|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASSA ABLOY HONG KONG LTD. |
|
|
|
|
Registered Office : |
Suite 1901, 19/F., Tower 3, China Hong Kong City, 33 Canton Road,
Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
10.11.1997 |
|
|
|
|
Com. Reg. No.: |
21442871 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of locks |
|
|
|
|
No. of Employees |
30 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
ASSA
ABLOY HONG KONG
LTD.
ADDRESS:
Suite 1901, 19/F.,
Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2741 3225, 2260 0888
FAX: 852-2834 5507, 2686 8682
E-MAIL: sales@assaabloy.com.hk
General
Manager: Ms. Irene Yip Chiu Yan
Incorporated on: 10th November, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: SEK 48,481 million (Year ended 31-12-2013)
Employees: 30.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ASSA
ABLOY HONG KONG
LTD.
ADDRESS:
Registered
Head Office:-
Suite 1901, 19/F.,
Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Assa Abloy Asia Pacific
Ltd., Hong Kong. (Same address)
Ultimate
Holding Company:-
Assa Abloy AB,
Sweden.
Associated
Companies:-
Aac Acquisition Inc., Canada.
Abloy Canada Inc., Canada.
Agta Record Ag, Switzerland.
Assa Abloy Asia Holding (Hong Kong) Ltd., Hong Kong.
Assa Abloy Asia Holding AB, Sweden.
Assa Abloy Australia Pacific Pty Ltd., Australia.
Assa Abloy China Investment Co. Ltd., China.
Assa Abloy Danmark A/S, Denmark.
Assa Abloy Deutschland GmbH, Germany.
Assa Abloy Entrance Systems AB, Sweden.
Assa Abloy Entrance Systems Hong Kong Ltd., Hong Kong.
Assa Abloy Forsakrings AB, Sweden.
Assa Abloy France SAS, France.
Assa Abloy Holding GmbH, Australia.
Assa Abloy Holding Italia S.p.A., Italy.
Assa Abloy Holdings (SA) Ltd., South Africa.
Assa Abloy Hospitality AB, Sweden.
Assa Abloy Hospitality Ltd., Hong Kong.
Assa Abloy Identification Technology Group AB, Sweden.
Assa Abloy Inc, US.
Assa Abloy India Pvt. Ltd., India.
Assa Abloy Japan Co. Ltd., Japan.
Assa Abloy Korea Co. Ltd., Korea.
Assa Abloy Kredit AB, Sweden.
Assa Abloy Ltd., UK.
Assa Abloy Malaysia Sdn. Bhd., Malaysia.
Assa Abloy Mobile Servies AB, Sweden.
Assa Abloy Nederland Holding B.V., The Netherlands.
Assa Abloy Norge A/S, Norway.
Assa Abloy Oy, Finland.
Assa Abloy Portugal, Portugal.
Assa Abloy Singapore Pte. Ltd., Singapore.
Assa Abloy South Asia Pte Ltd., Singapore.
Assa Abloy Svensk Fastighets AB, Sweden.
Assa Abloy Thailand Ltd., Thailand.
Assa Sverige AB, Sweden.
Cardo AB, Sweden.
Cerraduras de Colombia S.A., Colombia.
Fleming Door Products. Ltd., Canada.
Goal Co.Ltd., Japan.
Grupo Industrial Phillips S.A de C.V., Singapore.
Hid Global Ireland, Teoranta, Ireland.
Hid Global Switzerland S.A., Switzerland.
Interlock Holding AG, Switzerland.
Mul-T-Lock Ltd., Israel.
Pan Pan Door Co. Ltd., China.
Sara Loading Bay Ltd., UK.
Saudi Crawford Doors Ltd., Saudi Arabia.
Talleres Agui S.A., Spain.
Timelox AB, Sweden.
Whaig Ltd., Bermuda.
21442871
0629401
General
Manager: Ms. Irene Yip Chiu Yan
Nominal Share
Capital: HK$500,000.00 (Divided into 50,000 shares of HK$10.00 each)
Issued Share
Capital: HK$500,000.00
(As
per registry dated 10-11-2013)
|
Name |
|
No.
of shares |
|
Assa Abloy Asia Pacific Ltd., Hong Kong. |
|
50,000 ===== |
(As
per registry dated 10-11-2013)
|
Name (Nationality) |
Address |
|
Peter Jonas
PERSSON |
House 12, Le Palais, 8 Pak Pat Shan Road,
Tai Tam, Hong Kong. |
|
CHUNG Jan Yiu,
Tony |
No. 37, 25/F., Celestial Heights, Phase 1,
80 Sheung Shing Street, Ho Man Tin, Kowloon, Hong Kong. |
|
YIP Chiu Yan |
G/F., 78K Clear Water Bay Road, Pak Shek
Wo Village, Sai Kung, New Territories, Hong Kong. |
(As
per registry dated 10-11-2013)
|
Name |
Address |
Co.
