MIRA INFORM REPORT

 

 

Report Date :

25.03.2013

 

IDENTIFICATION DETAILS

 

Name :

NEXT SOURCING LIMITED

 

 

Formerly Known as:

Next (Asia) Limited 

 

 

Registered Office :

14/F, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong Island

 

 

Country :

Hong Kong 

 

 

Financials (as on) :

28.01.2012

 

 

Date of Incorporation :

04.10.1983

 

 

Com. Reg. No.:

128942 

 

 

Legal Form :

Private Limited Company 

 

 

Line of Business :

Buying and sourcing office for the Group, purchasing garments like shirts, blouses, dresses, skirts, knitwear, pyjamas; shopping bag wallets, purses, small leather goods, babies’ wear and furnishing products 

 

 

No. of Employees :

Not available 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

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

 

 

ALL FIGURES QUOTED IN LOCAL CURRENCY UNLESS OTHERWISE STATED

 

 

Company OVERVIEW

 

 Subject's Registered Name (in English ~ Chinese):

Next Sourcing Limited 

Companies Registry No. (CR No.):

128942 

Subject's Business Name (in English ~ Chinese):

N/A 

 

Registered Address:

14/F, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong Island, Hong Kong. 

 

Previous 1 Address:

Room 1203-1205 & 14/F, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong Island, Hong Kong. 

Date Of Change: 

27 Sep 2010

 

Operating/Business Address:

14/F, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong Island, Hong Kong. 

Telephone:

27392173 

Fax:

27242097; 29071653; 23759019 

Email:

press@next.co.uk  

Website:

www.next.co.uk  (Next Group) 

 

NACE - Code & Industry:

G46.1.8 - Agents specialised in the sale of other particular products 

Certification:

N/A 

Business/Industry Trend:

Fairly Steady 

Public Filings Compliance:

Compliant 

 

NACE stands for "Nomenclature Generale des Activites Economiques dans I`Union Europeenne" (General Name for Economic Activities in the European Union). NACE code system is the European standard for industry classifications and was introduced in 1970. In 1990 a revised version became applicable. The latest 2008 version is based on "International Standard Industrial Classification of all economic activities" (ISIC) of the United Nations. The codes start with numeric (e.g. 1. Agriculture, forestry and fishing) are from the 1990 version and those ones start with alphabet (e.g. A - Agriculture, forestry and fishing) are from the latest 2008 version.

 

Public Filings Compliance - looks into a number of compliance requirements such as whether Subject is promptly filing its annual return (e.g. within 42 days after the anniversary of the date of incorporation (for private companies having a share capital); whether Subject's individual director is reporting a residential address and/or whether Subject is reporting its status under the Mortgage and Charges section for Total Amount Outstanding.... etc.

 

Company SUMMARY

 

Subject is a rather old established ultimate-subsidiary buying and sourcing office of a public-listed company in UK believed possessing adequate operational experience, backings and reasonable market base to meet its commitment. 

 

CORPORATE STRUCTURE

The following statutory information is based on the examination of Subject's file at the Companies' Registry (CR), Hong Kong.

(For Listed Company, only Substantial Shareholders ("SS") are listed, as based on the latest available annual or interim reports. It is noted that some of the shares held (including long, short and other positions) might have been duplicated due to capacities of "Beneficial owner", "Interest of controlled corporation", "Interest of spouse", "Family interest", etc., which mean the total number of shares held by SS may exceed the authorized and/or issued shares. Duplicate holding (if any) will be elaborated under the "Notes to Substantial Shareholders" on the Structure Remark section.)

Co. File Examined

20 Mar 2013 

Companies Registry No. (CR No.)

128942 

Business Registration No. (BR No.)

08641626 

Legal Status 

Private Limited Company 

Active Status 

Live 

Date of Incorporation / Registration 

4 Oct 1983 

 

Name Changed From 

Date of Change(s) 

Silversheen Limited 

8 Feb 1985 

Next (Hong Kong) Limited 

25 Mar 1998 

Next (Asia) Limited 

8 Oct 2004 

 

Authorized Share Capital

HKD5,000,000 

No. of Shares Issued

5,000,000  

Issued Share Capital

HKD5,000,000  

Paid up Capital (excluding premium)

HKD5,000,000 

Class of Share

Ordinary  

 

Authorized Share Capital1

HKD15,010,000 

No. of Shares Issued1

15,010,000  

Issued Share Capital1

HKD15,010,000  

Paid up Capital (excluding premium)1

HKD15,010,000 

Class of Share1

Non-Voting Deferred  

 

Last Annual Return Date

4 Oct 2012 

Year(s) of "Annual Return of No Change" Filed

N/A 

Branches/Trading As

N/A 

Chief Executive

LUK Kam Tim
Alias Name:
Jimmy

Company Secretary

Name

ID/CR No.

Passport No.

Issuing Country

Address

WONG Yiu Kwan ~
Alias Name:
Henry

G169205-3 

N/A 

N/A 

Flat D, 38/F, Block 5, Scenic View, 63 Fung Shing Street, Kowloon, Hong Kong.  


Shareholders/ Subscribers (as at 4 Oct 2012) 

Shareholders/ Subscribers 

ID/CR No.

Passport No.

Issuing Country

Address 

No. of Shares 

Class of Share 

% Of Share Capital 

Next Brand Limited

N/A

N/A

N/A 

Desford Road, Enderby, Leicester, LE19 4AT, United Kingdom.

4,999,999 

Ordinary

24.98

Next Brand Limited*

N/A

N/A

N/A 

Desford Road, Enderby, Leicester, LE14 4AT, United Kingdom.

