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Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
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Name : |
WM MORRISON (HK) LTD. |
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Registered Office : |
27/F., Railway Plaza, 39 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.01.2011 |
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Com. Reg. No.: |
53617898 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of baby products,
non-food products, home and leisure products. |
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No. of Employees : |
22 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 – 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 |
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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
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 |
WM MORRISON (HK)
LTD.
27/F., Railway Plaza, 39 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2164 3400
FAX: 852-2164
3410, 2300 2000
E-MAIL: info@wmmorrison.com.hk
Managing Director: Mr. Nicholas Dieter Chilcott
Incorporated on: 14th
January, 2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$42,000,000.00
Issued: HK$37,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: GBP
18,116 million (Year ended 03-02-2013)
Employees:
22.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
WM MORRISON (HK)
LTD.
Registered
Office:-
c/o HT Secretaries Ltd.
4304, 43/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong.
Operating Office:-
27/F., Railway Plaza, 39 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.
Holding Company:-
Wm. Morrison Supermarkets P.L.C., UK.
Associated
Companies:-
Farmers Boy (Deeside) Ltd., UK.
Farmers Boy Ltd., UK.
Flower World Ltd., UK.
Kiddicare.com Ltd., UK.
Neerock Ltd., UK.
Optimisation Developments Ltd., UK.
Safeway Ltd., UK.
Safeway Stores Ltd., UK.
WM Morrison Bananas Ltd., UK.
Wm Morrison Produce Ltd., UK.
53617898
1552155
Managing Director: Mr. Nicholas Dieter Chilcott
Nominal Share Capital: HK$42,000,000.00 (Divided into 42,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$37,000,000.00
(As per registry dated 14-01-2013)
|
Name |
|
No. of shares |
|
Wm. Morrison Supermarkets P.L.C. Hilmore House, Gain Lane Bradford, W. Yorkshire UK BD3 7DL. |
|
37,000,000 ======== |
(As per registry dated 14-03-2013)
|
Name (Nationality) |
Address |
|
Nicholas Dieter CHILCOTT |
House L19, Siena One, Discovery Bay City, Lantau Island, New
Territories, Hong Kong. |
|
William Michael CATLEY |
Room 11A, Wing Hong Mansion, 60 MacDonnell Road, Mid-Levels, Hong
Kong. |
(As per registry dated 14-01-2013)
|
Name |
Address |
Co. No. |
|
HT Secretaries Ltd. |
4304, 43/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong. |
0608717 |
The subject was incorporated on 14th
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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of baby products, non-food products, home and leisure products.
Employees: 22.
Commodities Imported: China, other Asian countries, etc.
Markets: UK,
other European countries, etc.
Group Turnover: GBP 14,528 million
(Year ended 03-02-2009)
GBP 15,410
million (Year ended 03-02-2010)
GBP 16,479
million (Year ended 03-02-2011)
GBP 17,663
million (Year ended 03-02-2012)
GBP 18,116
million (Year ended 03-02-2013)
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$42,000,000.00 (Divided into 42,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$37,000,000.00
Group Profit For the Period Attributable to
the Owners:-
GBP 460
million (Year ended 03-02-2009)
GBP 598
million (Year ended 03-02-2010)
GBP 632
million (Year ended 03-02-2011)
GBP 690
million (Year ended 03-02-2012)
GBP 647
million (Year ended 03-02-2013)
Profit or Loss: Making a small profit in 2012.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing:
Good.
Having issued 37 million ordinary shares of HK$1.00 each, Wm Morrison
(HK) Ltd. is wholly owned by Wm. Morrison Supermarkets P.L.C. [Morrisons] which
is a UK-based firm. Morrison is a listed
firm in the United Kingdom.
Morrisons is the fourth largest chain of supermarkets in the United
Kingdom, headquartered in Bradford, West Yorkshire, England. The company is usually referred to and is branded
as Morrisons, and it is part of the FTSE 100 Index of companies. Morrisons market share as of August 2013 was
11.3%, making it the smallest of the “Big Four” supermarkets, behind Tesco
(30.2%), Asda (17.1%) and Sainsbury’s (16.5%), but ahead of the fifth place Co‑operative
Group, which had a share of 4.4%.
Founded in 1899 by William Morrison, hence the abbreviation Wm Morrison,
it began as ‘an egg and butter stall’ in Rawson Market, Bradford, England. Until 2004, Morrisons store locations were
primarily focused in the north of England, but with the takeover of Safeway in
that year, the company now has 498 stores including 16 M Local Stores across
the UK. For the year ended 3rd February,
2013, the Group has 128,705 employees.
These include over 5,000 trained butchers, bakers and fishmongers. It has over 600 lorries and 150,000 trolleys.
The core businesses of Morrisons are food and grocery. It is the UK’s second largest fresh food
manufacturer.
In 2013-14, it plans to open 20 stores and increase its convenience
store portfolio to 100.
The Morrison family currently owns around 15.5% of the company.
The subject is the sourcing arm of Morrisons. Dalton Philips, Chief Executive of Morrisons,
said the subject is playing a vital role in developing the chain’s non-food
offerings, by increasing its direct sourcing capability in Asia.
Morrisons believed it could source better products by getting to know
the Asian manufacturers. It is exactly
the same model that it employs in the United Kingdom, minimising the
involvement of the middleman in order to deliver greater value for its
customers.
The subject in Hong Kong has 22 staff.
For the 53 weeks ended 3rd February, 2013, the turnover of the Group
amounted to GBP 18,116 million, grew by 2.6% as compared with GBP 17,663
million in 2011-12. Profit for the
period attributable to the shareholders amounted to GBP 647 million, decreased
by 6.2% as compared with GBP 690 million in 2011-12.
The financial summary of the interim results of Morrisons for the half
year to 4th August 2013:-
As the subject is fully supported by Morrisons, consider it good for
normal business engagements in small credit amounts as its history is short in
Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.