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Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
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Name : |
LIDL HONG KONG LTD. |
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Registered Office : |
Unit 2901-2913, 29/F., |
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Country : |
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Date of Incorporation : |
28.02. 2006 |
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Com. Reg. No.: |
36488288 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Foodstuffs, general merchandise, etc. |
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No. of Employees : |
40 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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'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, it again faces a possible slowdown as
exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. 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 exports 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 28 million in 2011, 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 2011 mainland
Chinese companies constituted about 43% of the firms listed on the Hong Kong
Stock Exchange and accounted for about 56% 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. Growth slowed to
5% in 2011. Credit expansion and tight housing supply conditions caused Hong
Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in
2011. 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.
Source
: CIA
LIDL HONG KONG LTD.
Unit 2901-2913, 29/F., Millennium City 2, 378 Kwun Tong Road, Kowloon,
Hong Kong.
PHONE: 3628 4800
FAX: 3628 4802
Managing Director: Mr. Volker
Harald Herbert Glaeske
Incorporated on: 28th
February, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,500,000.00
Issued: HK$10,500,000.00
Business Category: Foodstuff Trader.
Employees:
40.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 2901-2913, 29/F., Millennium City 2, 378 Kwun Tong Road, Kowloon,
Hong Kong.
Holding Company:-
ERF Beteiligungs GmbH, Germany.
Ultimate Holding Company:-
Lidl Stiftung & Co. KG, Germany.
Associated Companies:-
Lidl Group of Companies
Lidl & Cie, Portugal.
Lidl Asia Pacific Sourcing Ltd., Hong Kong.
Lidl Austria GmbH, Austria.
Lidl Belgium GmbH & Co. KG, Belgium.
Lidl Cyprus GmbH, Cyrpus.
Lidl d.o.o. k.d., Slovenia.
Lidl Danmark K/S, Denmark.
Lidl Dienstleistung GmbH & Co. KG, Germany.
Lidl France, France.
Lidl Hrvatska doo k.d., Croatia.
Lidl Ireland GmbH, Ireland.
Lidl Italia S.r.l., Italy.
Lidl Magyarország Kereskedelmi Bt., Hungary.
Lidl Malta Ltd., Malta.
Lidl Nederland GmbH, the Netherlands.
Lidl North Ireland GmbH, Ireland.
Lidl Polska Sklepy Spozywcze Sp. z o.o. Sp. k., Poland.
Lidl Schweiz GmbH, Switzerland.
Lidl Slovenská republika v.o.s., Slovakia.
Lidl Suomi KY, Finland.
Lidl Supermercados S.A.U., Spain.
Lidl Sverige KB, Sweden.
Lidl UK Ltd., UK.
etc.
36488288
1027052
Managing Director: Mr. Volker
Harald Herbert Glaeske
Nominal Share Capital: HK$10,500,000.00 (Divided into 10,500,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,500,000.00
(As per registry dated 28-02-2012)
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Name |
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No. of shares |
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ERF Beteiligungs GmbH Berliner Chaussee 13, D-16559 Liebenwalde-Kreuzbruch, Germany. |
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10,500,000 ======== |
(As per registry dated 28-02-2012)
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Name (Nationality) |
Address |
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Volker Harald Herbert GLAESKE |
Flat B, 21/F., Block 1, CentreStage, |
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Maarten-Jan KOSTER |
G/F., 81 Seabee Lane, Headland Village, Discovery Bay, Lantau Island,
Hong Kong. |
(As per registry dated 28-02-2012)
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Name |
Address |
Co. No. |
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Tricor Corporate Secretary Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong
Kong. |
0714799 |
The subject was incorporated on 28th February, 2006 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.
Activities: Importer
and Exporter.
Lines: Foodstuffs,
general merchandise, etc.
Employees: 40.
Commodities Imported: China and other Asian countries, etc.
Markets: Germany
and other European countries.
Terms/Sales:
As per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,500,000.00 (Divided into 10,500,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,500,000.00
Profit or Loss: Making a small profit in the past years.
Condition: Business
is rather active.
Facilities: Making
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Incorporated in
February 2006, Lidl Hong Kong Ltd. is a wholly-owned subsidiary of ERF
Beteiligungs GmbH which is a Germany-based firm.
At the very
beginning, the shares held by ERF Beteiligungs GmbH were held by Fortra
Overseas Services Inc. which is a BVI-registered firm. On 28th March, 2006, Fortra Overseas
Services Inc. transferred all its shares to ERF Beteiligungs GmbH which is the
current sole shareholder.
