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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MACINTOSH HONG
KONG LTD. |
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Formerly Known as : |
Strong Mind Trading
Ltd |
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Registered Office : |
Unit 815, 8/F., Houston Centre, 63 Mody Road, Tsumshastui
East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.12.1994 |
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Com. Reg. No.: |
18713344 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
subject is a buying office for the Macintosh Retail Group. |
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No of Employees : |
47 (company) 10,831 (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
MACINTOSH HONG KONG LTD.
Unit 815, 8/F., Houston Centre, 63 Mody Road, Tsumshastui East, Kowloon, Hong Kong.
PHONE: 852-2735 7939
FAX: 852-2735 7870
E-MAIL: jeffry@macintoshretail.com
Managing Director: Mr. Horace Jeffry Kuperus
Incorporated on: 8th December, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$10,000.00
Business Category: Buying Office.
Group Net Turnover: €822,082,000 (Year ended 31-12-2013)
Company Employees: 47.
Group Employees: 10,831. (As at 31-12-2013)
Main Dealing Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 815, 8/F., Houston Centre, 63 Mody Road, Tsumshastui East, Kowloon, Hong Kong.
Holding Company:-
Macintosh International B.V., Netherlands.
Penultimate Holding
Company:-
Sumi N.V., Belgium.
Ultimate Holding
Company:-
Macintosh Retail Group N.V., Netherlands.
Sister &
Affiliated Companies:-
Macintosh Retail Group of Companies
A Jones & Sons Ltd., UK.
Beghins Shoes Ltd., UK.
Brantano Asia Ltd., Hong Kong.
Brantano Luxembourg S.A., Luxembourg.
Brantano N.V., Belgium.
Brantano UK Ltd., UK.
Dolcis B.V., The Netherlands.
Halfords Nederland B.V., The Netherlands.
Hoogenbosch Retail Group B.V., The Netherlands.
Invito B.V., The Netherlands.
Kwantum België V.I., Belgium.
Kwantum Nederland B.V., The Netherlands.
Macintosh E-commerce B.V., The Netherlands.
Macintosh Intragroup Services N.V., Belgium.
Manfield B.V., The Netherlands.
MRG STM B.V., The Netherlands.
MRG STM V.I., Belgium.
Muys N.V., Belgium.
Nea International B.V., The Netherlands.
Pro Sport B.V., The Netherlands.
SC Retail N.V., The Netherlands.
Scapion B.V., The Netherlands.
etc.
18713344
0500129
Managing Director: Mr. Horace Jeffry Kuperus
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 08-12-2013)
|
Name |
|
No.
of shares |
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Macintosh International
B.V. Parkweg
20, 6212 XN Maastricht, The Netherlands. |
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9,999 |
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Superconfex B.V. Mauritsweg
134, 6170 AB Stein, The Netherlands. |
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1 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated
08-12-2013)
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Name (Nationality) |
Address |
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Horace Jeffry
KUPERUS |
Flat RD, 46/F., Tower 1, R
Wing (Florence), The Capitol, Lohas Park, Tseung Kwan O, New Territories,
Hong Kong. |
(As per registry
dated 08-12-2013)
|
Name |
Address |
Co.
No. |
|
Tricor Tengis Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0041027 |
The subject was incorporated on 8th December, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Strong Mind Trading Ltd., name changed to the present style on 4th May, 1995.
Formerly the subject was located at Room 1018-1019, 10/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong, moved to the present address in March, 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Buying Office.
Lines: All kinds of footwear, fashions, general merchandises
Company Employees: 47.
Group Employees: 10,831. (As at 31-12-2013)
Commodities Imported: China and other Asian countries.
Markets: Europe.
Group Net Turnover: €893,231,000 (Year ended 31-12-2012)
€822,082,000 (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge:-
Date of Security Over Deposits with the Bank (Limited Company – Under Seal): 21-09-1995
Amount: To secure general banking facilities
Property: HK$90,000 and any further sums hereafter standing to the credit of the Company’s A/C No. 511-
324600
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Group Net Profit/(Loss): (€126,027,000) (Year ended 31-12-2012)
(€ 12,145,000) (Year ended 31-12-2013)
Profit & Loss: The Group suffered from losses in past two years.
Condition: Business is fairly active.
Facilities: Making rather active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
Macintosh Hong Kong Ltd. is a wholly-owned by Macintosh International B.V. which is a The Netherlands-based firm. The ultimate holding company is Macintosh Retail Group N.V. [Macintosh], a company registered and based The Netherlands.
The subject is a buying office for the Macintosh Retail Group.
The subject has had an associated company Brantano Asia Ltd. [Brantano Asia] located at its operating office. Brantano Asia, a subsidiary of Brantano N.V. [Brantano] of Belgium, is part of the Brantano Group which has been acquired by the Macintosh Retail Group.
Macintosh Retail Group is an industrial retailer aiming for turnover growth and the highest possible return on average net capital employed with distinctive retail formats, enthusiastic and skilled employees, state-of-the-art systems and extensive supply chain control.
Macintosh Retail Group is carrying fashions, footwear, automotive and telecommunication products, decoration materials, all kinds of light industrial products.
Macintosh Retail Group also invests in state-of-the-art systems and processes, enabling it to manage stores efficiently and make optimum use of stock, staff and advertising. This helps to boost store performance, increase the number of buyers and raise transaction amounts.
The Group’s own purchasing offices in Hong Kong (the subject) and China are key players in the purchasing of basic products in the Asia Pacific region.
The Group had been hit by the world financial crisis during the period of 2007 and 2009.
Now, the Group has just two business segments: Fashion Segments and Living Segment.
Macintosh Retail Group divides turnover into two main categories: turnover from offline activities and turnover from cross-channel activities. Offline turnover is taken to mean any earnings generated by customers purchasing and paying for products in brick-and-mortar Macintosh Retail Group stores, and taking these products home with them. Cross-channel turnover can be broken down further into (a) pure online turnover generated via Intreza, Macintosh Retail Group’s own online stores and online third-party platforms, and (b) turnover from concessions and other alliances with third parties.
Of total turnover for 2013 (€ 822.1 million), € 46.9 million was generated from cross-channel activities (+ 19.7%), of which € 43.3 million was achieved online (+ 12.7%).
For the year ended 31st December, 2013, the Group made a loss of € 12.1 million. In 31st December, 2012, the Group’s loss was € 126.0 million.
In order to cut down losses, the Group introduced the MacFit improvement programme in early 2013. The programme of closing stores that do not have a sufficient shop contribution was in full swing in 2013. 30 stores were closed (26 in fashion and 4 in living).
For the year ended 31st December, 2013, the Group had 1,013 stores, of which 904 are fashion stores while 109 are Living stores.
For the year ended 31st December, 2013, the total number of employees of Macintosh Retail Group were 10,831 persons (2012: 10,922).
The subject has 47 employees in Hong Kong.
The subject is fully supported by the Macintosh Retail Group.
The history of the subject in Hong Kong is about nineteen years.
On the whole, consider the subject good for normal business engagements in very small credit amounts as the Group has been suffering from losses for two years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.22 |
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|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.