10,010,000 

Non-Voting Deferred

50.02

Next Group Plc

N/A

N/A

N/A 

Desford Road, Enderby, Leicester, LE19 4AT, United Kingdom.

1 

Ordinary

0.00

Next Transport Ltd

N/A

N/A

N/A 

Desford Road, Enderby Leicester, LE19 4AT, United Kingdom.

5,000,000 

Non-Voting Deferred

24.98

 

 

 

 

Total: 

20,010,000 

 

 


Directors ~ (as at 4 Oct 2012) 

Directors ~

ID/CR No.

Passport No.

Issuing Country

Address

KEENS David 

N/A 

099038400 

United Kingdom 

Dingley House, 25 Harborough Road, Dingley, Market Harborough, Leicestershire, LE16 8PQ, United Kingdom.

LUK Kam Tim ~
Alias Name:
Jimmy

D309579-8 

N/A 

N/A 

Flat C, 21/F, Block 1, Victoria Centre, 15 Watson Road, North Point, Hong Kong Island, Hong Kong.

WONG Yiu Kwan
Alias Name:
Henry

G169205-3 

N/A 

N/A 

Flat D, 38/F, Block 5, Scenic View, 63 Fung Shing Street, Kowloon, Hong Kong.

 

 

HISTORY SUMMARY

 

Change of Ownership & Capital/ Share Allotment/Other Changes

No significant changes in business and ownership have been reported since 8 Feb 1985 when its name was changed to Next (Hong Kong) Limited. 

As of 7 Feb 2006, Subject increased its paid up capital from HKD10,000,000 to HKD20,010,000 by the creation of 10,010,000 non-voting deferred shares, which were fully allotted to Next Brand Limited. 

Appointment and/or Resignation of Directors or Secretary

N/A 

Admission or Retirement of Sole Proprietor/Partner

N/A 

Parent

Next Brand Ltd., parent, is a wholly owned subsidiary of Next PLC ("NP" or "the Company"), ultimate parent, which is the flagship of the Group or Next Group (NP and its subsidiaries & associates) and publicly listed on London Stock Exchange under stock symbol "NXT". 

NP is a United Kingdom based retailer offering products in clothing, footwear, accessories and home products. The Company distributes through three channels: Next Retail, a chain of more than 500 stores in the United Kingdom and Eire; Next Directory, a home shopping catalogue and Website with around three million customers and international Websites serving approximately 50 countries, and Next International, with approximately 200 stores globally. Other group businesses include NEXT Sourcing, which designs, sources and buys NEXT branded products; Lipsy, which designs and sells its own branded younger women’s fashion products through retail, Internet and wholesale channels. During the year ended January 31, 2012, the Company sold its customer services management business, Ventura, to The Capita Group plc. 

*** 

The NEXT retail chain was launched in February 1982 and the first store opened with an exclusive coordinated collection of stylish clothes, shoes and accessories for women. Collections for men, children and the home quickly followed. NEXT clothes are styled by its in-house design team to offer great style, quality and value for money with a contemporary fashion edge. 

Today NEXT trades from more than 500 stores in the UK and Eire and almost 200 stores in more than 30 countries overseas. Over the last few years several larger format fashion and home stores have opened across the UK and, in August 2011, NEXT opened its first combined fashion, home and garden store at Shoreham-by-Sea. 

The groundbreaking mail order operation NEXT Directory launched in 1988 with a hardback book containing 350 pages, creating the blueprint for catalogue retailing. There are almost 1,400 pages in the Spring Summer 2012 book offering extensive collections for men, women, children and everything for the well dressed home. 

Online shopping was introduced in 1999 and the entire book became available to shop from on the internet, page by page – another first in home shopping in the UK. NEXT Directory now also serves customers in over 50 countries outside the UK through its international website, NextDirect.com. 

*** 

Group's history: 

1864 
J Hepworth & Son, Gentleman's Tailors is established in Leeds, England. 

1981 
Hepworth buys the chain of Kendalls rainwear shops to develop a womenswear group of stores called NEXT. 

1982 
The first NEXT womenswear store opens on 12th February. There are 70 NEXT stores around the UK by the end of July. 

1984 
NEXT for Men launches in August. By December there are 52 menswear stores. 
The first mini department store in Edinburgh opens incorporating womenswear, menswear, shoes and a café. 

1985 
Debut of NEXT's first home interiors range. 
First department store with womenswear, menswear and interiors opens in Regent Street, London. 

1986 
Parent company, J Hepworth & Son changes its name to NEXT plc. 
The group acquires Grattan plc (mail order company). 

1987 
Launch of NEXT childrenswear. 

1988 
Launch of NEXT Directory – the brand's innovative new concept in home shopping. 
David Jones appointed Chief Executive of NEXT plc. 

1991 
Sale of Grattan to Otto Versand. 

1993 
NEXT announces its brand strategy of "One Brand; Two Ways of Shopping", bringing together the common ranges across both retail and home shopping formats. 

1994 
NEXT's 300th store opens. The brand is now trading in 16 countries worldwide. 

1999 
Launch of shopping on the internet from the NEXT Directory at www.next.co.uk. This extends NEXT's business strategy to "One Brand; Three ways of shopping". 

2000 
Next day delivery introduced as standard for orders placed before 5pm with the NEXT Directory. 

2001 
Launch of NEXT Flowers. 
Simon Wolfson appointed Chief Executive. 

2003 
NEXT opens new larger format stores in Nottingham, Birmingham, Dudley and Newcastle Gateshead together with a large Home store at Glasgow Braehead. 

