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Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
IC COMPANYS
HONG KONG LTD. |
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Registered Office : |
10/F., Bamboos Centre, 52 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.12.1995 |
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Com. Reg. No.: |
19561019 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer of fabrics and Exporter/Retailer of all Kinds of Knitwears and Garments. |
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No. of Employees : |
34. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
Good |
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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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
IC COMPANYS
HONG KONG LTD.
10/F., Bamboos
Centre, 52 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2763 8300
FAX: 2763 8400, 2797 9125
E-MAIL: hkg@iccompanys.com
Manager: Ms. Jessica Lau
Incorporated on: 28th December, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Garment Buying Office and Retailer.
Group Revenue: DKK 3,925.4 million (Year ended 30-06-2011)
Employees: 34.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
IC
COMPANYS HONG KONG
LTD.
Registered
Head Office:-
10/F., Bamboos
Centre, 52 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Overseas
Offices:-
Bangladesh Liaison
Office
Lane
4, House 30 (House 301), 5/F., Baridhara DOHS, Dhaka 1206 (1212), Bangladesh.
[Tel: 88-02-8856930, 8415336]
India Representative
Office
101,
G/F., Pace City-1, Sector 37, Gurgaon Haryana, PIN-122008, India.
[Tel: 91-124-4780300]
Vietnam
Representative Office
FIDECO
Riverview, Room 202, 14 Thao Dien Street, Thao Dien Ward, District 2, HCMC,
Vietnam.
[Tel: 84-917200929, 837446913]
Parent
Company:-
IC Companys A/S
Raffinaderivej 10,
DK-2300 Copenhagen S, Denmark.
[Tel: 45 3266
7788; Fax: 45 3266 7703]
Sister/Affiliated
Companies:-
IC Companys Group of Companies
By Malene Birger A/S, Denmark.
By Malene Birger AB, Sweden.
Carli Gry International Sweden AB, Sweden.
Designers Remix A/S, Denmark.
IC Companys (Shanghai) Ltd., China.
IC Companys (UK) Ltd., UK.
IC Companys AG, Switzerland.
IC Companys Austria GmbH, Austria.
IC Companys Belgium N.V., Belgium.
IC Companys Canada Inc., Canada.
IC Companys CZ s.r.o., Czech Republic.
IC Companys Danmark A/S, Denmark.
IC Companys Finland OY, Finland.
IC Companys France SARL, France.
IC Companys Germany GmbH, Germany.
IC Companys Holding & Distributie B.V., Netherlands.
IC Companys Hungary Kft., Hungary.
IC Companys Nederland B.V., Netherlands.
IC Companys Norway AS, Norway.
IC Companys Poland Sp. z.o.o., Poland.
IC Companys Romania SRL, Romania.
IC Companys Spain S.A., Spain.
IC Companys Verwaltungs GmbH, Germany.
ICe Companys Sweden AB, Sweden.
ICe Companys Sweden Holding AB, Sweden.
Peak Performance AB, Sweden.
Peak Performance Italy SRL, Italy.
Peak Performance Production AB, Sweden.
Raffinaderivej 10 A/S, Denmark.
Retailselskabet af 14. april 1999 A/S, Denmark.
S T Sweden AB, Sweden.
Saint Tropez af 1993 A/S, Denmark.
Tiger of Sweden AB, Sweden.
Vingaker Factory Outlet AB, Sweden.
etc.
19561019
0534819
Group
President & Chief Executive Officer:
Mr. Niels-Ole Norgaard Mikkelsen
General
Manager: Ms. Connie Yu
Manager: Ms. Jessica Lau
Nominal Share
Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000,000.00
(As per registry dated 28-12-2011)
|
Name |
|
No. of shares |
|
IC Companys A/S Raffinaderivej 10, DK-2300
Copenhagen S, Denmark. |
|
9,999,999 |
|
Niels Erik MARTINSEN |
|
1 |
|
|
|
––––––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 28-12-2011)
|
Name (Nationality) |
Address |
|
Bjarne
HULTQUIST |
Frydenlundsvej 92, 2950 Vedbaek, Copenhagen, Denmark. |
|
Niels-Ole
Norgaard MIKKELSEN |
Kong Haraldsvej 6, DK-4000, Roskilde, Denmark. |
(As per registry dated 28-12-2011)
|
Name |
Address |
|
LAU
Yin Mei |
Flat F, 30/F., Block 7, Fullvuew Garden, Chai Wan, Hong Kong. |
The
subject was incorporated on 28th December, 1995 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Wonderhill Ltd., name changed to
Inwear Ltd. on 30th July, 1996; and further to the present style on 20th June,
2001.
Formerly
the subject was located at 9/F., Star Telecom Tower, 414 Kwun Tong Road, Kwun
Tong, Kowloon, Hong Kong, moved to 13/F., Yau Lee Centre, 45 Hoi Yuen Road,
Kwun Tong, Kowloon, Hong Kong in December 2001; and further to the present
address in November 2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Buying Office, Importer, Exporter and Retailer.
Lines: Importer of fabrics.
Exporter/Retailer of all kinds of knitwears and garments.
Employees: 34.
Commodities Imported:-
Fabrics – Japan, Korea and China.
