MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MGB METRO GROUP BUYING HK LTD |
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Registered Office : |
9FL World Finance Center - South Tower 17 Canton Rd Harbour City
Tsimshatsui Kowloon |
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Country : |
Hong Kong |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14.05.2003 |
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Com. Reg. No.: |
0847259 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of General Merchandise. Act as Procurement Agent for Merchandise of the Metro Group. |
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 |
name & address
MGB
METRO GROUP BUYING HK LTD
9FL WORLD FINANCE CENTER - SOUTH TOWER
17 CANTON RD HARBOUR CITY TSIMSHATSUI
KOWLOON, HONG KONG
TEL: 852-27381388 FAX:
852-27352455
EXECUTIVE SUMMARY
INCORPORATION DATE : MAY
14, 2003
REGISTRATION NO. :
0847259
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. BERND RALF HANEMANN (CEO)
STAFF STRENGTH :
50
CAPITAL :
US$ 6,402,049
BUSINESS LINE :
TRADER
TURNOVER :
EUR 59,882 IN MILLIONS (CONSOLIDATED, AS OF DEC. 31, 2006)
EQUITIES :
EUR 6,047 IN MILLIONS (CONSOLIDATED, AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80364 = US$1
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
Registered Legal Address: 1401 Hutchison House 10 Harcourt Rd
*OTHER LICENSE*
================
License Number : 33696531-001
Issuing Authority : Business Registration Office - Inland Revenue Dept
*Company Registration*
===================
(1)
License number : 0847259
Date issued : 14 May,
2003
Issuing authority : Companies
Registry
Legal form : Limited
Liability Company
Type of license : Corporate
(2)
License number : 33696531-001
Issuing authority : Business Registration Office - Inland Revenue Dept
Type of license : Business
*Capital Details*
=============
Authorized capital : HKD 50,000,000.00 divided into 500,000 shares of
HKD 100.00/-each, fully paid
*Office & Facilities*
================
Other Contact Details
-----------------------------
Tel nos. : 27381304/27384145 or
4146
Fax no. : 29575305
Emails : supplychain@metro-mgb.com.nk
/ hongkong@metro-mgb.com
Website : www.metro-link.com
*Corporate & Organization
Structure*
=============================
Operated and managed by an experienced team of professionals.
*Approved Signatures*
===================
Any of the following directors can sign on behalf of the company with
seal affixed:
- Mr. Bernd Ralf Hanemann
- Mr. Thomas Burkhalter
*Registrar*
========
- ASIA INFORMATION ASSOCIATES LTD (formerly known as BAKER &
MCKENZIE CONSULTANTS LTD)
www.metro-mgb.com
The design is professional and the content is well organized. At present it is
in both German and English versions.
E-mail: hongkong@metro-mgb.com.hk
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Total number of shareholders: 2
Total number of shares: 500,000
Shareholders Country Number Amount (HKD) %
MGB METRO GROUP Germany
499,996.00 49,999,600.00 100.00
BUYING GMBH
MGE WARENHANDELSGESELLSCHAFT Germany 4.00
400.00 -
VERWALTUNGS MBH & CO KG
*Company Secretary*
=================
B & MCK NOMINEES LTD
CR no. : 54552
Address : 1401 Hutchison House 10 Harcourt Rd Hong Kong
Management: Mr. Thomas
Burkhalter, Director
Mr. Bernd Ralf Hanemann, CEO
Mr. Bernhard Otto Schmidt, CEO
Name Nationality
Job Description Dept. / Division
Mr. Thomas Burkhalter Hong
Kong Director Finance
Mr. Bernd Ralf Hanemann German CEO -
Mr. Bernhard Otto Schmidt German
CEO -
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Trading of general merchandise.