2005 
NEXT Home launches its Wedding List Service. 

2006 
John Barton appointed Chairman. 
Launch of www.nextelectric.co.uk. 

2007 
NEXT celebrates its 25 year jubilee. 
Launch of NEXT's luxury Signature collection. 

2008 
NEXT acquires younger women's fashion brand, Lipsy. 

2009 
NEXT extends its home shopping facility to the USA and over 30 other countries worldwide through Nextdirect.com. 
Debut of NEXT's on-trend Runway and Miss N womenswear collections. 
NEXT named British High Street Retailer of the Year. 

2010 
NEXT confirmed as Official Clothing and Homeware Supplier to the London 2012 Olympic Games and Paralympic Games. 

2011 
Ventura, the Group's customer service management business, is sold for £65m cash. 
NEXT opens its first combined fashion, home & garden store at Shoreham-by-Sea. 

2012 
NEXT celebrates its 30 year jubilee. 
NEXT now trades online in more than 50 countries worldwide. 

*** 

Next PLC 
Address: Desford Road Enderby, Leicester, ENG LE9 5AT, United Kingdom 
Tel: +44-845-4567777 
Fax: +44-116-2848998 
Website: www.nextplc.co.uk  

 

 

RELATED NEWS /FINDINGS

 

The, Room 1203-1205, Cityplaza One, 1111 King's Road, was Subject's previous address. 

 

 

MANAGEMENT BACKGROUND

 

Name

KEENS David 

Position (Title)

Executive Director 

Nationality

United Kingdom 

Age

58 

Sex

Male 

Experience

21 years + 

Profile / Responsibility

Mr. David W. Keens is Group Finance Director, Executive Director of Next PLC. He Joined the Group in 1986 and was appointed to the Board in 1991. Previous experience includes seven years in the accountancy profession and nine years in the UK and overseas operations of multinational manufacturers of consumer goods. 

Business Capacity

Company Name

CR/BR No.

Capacity

As at:

Next Sourcing Limited 

128942 

Director

4 Oct 2012 

Next Sourcing Vm Limited 

777399 

Director

26 Nov 2006 

Court Action

As Defendant


None found in our database

 

Name

LUK Kam Tim

Alias Name

Jimmy 

Position (Title)

Chief Executive 

Nationality

N/A 

Sex

Male 

Experience

21 years + 

Profile / Responsibility

Regional Director. He has around 21 years of experience in the present field and is in charge of its business development, operation, management and policy making. 

Business Capacity

Company Name

CR/BR No.

Capacity

As at:

Next Sourcing Limited 

128942 

Director

4 Oct 2012 

Next Sourcing Vm Limited 

777399 

Director

26 Nov 2006 

Court Action

As Defendant
None found in our database

 

Name

WONG Yiu Kwan

Alias Name

Henry 

Position (Title)

Director 

Nationality

N/A 

Sex

Male 

Experience

21 years + 

Profile / Responsibility

He has around 25 years of experience in the finance field and is in charge of its finance and administration aspects. 

Business Capacity

Company Name

CR/BR No.

Capacity

As at:

Next Sourcing Limited 

128942 

Company Secretary 

4 Oct 2012 

Next Sourcing Limited 

128942 

 

4 Oct 2012 

Next Sourcing Vm Limited 

777399 

Company Secretary 

26 Nov 2006 

Next Sourcing Vm Limited 

777399 

 

26 Nov 2006 

Court Action

As Defendant


None found in our database

 

Profile/Responsibility and Business Capacity indicated are based on -on-file, sources, and enquiries and investigations recently conducted but do not necessarily represent the full or most updated. For example, the status indicated under Business Capacity is based on the date shown (if available) as recorded, which might have been changed at the time the report is compiled.

 

 

FINANCIAL

 

Current Interviews & Investigations

Its directors were not available for interview during the report compilation. 

Group's Total Sale and Net Income for 12 months ended 28 Jan 2012 were GBP3,441.1 million and GBP474.9 million respectively. Subject is one of the contributors of these figures and the interim figures under the Group Profile & Financials section.

 

Private companies in Hong Kong (include private limited, sole proprietorship and partnership) are not required to file or disclose their financial information for public inspection.

 

GROUP PROFILE & FINANCIALS

 

Annual Income Statement

 

In Millions of British Pounds
(except for per share items)

2012
2012-01-28
Period Length
12 Months

2011
2011-01-29
Restated
2011-07-30
Period Length
12 Months

2010
2010-01-30
Reclassified
2011-01-30
Period Length
12 Months

2009
2009-01-24
Period Length
12 Months

2008
2008-01-26
Period Length
12 Months

Sale

3,441.1

3,297.7

3,406.5

3,271.5

3,329.1

Other Sale, Total

--

--

--

--

--

Total Sale

3,441.1

3,297.7

3,406.5

3,271.5

3,329.1

Cost of Sale, Total

2,395.8

2,332.6

2,409.6

2,363.0

2,380.0

Gross Profit

1,045.3

965.1

996.9

908.5

949.1

Selling/General/Admin. Expenses, Total

447.0

402.3

468.7

427.3

305.4

Research & Development

--

--

--

--

--

Depreciation/Amortization

--

--

--

--

108.4

Interest Expense, Net - Operating

--

--

--

--

--

Interest/Investment Income - Operating

(1.5)

(1.8)

(0.9)

2.9

(1.8)

Interest Expense(Income) - Net Operating

--

--

--

--

--

Unusual Expense (Income)

(9.2)

--

--

--

--

Other Operating Expenses, Total

1.1

(2.2)

