sales of Axstores Group amounted to SEK 7,116
million (2010: SEK 6,657 million) and profit after financial items was just SEK
74 million (2010: SEK 164 million). Net
profits have been decreasing.
Axstores increased its sales in the year despite the weak development in
the retail trade. Sales rose by 6.9% as
a result of the acquisition of the Norwegian cosmetics chain Esthetique as well
as sales growth in Kicks and Lagerhaus.
Ahlens’ sales were in line with the previous year’s level.
Profit after net financial items decreased to SEK 74 million as sales
growth did not compensate for cost increases in operations. The result was positively affected by cost-reduction
programs which will have full effect in 2012.
For the year ended 31st December, 2011, the Axel Johnson Group’s
consolidated sales amounted to SEK 29,615 million (2010: SEK 20,899
million). Group net profit was SEK 933
million (2010: SEK 650 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 19,000 employees.
In Hong Kong, the subject’s business is mainly handled by Ms. Angie Chu
who is also the Merchandise Manager. The
contact person is Ms. Celina Cheung.
Both are Hongkongese.
The subject has set up branch offices 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‑six
years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.