2. Act as procurement agent for merchandise of the Metro Group.
Products: Buying trip services
Clocks
Clothing
accessories
Durable goods
Electrical
appliance
*Payment Terms*
=============
Sales
--------
Local : Cash or Credit
Export : Letter of Credit (L/C)
Purchases
--------------
Local : Cash or Credit
Import : Letter of Credit (L/C)
*Quality Certification*
==================
Type of certification : EC type-examination certificate
Issuing authority : TUV
Rheinland
Date of certification : 9
December, 2005
Approved number : BG60013351
Other details :
Certified product : Tabletop
Patioheater (Liquid Gas Equipment)
Fulfilled standard :
Richtlinic 90/396/EWC
EN 419-1:1999
EN 461/A1:2004
Note: This is to certify that the product that complies with the
requirements of the Gas Appliances Directive. This certificate does not imply
assessment of the production of the product and does not permit the used of a
TUV Rheinland mark of conformity.
*Local Distribution Network*
=======================
Part of the annual turnover is attributed to local sales.
*Export Markets*
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Part of the annual turnover is attributed to export.
*(Subsidiaries, Joint-ventures & Affiliates)
=========================
Company Name : METRO
CASH & CARRY INT'L GMBH
Address :
Metro-Strasse 1 Dusseldorf 40235 North Rhine W. Germany
Country :
Germany
Relationship :
Affiliate
Legal Form :
Private company with limited liability
Company Type :
Trader
Industry :
Consumer Products
*Subsidiaries, Joint-ventures & Affiliates*
=================================
Maintains offices in the following locations :
1. China
Telephone no : 21-2207 6016
or 6096
E-mail address: eva.liu@metro-mgb.com.cn/angela.wu@metro-mgb.com.cn
2. India
Telephone no : 91 11
26840740
E-mail address: lokesh.kumar@metro-mgb.co.in/neeraj.mittal@metro-mgb.co.in
3. Taiwan
Telephone no : 886 2 27252187
E-mail address: abel.tseng@metro-mgb.com.tw/queenie.kao@metro-mgb.com.tw
4. Turkey
Telephone no : 90 212 410 55
11
E-mail address: supplychain@metro-mgb.com.tr
*Strategic Partners & Alliances*
=========================
Group name : METRO Group
PAYMENT RATING : 3 OBTAINED SCORES :
60
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers
of SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for MODERATE amounts
depending on individual judgement experience.
*BANK DETAILS*
==============
Bank Name : DEUTSCHE BANK AG
Branch :
Central, Hong Kong
Branch Address : 45Fl
Cheung Kong Center 2 Queen's Rd Central Hong Kong (Head Office)
SWIFT Code : This
bank does not have a SWIFT Code
Bank Name : HONG
KONG & SHANGHAI BANKING CORP LTD, THE
Branch :
Central, Hong Kong
Branch Address : 9Fl
HSBC Main Bldg 1 Queen's Rd Central Hong Kong (Head Office)
SWIFT Code :
HSBCHKHH
Consolidated Balance Sheet of METRO AG
Currency : EUR
Denomination : In millions
31
December, 2006 31 December, 2005
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Assets
Non-current assets
18,978
17,580
Goodwill
4,379 4,154
Other intangible assets
478
433
Tangible assets
12,087 11,037
Investment properties
136
228
Financial assets
139
136
Other receivables and assets
535
482
Deferred tax assets
1,224 1,110
Current assets
13,170
11,187
Inventories 6,640 6,246
Trade receivables
481
367
Financial assets 21 13
Other receivables and assets
2,852
2,200
Entitlements to income tax refunds 279 253
Cash and cash equivalents
2,732
1,767
Non-current assets held for sale 165 341
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32,148 28,767
Equity and Liabilities
Equity
6,047 5,313
Capital stock
835
835
Additional paid-in capital 2,544 2,551
Reserves retained from earnings 2,451 1,721
Minority interests
217 206
Non-current liabilities
8,869
8,408
Provisions for pensions and similar commitments 1,023 995
Other provisions
506
447
Financial liabilities 6,279 6,046
Other liabilities
599
433
Deferred tax liabilities 462 487
Current liabilities
17,232
15,046
Trade payables 12,416 10,952
Provisions
719
288
Financial liabilities
