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Report No. : |
348038 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASSA ABLOY HONG KONG LTD. |
|
|
|
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Registered Office : |
Suite 1901, 19/F., Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
21442871 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of locks. |
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No. of Employee : |
148. (Including associates) |
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 |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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
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 |
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. Yip Chiu Yan, Irene
Incorporated on: 10th
November, 1997.
Organization: Private
Limited Company.
Issued Share Capital: HK$500,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: SEK
56,843 million (Year ended 31-12-2014)
Employees:
148. (Including associates)
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.
Activledntity Europe S.A., France.
Agta Record AG, Switzerland.
ASSA ABLOY Asia Holding AB, Sweden.
ASSA ABLOY Australia Pacific Pty Ltd., Australia.
ASSA ABLOY Danmark A/S, Denmark.
ASSA ABLOY Deutschland GmbH, Germany.
ASSA ABLOY Entrance Systems AB, Sweden.
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 Identification Technology Group AB, Sweden.
ASSA ABLOY Inc, US.
ASSA ABLOY Kredit AB, Sweden.
ASSA ABLOY Ltd., UK.
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 Unipessoal Ltda., Portugal.
ASSA ABLOY Svensk Fastighets AB, Sweden.
ASSA Sverige AB, Sweden.
Cardo AB, Sweden.
Cerraduras de Colombia S.A., Colombia.
Dynaco US Inc., US.
Fleming Door Products Ltd., Canada.
Goal Co. Ltd., Japan.
Grupo Industrial Phillips S.A de C.V., Mexico.
HID Global Ireland Teoranta, Ireland.
HID Global Switzerland S.A., Switzerland.
HID SA, Argentina.
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.
etc.
21442871
0629401
Managing Director: Mr. CHUNG Jan
Yiu, Tony
General Manager: Ms. Irene Yip
Chiu Yan
HK$500,000.00
(As per registry dated 10-11-2014)
|
Name |
|
No. of shares |
|
ASSA ABLOY Asia Pacific Ltd., Hong Kong. |
|
50,000 ===== |
(As per registry dated 10-11-2014)
|
Name (Nationality) |
Address |
|
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. |
|
Lennart Magnus KAGEVIK |
Nordvastgatan 17, 603 85 Norrkoping, Sweden. |
(As per registry dated 10-11-2014)
|
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: 148. (Including associates)
44,269. (Group)
Commodities Imported: China, Europe, North America, etc.
Markets: Worldwide
countries.
Group Turnover: 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)
SEK 56,843
million (Year ended 31-12-2014)
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Issued Share Capital:
HK$500,000.00
Group Net Income: 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)
SEK 6,436 million (Year ended 31-12-2014)
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:
Very 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. The
Group’s two global divisions:
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.
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 120 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.
2014 was a record year for the Group.
Sales increased 17% to SEK 56,843 million with 3% percent organic growth
(2013: SEK 48,481 million). Operating
income increased by 17 percent to SEK 9,257 million (2013: SEK 7,923
million). Net income amounted to SEK
6,436 million (2013: SEK 4,775 million).
The Group could look back on its first 20 years, with sales growth of
1,500% and an increase in operating income of 5,800%, an exceptional
achievement in modern Swedish industrial history. With successful strategies
for increased market presence, product leadership and cost-efficiency, the
Group is well positioned for continued long-term profitable growth driven by
the major economic trends of its times: urbanization, rapid technological
development and increased security requirements.
According to the Group, 70% of Group sales are co-branded with the master
brand and local brands. 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.
These brands account for around 18% of Group sales.
The Group also has non-endorsed product brands, such as Entrematic,
FlexiForce and JPM. 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-known local
brands.
The subject is fully supported by ASSA ABLOY. History in Hong Kong is about 18 years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.