The current
director of the subject Mr. Volker Harald Herbert Glaeske is a Hong Kong ID
Card holder. He has been in Hong Kong
for a very long time.
The subject is the
buying office of the Lidl Group [Lidl] in Hong Kong. Lidl is a chain of supermarkets which is a
part of the Schwarz Group.
Besides
foodstuffs, the subject is also trading in the following commodities: arts and
crafts, auto parts and accessories, bags, cases and boxes, construction and
decoration, consumer electronics, footwear, textile products, furniture and
furnishing, lights and lighting, office supplies, sporting goods and
recreational products, etc.
Employing about 40
employees, the subject currently is still looking for “competitive suppliers”
from worldwide countries.
Lidl’s full name
is Lidl Stiftung & Co. KG. It
belongs to the holding company Schwarz, which also owns the store chains
Handelshof and Kaufland.
Lidl is expanding
strongly throughout Europe and beyond its borders. Currently it has 10,000 stores in more than
25 countries in Europe.
Lidl is a German
discount chain which is now one of the most successful discounters in
Germany. It has launched its
international private label fair trade line, Fairglobe, in the Netherlands and
Sweden. The range consists of the six
products: bananas, coffee, tea, juice, chocolate bars and cane sugar.
Lidl is present in
the following countries: Germany, Austria, Belgium, Bulgaria, Croatia, Cyprus,
Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romaina, Solvakia,
Slovenia, Norway (withdrawal in 2008), Spain, Sweden, Switzerland, the United
Kingdom, etc.
Lidl was founded
in the 1930’s by a member of the Schwarz family, then called Schwarz
Lebensmittel-Sortimentsgrosshandlung. In
the 1970’s, the first Lidl stores of today’s incarnation opened.
In 1930, Josef
Schwarz became a partner in Südfrüchte Grosshandel Lidl & Co., a fruit
wholesaler, and he developed the company into a general food wholesaler. In 1977, under his son Dieter Schwarz, Lidl
& Schwarz began to focus on discount markets, larger supermarkets, and cash
and carry wholesale markets. The first
Lidl discount store was opened in 1973, copying the Aldi (Lidl’s main
competitor) concept. In 1977, the Lidl
chain comprised 30 discount stores.
Dieter Schwarz’s problem was that he could not just start using the Lidl
name. As Schwarz Markt (Black Market)
did not seem as a good idea, he bought the right to use the Lidl name from
Ludwig for 1,000 marks.
Now, Lidl is in
almost all European countries. Its
stores commonly carry about 800 different items mostly under Lidl’s own brand.
Having its
headquarters in Neckarsulm, Germany, Lidl’s business is active.
The Schwarz Group
ranks as the fifth largest retailer in the world after Walmart, Carrefour,
Tesco and Metro AG. The German-based
retailer has experienced rapid growth across Europe for years but future
expansion is likely to be more of a challenge.
For instance, sales growth in Germany was flat in 2009 despite the
addition of 80 new stores. The Schwarz
Group, parent of hard discount format Lidl, Kaufland hypermarket and Handelshof
supermarket, operates numerous stores throughout Europe.
The Schwarz Group
has moved into Bulgaria in 2010 by acquiring Plus discount stores from
Tengelmann. Now, the German retailer has
a presence in 24 countries. Lidl is
likely to enter North America in 2012.
The turnover of
Schwarz, the 5th largest retailer in the world, amounted to US$82.4 billion in
2011. The top executive is Mr. Klaus
Gehrig.
Since establishing
in the United Kingdom in 1994, Lidl has grown consistently and today has more
than 580 stores throughout the United Kingdom.
While it is still a small player in the United Kingdom market with a
grocery market share of less than 5%, its importance along with that of
continental no-frills competitor Aldi is growing.
The Schwarz Group’s Lidl discount store division operated approximately 9,800 stores in 26
European markets, contributing sales of EUR 45.4 billion (£35.4 billion).
In Germany, Schwarz Group’s speed of expansion has slowed down remarkably –
previously it focused on expanding and gaining market share. The group is now focusing on qualitative
improvements and generally higher demands in terms of footfall and
profitability for new store sites.
Lidl, with its focus on virtually all Western and most central European
markets, is investing in the roll-out of in-store bakeries in larger and more
modern shops. The initiative is seen as
a means of attracting shoppers looking out for fresh products.
The subject has
got an associated company Lidl Asia Pacific Sourcing Ltd. which is a Hong Kong-registered
company.
The subject is
fully supported by Lidl. Business is
active in Hong Kong. History is over six
years and eight months.
On the whole,
consider it 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 |
Rs.53.63 |
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UK Pound |
1 |
Rs.86.18 |
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Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.