MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
OTTO INTERNATIONAL (HONG KONG) LTD |
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Registered Office : |
9/F, Peninsula Square, 18 Sung On Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25-1-1980 |
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Com. Reg. No.: |
77803 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Run as a buying office for its group. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
OTTO INTERNATIONAL (HONG KONG) LTD
9/F, PENINSULA SQUARE, 18 SUNG ON STREET,
HUNGHOM, KOWLOON, HONG KONG.
TEL: 852 23037000
FAX: 852 23308885
EXECUTIVE SUMMARY
INCORPORATION DATE :
25-1-1980
REGISTRATION NO. :
77803
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : THORUP JAHN (DIRECTOR)
STAFF STRENGTH :
55,116 (GROUP, AS AT 28-2-2006)
AUTHORIZED CAPITAL :
HK$20M = 20M SHARES @ HK$1.-
PAID-UP
CAPITAL : HK$20M
BUSINESS LINE :
BUYING OFFICE
TURNOVER :
EUR 14,570M (GROUP, YEAR ENDED 28-2-2006)
EQUITIES :
N/A (GROUP, YEAR ENDED 28-2-2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : FAIRLY
LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81394 = USD1 AS OF 2007-4-13
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
The correct address of SC is the heading one instead of "Texplant
Corporation Ltd. (T/A Freemans) 139 Clapham Road, London Sw99 Ohr, HK"
given by you.
SC is a private limited company registered under incorporation file no.
77803 on 25-1-1980.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 25-1-2006) Number
of shares held
Otto International GmbH 19,999,999
Christoph Wenk-Fischer 1
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20,000,000
==========
Directors (as at 25-1-2006)
Schmale Marcus Georg / 1304229739
Tulleners Jakob Jacobus Koert / P172739(0)
Gagelmann Diethard / 1333052180
Thorup Jahn / R097869(7)
Schrader Hans-Otto / 1340146559
Schulte-Laggenbeck Jurgen Norbert / 513732948
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
SC's registered office address:
6/F, Alexandra House, 18 Chater Road, HK.
Total number of employees: 55,116 (group, as at 28-2-2006).
Location : Maintaining
its office at the heading business address which occupies a gross area of
12,000 square feet at a commercial building in a residential district.
Condition inside the premises during our
visit : Normal.
Office/factory layout : Standard.
SC is a subsidiary of Otto International GmbH whose partial information
is as follows:
Year established : NA
Registered/business
address : Wandsbeker Strasse 3-7 22172
Hamburg, Germany.
Business line : As an offshore
investment co. with diverse interest in trading & retail services
No. of employees : NA
Civil litigation & winding-up petition : None in our database
Turnover :
NA
SC is, in turn, an ultimate subsidiary of The Otto Group, whose partial
information is as follows:
Year established : 1949
Registered/business
address : Same as Otto International GmbH
Business line : As an offshore
investment holding co.
No. of employees : 55,116 (group, as at 28-2-2006)
Civil litigation & winding-up
petition records : None in our database
Turnover :
EUR14,570M (year ended 28-2-2006)
Partial financial data of the said company:
Items Fiscal
yr 28-2-2006 Fiscal yr 28-2-2005
Current assets : EUR6,684M EUR6,528M
Current
liabilities : EUR6,277M EUR5,634M
Fixed assets &
non-current assets : EUR5,644M EUR4,988M
Tangible
worth/(net deficit) : EUR6,051M EUR5,882M
Turnover : EUR14,570M EUR14,424M
Net income/(net
loss) : EUR296M EUR286M
EUR = Euro
EUR1 = HK$10.53
Thorup Jahn, director: Embarked
upon his career to present field as an executive trainee in his early 20's.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 2/F, Blk 2, Villa Martini, 8 Stanley
Beach Road, HK.
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Tulleners Jakob Jacobus Koert, director: Embarked upon his career to present field as an executive trainee
in his mid 20's.
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 2/F, Blk 2, Villa Martini, 8 Stanley
Beach Road, HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Kingstate Development Ltd.
- Date of purchase & consideration : 30-3-1999 / HK$15M
- Date of mortgage & secured amount : NA
- Mortgagee : NA
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 2 Obtained scores : 70 (see explanatory notes
below)
Keys : 1 : scores
81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial & operational strength
of SC's major principals. It is
calculated from a composite of scores obtained from the following 5 factors which
carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation,
business experience & track record, market connection and management skill.
During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
As per current co. search, total amount of indebtedness of SC in respect
of all mortgages and charges which are required to be registered with Companies
Registry as at 25-1-2006 was nil.
Banking relations are maintained principally with: HSBC.
This section will contain the civil litigations & winding-up petitions
filed against SC for the last 6 years (as stored in our database), and the
mortgage/charge records filed by SC for the last 2 years. In Hong Kong, creation of such
mortgages/charges by an unlimited co is not required to be registered in the
public records.
Civil litigation/winding-up petitions : ( )
see below (X) see attached sheet
Mortgage/charge record(s) : None filed since its incorporation date.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average ( ) Fair (
) Poor ( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment records and our debt collection record concerning SC.
Trade payment
experience : SC did not provide any name of
trade/service suppliers and we have no other
sources to conduct
the enquiry at present.
Delinquent
payment record : None in our database.
Debt
collection record : No overdue
amount owed by SC was placed to us for collection within the last 6 years.
SC run as a buying office for its group.
Items available include garments, toys, watches, electronics, jewellery
& others.
SC's group is one of the world's largest trading and retail
corporations. It operates in Europe, Asia and North America and is main engaged
in provision of multichannel retailing services, financial services and
wholesales services. The Otto Group includes Otto Gmbh & Co Kg (one of the
world's largest mail order company), Carte and Barrel (a US major furniture
& accessories comapny). SC's group also holds 22% shares of Zara (one of
the largest fashion store in Germany with 49 branches)*.
*Zara also maintains its branches in Causeway Bay, Tsimshatsui and
Central in Hong Kong.
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Importers &
distributors
Buying
terms : COD,
credit of 14 days & special agreed terms
Overseas--supplying
countries : PR China & SE Asia
Buying
terms : L/C
& T/T
Principal market :
Local--type
of customers : Nil
Selling
terms : Nil
Overseas--buying
countries : Europe (mainly SC's group in
Germany)
Selling
terms : Intercompany
account basis
SC is
not known to have any subsidiary at present.
SC is considered an old-established business with acceptable financial
base to meet fairly large amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in Hong Kong for the last 6 years.
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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)