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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DOLLAR GENERAL GLOBAL SOURCING LTD. |
|
|
|
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Registered Office : |
Unit 1101-1106, Portion of Unit 1107 & 1109, 11/F., One Kowloon, 1‑11 Wang
Yuen Street, Kowloon Bay, Kowloon |
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|
Country : |
Hong Kong |
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|
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Date of Incorporation : |
19.02.2003 |
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|
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Com. Reg. No.: |
33429356 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Gift, premiums, utensils,
kitchenware, tableware, toys, hardware, sundry products |
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|
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No. of Employees : |
100. |
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 : |
Good |
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|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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 |
DOLLAR GENERAL
GLOBAL SOURCING LTD.
Unit 1101-1106, Portion of Unit 1107 & 1109, 11/F., One Kowloon, 1‑11 Wang
Yuen Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2121 5757
FAX: 852-2722 1370
E-MAIL: ing@dollargeneral.com
General Manager: Mr. West Roderick Jay
Incorporated on: 19th
February, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Importer, Exporter and Wholesaler.
Net Sales of Group: US$16,022.1
million. (Year ended 01-02-2013)
Employees:
100.
Main Dealing Banker: Bank of America N.A., Hong Kong Branch.
Banking Relation: Good.
DOLLAR GENERAL
GLOBAL SOURCING LTD.
Registered Head
Office:-
Unit 1101-1106, Portion of Unit 1107 & 1109, 11/F., One Kowloon, 1‑11 Wang
Yuen Street, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Dollar General Corporation, US.
Subsidiaries/Associated/Affiliated
Companies:-
Ashley River Insurance Co. Inc., U.S.A.
DC Financial LLC, U.S.A.
DG eCommerce LLC, U.S.A.
DG Logistics LLC, U.S.A.
DG Louisiana LLC, U.S.A.
DG Promotions Inc., U.S.A.
DG Retail LLC, U.S.A.
DG Strategic I LLC, U.S.A.
DG Strategic II LLC, U.S.A.
DG Strategic VI LLC, U.S.A.
DG Strategic VII LLC, U.S.A.
DG Strategic VIII LLC, U.S.A.
DG Transportation Inc., U.S.A.
Dolgen California LLC, U.S.A.
Dolgen I Inc., U.S.A.
Dolgen II Inc., U.S.A.
Dolgen III Inc., U.S.A.
Dolgen Midwest LLC, U.S.A.
Dolgencorp LLC, U.S.A.
Dolgencorp of New York Inc., U.S.A.
Dolgencorp of Texas Inc., U.S.A.
Dollar General Literacy Foundation, U.S.A.
Dollar General Partners, U.S.A.
Retail Property Investments LLC, U.S.A.
Retail Risk Solutions LLC, U.S.A.
South Boston FF&E LLC, U.S.A.
South Boston Holdings Inc., U.S.A.
Sun-Dollar L.P., U.S.A.
33429356
0833893
General Manager: Mr. West
Roderick Jay
Contact Person: Ms. Isabella Ng
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 19-02-2013)
|
Name |
|
No. of shares |
|
Dollar General Corporation 100 Mission Ridge, Goodlettsville, Tennessee 37072, U.S.A. |
|
999 |
|
DGC Holdings, LLC 100 Mission Ridge, Goodlettsville, Tennessee 37072, U.S.A. |
|
1 |
|
|
|
–––– |
|
|
Total: |
1000 ==== |
(As per registry dated 19-02-2013)
|
Name (Nationality) |
Address |
|
Robert Ragan STEPHENSON |
508 Almadale Court, Brentwood, Tennessee U.S.A. 37027. |
|
James Edward KOPP JR |
3210 West End Circle, #103 Nashville, TN 37203, U.S.A. |
(As per registry dated 19-02-2013)
|
Name |
Address |
Co. No. |
|
RD Secretaries (1990) Ltd. |
Unit 5705, 57/F., The Centre, 99 Queen’s Road, Central, Hong Kong. |
0293530 |
The subject was incorporated on 19th February, 2003 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: Importer,
Exporter and Wholesaler.
Lines: Gift,
premiums, utensils, kitchenware, tableware, toys, hardware, sundry products.
Employees: 100.
Commodities Imported: China, other Asian countries, etc.
Markets: United
States, etc.
Group Net Sales: US$10,457.7 million
(Year ended 30-01-2009)
US$11,796.4
million (Year ended 29-01-2010)
US$13,035.0
million (Year ended 28-01-2011)
US$14,807.2
million (Year ended 03-02-2012)
US$16,022.1
million (Year ended 01-02-2013)
Terms/Sales: As per
contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
Group Net Income: US$108.2 million (Year
ended 30-01-2009)
US$339.4
million (Year ended 29-01-2010)
US$627.9
million (Year ended 28-01-2011)
US$766.7
million (Year ended 03-02-2012)
US$952.7
million (Year ended 01-02-2013)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker:
Bank of America N.A., Hong Kong Branch.
Standing:
Good.
Dollar General Global Sourcing Ltd. is a wholly-owned subsidiary of
Dollar General Corporation [DGC] which is a US-based firm.
The subject is the buying office of DGC which is a listed firm in the
United States.
