|
Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TESCO INTERNATIONAL SOURCING LTD. |
|
|
|
|
Registered Office : |
15/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.11.1973 |
|
|
|
|
Com. Reg. No.: |
04744957 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of garments and
accessories |
|
|
|
|
No. of Employees : |
255. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
TESCO
INTERNATIONAL SOURCING LTD.
15/F., Devon
House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong.
PHONE: 2722 5960, 3589 7000
FAX: 2722 5212, 2369 5068,
3575 7553
E-MAIL: hr@tescohk.com
enquiry-hk-hardlines@tescois.com
enquiry-hk-clothing@tescois.com
International
Sourcing Director: Mr. Christophe Albert
Jean Roussel
Incorporated on: 23rd November, 1973.
Organization: Private Limited Company.
Capital: Nominal: HK$256,010,000.00
Issued: HK$256,000,020.00
Business Category: Purchasing Office; Importer and Exporter.
Group Revenue (sales excluding value added tax):- (52 weeks ended 25-02-2012)
£65,166 million (Whole Group)
£10,828 million (Asia Group)
Employees: 255.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
TESCO
INTERNATIONAL SOURCING LTD.
Registered
Head Office:-
15/F., Devon
House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong.
Business
Name:-
Tesco
International Sourcing, Hong Kong. [BR
No. 04744957-002]
Holding
Company:-
Tesco Holdings BV,
Netherlands.
Ultimate
Holding Company:-
Tesco plc, UK.
Affiliated
Companies:-
Tesco Group of Companies
Anshan Tesco Real Estate Development Co. Ltd., China.
Arena (Jersey) Management Ltd., Jersey.
BLT Properties Ltd., UK.
Dobbies Garden Centres, Scotland.
dunnhumby Ltd., UK.
Ek-Chai Distribution System Co. Ltd., Thailand.
ELH Insurance Ltd., Guernsey.
Fresh & Easy Neighborhood Market Inc., USA.
Fushun Splendor Real Estate Development Co. Ltd., China.
Homeplus Co. Ltd., South Korea.
Homeplus Tesco Co. Ltd., South Korea.
One Stop Stores Ltd., UK.
Shopping Centres Ltd., UK.
Tesco (Fujian) industry Ltd., China.
Tesco Distribution Ltd., UK.
Tesco Fujian Property Ltd., China.
Tesco Ireland Ltd., Ireland.
Tesco Japan Co. Ltd., Japan.
Tesco Kipa Kitle Paza rlama Ticaret ve Gide Sanai A.S., Turkey.
Tesco Management (Shanghai) Co. Ltd., China.
Tesco Mobile Ltd., UK.
Tesco Nanjing Zhongshan Real Estate Development Co. Ltd., China.
Tesco Personal Finance Group Ltd., Scotland. [Trading as Tesco Bank]
Tesco Polska Sp. z o.o., Poland.
Tesco Property Holdings Ltd., UK.
Tesco Qinhuangdo Property Ltd., China.
Tesco Shenyang Property Co. Ltd., China.
Tesco Stores (Malaysia) Sdn. Bhd., Malaysia.
Tesco Stores C R a.s., Czech Republic.
Tesco Stores Ltd., UK.
Tesco Stores S R a.s., Slovakia.
Tesco Underwriting Ltd., UK.
Tesco-Global Stores Privately Held Co. Ltd., Hungary.
The Tesco Aqua Ltd. Partnership, UK.
The Tesco Atrato Ltd. Partnership, UK.
The Tesco Blue Ltd. Partnership, UK.
The Tesco British Land Property Partnership, UK.
The Tesco Coral Ltd. Partnership, UK.
The Tesco Jade Ltd. Partnership, UK.
The Tesco Navona Ltd. Partnership, UK.
The Tesco Passaic Ltd. Partnership, UK.
The Tesco Property (No. 2) Ltd. Partnership, Jersey.
The Tesco Property Ltd. Partnership, UK.
The Tesco Sarym Ltd. Partnership, UK.
The TescoRed Ltd. Partnership, UK.
Valiant Insurance Co. Ltd., Ireland.
Xiamen Hete Property Co. Ltd., China.
etc.
