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MIRA INFORM REPORT
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Report No. : |
483353 |
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Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ASSA ABLOY HONG KONG LIMITED |
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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 : |
Hongkong |
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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 Employees : |
140. (Including Associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
COMPANY
NAME AND ADDRESS
ASSA ABLOY
HONG KONG LIMITED
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
MANAGEMENT
Managing Director:
Ms. Yip Chiu Yan, Irene
SUMMARY
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
71,293 million (Year ended 31-12-2016)
Employees: 140. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
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 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.
BUSINESS
REGISTRATION NUMBER
21442871
COMPANY
FILE NUMBER
0629401
MANAGEMENT
Managing Director:
Ms. Yip Chiu Yan, Irene
ISSUED
SHARE CAPITAL
HK$500,000.00 (50,000 fully paid ordinary shares)
SHAREHOLDER
(As per registry dated 10-11-2017)
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Name |
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No. of shares |
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ASSA ABLOY Asia Pacific Ltd., Hong Kong. |
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50,000 ===== |
DIRECTORS
(As per registry dated 10-11-2017)
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Name (Nationality) |
Address |
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YIP Chiu Yan |
G/F., 78K Clear Water Bay Road, Pak Shek Wo Village,
Sai Kung, New Territories, Hong Kong. |
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FENG Jin |
Suite E-1028, Harbourfront Horizon, 8 Hung Luen Road,
Hunghom Bay, Kowloon, Hong Kong. |
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Lars-Gunnar EDH |
Suite 2517, 25/F., Hampton Court, Gateway Apartments,
Harbour City, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 10-11-2017)
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Name |
Address |
Co. No. |
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Edtoma Secretarial Services Ltd. |
Suite 1201, 12/F., Tower 2, The Gateway, 25 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
0534483 |
HISTORY
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.
A new director Mr.
Lars-Gunnar EDH was appointed on 10th November, 2017. He is a Hong Kong ID holder.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of Locks.
Employees: 140. (Including associates)
Commodities Imported: China,
Europe, North America, etc.
Markets: Worldwide
countries.
Group Turnover: 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)
SEK 68,099
million (Year ended 31-12-2015)
SEK 71,293
million (Year ended 31-12-2016)
SEK 51,809
million (9 months ended 30-09-2016)
SEK 56,028
million (9 months ended 30-09-2017)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$500,000.00
(50,000 fully paid ordinary shares)
Group Net Income: 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)
SEK 7,693
million (Year ended 31-12-2015)
SEK 6,653
million (Year ended 31-12-2016)
SEK 8,340
million (9 months ended 30-09-2016)
SEK 8,982
million (9 months ended 30-09-2017)
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.
GENERAL
ASSA ABLOY Hong Kong
Limited 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 subject is
trading in the following commodities:
· Hinge & Hasp (Hinge for hotel/office/hospital, Hinge for hotel /office/ hospital),
· Locks (For hotel/office/hospital, For hotel/office/hospital),
· Lock - Door (From China),
· Lock - Drawer (From China),
· Lock - Window (From China),
· Electronic Lock (From China), etc.
The Group has local
sales offices in Hong Kong, Shanghai, Beijing, Taipei, Manila, Singapore,
Bangkok and Kuala Lumpur. It also has local
manufacturing unit in Guangdong Province, China.
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.
Since 2006, ASSA
ABLOY has acquired 120 companies, fulfilling its ambition of 5 percent acquired
growth per year.
2016 was a record
year for the Group. Sales increased 4.7%
to SEK 71,293 million (2015: SEK 69,099 million). Net income amounted to SEK 6,653 million
(2015: SEK 7,693 million), decreased by 13.5%.
The Group’s sales for
the first nine months of 2017 totaled SEK 56,028 million (same period of 2016:
SEK 51,809 million), representing an increase of 8%. Organic growth was 4%
(same period of 2016: 3%).
Acquisitions and
disposals contributed a net 2% (same period of 2016: 3%).
The Group’s operating
net income, EBIT, amounted to SEK 8,982 million (same period of 2016: SEK 8,340
million), which was an increase of 8% compared with previous year. The corresponding operating margin was 16.0%
(same period of 2016: 16.1%).
The Group now has
44,200 employees.
Mr. Nico Delvaux has
been appointed as the new President and CEO of ASSA ABLOY AB, effective 18th June,
2018.
The subject is fully
supported by ASSA ABLOY. History in Hong Kong is over 20 years and a month.
On the whole, consider the subject good for normal
business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.67 |
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1 |
INR 86.11 |
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Euro |
1 |
INR 76.59 |
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HKD |
1 |
INR 8.13 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.