Garments – Hong Kong and Taiwan.
Markets: Europe, US, Canada, UK, etc.
Group Revenue: DKK 3,353.8 million (Year ended 30-06-2007)
DKK 3,737.2 million (Year ended 30-06-2008)
DKK 3,621.1 million (Year ended 30-06-2009)
DKK 3,495.3 million (Year ended 30-06-2010)
DKK 3,925.4 million (Year ended 30-06-2011)
Terms/Sales: L/C, T/T and D/P.
Terms/Buying: L/C or as per contracted.
Chori Co. (Hong Kong) Ltd., Hong Kong.
Mitsubishi Corporation (Hong Kong) Ltd., Hong Kong.
Tomen Corporation, Japan.
Nominal Share
Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000,000.00
Group Profit for the Year:
DKK 240.6 million (Year ended 30-06-2007)
DKK 224.0 million (Year ended 30-06-2008)
DKK 109.2 million (Year ended 30-06-2009)
DKK 235.8 million (Year ended 30-06-2010)
DKK 246.3 million (Year ended 30-06-2011)
Profit or Loss: Group traded at a profitable angle.
Condition: Business is active.
Facilities: Supported by its parent company.
Payment: Met as required.
Commercial Morality: Good.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
IC
Companys Hong Kong Ltd. is a wholly-owned subsidiary of IC Companys A/S [IC]
which is a Denmark-based firm.
The
subject includes a number of brand divisions which are responsible for the
wholesaling and retailing operations.
Currently,
the subject is trading in the following commodities:-
|
Product/Service |
|
Garments (Men’s,
Women’s and Children’s) |
|
Trousers and
Slacks |
|
Slacks |
|
Trousers |
|
Shirts |
|
Dresses and
Skirts |
|
Blouses |
|
Suits and
Jackets – Women’s |
|
Suits and
Jackets – Men’s |
|
Knitwear |
|
Tee and Sweat
Shirts |
|
Cardigan,
Sweater and Pullover |
|
Clothing
Accessories |
|
Belts |
|
Belt – Leather |
The
subject is carrying the following brands:-
|
Brand
Name |
Brand
Product/Service |
|
Jackpot (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
|
|
Dresses and Skirts |
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|
Shirts |
|
|
Trousers |
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InWear |
Suits and Jackets – Women’s |
|
Blouses |
|
|
Dresses and Skirts |
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|
Slacks |
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|
Ticer (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
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|
Dresses and Skirts |
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|
Shirts |
|
|
Trousers |
|
|
Saint Tropez (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
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|
Dresses and Skirts |
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|
Shirts |
|
|
Trousers |
|
|
Error (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
|
|
Dresses and Skirts |
|
|
Shirts |
|
|
Trousers |
|
|
Remix (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
|
|
Dresses and Skirts |
|
|
Shirts |
|
|
Trousers |
IC
is a Danish listed group formed in 2001 by the merger of Carli Gry International
A/S and InWear Group A/S.
IC
runs and develops a portfolio of strong and independent brands: “Peak Performance”, “InWear”, “Tiger of Sweden”, “Jackpot”, “Cottonfield”, “Matinique”, “Part Two”, “By Malene Birger”, “Saint Tropez”, “Soaked in Luxury” and “Designers Remix Collection”.
IC
ranks among the largest clothing companies in Northern Europe with close to
2,500 employees. It has sales companies
in 16 countries, i.e. Denmark, Sweden, Norway, Finland, the United Kingdom,
Ireland, Germany, the Netherlands, Belgium, Austria, France, Poland, the Czech
Republic, Hungary, Canada and China.
IC’s
brands are sold in its retail and franchise stores and via more than 12,000
distributors in more than 40 countries.
For
the year ended 30th June 2011, the turnover of the IC Companys Group was DKK
3,925.4 million (2010: DKK 3,495.3 million), increased by 12.3% as compared
with previous year. Group profit for the
year was DKK 246.3 million (2010: DKK 235.8 million), increased by 4.5%.
The
Group experienced a further slowdown in consumer spending during
Q2 2011/12. Consolidated revenue
for H1 2011/12 amounted to DKK 2,105 million (previous year of the same period:
DKK 2,108 million) corresponding to the same level as previous financial year,
and the operating profit decreased by 45% to DKK 146 million (previous year of
the same period: DKK 265 million) after having adjusted for non-recurring costs
of DKK 23 million.
Management
of the Group anticipates that the challenging market conditions will continue
for the remainder of the financial year 2011/12 resulting in a substantial
pressure on both revenue and gross profit.
As a consequence hereof, the Group will thus continue throughout H2
2011/12 to defend its market position by means of sales promoting activities
and campaigns.
Based
on these statements, the management of the Group still expects the consolidated
revenue for the financial year 2011/12 to attain a level of DKK 3.7-3.8
billion. Under the present market
conditions, management expects a positive operating profit for H2 2011/12,
however, should the market conditions deteriorate, the Group may possibly
suffer a double-digit loss in million DKK for H2 2011/12.
The
subject is fully supported by the IC Companys Group. History in Hong Kong is over sixteen
years and two months.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.22 |
|
|
1 |
Rs.78.63 |
|
Euro |
1 |
Rs.65.53 |
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.