04744957
0036278
International
Sourcing Director: Mr. Christophe Albert
Jean Roussel
Nominal Share
Capital: HK$256,010,000.00 (Divided into 25,601,000 shares of HK$10.00 each)
Issued Share
Capital: HK$256,000,020.00
(As per registry dated 23-11-2011)
|
Name |
|
No.
of shares |
|
Tesco Holdings BV Atrium-Business Suite 6.1.34, Strawinskylaan 33105, 1077 ZX Amsterdam,
Netherlands. |
|
25,600,002 ======== |
(As per registry dated 02-05-2012)
|
Name (Nationality) |
Address |
|
Christophe
Albert Jean ROUSSEL |
Flat A, 4/F., Manhattann Tower, 63 Repulse
Bay Road, Hong Kong. |
|
Laurent
MADELAINE |
5/F., Estella Court, 70C MacDonnell Road,
Hong Kong. |
|
Colin Thomas
SYNNOTT |
Flat B, 3/F., Block 3, Pacific View, 38
Tai Tam Road, Hong Kong. |
|
Patxi Pierre GUERACAGUE |
Basement, 5G & 5H Bowen Road, Hong
Kong. |
|
Christophe
BATAILLE |
Flat C, 12/F., Seaview Mansion, 34 Kennedy
Road, Hong Kong. |
|
Matthew Charles
BLAKE |
No. 117, Nam Shan Village, Sai Kung,
New Territories, Hong Kong. |
(As per registry dated 23-11-2011)
|
Name |
Address |
Co.
No. |
|
East
Asia Sentinel Services Ltd. |
22/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong. |
0509562 |
The
subject was incorporated on 23rd November, 1973 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Tesco Enterprises Ltd., name
changed to Tesco Stores Hong Kong Ltd. on 7th October, 1977, and further to the
present style on 17th December, 2005.
The
subject’s registered office was formerly located at 22/F., Prince’s Building,
Central, Hong Kong, moved to Room 901, 9/F., East Ocean Centre, 98 Granville
Road, Tsimshatsui East, Kowloon, Hong Kong with effect from 22nd May,
2000. Its registered office has been
relocated to combine with its head office since late 2005.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Purchasing Office; Importer and Exporter.
Lines: All kinds of garments and accessories.
Office Space: 37,000 sq.ft.
Employees: 255.
Commodities Imported: Imported from Europe and Asian countries.
Markets: UK, Europe and Asia.
Group Revenue (sales excluding value added tax):-
|
FY |
Whole
Group |
Asia
Group |
|
52 weeks ended 23-02-2008 |
£47,298 million |
£ 5,552 million |
|
53 weeks ended 28-02-2009 |
£53,898 million |
£ 7,048 million |
|
52 weeks ended 27-02-2010 |
£56,910 million |
£ 8,439 million |
|
52 weeks ended 26-02-2011 |
£61,174 million |
£10,241 million |
|
52 weeks ended 25-02-2012 |
£65,166 million |
£10,828 million |
Terms/Sales: CAD,
as per contracted.
Terms/Buying: L/C,
D/P and T/T.
Nominal Share
Capital: HK$256,010,000.00 (Divided into 25,601,000 shares of HK$10.00 each)
Issued Share
Capital: HK$256,000,020.00
Alternation
of Capital:-
|
Initially |
paid up |
HK$ 20.00 |
|
23-11-2000 |
paid up |
HK$ 28,000,000.00 |
|
31-10-2001 |
paid up |
HK$ 228,000,000.00 |
|
|
|
–––––––––––––––––– |
|
Total: |
paid up |
HK$ 256,000,020.00 ================ |
Increases
of Nominal Capital:-
|
From |
HK$ 10,000.00 |
to |
HK$ 28,010,000.00 |
on |
15-08-2000 |
|
From |
HK$28,010,000.00 |
to |
HK$256,010,000.00 |
on |
31-10-2001 |
Group
Operating Profit:-
|
FY |
Whole
Group |
Asia
Group |
|
52 weeks ended 23-02-2008 |
£2,791 million |
£304 million |
|
53 weeks ended 28-02-2009 – Restated |
£3,169 million |
£355 million |
|
52 weeks ended 27-02-2010 |
£3,457 million |
£440 million |
|
52 weeks ended 26-02-2011 |
£3,917 million |
£570 million |
|
52 weeks ended 25-02-2012 |
£3,985 million |
£737 million |
Profit or Loss: Group business is profitable.
Condition: Keeping in an active manner.
Facilities: Making very active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Principal Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Formerly
Tesco International Sourcing Ltd. [TIS] was known as Tesco Stores Hong Kong
Ltd. [Tesco HK] which was incorporated in November 1973. At that time, it was equally held by two Hong
Kong-registered firms, namely, Tesco Stores Holdings (International) Ltd.
[TSHI] and Shareg Nominees Ltd. In November
2000, Tesco HK was re-organized and became a wholly-owned subsidiary of
TSHI. In June 2003, TSHI changed name to
Green Peak Ltd. Since late 2005, Tesco
HK has been shifted under the control of a Netherlands-based firm Tesco
Holdings BV, and Green Peak Ltd. was dissolved by members’ voluntary winding up
on 2nd December, 2005. On 17th December,
2005, Tesco HK changed name to TIS which is the present style.