DGC is a US chain of variety stores headquartered in Goodlettsville,
Tennessee. As of January 2012, Dollar
General operated over 10,000 stores in 40 US states.
DGC stores tend to locate in smaller communities than those where
Walmart would go. The company acquired
the 280 stores of the P.N. Hirsh Division of Interco, Inc. (now Furniture
Brands International, Inc.) in 1983, and in 1985 added 206 stores and a
warehouse from Eagle Family Discount Stores, also from Interco, Inc. In recent years, the chain has started
constructing more stand-alone stores, typically in areas not served by another
general-merchandise retailer.
DGC offers both name brand and generic merchandise — including off-brand
goods and closeouts of name-brand items — in the same store, often on the same
shelf. Although it has the word “dollar”
in the name, DGC is not a dollar store.
Most of its products are priced at more than $1.00. However, goods are usually sold at set price
points of penny items and up to the range of 50 to 60 dollars, not counting
phone cards and loadable store gift cards.
DGC often serves communities that are too small for Wal-Marts. It competes in the dollar store format with national
chains Family Dollar and Dollar Tree, regional chains such as Fred’s in the
southeast, and numerous independently owned stores.
Since the turn of the century, DGC has experimented with stores that
carry a greater selection of grocery items.
These stores, (similar to the Wal-Mart Supercenter, but much smaller),
operate under the name “Dollar General Market”.
DGC has been listed on New York Stock Exchange of the United States.
J.L. Turner founded DGC in 1939 as J.L. Turner and Son, Wholesale. It was incorporated as a Kentucky corporation
under the name J.L. Turner & Son, Inc. in 1955, when it opened its first
Dollar General store. It changed its
name to Dollar General Corporation in 1968 and reincorporated in 1998 as a
Tennessee corporation. Its common stock
was publicly traded from 1968 until July 2007, when it merged with an entity
controlled by investment funds affiliated with Kohlberg Kravis Roberts &
Co. L.P., or KKR. In November 2009 its
common stock again became publicly traded.
After slowing its growth rate in 2007 and 2008 to focus on significantly
improving the sales and profitability of our stores, DGC accelerated its
expansion in 2009 and have grown its retail square footage by approximately 7%
annually since that time. In 2012, it made
its initial entrance into California and Massachusetts, and in 2011 it entered
Connecticut, New Hampshire and Nevada, its first new states since 2006. In 2013, it plans to again increase its
square footage by approximately 7% as it further expand in its core markets.
DGC offers a focused assortment of everyday necessities. Its product assortment provides the
opportunity for its customers to address most of their basic shopping needs
with one trip. It sells national brands
from leading manufacturers such as Procter & Gamble, PepsiCo, Coca-Cola,
Nestle, General Mills, Unilever, Kimberly Clark, Kellogg’s and Nabisco.
Consumables is its largest category and includes paper and cleaning
products (such as paper towels, bath tissue, paper dinnerware, trash and
storage bags, laundry and other home cleaning supplies); packaged food (such as
cereals, canned soups and vegetables, condiments, spices, sugar and flour);
perishables (such as milk, eggs, bread, frozen meals, beer and wine); snacks
(including candy, cookies, crackers, salty snacks and carbonated beverages);
health and beauty (including over-the-counter medicines and personal care
products, such as soap, body wash, shampoo, dental hygiene and foot care
products); and pet (including pet supplies and pet food).
Seasonal products include decorations, toys, batteries, small
electronics, greeting cards, stationery, prepaid phones and accessories,
gardening supplies, hardware, automotive and home office supplies.
Home products includes kitchen supplies, cookware, small appliances,
light bulbs, storage containers, frames, candles, craft supplies and kitchen,
bed and bath soft goods.
Apparel includes casual everyday apparel for infants, toddlers, girls,
boys, women and men, as well as socks, underwear, disposable diapers, shoes and
accessories.
Its seasonal and home products categories typically account for the
highest gross profit margins, and the consumables category typically accounts
for the lowest gross profit margin.
The typical DGC store has, on average, approximately 7,300 square feet
of selling space and is typically operated by a store manager, an assistant
store manager and three or more sales clerks.
Approximately 63% of its stores are in freestanding buildings and 37%
are in strip shopping centres.
DGC owns marks that are registered with the United States Patent and
Trademark Office and are protected under applicable intellectual property laws,
including without limitation the trademarks Dollar General®, Dollar General
Market®, Clover Valley®, DG®, Smart & Simple®, trueliving®, Sweet Smiles®,
Open Trails®, Bobbie Brooks® Comfort Baytm, and Holiday Style®, along with
variations and formatives of these trademarks as well as certain other
trademarks.
For the year ended 1st February, 2013, the net sales of DGC amounted to
US$16,022.1 million (previous year: US$14,807.2 million); net income for the
year was US$952.7 million (previous year: US$766.7 million).
As of March 1, 2013, DGC employed approximately 90,500 full-time and
part-time employees, including divisional and regional managers, district
managers, store managers, other store personnel and distribution centre and
administrative personnel.
The subject is fully supported by DGC.
History in Hong Kong is over ten years and seven months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
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 |
|
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.