(0.7)

--

--

Total Operating Expense

2,833.2

2,730.9

2,876.7

2,793.2

2,792.0

Operating Income

607.9

566.8

529.8

478.3

537.1

Interest Expense, Net Non-Operating

(25.2)

(22.5)

(27.5)

(49.1)

(41.7)

Interest/Invest Income - Non-Operating

5.0

2.4

3.9

(0.4)

2.7

Interest Income(Exp), Net Non-Operating

--

--

--

--

--

Gain (Loss) on Sale of Assets

--

--

--

--

--

Other, Net

(8.2)

(3.3)

(0.9)

--

--

Net Income Before Taxes

579.5

543.4

505.3

428.8

498.1

Provision for Income Taxes

145.3

150.3

141.3

126.5

144.2

Net Income After Taxes

434.2

393.1

364.0

302.3

353.9

Minority Interest

0.1

0.2

0.1

0.1

0.2

Equity In Affiliates

--

--

--

--

--

U.S. GAAP Adjustment

--

--

--

--

--

Net Income Before Extra. Items

434.3

393.3

364.1

302.4

354.1

Accounting Change

--

--

--

--

--

Discontinued Operations

40.6

7.8

--

--

--

Extraordinary Item

--

--

--

--

--

Tax on Extraordinary Items

--

--

--

--

--

Net Income

474.9

401.1

364.1

302.4

354.1

Annual Balance Sheet

In Millions of British Pounds
(except for per share items)

2012
2012-01-28

2011
2011-01-29

2010
2010-01-30

2009
2009-01-24
Restated
2009-07-31

2008
2008-01-26
Restated
2009-07-31

Cash

56.4

49.3

107.0

47.8

56.0

Cash & Equivalents

--

--

--

--

--

Short Term Investments

12.5

4.1

8.6

84.4

12.6

Cash and Short Term Investments

68.9

53.4

115.6

132.2

68.6

Accounts Receivable - Trade, Net

598.2

534.6

520.9

494.2

479.4

Notes Receivable - Short Term

--

--

--

--

--

Receivables - Other

10.4

9.7

9.7

31.7

13.8

Total Receivables, Net

608.6

544.3

530.6

525.9

493.2

Total Inventory

371.9

368.3

309.0

318.7

319.1

Prepaid Expenses

90.5

101.3

86.0

96.8

82.7

Other Current Assets, Total

--

--

--

--

--

Total Current Assets

1,139.9

1,067.3

1,041.2

1,073.6

963.6

Property/Plant/Equipment, Total - Gross

1,483.8

1,435.2

1,318.9

1,255.3

1,153.9

Accumulated Depreciation, Total

(901.9)

(842.8)

(741.7)

(642.5)

(543.3)

Property/Plant/Equipment, Total - Net

581.9

592.4

577.2

612.8

610.6

Goodwill, Net

42.5

42.5

42.5

49.7

36.2

Intangibles, Net

3.1

4.0

4.9

5.7

0.0

Long Term Investments

51.7

30.4

27.7

18.6

4.4

Note Receivable - Long Term

--

--

--

--

--

Other Long Term Assets, Total

35.1

55.7

0.0

--

--

Other Assets, Total

--

--

--

--

--

Total Assets

1,854.2

1,792.3

1,693.5

1,760.4

1,614.8

Accounts Payable

193.1

195.5

175.0

204.8

175.0

Payable/Accrued

--

--

--

--

--

Accrued Expenses

76.7

72.7

65.9

45.7

56.8

Notes Payable/Short Term Debt

7.6

125.2

4.7

121.3

242.7

Current Port. of LT Debt/Capital Leases

0.1

0.2

0.4

0.4

0.4

Other Current liabilities, Total

464.9

439.3

512.1

341.3

388.5

Total Current Liabilities

742.4

832.9

758.1

713.5

863.4

Long Term Debt

652.1

471.2

520.9

568.8

539.7

Capital Lease Obligations

0.4

0.5

0.6

--

--

Total Long Term Debt

652.5

471.7

521.5

568.8

539.7

Total Debt

660.2

597.1

526.6

690.5

782.8

Deferred Income Tax

15.4

23.4

3.7

28.0

16.4

Minority Interest

0.0

0.1

(0.2)

(0.1)

0.1

Other Liabilities, Total

221.2

231.9

276.8

309.6

290.5

Total Liabilities

1,631.5

1,560.0

1,559.9

1,619.8

1,710.1

Redeemable Preferred Stock, Total

--

--

--

--

--

Preferred Stock - Non Redeemable, Net

--

--

--

--

--

Common Stock, Total

16.9

18.1

19.1

19.7

20.1

Additional Paid-In Capital

0.8

0.8

0.7

0.7

0.7

Retained Earnings (Accumulated Deficit)

344.1

347.4

187.3

159.2

(63.9)

Treasury Stock - Common

--

--

--

--

--

ESOP Debt Guarantee

(141.1)

(138.6)

(78.2)

(48.7)

(54.8)

Unrealized Gain (Loss)

--

--

--

--

--

Other Equity, Total

2.0

4.6

4.7

9.7

2.6

Total Equity

222.7

232.3

133.6

140.6

(95.3)

Total Liabilities & Shareholders' Equity

1,854.2

1,792.3

1,693.5

1,760.4

1,614.8

Annual Cash Flow Statement

 

In Millions of British Pounds
(except for per share items)

