MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TESCO INTERNATIONAL SOURCING LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
23-11-1973 |
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Com. Reg. No.: |
36278 |
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Legal Form : |
Private |
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Line of Business : |
Runs 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
TESCO INTERNATIONAL SOURCING LTD.
979 KING'S ROAD,
TEL: 852 27225960
FAX: 852 23695068
EXECUTIVE SUMMARY
INCORPORATION DATE : 23-11-1973
REGISTRATION NO. :
36278
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : YUE FUNG YEE
(DIRECTOR)
STAFF STRENGTH :
80.
AUTHORIZED CAPITAL :
HK$256,010,000 = 25,601,000 SHARES @ HK$10.-
PAID-UP
CAPITAL : HK$256,000,020
BUSINESS LINE :
BUYING OFFICE
TURNOVER :
GBP39, 454M (GROUP, YEAR ENDED 25-2-2006)
EQUITIES :
N/A (GROUP, YEAR ENDED 25-2-2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81193 = USD1 AS OF 2007-3-19
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
SC is a private limited company registered under incorporation file no.
36278 on 23-11-1973.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 23-11-2006) Number
of shares held
Tesco
Wragg Alan David 1
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25,600,002
========
Directors (as at
1-12-2006)
Roussel Christophe Albert Jean / 03EC98025
Hill Colin Curtis / 450270435
Yue Fung Yee / D226859(1)
More Julie Ann / P204606(0)
Graham David Alan / 094477327
Madelaine Laurent / 03FE12679
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Partial change in
SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
Hoerner John 1-12-2006
Corlett Anthony Hugh 1-12-2006
Name(s) of newly appointed director(s) Appointment
date
Nil Nil
Change of co. name : SC was formerly named Tesco Stores Hong Kong Ltd.
& adopted present name on 17-12-2005.
SC also operates under the business name Tesco International Sourcing.
Total number of employees : 80.
Location: Maintaining its office
at the heading business address which occupies a gross area of 20,000 sq. ft.
at a commercial building in a commercial & residential district.
Condition inside the premises during our
visit : Active.
Office/factory layout : Good.
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 filed by SC for the last 2 years. In
Civil litigation/winding-up petitions : (X) see below ( )
see attached sheet
Date :
3-7-2006
Defendant(s) : SC
Plaintiff(s) : Yiu Tin Ho
Cause of claim : Injury
Claimed amount : ANS
Mortgage/charge record(s) : None filed since its incorporation date.
SC is not known to host web site of its own at present.
SC is a subsidiary of Tesco Holdings BV whose partial information is as
follows:
- Registered address: Officia 1,
7 DE Boelelaan, 1083 HJ
- Business line: As an investment
holding co. with core interests in retail store operation.
- Civil litigation & winding-up petition records: None in our database
The said co. is, in turn, a subsidiary of Tesco PLC, a public co. listed
on London Stock Exchange with stock ticker "TSCO" and
Year established : 1924
(founded)
Registered/business
address : Tesco House,
Business line : As a holding co. with
diverse interests in operation of supermarkets, hypermarkets & convenience
stores in
No. of employees : 237,024
(as at 25-2-2006)
Civil litigation & winding-up petition records : None in our database
Turnover :
GBP39,454M (year ended 25-2-2006)
* Its operations include gasoline retailing (Tesco Express), small urban
stores (Tesco Metro), hypermarkets (Tesco Extra) & financial services
(Tesco Personal Finance).
Partial financial data of the said company:
Items Fiscal
yr 25-2-2006 Fiscal yr 25-2-2005
Current assets : GBP3,751M GBP3,224M
Current
liabilities : GBP7,432M GBP5,680M
Fixed assets &
non-current assets : GBP18,644M GBP16,931M
Tangible
worth/(net deficit) : GBP14,963M GBP14,475M
Turnover : GBP39,454M GBP33,866M
Net income/(net
loss) : GBP1,576M GBP1,347M
GBP = British Pound
GBP1 = HK$15.17
Yue Fung Yee, director:
- In her early 50's
- Embarked upon her career as an executive trainee in her mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B, 5/F, Tower A, Hollywood Terrace,
268 Queen's Road Central, HK.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Wong Wai Ming Dickens & Yue Fung Yee
- Date of purchase & consideration : 3-12-1999 / $2,592,000
- Date of mortgage & secured amount : 3-1-2001 / ANS
- Mortgagee : DBS Bank (HK) Ltd.
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
Graham David Alan, director:
- He is by British nationality
- Embarked upon his career to present field in his mid 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat B, G/F,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Ip Kin Fong
- Date of purchase & consideration : 31-10-2003 / $5.5M
- Date of mortgage & secured amount : 5-6-2006 / ANS
- Mortgagee : Bank of
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 : 1 Obtained scores : 85 (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.
Business categories :
SC runs as a buying office for its group.
Items sourced by SC include apparels, electrical appliances, household
products, toys, foods, decoration items, stationery, health & beauty
products, baby & sports equipments.
Principal purchases :
Major
types of sourcing : Merchandise
Local--type
of suppliers : Manufacturers
& importers
Buying
terms : COD
& credit of 30 days
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 : Its affiliates
Selling
terms : Intercompany
account basis
SC is not known to have any subsidiary at
present.
Overall payment appraisal :
( ) Excellent (X) Good (
) 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.
Banking relations are maintained principally with:
- HSBC
- Standard Chartered Bank (HK) Ltd.
Turnover breakdown
of Tesco PLC by geographical areas for the year ended 25-2-2006 is as follows:
Geographical areas / Turnover (including VAT)
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- Rest of
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- TOTAL / GBP39,454M
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 23-11-2006 was nil.
SC is considered a well-maintained business
being well-known in the trade. Its present standing for large amount of credit
dealings appear acceptable.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Unit 2, 9/F,
- Owner(s): SC
- Date of purchase & consideration: 23-6-2000 / $27,850,000
- Date of mortgage & secured amount: NA
- Mortgagee: NA
Tesco PLC's (on London Stock Exchange) share price movements are as
follows:
- Closed on 15-3-2007: GBP4.27
- Year high / low: GBP4.56 /GBP3.91
- Price earning ratio: 21.10
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%)