MIRA
INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TARGET SOURCING SERVICES LTD. |
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Registered Office : |
4/F. & 5/F., Tsim Sha Tsui Centre, 66 Mody Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.01.2007 |
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Com. Reg. No.: |
37558185 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, electronic products, toys, footwear, etc. |
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No. of Employees : |
120 |
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 Complaint |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
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 |
Company name and address
TARGET SOURCING
SERVICES LTD.
ADDRESS: 4/F. & 5/F., Tsim Sha
Tsui Centre, 66 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2733 7308
FAX: 2311 9483
MANAGEMENT
Regional Director: Ms. Ho Yin
Ling
SUMMARY
Incorporated on: 5th
January, 2007.
Organization: Private
Limited Company.
Capital: Nominal: US$1,000.00
Issued: US$4.00
Business Category: Importer, Exporter and Wholesaler.
Total Group Revenues: US$67,390 million (Year ended 29-01-2011)
Employees:
120. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
4/F. & 5/F., Tsim Sha Tsui Centre, 66 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
Holding Company:-
TG Holdings, Bermuda.
Ultimate Holding Company:-
Target Corporation, USA.
Affiliated Companies:-
Target Group of Companies
AMC (S) Pte. Ltd., Singapore.
AMC Dominican Republic S.A., Dominican Republic.
AMC Honduras S.A., Honduras.
AMC Nicaragua S.A., Nicaragua.
Amcrest Corporation, USA.
Amcrest France Sarl, France.
Associated Merchandising Corporation Pensionsverwaltung GmBH, Germany.
Associated Merchandising Korea Corporation, Korea.
Dayton Credit Company, USA.
Glendale West LLC, USA.
Lafayette Nominee Owner LLC, USA.
PP&E LLC, USA.
Red Tail LLC, USA.
STL of Nebraska Inc., USA.
SuperTarget Liquor of Massachusetts Inc., USA.
SuperTarget Liquor of Missouri Inc., USA.
SuperTarget Liquor of Texas Inc., USA.
Target Bank, USA.
Target Brands Inc., USA.
Target Bridges Inc., USA.
Target Canada Co., Nova Scotia.
Target Capital Corporation, USA.
Target Clinic Medical Associates Florida LLC, USA.
Target Clinic Medical Associates Maryland LLC, USA.
Target Commercial Interiors Inc., USA.
Target Connect Inc., USA.
Target Corporate Services Inc., USA.
Target Corporation India Private Ltd., India.
Target Customs Brokers Inc., USA.
Target Enterprise Inc., USA.
Target Food Inc., USA.
Target General Merchandise Inc., USA.
Target Global Trade Inc., USA.
Target Jefferson Boulevard LLC, USA.
Target Medford Urban Renewal LLC, USA.
Target Millville Urban Renewal LLC, USA.
Target National Bank, USA.
Target Receivables Corporation, USA.
Target Services Inc., USA.
Target Sourcing Services Asia Ltd., Hong Kong.
Target Sourcing Services Co. Ltd., China.
Target Sourcing Services Guatemala Sociedad Anonima, Guatemala.
Target Sourcing Services Hong Kong Ltd., Hong Kong.
Target Sourcing Services India Private Ltd., India.
Target Sourcing Services Italy S.r.l., Italy.
Target Sourcing Services Pacific Ltd., Hong Kong.
Target Stafford Urban Renewal LLC, USA.
Target Stores Inc., USA.
Target Wilson Yard QALICB LLC, USA.
TCC Corporation S.a.r.l., Luxembourg.
TCDC Inc., USA.
The Associated Merchandising Corporation, USA.
TSS One Ltd., Hong Kong.
TSS Two Ltd., Hong Kong.
Walsh Bros., USA.
Westbury Holding Company, USA.
etc.
