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MIRA
INFORM REPORT
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Report Date : |
07.01.2012 |
IDENTIFICATION DETAILS
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Name : |
IKEA TRADING (HONG
KONG) LTD. |
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Registered Office : |
Room 1601-1608, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.11.1979 |
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Com. Reg. No.: |
06353411 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Buying Office; Finance and Administration of
Furniture, rugs, carpets, textiles, etc. |
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No. of Employees : |
30. (Office Staff) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
IKEA TRADING
(HONG KONG) LTD.
ADDRESS: Room 1601-1608, 16/F., Tai
Yau Building, 181 Johnston Road, Wanchai, Hong Kong.
PHONE: 833 2837, 2891
4788
FAX: 2834 5723, 2891 9200
E-MAIL: nquiry@ikea.com.hk
ids@ikea.com.hk
MANAGEMENT
Managing Director: Mr. Leung Tai Yin,
Ben
SUMMARY
Incorporated on: 23rd
November, 1979.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,100.00
Issued: HK$1,000,100.00
Business Category: Buying Office of furniture and furnishings; Finance and
Administration.
Group Revenue: €23,539
million (Year ended 31-08-2010)
Employees:
30. (Office Staff)
Main Dealing Bankers: BNP Paribas, Hong Kong Branch.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1601-1608, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai,
Hong Kong.
China Representative Offices:
Shenzhen, Qingdao, Shanghai, Wuhan, etc.
Holding Company:-
INGKA Pro Holding B.V., the Netherlands.
Ultimate Holding Company:-
INGKA Holding Europe B.V., the Netherlands.
Associated/Affiliated Companies:-
IKEA Group of
Companies
IKEA Asia Pacific Pte. Ltd., Singapore.
IKEA Belgium, Belgium.
IKEA Damansara, Malaysia.
IKEA Humlebaek, Denmark.
IKEA International A/S, Denmark.
IKEA of Sweden AB, Sweden.
IKEA Trading (I) Pvt. Ltd., India.
IKEA Trading Far East Ltd., Hong Kong.
Inter IKEA Finance S.A., Luxembourg.
Inter IKEA Systems A/B, Sweden.
Inter IKEA Systems B.V., the Netherlands.
Swedwood International AB, Sweden.
Swedspan Holding B.V., the Netherlands.
Swedspan International s.r.o., Slovak Republic.
etc.
BUSINESS REGISTRATION NUMBER
06353411
COMPANY FILE NUMBER
0075500
MANAGEMENT
Managing Director: Mr. Leung Tai
Yin, Ben
CAPITAL
Nominal Share Capital: HK$1,000,100.00 (Divided into 100,010 shares of
HK$10.00 each)
Issued Share Capital: HK$1,000,100.00
SHAREHOLDERS
(As per registry dated 23-11-2011)
|
Name |
|
No. of shares |
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INGKA Holding Europe B.V. Hullenbergweg 2, 1101 BL, Amsterdam ZO, the Netherlands. |
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10,001 |
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INGKA Pro Holding B.V. Hullenbergweg 2, 1101 BL, Amsterdam ZO, the Netherlands. |
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90,009 |
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––––––– |
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Total: |
100,010 ====== |
DIRECTORS
(As per registry dated 23-11-2011)
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Name (Nationality) |
Address |
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Michael NIELSEN |
Storchenweg 14, 4104 Oberwil BL, Switzerland. |
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LEUNG Tai Yin, Ben |
Flat G, 35/F., Block 1, Hoi Sing Court, South Horizons, Ap Lei
Chau, Hong Kong. |
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Enar Leif Gunnar JOHANSSON (Swedish) |
Sjögatan 1 Helsingborg 25225, Sweden. |
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Jesper Mattias BRODIN |
Styrbordsvägen 6, 252 85 Helsingborg, Sweden. |
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Raj-inder Singh RAI |
Flat 1, 4/F., Block B, No. 7 South Bay Close, Repulse Bay, Hong Kong. |
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Erik Johan Magnus HOLMQUIST |
Am Muhlebach 12, CH-4104 Oberwil, Switzerland. |
SECRETARY
(As per registry dated 23-11-2011)
|
Name |
Address |
Co. No. |
|
Sekots Secretarial Services Ltd. |
16/F. - 19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong. |
0028739 |
HISTORY
The subject was incorporated on 23rd November, 1979 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Buying Office; Finance and Administration.
