MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TESCO INTERNATIONAL SOURCING LTD. |
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Registered Office : |
Suite 1407,14/F
& 15/F,Devon House, Taikoo Place,979 King's Road, Quarry Bay |
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Country : |
Hong Kong |
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Financials (as on) : |
2007 |
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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 Limited
Company |
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Line of Business : |
Buying Office for its Group. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
name & address
TESCO INTERNATIONAL SOURCING
LTD.
SUITE 1407, 14/F & 15/F, DEVON HOUSE,
TAIKOO PLACE, 979 KING'S ROAD, QUARRY BAY, HONG KONG
TEL: 852 27225960 FAX: 852 23695068
EXECUTIVE SUMMARY
INCORPORATION DATE : 23-11-1973
REGISTRATION NO. : 36278
REGISTERED LEGAL
FORM : PRIVATE LIMITED COMPANY
CHIEF EXECUTIVE :
MR. 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 : GBP 761M (YEAR
ENDED 28-2-2007)
EQUITIES : N/A (YEAR
ENDED 28-2-2007)
PAYMENT : GOOD
RECOMM. CREDIT RANGE : FAIRLY LARGE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : WELL-KNOWN
EXCHANGE RATE : HKD 15.29807 = GBP 1
HKD 7.7943 = USD 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
SC is a private limited company registered under incorporation file no.
36278 on 23-11-1973.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 23-11-2007) Number
of shares held
Tesco Holdings BV 25,600,001
Wragg Alan David 1
------------
25,600,002
========
Director(s) (as at 1-12-2007)
- Meyers Gary Joseph / 710545663
- Jodge Anthony / 761071024
- Tilley Johnanna Ruth / 094495960
- Gueracague Patxi Pierre / 06AH95891
- Synott Colin Thomas / 093238502
- Roussel Christophe Albert Jean / 03EC98025
- Hill Colin Curtis / 450270435
- Yue Fung Yee / D226859(1)
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
More Julie Ann 13-11-2007
Name(s) of newly appointed director(s) Appointment
date
Synott Colin Thomas 13-11-2007
Meyers Gary Joseph 13-11-2007
Judge Anthony 13-11-2007
Tilley Johnanna Ruth 13-11-2007
Gueracague Parxi Pierre 13-11-2007
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.
SC is a subsidiary of Tesco Holdings BV whose partial information is as
follows:
- Registered address: Officia 1,
7 DE Boelelaan, 1083 HJ Amsterdam, The Netherlands.
- Business line: As an
investment holding co. with core interests in retail store operation.
- Civil litigation & winding-up petition: 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 New York Stock
Exchange as ADR with ticker "TSCDY.PK", whose partial information is
as follows:
Year established : 1924 (founded)
Registered/business
address : Tesco House, Delamare Road,
Cheshunt, Hert Forshire, EN8 9SL, UK.
Business line : As a holding co. with
diverse interests in operation of supermarkets, hypermarkets & convenience
stores in UK, Ireland, Central Europe & Asia. *
No. of employees : 270,000 (as at 24-2-2007)
Civil litigation & winding-up petition records: None in our database
Turnover :
GBP 42,641M (year ended 24-2-2007)
* 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 24-2-2007
Current assets : GBP3,919M GBP4,576M
Current
liabilities : GBP7,518M GBP8,152M
Fixed assets &
non-current assets : GBP18,644M GBP20,231M
Tangible
worth/(net deficit) : GBP15,045M GBP16,655M
Turnover : GBP39,454M GBP42,641M
Net income/(net
loss) : GBP1,576M GBP1,899M
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, Hong Kong.
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 / HK $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
Synott Colin Thomas, director:
- He is by British nationality
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 35 Curthwaite Goardens, Oakwood, London,
EN2 7LW, England.
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.
Upon a current contact, Chan Denise, SC's accounting manager, refused releasing
detailed financial data but advised that SC's turnover for the year ended
28-2-2007 was GBP 761M.
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 23-11-2007 was nil.
See attachment for SC's group financial information.
Banking relations are maintained principally with:
- HSBC
- Standard Chartered Bank (HK) Ltd.
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: (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
Date :
2-6-2007
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.
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.
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 equipment.
Company representing: Tesco Sotre in Shanghai, PR China, Czech Republic,
Hungary, Republic of Korea, Slovenia, Taiwan, Thailand and United Kingdom.
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.
SC is considered a well-maintained business
being well-known in the trade. Its present standing for fairly large amount of
credit dealings appears acceptable.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Unit 2, 9/F, East Ocean Centre, 98 Granville Road,
Tsimshatsui East, Kowloon, HK.
- Owner(s): SC
- Date of purchase / consideration: 23-6-2000 / $27,850,000
- Date of mortgage / secured amount: NA
- Mortgagee: NA
Attachment:
SC's group financial information.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.33 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.66.75 |
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%)