2012
2012-01-28
Period Length
12 Months

2011
2011-01-29
Reclassified
2011-07-30
Period Length
12 Months

2010
2010-01-30
Period Length
12 Months

2009
2009-01-24
Period Length
12 Months

2008
2008-01-26
Period Length
12 Months

Net Income/Starting Line

601.8

566.8

529.8

478.3

537.1

Depreciation/Depletion

119.7

119.3

123.1

116.8

108.4

Amortization

--

--

--

--

--

Deferred Taxes

--

--

--

--

--

Non-Cash Items

23.9

25.3

19.2

18.4

10.7

Changes in Working Capital

(219.5)

(259.4)

(100.6)

(164.7)

(138.2)

Cash from Operating Activities

525.9

452.0

571.5

448.8

518.0

Capital Expenditures

(126.1)

(120.6)

(98.6)

(120.6)

(179.3)

Other Investing Cash Flow Items, Total

55.9

(17.5)

0.4

(13.8)

0.4

Cash from Investing Activities

(70.2)

(138.1)

(98.2)

(134.4)

(178.9)

Financing Cash Flow Items

(18.9)

(20.7)

(31.2)

(48.7)

(35.9)

Total Cash Dividends Paid

(135.1)

(129.6)

(108.5)

(106.5)

(109.4)

Issuance (Retirement) of Stock, Net

(330.2)

(290.3)

(107.3)

(51.3)

(489.0)

Issuance (Retirement) of Debt, Net

38.1

63.4

(122.0)

(130.5)

204.3

Cash from Financing Activities

(446.1)

(377.2)

(369.0)

(337.0)

(430.0)

Foreign Exchange Effects

0.1

0.1

(3.5)

5.8

0.0

Net Change in Cash

9.7

(63.2)

100.8

(16.8)

(90.9)

 

Interim Income Statement

In Millions of British Pounds
(except for per share items)

2013
2012-07-28
Period Length
6 Months

2012
2012-01-28
Period Length
6 Months

2012
2011-07-30
Period Length
6 Months

2011
2011-01-29
Restated
2011-07-30
Period Length
6 Months

2011
2010-07-31
Restated
2011-07-30
Period Length
6 Months

Sale

1,640.3

1,875.6

1,565.5

1,786.0

1,511.7

Other Sale, Total

--

--

--

--

--

Total Sale

1,640.3

1,875.6

1,565.5

1,786.0

1,511.7

Cost of Sale, Total

1,154.1

1,279.8

1,116.0

1,242.2

1,090.4

Gross Profit

486.2

595.8

449.5

543.8

421.3

Selling/General/Admin. Expenses, Total

221.7

238.4

208.6

209.4

192.9

Research & Development

--

--

--

--

--

Depreciation/Amortization

--

--

--

--

--

Interest Expense, Net - Operating

--

--

--

--

--

Interest/Investment Income - Operating

(0.4)

(0.8)

(0.7)

(1.3)

(0.5)

Interest Expense(Income) - Net Operating

--

--

--

--

--

Unusual Expense (Income)

6.3

(9.2)

0.0

--

--

Other Operating Expenses, Total

(0.9)

0.8

0.3

(8.5)

6.3

Total Operating Expense

1,380.8

1,509.0

1,324.2

1,441.8

1,289.1

Operating Income

259.5

366.6

241.3

344.2

222.6

Interest Expense, Net Non-Operating

--

--

--

--

--

Interest/Invest Income - Non-Operating

0.3

0.2

0.3

0.8

0.1

Interest Income(Exp), Net Non-Operating

(14.8)

(15.3)

(13.6)

(11.8)

(12.5)

Gain (Loss) on Sale of Assets

--

--

--

--

--

Other, Net

--

--

--

--

--

Net Income Before Taxes

245.0

351.5

228.0

333.2

210.2

Provision for Income Taxes

58.8

85.3

60.0

91.9

58.4

Net Income After Taxes

186.2

266.2

168.0

241.3

151.8

Minority Interest

--

0.1

0.0

0.1

0.1

Equity In Affiliates

--

--

--

--

--

U.S. GAAP Adjustment

--

--

--

--

--

Net Income Before Extra. Items

186.2

266.3

168.0

241.4

151.9

Accounting Change

--

--

--

--

--

Discontinued Operations

0.0

0.0

40.6

4.7

3.1

Extraordinary Item

--

--

--

--

--

Tax on Extraordinary Items

--

--

--

--

--

Net Income

186.2

266.3

208.6

246.1

155.0

 

Interim Balance Sheet

In Millions of British Pounds
(except for per share items)