BUSINESS REGISTRATION NUMBER
37558185
COMPANY FILE NUMBER
1100000
MANAGEMENT
President: Mr. Timothy Allen
Mantel
Regional Director: Ms. Ho Yin
Ling
Contact Person: Ms. Ronnie Wong
CAPITAL
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00
each)
Issued Share Capital: US$4.00
SHAREHOLDER
(As per registry dated 05-01-2011)
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Name |
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No. of shares |
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TG Holdings Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda. |
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4 = |
DIRECTORS
(As per registry dated 30-06-2011)
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Name (Nationality) |
Address |
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Corey Lee HAALAND |
6962 Kenmare Drive, Bloomington, Minnesota 55438, USA. |
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FUNG Kwok Wai |
Unit 3902B, Building No. 8, Shimao Riviera Garden, No. 9, Lane 1, Wei
Fang Road West, Pudong, Shanghai 200122, China. |
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HO Yin Ling |
Flat E, 18/F., Block 5, The Waterfront, Tower V, 1 Austin Road West,
Tsimshatsui, Kowloon, Hong Kong. |
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Patricia Alden JOHNSON |
13543 Woodmere Circle, Eden Prairie, Minnesota 55346, USA. |
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Timothy Allen MANTEL |
100 3rd Avenue South, #3103, Minneapolis, Minnesota 55401-2727, USA. |
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Carter Jennings LEUTY |
5909 Churchill Street, Shoreview, MN 55126, USA. |
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David Lawrence DONLIN [Alternate to Carter Jennings LEUTY] |
26855 Marsh Pointe Circle, Shorewood, MN 55331, USA. |
SECRETARY
(As per registry dated 05-01-2011)
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Name |
Address |
Co. No. |
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Sekots Secretarial Services Ltd. |
16/F. - 19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong. |
0028739 |
HISTORY
The subject was incorporated on 5th January, 2007 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Garments,
electronic products, toys, footwear, etc.
Employees: 120. (Hong Kong)
Commodities Imported: China, other Asian countries and acquired locally.
Markets: North
America, etc.
Total Group Revenues: US$59,490 million (Year
ended 31-01-2007)
US$63,367
million (Year ended 31-01-2008)
US$64,948
million (Year ended 31-01-2009)
US$65,357 million (Year ended 30-01-2010)
US$67,390
million (Year ended 29-01-2011)
Terms/Sales:
As per contracted.
Terms/Buying: L/C
or as per contracted.
MEMBERSHIP
The American Chamber of Commerce in Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00
each)
Issued Share Capital: US$4.00
Alternation of Capital:-
|
05-01-2007 |
paid up |
US$ 3.00 |
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02-02-2009 |
paid up |
US$ 1.00 |
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–––––––– |
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Total: |
paid up |
US$ 4.00 ======= |
Group Net Earnings: US$2,787
million (Year ended 31-01-2007)
US$2,849 million (Year ended 31-01-2008)
US$2,214 million (Year ended 31-01-2009)
US$2,488 million (Year ended 30-01-2010)
US$2,920 million (Year ended 29-01-2011)
Profit or Loss: Group
business is profitable.
Condition:
Keeping in an
active manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Target Sourcing Services Ltd. [TSSL] is wholly-owned by TG Holdings, a
Bermuda-registered firm. TSSL’s ultimate
holding company Target Corporation [Target] is a US-based firm. Target is a listed firm in the New York Stock
Exchange.
Associated Merchandising Corporation [AMC], one of the sourcing arms of
Target, has expanded its office in Hong Kong which is TSSL. The business of AMC and Target Sourcing
Services is collectively known as Target Sourcing Services/Associated
Merchandising Corporation [TSS/AMC].
AMC is expanding in the southern China’s Pearl River Delta while in
eastern and northern China it has offices in Shanghai, Tianjin and
Qingdao. It is also expanding in
Chongqing which is in central China. AMC
is one of three major apparel sourcing and product development firms serving US
retailers. It spots trends, design
apparel, accessories, and houseware, then arranges for their production and
finally delivers the merchandise to its retail customers. The global presence of AMC is in more than 40
countries operating more than 50 offices.