TIS
is one of the world’s largest retailers with stores in the United Kingdom,
Europe and Asia. It is a purchasing office
in Hong Kong for Tesco plc [Tesco] which is the ultimate holding company of
TIS.
TIS
works directly with the manufacturer to ensure the competitive prices and
uniquely differentiated products, while maintaining the required quality. Since 1999, TIS has broadened its sourcing
portfolio to cover not only apparel and toys from Southern China, but also
products such as electrical, household, homeware, outdoor furniture, baby and
sports equipment.
TIS
is responsible for buying over 100,000 non-food products for the Group. The international sourcing operation has
rapidly grown in the last few years and now sources 60% of its clothing in the
United Kingdom and 40% of hardlines, including electricals, homewares, entertainment,
toys and books. In Europe, it provides
over 25% of its hardlines and 85% of its clothing and it has recently started
to source products for Asia.
TIS’s
international sourcing team shipped all kinds of products from 54 ports. It also has sourcing hubs in China, India,
Sri Lanka, Bangladesh and Turkey, with smaller offices in Thailand, Czech
Republic and Italy.
Tesco
is a public limited company incorporated in the United Kingdom under the
Companies Act 1985 with registration number 445790. It is listed on the London Stock Exchange
with ticker symbol “TSCO” and has a level 1 OTC American Depositary Receipt
Programme in the United States with ticker “TSCDY”. Tesco is one of the world’s leading
international retailers. It started
trading in China in 2004. Tesco now has
more than 50 hypermarkets, mostly around Shanghai. Its first stores in Beijing and Shenzhen SEZ
and Guangzhou are also proving popular with local people. Tesco is the holding company of the Tesco
Group.
The
principal activity of the Tesco Group is food retailing and associated
activities in the United Kingdom, the Republic of Ireland, Hungary, Poland, the
Czech Republic, Slovakia, Turkey, Thailand, South Korea, Taiwan, Malaysia,
Japan, as well as China.
For
the 52 weeks ended 25th February, 2012, the Group’s sales (excluding value
added tax) rose by 6.5% to £65,166 million (2011: £61,174 million). The Group’s operating profit for the year was
£3,985 million (2011: £3,917 million), increased by 1.7%.
The
UK business clearly did not meet its own expectations in the year 2011/12,
partly as a result of this, the Group decided to accelerate its plan to make
improvements which has meant a necessary reset to expectations for its growth
in 2012/13 as well. This acceleration
and reset were announced with our Christmas trading update in January.
The
Group was pleased with the performance of its businesses in Asia. Sales and profit grew well – sales by over
10%, and trading profit by over 20%. It
delivered solid like-for-like sales growth and an excellent contribution from
new stores.
Its
business in Thailand had an extraordinary year.
The worst flooding for 70 years caused it to close over 150 stores
temporarily and all four of its distribution depots. The superb dedication of its team enabled it
to keep supply lines open for customers and to support staff affected by the
flooding, and it has come out of the crisis stronger. It grew like-for-like sales and profits in
the year.
South
Korea had another good year, although the Group considered a modest reduction
in like-for-like sales in 2012/13 as restrictions on trading hours for large
retailers are implemented across the country.
In
China, the Group has continued to focus on building scale in three regions of
the country. With the economic
environment currently proving challenging for mainstream retailers, the Group
has decided to take a more cautious stance on the market, at least for
now. It has decided not to commit
substantial new capital to freehold shopping centres, and it has also elected
to hold back on the pace of new hypermarket development this year. It will only open 16 stores, instead of
stepping up as it had planned. It still
believe that China can be an engine of growth and it can speed up again when
the outlook improves.
The
Group took an important step this year in deciding to exit Japan. It is right to focus on its larger,
profitable and growing businesses in the Asia region.
Having
a history of over 38 years in Hong Kong, TIS is fully supported by the Tesco
Group.
On
the whole, in view of the parentage of TIS, consider it good for normal
business engagements.
Court case:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
19-09-2003 |
D8255 |
Park Faith Investment Ltd. |
Tesco Stores Hong Kong Ltd. [Now known as Tesco
International Sourcing Ltd.] |
Rent |
HK$157,000 |
|
03-07-2006 |
D879 |
Yiu Tin Ho |
Tesco International Sourcing Ltd. |
Injury |
Not stated |
|
02-06-2007 |
D667 |
Yiu Tin Ho |
Tesco International Sourcing Ltd. |
Injury |
Not stated |
|
20-07-2007 |
D667 |
Yiu Tin Ho |
Tesco International Sourcing Ltd. |
ECC Application (Callover) |
Not stated |
|
22-04-2008 |
D1660 |
Chao Feng Handbag Co. Ltd. |
Tesco International Sourcing Ltd. |
Hire Purchase |
US$77,127 |
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 : |
PDT |
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 |
|
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 |
|
<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.