2013
2012-07-28

2012
2012-01-28

2012
2011-07-30

2011
2011-01-29

2011
2010-07-31

Cash

--

--

--

--

--

Cash & Equivalents

108.3

56.4

53.3

49.3

59.2

Short Term Investments

6.0

12.5

1.8

4.1

4.2

Cash and Short Term Investments

114.3

68.9

55.1

53.4

63.4

Accounts Receivable - Trade, Net

674.4

699.1

608.5

645.6

600.9

Notes Receivable - Short Term

--

--

--

--

--

Receivables - Other

--

--

--

--

--

Total Receivables, Net

674.4

699.1

608.5

645.6

600.9

Total Inventory

387.7

371.9

391.0

368.3

312.0

Prepaid Expenses

--

--

--

--

--

Other Current Assets, Total

--

--

--

--

--

Total Current Assets

1,176.4

1,139.9

1,054.6

1,067.3

976.3

Property/Plant/Equipment, Total - Gross

--

--

--

--

--

Accumulated Depreciation, Total

--

--

--

--

--

Property/Plant/Equipment, Total - Net

557.2

581.9

576.0

592.4

582.9

Goodwill, Net

--

--

--

--

--

Intangibles, Net

45.1

45.6

46.0

46.5

46.9

Long Term Investments

68.7

51.7

48.8

30.4

44.9

Note Receivable - Long Term

--

--

--

--

--

Other Long Term Assets, Total

40.8

35.1

48.0

55.7

0.0

Other Assets, Total

--

--

--

--

--

Total Assets

1,888.2

1,854.2

1,773.4

1,792.3

1,651.0

Accounts Payable

541.9

545.0

520.9

544.6

529.4

Payable/Accrued

--

--

--

--

--

Accrued Expenses

--

--

--

--

--

Notes Payable/Short Term Debt

3.8

7.6

69.9

125.2

59.0

Current Port. of LT Debt/Capital Leases

--

--

--

--

--

Other Current liabilities, Total

287.6

189.8

189.5

163.1

208.4

Total Current Liabilities

833.3

742.4

780.3

832.9

796.8

Long Term Debt

657.6

652.1

637.9

471.2

527.4

Capital Lease Obligations

--

--

--

--

--

Total Long Term Debt

657.6

652.1

637.9

471.2

527.4

Total Debt

661.4

659.7

707.8

596.4

586.4

Deferred Income Tax

11.0

15.4

20.1

23.4

1.2

Minority Interest

--

0.0

0.0

0.1

(0.3)

Other Liabilities, Total

230.9

221.6

221.9

232.4

239.2

Total Liabilities

1,732.8

1,631.5

1,660.2

1,560.0

1,564.3

Redeemable Preferred Stock, Total

--

--

--

--

--

Preferred Stock - Non Redeemable, Net

--

--

--

--

--

Common Stock, Total

16.5

16.9

17.3

18.1

18.4

Additional Paid-In Capital

1.0

0.8

0.8

0.8

0.8

Retained Earnings (Accumulated Deficit)

294.0

344.1

262.0

347.4

167.3

Treasury Stock - Common

--

--

--

--

--

ESOP Debt Guarantee

(157.3)

(141.1)

(170.5)

(138.6)

(103.4)

Unrealized Gain (Loss)

--

--

--

--

--

Other Equity, Total

1.2

2.0

3.6

4.6

3.6

Total Equity

155.4

222.7

113.2

232.3

86.7

 

Interim Cash Flow Statement

In Millions of British Pounds
(except for per share items)

2013
2012-07-28
Period Length
6 Months

2012
2012-01-28
Period Length
12 Months

2012
2011-07-30
Period Length
6 Months

2011
2011-01-29
Reclassified
2011-07-30
Period Length
12 Months

2011
2010-07-31
Reclassified
2011-07-30
Period Length
6 Months

Net Income/Starting Line

259.5

601.8

241.3

566.8

222.6

Depreciation/Depletion

58.1

119.7

60.3

119.3

59.0

Amortization

--

--

--

--

--

Deferred Taxes

--

--

--

--

--

Non-Cash Items

8.3

23.9

12.9

25.3

17.8

Changes in Working Capital

(77.9)

(219.5)

(114.6)

(259.4)

(60.2)

Cash from Operating Activities

248.0

525.9

199.9

452.0

239.2

Capital Expenditures

(37.9)

(126.1)

(73.3)

(120.6)

(68.6)

Other Investing Cash Flow Items, Total

(2.8)

55.9

64.2

(17.5)

(19.2)

Cash from Investing Activities

(40.7)

(70.2)

(9.1)

(138.1)

(87.8)

Financing Cash Flow Items

(2.3)

(18.9)

(10.6)

(20.7)

(5.0)

Total Cash Dividends Paid

0.0

(135.1)

(89.5)

(129.6)

(85.4)

Issuance (Retirement) of Stock, Net

(149.2)

(330.2)

(184.0)

(290.3)

(163.1)

Issuance (Retirement) of Debt, Net

0.0

38.1

97.0

63.4

44.8

Cash from Financing Activities

(151.5)

(446.1)

(187.1)

(377.2)

(208.7)

Foreign Exchange Effects

(0.1)

0.1

(0.6)

0.1

0.2

Net Change in Cash

55.7

9.7

3.1

(63.2)

(57.1)

 

 

BANKING

 

Maintaining bank accounts with HSBC, Hang Seng Bank Limited and Standard Chartered Bank (Hong Kong) Limited. No negative implication has been reported.

 

 

TRADE

A trade survey currently conducted reveals the following:

 

First 

Second 

Type of Supplies

Services 

Supplies 

Time Known

15 Years 

20 Years 

Highest Credit

500,000 

Not preset 

Outstanding Balance

300,000 

3,000,000 

Terms

45 days net 

90 days net 

Pay Record

Within Terms 

Prompt 

 

 

 

Overall Trade Reputation

Good 

 

TOTAL DEBT SCANNER (TDS)

TDS reveals if subject has been listed as debtor in our debt database in the past 5 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed. It should be noted that the collection record contained in the report might have been paid, terminated, vacated, settled or released prior to the date of report compiled. 

Search Result:


Subject

None found in our database


Related Members

None found in our database


Related Companies

None found in our database

 

 

PUBLIC FILINGS

Mortgages and Charges (M&C)

M&C records, if any, are extracted from the Companies Registry, Hong Kong ("CRHK"). Details of "Creating Instrument" and "Description of Property Mortgaged or Charged" are available subject to the prevailing fees as per document charged by CRHK. Please indicate/select "Full Mortgage/Charge" when ordering our services/reports (e.g.: Total Limited Company Search or Total Company Credit Report). Request for Full mortgage/Charge made 7 days after the report delivery will be treated as a new order and is subject to our "Official Document Retrieval (ODR)" service charge + related government fees. M&C brief particulars may not be available from CRHK for mortgage/charge registered before 28 Feb 2005.