No. |
|
Edtoma
Secretarial Services Ltd. |
Suite 1201, 12/F., Tower 2, The Gateway, 25 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0534483 |
The
subject was incorporated on 10th November, 1997 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Tackton Ltd., name changed to Assa
Abloy Ltd. on 15th December, 1997, changed to Assa Abloy China Ltd. on 26th
May, 2000, and further to the present style on 17th January, 2001.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of locks.
Employees: 30.
Commodities Imported: China, Europe, North America, etc.
Markets: Worldwide countries.
Group Turnover: SEK 34,963 million (Year ended 31-12-2009)
SEK 36,823 million (Year ended 31-12-2010)
SEK 41,786 million (Year ended 31-12-2011)
SEK 46,619 million (Year ended 31-12-2012)
SEK 48,481 million (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$500,000.00 (Divided into 50,000 shares of HK$10.00 each)
Issued Share Capital: HK$500,000.00
Group Net Income: SEK 2,659 million (Year ended 31-12-2009)
SEK 4,080 million (Year ended 31-12-2010)
SEK 3,869 million (Year ended 31-12-2011)
SEK 5,172 million (Year ended 31-12-2012)
SEK 4,775 million (Year ended 31-12-2013)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Assa
Abloy Hong Kong Ltd. is a wholly-owned subsidiary of Assa Abloy Asia Pacific
Ltd., a Hong Kong-registered company located at the same address. The ultimate holding company Assa Abloy Ab,
is a Sweden‑based and listed company.
The
subject is one of the key members of ASSA ABLOY Group [ASSA ABLOY / Group]
which is trading in all kinds of locks.
The
Group is a Swedish lock manufacturer, and is the world’s largest lock
manufacturer by sales volume.
ASSA
ABLOY was formed in 1994 when ASSA AB was detached from Swedish security firm
Securitas AB. Shortly thereafter, the
Finnish high‑security lock manufacturer Abloy Oy (a subsidiary of the
Finnish company Wärtsilä) was acquired.
The company was introduced to the Stockholm stock exchange later the
same year.
Its
two largest shareholders are Latour and Melker Schörling AB.
ASSA
ABLOY is organized into five divisions. EMEA (Europe, Middle East and Africa)
division, Americas (North and South America) division and Asia Pacific (Asia,
Australia and New Zealand) division manufacture and sell mechanical and
electromechanical locks, security doors and hardware in their respective
geographical markets. Global
Technologies division operates worldwide in the product areas of access control
systems, secure card issuance, identification technology and hotel locks. Entrance
Systems division is a global supplier of entrance automation products and
service.
The
ASSA ABLOY master brand is complemented by global brands, which are all leaders
in their respective market segments: HID in access control, secure card
issuance and identification technology, Yale in the residential market,
Mul-T-Lock for locksmiths, and ABLOY in high-security locks. The Group also has non-endorsed product
brands, such as Entrematic, Flexiforce and Helton.
These
brands represent leading expertise in specialty products and service, with a unique
market positioning that is important to exploit.
In
order to compete effectively on a global market, the sales force operates as an
integrated organization and represents the ASSA ABLOY master brand. They create solutions for the customer using
various products manufactured under established local brands. Consequently, customers can be offered total
door opening solutions, while recognizing well established and known local
brands.
Today
global market leadership involves company operations in more than 70 countries
and worldwide sales. Emerging markets
are strategic priorities for future growth.
Sales on these markets are growing rapidly and account for 25 percent of
total Group sales, a fourfold increase in eight years. China accounts for around 10 percent of total
sales, more than a tenfold increase since 2006.
Since
2006, ASSA ABLOY has acquired 110 companies, fulfilling its ambition of 5
percent acquired growth per year. In
2013, ASSA ABLOY made 12 acquisitions, which added SEK 4,200 million in annual
sales, a 9 percent increase. The Group
has a focused acquisition strategy in three areas:
·
Adding new technologies in key
areas;
·
Complementing the product range;
&
·
Increasing geographical market
presence.
In
FY 2013, the Group’s sales totalled SEK 48,481 million (2012: SEK 46,619
million). The total change in sales for
2013 was 4 percent. Organic growth was 2
percent and acquired units made a positive contribution of 4 percent.
In
the Asia Pacific region, sales totalled SEK 7,420 million (2012: SEK 7,224
million), with organic growth of 4 percent.
Acquired units contributed 2 percent net to sales. Operating income excluding restructuring
costs amounted to SEK 1,032 million (2012: SEK 978 million), with an operating
margin (EBIT) of 13.9 percent.
Sales
increased in China and South Korea during the year, but demand was more subdued
on Southeast Asian markets and stable in Australia. Operating margin and cash flow were
maintained at a good level.
Since
ASSA ABLOY’s formation in 1994, Group sales have risen from SEK 3 billion to
SEK 48 billion and the number of employees from 4,700 to around 43,000.
The
subject is fully supported by ASSA ABLOY.
History in Hong Kong is over 16 years.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.