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Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MYER SOURCING ASIA LTD |
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Registered Office : |
28/F., Grandion Plaza, 932 Cheung Sha Wan Road, Cheung Sha Wan,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.01.2011 |
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Com. Reg. No.: |
53690141 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Buying Office of Fashions, accessories, cosmetics, homeware,
furniture, electric goods, etc |
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No. of Employees : |
12 |
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 |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
MYER SOURCING ASIA
LTD
28/F., Grandion Plaza, 932 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon,
Hong Kong.
PHONE: 3767 0000, 3767 0066
FAX: 2577 8319
Director: Mr. Mark Stephen Ashby
Incorporated on: 26th January, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Buying
Office.
Group Turnover: AUD 3,119.1 million (52 weeks ended 28-07-2012)
Employees: 12.
Main Dealing Banker: Australia
& New Zealand Banking Group Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
MYER SOURCING ASIA
LTD
Registered
Office:-
13/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong.
Operating Office:-
28/F., Grandion Plaza, 932 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon,
Hong Kong.
Holding Company:-
Myer Holdings Ltd., Australia.
Associated
Companies:-
ACT Employment Services Pty. Ltd., Australia.
Boogie & Boogie Pty. Ltd., Australia.
Mayer Employee Share Plan Pty. Ltd., Australia.
Myer Group Finance Ltd., Australia.
Myer Group Pty. Ltd., Australia.
Myer Pty. Ltd., Australia.
Mayer Travel Pty. Ltd., Australia.
NB Collins Pty. Ltd., Australia.
NB Elizabeth Pty. Ltd., Australia.
NB Lonsdale Pty. Ltd., Australia.
NB Russell Pty. Ltd., Australia.
Sass & bide Inc., US.
Sass & bide Pty. Ltd., Australia.
Sass & bide Retail (NZ) Pty. Ltd., Australia.
Sass & bide Retail Pty. Ltd., Australia.
Sass & bide UK Ltd., UK.
Sass & bide USA inc., US.
Shanghai Myer Services Co. Ltd., China.
The Mayer Emporium Pty. Ltd., Australia.
Warehouse Solutions Pty. Ltd., Australia.
53690141
1556015
Director: Mr. Mark Stephen Ashby
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 26-01-2012)
|
Name |
|
No. of share |
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Myer Holdings Ltd. 800 Collins Street, Docklands, Victoria 3008, Australia. |
|
1 = |
(As per registry dated 26-01-2012)
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Name (Nationality) |
Address |
|
Mark Stephen ASHBY |
1 Lakewood Court, Macleod, Victoria 3805, Australia. |
(As per registry dated 26-01-2012)
|
Name |
Address |
Co. No. |
|
Kandy Secretaries Ltd. |
13/F., Gloucester Tower, The Landmark. 15 Queen’s Road Central,
Hong Kong. |
0493271 |
The subject was incorporated on 26th January, 2011 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.
Activities: Buying
Office.
Lines: Fashions,
accessories, cosmetics, homeware, furniture, electric goods, etc.
Employees: 12.
Commodities Imported: China, other
Asian countries, etc.
Markets: Australia,
New Zealand, etc.
Group Turnover: AUD
3,158.8 million (52 weeks ended
28-07-2011)
AUD 3,119.1
million (52 weeks ended 28-07-2012)
Terms/Sales: As per contracted.
Terms/Buying: COD,
L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Group Net Profit: AUD
159.7 million (52 weeks ended
28-07-2011)
AUD 139.4
million (52 weeks ended 28-07-2012)
Profit or Loss: Group
business is profitable.
Condition: Business is improving.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Australia & New Zealand
Banking Group Ltd., Hong Kong Branch.
Standing: Normal.
Myer Sourcing Asia Ltd. is a wholly-owned subsidiary of Myer Holdings
Ltd. [Myer/including associates and subsidiaries are referred to Group] which
is a listed firm in Australia. The
director of the subject Mark Stephen ASHBY is also the CEO of the Group.
The subject is one of the key members of the Myer Group.
Myer is Australia’s largest department store group, and a market leader
in Australian retailing. It offers an
unrivalled choice in the latest national, international and “xclusive to
Myer”brands across women’s, men’s, and children’s fashion, as well as
accessories, cosmetics, homeware, furniture, electrical goods and much more.
Myer is at the forefront in the development of new retail concepts and
experiences. Its stores includes
Nespresso coffee and Apple in-store shops.
It also have a tradition of providing customer entertainment through
vibrant in-store theatre – from glamorous fashion parades, to appearances by
much‑oved children’s characters, celebrities and sporting
personalities. These elements, coupled
with a strong focus on customer service, provide an inspirational shopping
destination for all ages.
With approximately 14,000 team members across Australia, Myer also
offers a diverse range of career opportunities.
Myer operates 67 stores across Australia with a turnover in excess of
AUD 3 billion annually, and has plans to grow to 80 stores across
Australia. Each store is strategically
located in metropolitan and regional areas, and tailored to the area it serves.
Full year 2012 total sales were AUD 3,119 million. Sales in our Myer Exclusive Brands grew by
over five percent to AUD 586 million during the year and now represent 19
percent of the sales mix, up from 17.6 percent in 2011.
The overall strong operating gross profit result reflects the success of
a number of key initiatives including an improved merchandise mix, an increase
in Myer Exclusive Brands, reduced markdowns, lower shrinkage, and improved
sourcing, as well as the contribution of sass & bide.
The Group faced significant additional costs in FY2012, including:-
Increased investment in customer facing hours totalling AUD 17 million,
in addition to AUD 9 million invested during FY2011; and Increased operational
costs including store wages, penalty rates and loadings, store occupancy
(rents, rates, taxes and utilities), and a full year of operating costs
associated with sass & bide.
The Group’s focus remains on being the first choice for customers when
shopping for fashion, cosmetics and the home.
It has the largest range of desired brands and styles that offer
newness, fashionability, quality and value, with increasing exclusivity.
Its brand hierarchy is split into three segments: Myer Exclusive Brands,
International and National brands, and Concessions.
Its 57 Myer Exclusive Brands are comprised of brands developed by Myer,
Designers @ Myer, National Brands owned by Myer, and Licensed National
Brands. Myer Exclusive Brands are
represented across a wide range of price points and all categories.
Myer Exclusive Brands deliver a significantly higher margin through the
vertical-integration of design, development, sourcing, supply chain, and
marketing.
The Group’s sourcing offices in Shanghai and the subject were
established in 2011 and are exceeding expectations in both volume and pricing.
The subject is fully supported by the Group.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 |
|
---- |
NB |
New Business |
---- |
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.