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MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
IKEA TRADING (INDIA) PRIVATE LIMITED |
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Registered Office : |
F – 4, Pushpanjali Farms, India Oil Road, Bijwasan, New Delhi – 110037 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.06.1994 |
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Com. Reg. No.: |
55-59585 |
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CIN No.: [Company
Identification No.] |
U00000DL1994PTC059585 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELI00281B |
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PAN No.: [Permanent
Account No.] |
AAACI1483Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer and Exporters of Home Furnishings |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 680000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company and a subsidiary of Ingka Pro Holding BV, The Netherlands. Directors are reported as experienced and respectable businessmen. Their trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
F – 4, Pushpanjali Farms, India Oil Road, Bijwasan, New Delhi –
110037, India |
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Tel. No.: |
91-11-32976860 |
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Fax No.: |
91-11-32976860 |
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E-Mail : |
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Head Office : |
1st and 2nd Floor, Radission Commercial Plaza, Mahipalpur, New Delhi – 110 037, India |
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Tel. No.: |
91-11-26779381/ 51075000, 26779382 to 90, 91-98 |
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Fax No.: |
91-11-26779367 / 63 / 62 |
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Corporate Office : |
DLF Infinity Tower A, 8th Floor, Sector 25, DLF Cybercity,
Gurgaon – 122002, Haryana, India |
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Tel. No.: |
91-124-5325000 |
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Area : |
32000 sq. ft. Rented - Commercial |
DIRECTORS
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Name : |
Mr. Johan Carl Fredrik Hegethorn |
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Designation : |
Director |
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Address : |
Sweden |
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Date of Birth/Age : |
26/01/1964 |
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Date of Appointment : |
03/04/2000 |
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Name : |
Mr. Leif Johansson |
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Designation : |
Director |
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Date of Birth/Age : |
23/06/1952 |
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Date of Appointment : |
30/04/1998 |
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Name : |
Mr. Orjan Karl Jonsson, Foreigner |
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Designation : |
Director |
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Date of Birth/Age : |
03.07.1961 |
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Date of Appointment : |
14.09.2006 |
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Name : |
Mr. Peter Arne Wisbeck, Foreigner |
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Designation : |
Director |
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Date of Appointment : |
10.05.2007 |
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Name : |
Mr. Parmeshwaran |
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Designation : |
Director |
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Date of Birth/Age : |
45 Years |
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Name : |
Mr. Goran Ydstrand |
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Designation : |
Director |
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Address : |
147, Coronation Road West, Singapore – 269404 |
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Name : |
Mr. Helen Camner Duphorn |
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Designation : |
Director |
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Date of Birth/Age : |
07/11/1961 |
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Date of Appointment : |
11/09/2000 |
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Name : |
Mr. Naveen Manchanda |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Manis Ranjan and Associates |
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Designation : |
Company Secretary |
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Address : |
D-4/2, Model Town – III, Delhi – 110 009, India |
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Tel. No.: |
91-11-27241069 |
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Mobile No.: |
91-9811263483 |
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E-mail : |
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Name : |
Mr. Krishnamurthy |
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Designation : |
Finance Manager |
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Name : |
Mr. Christian Anderson |
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Designation : |
Chief Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Ingka Pro Holdings, The Netherlands |
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30678 |
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Ingka Holding Euro Private Limited |
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1 |
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Total |
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30679 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporters of Home Furnishings |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Standard Chartered Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
U&I, Plot No. 47, Sector – 32, Institutional Area, Gurgaon –
122001, Haryana, India B-26, Qutab Institutional Area, New Delhi – 110 016, India Tel. No.: 91-11-26611004 to 09, 26852034 Fax No.: 91-11-26611012/ 1013 |
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Holding Company : |
Ingka PRO Holding B.V., The Netherlands |
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Ultimate Holding Company : |
Ingka Holding B.V., The Netherlands |
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Fellow Subsidiaries : |
Ř
Ikea Asia Pacific Pte Limited, Singapore Ř
Ikea IT AB, Sweden Ř
Ikea Trading Hong Kong Limited, Hong Kong Ř
Ikea A/S Denmark Ř
Ikea of Sweden, AB Sweden Ř
Ikea Trading Thailand Limited, Thailand Ř
Ikea Svenska AB, Sweden Ř
Ikea Retail Equipment AB, Sweden Ř
Ikea Hanim Pland SA, Poland Ř
Ikea Brent Park Plc, UK Ř
Ikea Wholesale Inc., USA Ř
Ikea Asia SDN BHD Ř
Ikea Handel SDN BHD Ř
Ikea Services AB Ř
Ikea Deutschland Gmbh & Co., KG Ř
Ikea Freight Services AB Ř
Ikea Hanim Retail SP ZO Ř
Ikea Wholesale Limited – GB Ř
Ikea Meubles France SNC – Retail Ř
Ikea Vermogenserwal Tungs GmbH Ř
Ikea Italia Retail Ř
Ikea A/S Norway Ř
Ikea Iberica Sa(G), Spain Ř
Ikea Service Centre SA Belgium Ř
Amiko Handesgesllsschafg MBH Ř
Ikea Catalogue Services AB Ř
Ikea Indirect Material and Services AB Ř
Ikea Supply AG Ř
NV Ikea Distribution Benelux Satisfactory |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000 |
Equity Shares |
Rs. 100/-each |
Rs. 3.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30679 |
Equity Shares |
Rs. 100/-each |
Rs. 3.068 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.068 |
3.068 |
3.068 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
167.324 |
70.914 |
60.598 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
170.392 |
73.982 |
63.666 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
170.392 |
73.982 |
63.666 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
90.718 |
75.163 |
65.473 |
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Capital work-in-progress |
10.539 |
12.753 |
4.290 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
24.790 |
22.682 |
14.778 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
275.860
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377.386 |
302..529 |
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Sundry Debtors |
836.441
|
109.625 |
412.898 |
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Cash & Bank Balances |
162.724
|
119.109 |
56.771 |
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Other Current Assets |
34.327
|
0.000 |
0.000 |
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Loans & Advances |
75.943
|
94.581 |
117.512 |
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Total
Current Assets |
1385.295
|
700.701 |
889.710 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1302.066
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623.232 |
805.312 |
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Provisions |
38.884
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114.085 |
105.273 |
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Total
Current Liabilities |
1340.950
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737.317 |
910.585 |
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Net Current Assets |
44.345
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[36.616] |
[20.875] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
170.392 |
73.982 |
63.666 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
15061.363 |
12871.371 |
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Total Income |
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15061.363 |
12871.371 |
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Profit/(Loss) Before Tax |
|
292.747 |
136.255 |
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Provision for Taxation |
|
106.881 |
54.103 |
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Profit/(Loss) After Tax |
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185.866 |
82.152 |
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Earnings in Foreign Currency |
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15013.970 |
1286.645 |
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Import Value |
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12.400 |
0.886 |
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Expenditures : |
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Depreciation |
|
35.702 |
33.606 |
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Other Expenditure |
|
14732.914 |
12701.510 |
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Total Expenditure |
|
14768.616 |
12735.116 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.23
|
0.64 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.94
|
1.06 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
61.50
|
17.56 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
1.72
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1.84 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.87
|
9.97 |
14.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
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0.95 |
.98 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
72 |
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%)
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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