Records filed in:

N/A 

Total Amount outstanding as of the date of this Return on all mortgages and charges which are required to be registered with the Registrar of Companies pursuant to sections 80 and 82 of the Companies Ordinance

 

TOTAL WRIT SCANNER (TWS)

TWS reveals if subject has been listed as Defendant/Debtor/Respondent, Plaintiff/Creditor/Applicant, in liquidation or bankruptcy within our court database in the past 7 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. It should be noted that the court record contained in a report might have been paid, terminated, vacated, settled or released prior to the date of a report was compiled. Civil claims are filed as the result of disputes of a commercial or other nature. The Defendant/Debtor/Respondent is not liable nor the Plaintiff/Creditor/Applicant eligible to the claim until judgement is obtained from the relevant court, which is not open for public inspection at present. Only the latest 50 records will be shown when total records exceed 50. 

Search Result:

Subject

 

As Defendant

Action Number

Date

Defendant/
Debtor/
Respondent

Plaintiff/
Creditor/
Applicant

Cause/Nature

Amount

LBTC006545/2008 

9 Jan 2009 

NEXT SOURCING LIMITED 

CHOW SHUK TING

LABOUR TRIBUNAL CLAIM 

N/A 

LBTC005345/2007 

26 Nov 2007 

NEXT SOURCING LIMITED 

LEE WING YIN RAYMOND 

LABOUR TRIBUNAL CLAIM 

N/A 

LBTC004182/2007 

13 Sep 2007 

NEXT SOURCING LIMITED 

YUNG WAI MEI

LABOUR TRIBUNAL CLAIM 

N/A 

 

As Plaintiff

Action Number

Date

Defendant/
Debtor/
Respondent

Plaintiff/
Creditor/
Applicant

Cause/Nature

Amount

LBTC000496/2007 

16 Feb 2007 

LAW PUI MING FIONA

NEXT SOURCING LIMITED 

LABOUR TRIBUNAL CLAIM 

N/A 

 

Comments

N/A

Related Members

As Defendant

None found in our database

Comments

N/A

Related Companies

As Defendant

None found in our database

Comments

N/A

 

 

OPERATION & ACTIVITIES

 

Business Lines

Principal Business Line 

Buying and sourcing office for the Group, purchasing garments like shirts, blouses, dresses, skirts, knitwear, pyjamas; shopping bag wallets, purses, small leather goods, babies’ wear and furnishing products 

Second Business Line 

N/A 

 

Product/Production

China Factory 

N/A 

Size of China Factory (sq. ft.) 

N/A 

No. of Staff / Workers in China (or Overseas) 

N/A 

Product / Production Remarks 

Its products include: 

-Suits & Jackets - Men's 
-Suits & Jackets - Women's 
-Children's Wear 
-Blouses 
-Denim Garments 
-Dresses & Skirts 
-High Fashion Wear 
-Shirts 
-Trousers & Slacks 
-Sport Suits 
-Babies' Wear 

 

Supplies/Purchases

Hong Kong and China 

Types of Supplies 

Services and supplies 

Buying Terms 

COD, open account and credit of 30 to 120 days 

 

Overseas 

Import Countries 

Asia 

Types of Supplies 

Supplies 

Buying Terms 

L/C and open account 

Remarks 

N/A 

 

Markets

Major Market 

UK 

Minor Market 

N/A 

Selling Products / Services 

Merchandises 

Selling Terms 

Inter account 

Remarks 

N/A 

 

Brands

Own Brands 

N/A 

OEM (Clients) Brands 

N/A 

Remarks 

N/A 

 

Premises and Staff

Hong Kong Office 

Area (sq. ft.) 

25,750 

Type 

Commercial 

Staff Range 

200+ 

China Office 

Staff Range 

N/A 

Premises Remarks 

Renting the whole floor (sharing with the Group) as its office at the captioned address, which is at a 13-year-old 27-storey commercial building. Employing around 250. 

Total No. of Staff in Hong Kong (China) 

250 

 

TOTAL PROPERTY OWNERSHIP SEARCH (TPOS)

TPOS reveals if subject has been involved in property transaction record in our database since 1996. TPOS does not represent the full record or history of all transactions relating to the registered charges, mortgages or ownerships. Some of the charges, mortgages or ownerships might have been released and/or changed. There could be latest mortgages, charges, ownerships or transactions not reflected. TPOS also checks on Subject's shareholder, director, sole proprietor, partner (collectively listed under "Related Members" in this section) and/or related company while related records will be revealed when appropriate.

Search Result:


Subject

No Trace


Related Members

 

Property 1 

Flat D, 38/F, Block 5, Scenic View, 63 Fung Shing Street, Kowloon, Hong Kong 

Memorial Number 

07960740 

Date of Instrument 

28 Dec 1999 

Nature of Transaction 

Assignment 

Gross Area (Saleable Area) in sq. ft. 

605 (466) 

Consideration (HKD) 

2,117,600 

Assignor/Seller 

Goodterm Limited 

Assignee/Purchaser 

WONG Yiu Kwan; YEUNG Yee Wah 

Mortgaged/Charged To 

Hang Seng Bank Limited 

Date of Mortgage/Charge 

3 Mar 2000 

Mortgage/Charge Amount (HKD): 

1,785,000 


Related Companies

No Trace

 

Abbreviations: 
S&P = Sales and Purchase 
GBF = General Banking Facilities 
N/A = Not Available/Applicable

 

RELATED COMPANIES

Related companies mean Parent Company, Subsidiary Company, Director's Other Business/Capacity, etc.