Lines: Furniture,
rugs, carpets, textiles, etc.
Employees: 30. (Office Staff)
Commodities Imported: China and other Asian countries.
Markets: Hong
Kong, China, etc.
Group Revenue: €21,846 million (Year ended
31-08-2009)
€23,539 million (Year ended
31-08-2010)
Terms/Sales:
COD or as per
contracted.
Terms/Buying: Various
terms.
MEMBERSHIP
Swedish Chamber of Commerce in Hong Kong,
Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,100.00 (Divided into 100,010 shares
of HK$10.00 each)
Issued Share Capital: HK$1,000,100.00
Group Net Income: €2,534 million (Year
ended 31-08-2009)
€2,688 million (Year ended
31-08-2010)
Profit or Loss: Operation is profitable.
Condition:
Business is
active and good.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Good.
Bankers:-
BNP Paribas, Hong Kong Branch.
Credit Agricole Corporate & Investment
Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Standing:
Good.
GENERAL
IKEA Trading (Hong Kong) Ltd. [IKEA HK], incorporated in November 1979,
was formerly a wholly-owned subsidiary of Inter IKEA Holding S.A. [Inter IKEA]
which was a Luxembourg-registered firm.
On 19th October, 2001, Inter IKEA transferred all its shares to INGKA
Holding Europe B.V. [INGKA] and INGKA Pro Holding B.V. [INGKA Pro], both are
Netherlands‑based firms. Since
then, IKEA HK has been jointly held by INGKA, holding 10% stakes, and INGKA
Pro, holding 90% of IKEA HK. In fact,
INGKA is the ultimate holding company of the IKEA Group.
The IKEA Group is a private group of companies owned by a Dutch
charitable foundation. It was founded in
Älmhult, Sweden in 1943 by Mr. Ingvar Kamprad at the age of 17. The company name, IKEA, is a composite of the
first letters in his name in addition to the first letters of the names of the
property and the village in which he grew up — Ingvar Kamprad Elmtaryd Agunnaryd. In May 2006, the
business magazine “The Economist” reported that the foundation was the
world’s wealthiest charity with a net worth estimated at exceeding US$36
billion (more than the Bill & Melinda Gates Foundation), although the
foundation’s purpose is largely corporate tax-avoidance and anti-takeover
protection for IKEA.
The IKEA Group distributes its goods through its retail outlets, which
sell contemporary furniture.
Despite IKEA’s Swedish roots, the owner/franchiser of the “IKEA” trademark and concept is a
Dutch-registered company, Inter IKEA Systems B.V.
IKEA retailers worldwide operate on a franchise basis. Most of the IKEA retailers belong to the IKEA
Group. The IKEA Group includes most of
the IKEA retailers, the product development centre IKEA of Sweden AB and IKEA
trading and wholesaling companies. The
IKEA Group activities are coordinated by IKEA International A/S in
Denmark. IKEA of Sweden AB is
responsible for the entire IKEA product range on behalf of Inter IKEA Systems
B.V. All products in the IKEA range are
distinguished by the label “Design and Quality, IKEA of Sweden.”.
IKEA is internationally renowned for its worldwide chain of colourful
retail outlets, but its operations also span product design, distribution,
retailing and purchasing – and rely heavily on computer technology.
As of August 2010,
there are IKEA stores in more than 38 countries, with 280 stores in 26
countries belonging to the IKEA Group.
All IKEA stores are operated under franchise from Inter IKEA Systems
B.V.
Now, the IKEA
Group has grown into a global retail brand with 127,000 co-workers in 41
countries.
Every year, about 200 million copies of the “IKEA Catalogue”, containing
about 9,500 products, are distributed to end-users free of charge. The catalogue was printed in the 56th edition
and in 27 languages.
