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Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
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Name : |
IKEA TRADING ( |
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Registered Office : |
Room 1601-1608, 16/F., |
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Country : |
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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 All
kinds of furniture, rugs, carpets, textiles, lighting products. |
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No. of Employees : |
30. (Office Staff) |
RATING & COMMENTS
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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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
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 |
IKEA TRADING (HONG
KONG) LTD.
Room 1601-1608, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai,
Hong Kong.
PHONE: 852-2833 2837, 2891 4788
FAX: 852-2834
5723, 2891 9200
E-MAIL: enquiry@ikea.com.hk
ids@ikea.com.hk
Managing Director: Mr. Leung Tai
Yin, Ben
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: €27,628
million (Year ended 31-08-2012)
Employees:
30. (Office Staff)
Main Dealing Bankers: BNP Paribas, Hong Kong Branch.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
IKEA TRADING (HONG
KONG) LTD.
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., Netherlands.
Ultimate Holding
Company:-
INGKA Holding Europe B.V., 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., Netherlands.
Swedwood International AB, Sweden.
Swedspan Holding B.V., Netherlands.
Swedspan International s.r.o., Slovak Republic.
etc.
06353411
0075500
Managing Director: Mr. Leung Tai
Yin, Ben
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
(As per registry dated 23-11-2012)
|
Name |
|
No. of shares |
|
INGKA Holding Europe B.V. Hullenbergweg 2, 1101 BL, Amsterdam ZO, Netherlands. |
|
10,001 |
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INGKA Pro Holding B.V. Hullenbergweg 2, 1101 BL, Amsterdam ZO, Netherlands. |
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90,009 |
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––––––– |
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Total: |
100,010 ====== |
(As per registry dated
23-11-2012)
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Name (Nationality) |
Address |
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Lars THORSEN |
DB Marina Club, D28 Discovery Bay. Lantau Island, Hong Kong. |
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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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Raj-inder Singh RAI |
Flat 1, 4/F., Block B, No. 7 South Bay Close, Repulse Bay, Hong Kong. |
|
Erik Johan Magnus HOLMQUIST |
Am Muhlebach 12, CH-4104 Oberwil, Switzerland. |
(As per registry dated 23-11-2012)
|
Name |
Address |
Co. No. |
|
Sekots Secretarial Services Ltd. |
16/F. - 19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong. |
0028739 |
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.
Activities: Importer,
Exporter and Buying Office; Finance and Administration.
Lines: All
kinds of furniture, rugs, carpets, textiles, lighting products.
Employees: 30. (Office Staff)
Commodities Imported: China and other Asian countries.
Markets: Hong
Kong, China, Africa, Europe, Middle East, other Asian countries, North America,
etc.
Group Revenue: €21,846 million (Year ended
31-08-2009)
€23,539
million (Year ended 31-08-2010)
€25,173
million (Year ended 31-08-2011)
€27,628
million (Year ended 31-08-2012)
Terms/Sales:
COD or as per
contracted.
Terms/Buying: Various
terms.
Swedish Chamber of Commerce in Hong Kong,
Hong Kong.
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)
€2,966
million (Year ended 31-08-2011)
€3,202
million (Year ended 31-08-2012)
Group Total Assets: €41,273 million (As at
31-08-2010)
€41,881 million (As at
31-08-2011)
€44,748 million (As at
31-08-2012)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and normal manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met 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:
Very Good.
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%.
In fact, INGKA is the ultimate holding company of the IKEA Group. INGKA is in turn wholly-owned by Stichting
INGKA Foundation which is a non-profit foundation registered in Leiden, the
Netherlands.
Currently, INGKA owns the industrial group Swedwood, which sources IKEA
furniture, the sales companies that run IKEA stores, as well as purchasing and
supply functions, and IKEA of Sweden, which is responsible for the design and
development of products in the IKEA range.
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 all kinds of 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. This company is the franchisor of
all IKEA stores worldwide - both stores inside the IKEA Group and stores owned
and run by franchisees outside the IKEA Group.
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.
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.
During 2012, the IKEA Group opened 11 new stores in 9 countries. As of 31st August, 2012, the IKEA Group
had a total of 298 stores in 26 countries.
The IKEA range consists of approximately 9,500 products. The Group has operations in 44 countries, 30
Trading offices are located in 25 of these countries. The Group also had 33 Distribution Centres
and 11 Customer Distribution Centres. In
addition, IKEA had 1,084 home furnishing suppliers in 53 countries in 2012.
Now, the IKEA Group has grown into a global retail brand with 139,000 co‑workers. The “IKEA Catalogue” was printed in more than
212 million copies in 29 languages and 62 editions.
On 17th February, 2011, IKEA announced its plans for a wind farm in Dalarna
County, Sweden, furthering it’s goal of running on 100 percent renewable
energy. In mid-August 2012, IKEA
announced that it will be establishing a chain of 100 economy hotels in Europe
but, unlike its few existing hotels in Scandinavia, they will not carry the
IKEA name nor will they use IKEA furniture and furnishings - they will be
operated by an unnamed international group of hoteliers.
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 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.
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.
For the year ended 31st August, 2012, total sales of the IKEA Group
increased to €27.6 billion, up by 9.5% (7.1% adjusted for currency impact) as
compared with €25.1 billion in FY2011.
Group net income was €3.2 billion, up by 6.7% as compared with €3.0
billion in FY2011
Some of the biggest growth was in China, Russia and Poland, but the US
and Germany also had significant growth.
The growth came both from existing stores (4.6% adjusted for currency
impact) and new stores.
It continued to expand by opening another 11 new stores in nine
countries, as well as investing heavily in sustainable solutions and in our
supply chain. Investments in existing
stores, new stores and relocations amounted to €1.3 billion, while another €0.6
billion were invested in shopping centres, its industrial group and renewable
energy. All investments in the FY2012
were financed out of its own cash flow.
Total assets increased from €41.9 to €44.8 billion, and its strong
financial position allows the Group to grow with confidence.
In line with the IKEA strategy for renewable energy, it made major
commitments to invest in wind power. In
total, it has 126 wind turbines (including 43 under construction) and solar
panels at 75 stores and warehouses around the world. Currently, IKEA Group total renewable energy
production including biomass is equivalent to 34% of IKEA Group energy use in
FY2012.
The history of IKEA HK in Hong Kong is about 34 years.
On the whole, in view of the parentage and background of IKEA HK,
consider it good for normal business engagements.
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.61.49 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.84.49 |
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 |
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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 |
|
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.