Name

ID/CR No.

Relation To Subject

Business Nature

Country

Next Brand Limited 

N/A

Parent Company 

N/A 

United Kingdom 

Next PLC 

N/A

Ultimate Parent Company 

N/A 

United Kingdom 

Next Sourcing Vm Limited 

777399

Associate Company 

Sourcing and buying of a wide range of products for the Next Group 

Hong Kong 

 

RELATED COMPANIES' ARCHIVED CORPORATE STRUCTURE (Only shows when available)

 

Name

Next Sourcing Vm Limited

Registered Address

Room 1203-05, 1401-02, 1404-16, Cityplaza One, 111 King's Road, Taikoo Shing, Hong Kong Island, Hong Kong

Co. File Examined

Dec 8 2006 

Year(s) of Company Document Microfiche Obtained

N/A 

Companies Registry No. (CR No.)

777399 

Legal Status 

Private Limited Company 

Active Status 

Live 

Date of Incorporation / Registration 

26 Nov 2001 

 

Name Changed From 

Date of Change(s) 

Motteron Limited 

12 Jun 2002 

Next Near East Turkey Limited 

16 Aug 2002 

Next Near East Vm Limited 

22 Dec 2004 

 

Authorized Share Capital

HKD10,000 

No. of Shares Issued

2  

Issued Share Capital

2  

Paid up Capital (excluding premium)

HKD2 

Class of Share

Ordinary  

Last Annual Return Date

26 Nov 2006 

Year(s) of "Annual Return of No Change" Filed

N/A 

Chief Executive

KEENS David 

Company Secretary

Name

ID/BR No.

Passport No.

Issuing Country

Address

WONG Yiu Kwan ~

G169205-3 

N/A 

N/A 

Flat D, 38/F, Block 5, Scenic View, 63 Fung Shing Street, Kowloon, Hong Kong. 


Shareholders/ Subscribers (as at 26 Nov 2006) 

Shareholders/ Subscribers 

ID/CR No.

Passport No.

Issuing Country

Address 

No. of Shares 

Class of Share 

% Of Share Capital 

Cairns Limited

N/A

N/A

N/A 

Room 1203-05, 1401-1402, 1404-16, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong Island, Hong Kong.  

1 

Ordinary

50.00

Next Sourcing Limited

N/A

N/A

N/A 

Room 1203-05, 1401-1402, 1404-16, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong Island, Hong Kong.  

1 

Ordinary

50.00

 

 

 

 

Total: 

2 

 

 


Directors ~ (as at 26 Nov 2006) 

Directors ~

ID/CR No.

Passport No.

Issuing Country

Address

KEENS David 

N/A 

099038400 

United Kingdom 

Dingley House, 25 Harborough Road, Dingley, Market Harborough, Leicestershire, LE16 8PQ, United Kingdom.  

LUK Kam Tim ~ 
Alias Name:
Jimmy

D309579-8 

N/A 

N/A 

Flat C, 21/F, Block 1, Victoria Centre, 15 Watson Road, North Point, Hong Kong Island, Hong Kong.  

WONG Yiu Kwan ~ 黃耀坤 
Alias Name:
Henry

G169205-3 

N/A 

N/A 

Flat D, 38/F, Block 5, Scenic View, 63 Fung Shing Street, Kowloon, Hong Kong.  

 

 



ECONOMIC AND TRADE INFORMATION ON HONG KONG

Major Economic Indicators

 

2009

2010

2011

Forecast/Latest

Population, Mid-year (million)

6.97

7.02

7.07

7.14a

Gross Domestic Product (US$billion)

208.0

223.3

243.2

250.5-252.9b

GDP Per Capita (US$)

29,800

31,800

34,400

35,100-35,400b

Real GDP Growth (%)

-2.6

+7.1

+5.0

+1-2b

Inflation (% Change in Composite CPI)

+0.5

+2.4

+5.3

+4.7c

Unemployment Rate, seasonally adjusted (%)

5.4

4.4

3.4

3.2d

Retail Sales Growth (%)

+0.6

+18.3

+24.9

+13.1c

Visitor Arrival Growth (%)

+0.3

+21.8

+16.4

+15.5c

a 2012; b government forecast for 2012; c year-on-year change in January-June 2012; d April-June 2012.

Merchandise Trade Performance

 

2010

2011

January-June 2012

US$billion

Growth %

US$billion

Growth %

US$billion

Growth %

Total Exports

388.6

+22.8

427.9

+10.1

207.6

+0.3

      Domestic Exports

8.9

+20.4

8.4

-5.5

3.6

-19.4

      Re-exports

379.7

+22.8

419.8

+10.5

204.0

+0.7

Imports

431.4

+25.0

482.6

+11.9

236.0

+1.4

Total Trade

820.0

+23.9

910.5

+11.0

443.6

+0.9

Trade Balance

-42.8

N/A

-54.8

N/A

-28.4

N/A

Service Trade Performance

 

2010

2011

January-June 2012

US$billion

Growth %

US$billion

Growth %

US$billion

Growth %

Exports

105.7

+23.1

121.2

+14.6

60.2

+7.6

Imports

50.8

+16.3

55.8

+9.8

27.4

+3.7

Total Trade

156.5

+20.8

177.0

+13.1

87.6

+6.4

Trade Balance

54.9

N/A

64.9

N/A

32.8

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.