MIRA INFORM
REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
TARGET
SOURCING SERVICES LTD. |
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Registered Office : |
4/F. & 5/F., Tsim Sha Tsui Centre, 66 Mody Road,
Tsimshatsui East, |
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Country : |
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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. |
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 : |
Regular |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
TARGET SOURCING SERVICES LTD.
Company ADDRESS
4/F. & 5/F., Tsim Sha
Tsui Centre, 66 Mody Road, Tsimshatsui East,
PHONE: 2733 7308
FAX: 2311 9483
MANAGEMENT
Managing Director: Mr. Michael Joseph Wahlig
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.
Group Revenue: US$65,357 million (Year ended 30-01-2010)
Employees: 120.
(
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Satisfactory.
company ADDRESS
Registered Head
Office:-
4/F. & 5/F., Tsim Sha Tsui Centre, 66 Mody Road,
Tsimshatsui East,
Holding Company:-
TG Holdings,
Ultimate Holding
Company:-
Target Corporation,
Affiliated
Companies:-
Target Group of Companies
AMC (S) Pte. Ltd.,
AMC Dominican Republic S.A.,
AMC Honduras S.A.,
AMC Nicaragua S.A.,
Amcrest Corporation,
Amcrest
Associated Merchandising Corporation Pensionsverwaltung
Associated Merchandising Korea Corporation,
Dayton Credit Company,
ITC Sales and Procurement
PP&E LLC,
Red Tail
STL of Nebraska Inc.,
SuperTarget Liquor of Massachusetts Inc.,
SuperTarget Liquor of Missouri Inc.,
SuperTarget Liquor of Texas Inc.,
Target
Target Brands Inc.,
Target Bridges Inc.,
Target Capital Corporation,
Target Clinic Medical Associates
Target Commercial Interiors Inc.,
Target Connect Inc.,
Target Corporation India Private Ltd.,
Target Customs Brokers Inc.,
Target Global Trade Inc.,
Target
Target
Target
Target
Target Receivables Corporation,
Target Services Inc.,
Target Sourcing Services Asia Ltd.,
Target Sourcing Services
Target Sourcing Services Hong Kong Ltd.,
Target Sourcing Services India Private Ltd.,
Target Sourcing Services
Target Sourcing Services Pacific Ltd.,
Target Stafford Urban Renewal
Target Stores Inc.,
Target
TCDC Inc.,
The Associated Merchandising Corporation,
TSS One Ltd.,
TSS Two Ltd.,
Walsh Bros.,
Westbury
etc.
BUSINESS REGISTRATION NUMBER
37558185
COMPANY FILE NUMBER
1100000
MANAGEMENT
President: Mr. Timothy Allen Mantel
Managing Director: Mr. Michael Joseph Wahlig
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, |
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4 = |
DIRECTORS
(As per registry dated 10-01-2011)
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Name (Nationality) |
Address |
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Michael Joseph WAHLIG |
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Corey Lee HAALAND |
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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, |
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Patricia Alden JOHNSON |
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Timothy Allen MANTEL |
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SECRETARY
(As per registry dated 05-01-2011)
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Name |
Address |
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Sekots Secretarial Services Ltd. |
16/F. - 19/F., Prince’s Building, |
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.
(
Commodities Imported:
Markets:
Group Revenue: US$52,620 million (Year ended 31-01-2006)
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)
Terms/Sales: As per contracted.
Terms/Buying: L/C or as per contracted.
MEMBERSHIP
The American Chamber of
Commerce in
FINANCIAL INFORMATION
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00 each)
Issued Share Capital: US$4.00
Alternation of Capital:-
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05-01-2007 |
paid up |
US$ 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 Earning: US$2,408 million (Year ended 31-01-2006)
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)
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 required.
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing:
GENERAL
Target Sourcing Services Ltd. [TSSL] is wholly-owned by TG Holdings, a Bermuda-registered firm. TSSL’s ultimate holding company is Target Corporation [Target] which 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
AMC
is expanding in the southern
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
Target was at No. 30 on the 2010 edition of the Fortune 500. 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 limited assortment of food items. During 2009, Target increased the offering
within some of its general merchandise stores to include a deeper food
assortment, including perishables and an expanded offering of dry, dairy and
frozen items. In addition, the Target
Group operates SuperTarget stores with a full line of food and general
merchandise items. 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 colours, sold only
online. A significant portion of its
sales is from national brand merchandise. In addition, Target sells merchandise under
private-label brands including, but not limited to, “Archer Farms®”, “Archer Farms®”, “Boots & Barkley®”, “Choxie®”, “Circo®”, “Durabuilt®”, “Embark®”, “Gilligan & O'Malley®”, “itso™”, “Kaori®”, “Market Pantry®”, “Merona®”, “Play Wonder®”, “Room Essentials®”, “Simply Balanced™”, “Smith & Hawken®”, “Sutton and Dodge®”, “Target Home”, “Vroom®”, “up & up™”, “Wine Cube®” and “Xhilaration®”.
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 30th January, 2010, the turnover of the Target Group was US$65,357 million (2009: US$64,948 million), Group net earning was US$2,488 million (2009: US$2,214 million).
Target plans to open approximately 100 new stores every year. Its goal is to have more than 2,000 stores by 2011.
At 30th January, 2010, Target Group employed approximately 351,000 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 390,000 team members.
TSSL is fully supported by Target.
On the whole, consider TSSL good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.50 |
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1 |
Rs.73.07 |
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Euro |
1 |
Rs.61.63 |
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 |
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.