It was founded in 1918 and acquired by Target in 1998.
Currently, TSSL is trading in the following commodities and offering
clients with the following services:-
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Product/Service |
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Stock Lots – Clothing Accessories |
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Stock Lots – Electronic Products |
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Stock Lots – Footwear |
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Stock Lots – Garment |
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Stock Lots – Giftware and Premium |
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Stock Lots – Imitation / Costume Jewellery |
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Stock Lots – Textile |
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Stock Lots – Toy |
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Stock Lots – Household Products |
Minneapolis-based Target (formerly known as Dayton Hudson) is the second‑largest
discount retailer in the United States, according to the National Retail
Federation.
As at 29th January, 2011, Target had 1,750 stores in 49 states and the
District of Columbia.
Target stores come in three formats.
The General Merchandise store is approximately 126,000 sq.ft., stocking
primarily consumer products, clothing and some selected grocery items; there
may also be a photo processing centre, pharmacy, restaurant and Starbucks. The “Plus” version of the General Merchandise
store, found in higher traffic areas, is approximately 145,000 sq.ft. and
stocks a wider selection of merchandise.
SuperTarget stores, meanwhile, are even bigger, clocking in at around
174,000 sq.ft.; these stores have everything a regular Target has, as well as a
full grocery section, including a bakery and deli.
Aside from Target stores, its main business, the Target operates
Target.com, as well as offering its REDcard and the Target Visa through Target
National Bank (previously Retailers National Bank). TSS/AMC is a worldwide sourcing organization
that seeks out and imports merchandise for Target.
Target operates Target general merchandise stores, the majority of which
offer a wide assortment of general merchandise and a more limited food
assortment than traditional supermarkets.
During 2009 and 2010, Target completed store remodels that enabled it to
offer an expanded food assortment in many of its general merchandise
stores. The expanded food assortment
includes some perishables and some additional dry, dairy and frozen items. In addition, it operates “SuperTarget®”
stores with general merchandise items and a full line of food items comparable
to that of traditional supermarkets.
Target.com offers a wide assortment of general merchandise including
many items found in its stores and a complementary assortment, such as extended
sizes and colors, sold only online. A
significant portion of its sales is from national brand merchandise. It also sells many products under its owned
and exclusive brands. Owned brands
include merchandise sold under private-label brands including, but not limited
to, “Archer Farms®”, “Archer Farms®”, “Simply Balanced™”, “Boots & Barkley®”, “choxie®”, “Circo®”, “Durabuilt®”, “Embark®”, “Gilligan & O’Malley®”, “itso™”, “Market Pantry®”, “Merona®”, “Play Wonder®” and “Room Essentials®”.
Target also sells merchandise through unique programs such as ClearRxSM,
GO International®, Great SaveSM and Home Design Event. In addition, the Target Group sells
merchandise under exclusive licensed and designer brands including, but not
limited to, C9 by “Champion®”, “Chefmate®”, “Cherokee®”, “Converse®”,
“One Star®”, “Eddie Bauer®”, “Fieldcrest®”, Genuine Kids
by “Osh Kosh®”, “Kitchen Essentials®” by “Calphalon®”, “Liz
Lange®” for “Target®”, “Michael Graves Design™”, “Mossimo®”,
“Nick & Nora®”, “Sean Conway™”, “Simply Shabby Chic®”,
“Sonia Kashuk®” and “Thomas O’Brien®”. Target also generates revenue from in-stores.
For the year ended 29th January, 2011, the total turnover of the Target
Group was US$67,390 million (2010: US$65,357 million), Group net earnings were
US$2,920 million (2010: US$2,488 million).
At 29th January, 2011, Target Group employed approximately 355,000 full‑time,
part-time and seasonal employees, referred to as “team members”. During its peak sales period from
Thanksgiving to the end of December, its employment levels peaked at
approximately 400,000 team members.
TSSL is fully supported by Target.
On the whole, consider TSSL good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.51.39 |
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|
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.