|
Report Date : |
04.10.2013 |
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 : |
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No. of Employees : |
34 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
hong kong - 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 re-exports, is about four times GDP. Hong Kong
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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 |
IC COMPANYS HONG
KONG LTD.
10/F., Bamboos Centre, 52 Hung To Road, Kwun Tong, Kowloon,
Hong Kong.
PHONE: 852-2763 8300
FAX: 852-2763
8400, 2797 9125
E-MAIL: hkg@iccompanys.com
connie@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
3,314.2 million (Year ended 30-06-2013)
Employees:
34.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. 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/Associated
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
Contact Person: Mr. Bjarne
HULTQUIST
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 28-12-2012)
|
Name |
|
No. of shares |
|
IC Companys A/S Raffinaderivej 10, DK-2300 Copenhagen S, Denmark. |
|
9,999,999 |
|
Niels Erik MARTINSEN |
|
1 |
|
|
|
––––––––– |
|
|
Total: |
10,000,000 ======== |
(As per registry dated 31-07-2013)
|
|
Address |
|
Mads Henrik RYDER |
Oslo Plads 14, 2. th, 2100 Copenhagen, Denmark. |
|
LING Kim Fung |
Room 701, Royal Garden, No. 68 Lane 2000 Gudai Road, Minhang District,
Shanghai, China. |
(As per registry dated 28-12-2012)
|
Name |
Address |
|
LAU Yin Mei |
Flat F, 30/F., Block 7, Fullview 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 knitwear and garments.
Employees: 34.
Commodities Imported:-
Fabrics – Japan,
Korea and China.
Garments – Hong
Kong and Taiwan.
Markets: US,
Canada, UK, Denmark, other European countries, etc.
Group Revenue: DKK 2,966.1 million
(Year ended 30-06-2009)*
DKK 2,904.3
million (Year ended 30-06-2010)*
DKK 3,297.5 million (Year ended 30-06-2011)*
DKK 3,292.5
million (Year ended 30-06-2012)
DKK 3,314.2
million (Year ended 30-06-2013)
* Adjusted
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 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)
DKK 89.4 million
(Year ended 30-06-2012)
DKK 5.8 million (Year ended 30-06-2013)
Profit or Loss: Group business is profitable.
Condition:
Business
is active.
Facilities:
Supported
by its parent company.
Payment:
Met
trade commitment as required.
Commercial Morality: Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
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 |
|
|
Shirts |
|
|
Trousers |
|
|
InWear |
Suits and Jackets – Women’s |
|
Blouses |
|
|
Dresses and Skirts |
|
|
Slacks |
|
|
Ticer (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
|
|
Dresses and Skirts |
|
|
Shirts |
|
|
Trousers |
|
|
Saint Tropez (Brand Owner) |
Suits and Jackets – Men’s |
|
Suits and Jackets – Women’s |
|
|
Dresses and Skirts |
|
|
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 and 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 2013, the turnover of the IC Companys Group
was DKK 3,314.2 million (2012: DKK 3,292.5 million), increased by 0.7% as
compared with previous year. Group
profit for the year was DKK 5.8 million (2012: DKK 89.4 million), decreased
substantially.
IC had 1,615 employees as of 30th June, 2013. Its brands are sold through nearly 500 retail
and franchise stores, through e-commerce and via more than 8,000 distributors
in more than 35 countries.
IC is one of the largest companies within fashion and sportswear in the
Nordic region with a core business comprising seven brands within the two
market segments – Premium (Outdoor and Contemporary) and Mid Market
(Contemporary).
Five years ago the Premium segment constituted less than 60% of the
Group’s revenue, however, this segment has generated an average annual growth
rate of 5% during the last five years.
Today the Premium segment’s revenue share accounts for 70%. The Mid Market segment, in contrast, has
suffered an average annual setback of 5% during the same period of time.
The Group’s Premium segment comprising the three brands Tiger of Sweden,
By Malene Birger and Peak Performance operates in attractive markets holding
significant growth opportunities. The
Group’s Mid Market brands operate in a market characterised by highly
challenging market conditions. The two
brands Saint Tropez and Designers Remix are considered non-core business.
The Group’s Premium brands are expected to continue the positive
development and generate solid growth rates for 2013/14. As a consequence of the challenges in the
Group’s Mid Market segment, which is expected to suffer a revenue setback, the
total consolidated revenue growth for 2013/14 is expected to be modest.
Investments for the financial year 2013/14 are expected to attain a
level of DKK 70-90 million primarily for an expansion of the distribution in
the two Premium segments.
Since the profit of the Group decreased substantially for the financial
year 2013/14, the Group has decided to sell the property located at
Raffinaderivej, Denmark. The sales would
be completed by the end of the calendar year 2013.
New CEO of the Group, Mads Ryder, was appointed on 1st August, 2013.
The subject is fully supported by the IC Companys Group. History in Hong Kong is over seventeen
years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.