For the year ended 31st August, 2010, sales of the IKEA Group reached
€23,539 million in 38 countries, grew by 7.7% as compared with €21,846 million
in 2009. Net income for the year was
€2,688 million, grew by 6.1% as compared with €2,534 million in FY 2009.
FY 2010 was an unpredictable year with the effects of the financial
crisis in 2009 still a reality for many of its customers. The conditions in its markets ranged from
favourable to difficult. FY 2010 turned
out to be a very good year for its retail operations, with growth in most
markets, further increasing our market shares.
The growth in sales in FY 2010 came both from existing stores, which
grew by 2.4% and new stores. Sales grew
in almost all countries, with China, Russia and Portugal showing the strongest
increase.
Total assets increased from €37.1 billion to €41.3 billion, mainly due
to investments in properties and a further increase in cash and securities.
The increase in property, plant and equipment is related to the
establishment of 12 new stores and additional investments in IKEA stores and
factories.
The Group has also invested an amount of €66 million in wind farms in
accordance with its strategy on renewable energy. The total investment in tangible fixed assets
amounted to €2.1 billion, staying flat compared to the previous year.
IKEA has a large number of distribution centres in many countries,
supplying goods to IKEA stores. There
are about 45 trading service offices in 31 countries. This enables IKEA to develop close
relationships with its 1,350 suppliers in 50 countries. IKEA headquartered its regional purchasing
operations in Hong Kong in the early 1980s.
IKEA HK is responsible for manufacturing and supplying furnishings from
such countries as China, Taiwan, Thailand, Indonesia, South Korea, India,
Pakistan, Japan, the Philippines and Malaysia.
To support its suppliers and manufacturers (the later manufacture
IKEA-designed furnishings under licence), IKEA set up supporting offices in
Taipei, Bangkok, New Delhi, Seoul, Shanghai and Qingdao.
IKEA HK’s latest branches and representative offices are the following
three:-
Ikea Trading (Hong Kong) Ltd. India Branch
Ikea Trading (Hong Kong) Ltd. Qingdao Representative Office
Ikea Trading (Hong Kong) Ltd. Shanghai Representative Office
In China, IKEA HK has had associated shops in Beijing, Chengdu, Dalian,
Guangzhou, Nanjing, Shanghai, Shenzhen Special Economic Zone, etc.
In Hong Kong, IKEA opened its first retail shop in Chatham Road, Kowloon
in 1987. In 1988, the IKEA retail
operation was taken over by Dairy Farm International Ltd. (a member of Jardine
Matheson Group), which now holds IKEA exclusive franchise for Hong Kong, Macau
and Taiwan in furniture and home accessories retailing. The combination of IKEA concepts and
Jardines’ management has resulted in business more than doubling since the
buy-out.
Now, in Hong Kong, there are three IKEA stores located at Shatin,
Kowloon Bay and Causeway Bay with a total retail area of 210,000 sq.ft. IKEA HK has about 300 staff. The Store Manager of Shatin Store is Ms. Lucy
So, Causeway Bay Store is Mr. Decky Chan while Kowloon Bay Store is
Mr. Bobby Ng.
There is also a warehouse in Sheung Shui, New Territories, Hong Kong
that offers customers with furniture pick-up or delivery services.
The main function of IKEA HK is to provide finance and administrative
services and to act as buying office of furniture and household goods in Asia
for IKEA companies in Europe. IKEA HK is
also responsible for the administration of IKEA branches and China
representative offices.
IKEA has been one of the significant furniture and household accessories
traders of the world.
In Hong Kong, IKEA HK’s product range focuses on good design and
function at a low price. It offers home
furnishing solution for every householder.
However, the price of IKEA HK’s products have increased a little bit in
recent years due to inflation.
The history of IKEA HK is over thirty-two years in Hong Kong.
On the whole, in view of the parentage and size of IKEA HK, consider it
good for normal business engagements.
REMARKS
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Dec. 1994 |
Jebsen & Co. Ltd. |
IKEA Trading (Hong Kong) Ltd. |
Amount due |
HK$167,808 |
|
Aug. 1996 |
Ansen Electronics Co. operated by Shine Profit Development Ltd. |
IKEA Trading (Hong Kong) Ltd. |
Amount due |
US$495,591 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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.