MIRA INFORM REPORT
|
Report No. : |
340233 |
|
Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
AXSTORES FAR EAST LIMITED |
|
|
|
|
Registered Office : |
16th Floor, The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
10.10.1986 |
|
|
|
|
Com. Reg. No.: |
176235 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Garments. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 |
Contact Points
|
COMPANY NAME: |
|
|
SUPPLIED NAME: |
AXSTORES FAR EAST LTD. |
|
Trading Address: |
16th Floor, The Cameron, 33 Cameron Road,
Tsimshatsui, Kowloon, Hong Kong |
|
Supplied Address: |
16/F., The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon |
Note: The exact name and
address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
16th Floor, The Cameron, 33
Cameron Road, Tsimshatsui, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2367-7122 |
|
Fax Number: |
+852-2311-2483 |
|
Date of Registration: |
1986-10-10 |
|
Registered Number: |
176235 |
|
Business Registration No.: |
10713566 |
|
Paid-up Capital: |
HKD 20 (USD 2.58) = 2 Shares @ HKD 10 (As of 2015.7, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
84599-- Garments, Knitted Or Crocheted, N.E.S. (No.) |
|
Principal Activities: |
Trading of garments. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-10-10 |
Note: Subject declined to disclose its staff number, and from other source we
can’t obtain the information, either.
History
Subject was incorporated on 1986-10-10 with the registered number 176235
as Private Limited Liability Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
2010-11-23 |
Axstores Far East Limited |
|
1988-1-15 |
Ahlens Far East Limited |
|
1986-10-10 |
Tareena Trading Limited |
Corporate Structure
Group Office
|
1 |
|
|
Name: |
Shanghai office |
|
Address: |
Room 2303-2306, Wandu Center, No. 8, Xingyi Rd., Shanghai, China |
|
Tel: |
+86-21-5208-1605 |
|
2 |
|
|
Name: |
India office |
|
Tel: |
+91-11-2694-2075, +91-981-069-4420 |
Shareholders
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Axstores AB |
2 |
100% |
|
Total |
2 |
100% |
Major Shareholder
Information:
|
Name: |
Axstores AB |
|
Address: |
Ringvagen 100 S-118 90 Stockholm Sweden |
Management Information
Core Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Schultz Lars Gunnar |
|
Address: |
Vitsippsvagen 133 36 Saltsjobaden Sweden |
|
Position: |
Director |
|
Passport Number: |
86215724 |
|
Issuing Country: |
Sweden |
|
2 |
|
|
Name: |
Averling Johannes Per Goran |
|
Address: |
Uppsalavagen 4 740 46 Ostervala Sweden |
|
Position: |
Director |
|
Passport Number: |
81580569 |
|
Issuing Country: |
Sweden |
|
3 |
|
|
Name: |
Mowins Gregg Patrick |
|
Address: |
Eriksbergsgatan 16 NB 114 30 Stockholm Sweden |
|
Position: |
Director |
|
Passport Number: |
84516729 |
|
Issuing Country: |
Sweden |
|
4 |
|
|
Name: |
Secreco Limited |
|
Address: |
8th Floor, Gloucester Tower, The Landmark, 15 Queen’s Road
Central Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
139490 |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
16th Floor, The Cameron, 33 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong |
Premises Information
The subject is
located at 16th Floor, The Cameron, 33 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong. However, we
cannot get any related registration information for this address in the
official authorities.
Production Information
Subject is a
trader of garments without any production activities.
Purchase Information
It is
introduced that subject’s products are purchased from both home and abroad.
Sales Information
Subject is engaged in trading of garments.
Subject’s major products are undergarment, homewear and accessory.
Subject sells the products with the brand of Ahlens.
It is introduced that subject sells gifts and home furnishings with the brand
of Lagerhaus, etc.
It is introduced that subject’s group has offices in Shanghai, China;
New Delhi and Bangladesh.
It is introduced that subject’s group has more than 100 specialty stores
in Sweden and Norway.
Subject’s sales regions cover all over the World.
Settlements
Purchase
Domestic Purchase
|
Products |
Garments. |
|
Payment Terms |
T/T, Cash |
Import
|
Products |
Garments. |
|
Payment Terms |
L/C, T/T |
Domestic Markets
|
Product |
Garments. |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Garments. |
|
Selling Terms |
L/C, T/T |
Financial Information
The subject has no obligation to supply its
financial statement to the third party according to the relevant policy in Hong
Kong and the only source from which we can obtain the information is the
subject itself.
Subject’s relevant staff rejected to disclose the financial information;
from other sources we could not obtain such information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of the subject has been
found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Name |
Ms. Celina |
|
Department: |
Sales Department |
Industry Information
84599-- Garments, Knitted Or Crocheted, N.E.S. (No.)
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Bangladesh |
1,280 |
36 |
60,026 |
863 |
|
Germany |
32 |
28 |
3,410 |
1,511 |
|
724 |
845 |
5,742 |
4,649 |
|
|
Indonesia |
1,376 |
82 |
10,580 |
483 |
|
India |
6,460 |
307 |
40,895 |
2,327 |
|
Sri Lanka |
31,237 |
3,448 |
124,014 |
13,486 |
|
Philippine |
1,334 |
104 |
3,980 |
399 |
|
Singapore |
585 |
41 |
11,184 |
481 |
|
USA |
2,480 |
160 |
72,939 |
5,404 |
|
The Mainland of China |
729,095 |
27,196 |
8,693,539 |
270,110 |
|
Exports |
||||
|
Canada |
-- |
-- |
16 |
44 |
|
Japan |
-- |
-- |
170 |
45 |
|
Malaysia |
-- |
-- |
17,942 |
580 |
|
Holland |
-- |
-- |
255 |
102 |
|
Singapore |
-- |
-- |
41 |
98 |
|
Taiwan |
-- |
-- |
100 |
35 |
|
USA |
6 |
1 |
3,246 |
2,392 |
|
The Mainland of China |
-- |
-- |
170 |
45 |
External
Trade Information:
External
Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year %
change of Total exports |
Merchandise
trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures
have been rounded to the nearest final digit after summing up the constituent
trade figures.
Attachment
33 Cameron Road, Tsimshatsui, Kowloon, Hong Kong
The Cameron, 33 Cameron Road, Tsimshatsui, Kowloon, Hong Kong
16th Floor, The Cameron, 33 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong
16th Floor, The Cameron, 33 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.61 |
|
|
1 |
Rs.102.30 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
NIT |
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.