1,740
1,590
Other liabilities
2,029 1,967
Income tax liabilities
304
249
Liabilities related to non-current assets held for sale 24 -
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32,148 28,767
Consolidated Income Statement of METRO AG
Currency : EUR
Denomination : In millions
31 December, 2006 31 December,
2005
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Net sales
59,882
55,722
Cost of sales
(47,390)
(44,086)
Gross profit on sales 12,492 11,636
Other operating income
1,895
1,149
Selling expenses (11,098) (9,885)
General administrative expenses (1,252) (1,094)
Other operating expenses (54) (68)
Earnings before interest and taxes (EBIT) 1,983 1,738
Result from associated companies 0 58
Other investment result
14
16
Interest income 158 143
Interest expenses
(624)
(614)
Other financial result
3 17
Net financial income
(449)
(380)
Earnings before taxes (EBT)
1,534
1,358
Income taxes
(484) (740)
Income from continuing operations 1,050 618
Income from discontinued operations after taxes 143 31
Net profit for the period
1,193
649
allocable to minorities
137 118
From continuing operations
(137)
(117)
From discontinued operations
(-) (1)
Allocable to stockholders of METRO AG 1,056 531
From continuing operations
(913) (501)
From discontinued operations
(143)
(30)
Earnings per share in
3.23 1.63
From continuing operations
(2.79)
(1.54)
From discontinued operations
(0.44) (0.09)
*Financial Ratio*
==============
Consolidated Financial Ratios of METRO AG
31 December, 2005 31
December, 2006
------------------------ -----------------------
Growth %
Year-on-Year Growth
N/A
7.47
Profitability
Profit Margin (%)
1.16
1.99
Return on Equity (%)
12.22 19.73
Return on Assets (%)
2.26
3.71
Leverage
Total Debt Equity (Times)
5.41 5.32
Current Debt Equity (Times) 2.83 2.85
Long Term Debt to Equity
1.58 1.47
Total Asset To Total Equity 5.41 5.32
Asset Management
Total Assets Turnover (Times) 1.94 1.86
Fixed Assets Turnover (Times) 3.17 3.16
Liquidity
Current Ratio
0.74 0.76
SC is considered medium-sized in its line with favorable background.
Taking into consideration of SC’s general performance, reputation as well as
market conditions, we would rate SC as an average credit risk company.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 4783 Packing
& Crating
Service 8741 Management
Services
Service 9300 Finance,
Taxation, & Monetary
Trading 2300 Apparel/Other Textile Products
Trading 2389 Apparel and accessories,
Trading 2519 Household
furniture, NEC
Trading 2678 Stationery
products
Trading 3100 Leather and
Leather Products
Trading 3171 Women's
handbags and purses
Trading 3172 Personal
goods, of leather, except handbags and purses
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Service 9854 Packing
& crating
Service 9874 Management
services
Service 9878 Business
development/consulting
Trading 4200 Articles of leather, saddlery & harness,
travel goods, handbags, articles of gut
Trading 4202 Travel goods, handbags, wallets, jewelry
cases etc
Trading 4205 Articles of
leather
Trading 4817 Envelopes,
postcards etc & boxes etc of stationery
Trading 6100 Articles of
apparel & clothing accessories-knitted or crocheted
Trading 6114 Garments,
knitted or crocheted
Trading 6117 Made-up
clothing access. parts etc. knit etc
DETAILED PRODUCT CLASSIFICATION
& ACTIVITY
Activity Product/Service Description
Service Offer management
Service Infrastructure
Service Quality assurance
Service Pack and label
services
Service Purchasing agents
Trader Garments
Trader Durable goods
Trader Non-durable
goods
Trader Clothing
accessories
Trader Footwear
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Asia / Pacific Importing
Europe Exporting,
Importing
North America Importing
Germany Exporting
Switzerland Exporting
Thailand Importing
Turkey Importing
USA Importing
Vietnam Importing
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.66.02 |
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. |
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%)