|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TARGET SOURCING SERVICES LTD. |
|
|
|
|
Registered Office : |
4/F. & 5/F., Tsim Sha Tsui Centre, 66 Mody Road, Tsimshatsui East,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
05.01.2007 |
|
|
|
|
Com. Reg. No.: |
37558185 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Garments, Electronic Products, Toys,
Footwear |
|
|
|
|
No of Employees : |
120 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 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.
|
Source
: CIA |
TARGET SOURCING
SERVICES LTD.
ADDRESS: 4/F. & 5/F., Tsim Sha
Tsui Centre, 66 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2733 7308
FAX: 852-2311 9483
MANAGEMENT
Regional Director: Ms. Ho Yin
Ling
Incorporated on: 5th January, 2007.
Organization: Private Limited Company.
Capital: Nominal: US$1,000.00
Issued: US$6.00
Business Category: Importer, Exporter
and Wholesaler.
Total Group Revenues: US$72,596
million (Year ended 01-02-2014)
Employees: 120. (Hong Kong)
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TARGET SOURCING
SERVICES LTD.
Registered Head
Office:-
4/F. & 5/F., Tsim Sha Tsui Centre, 66 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
Holding Company:-
TG Holdings, Bermuda.
Ultimate Holding
Company:-
Target Corporation, USA.
Associated/Affiliated
Companies:-
Target Group of Companies
AMC (S) Pte. Ltd., Singapore.
AMC Dominican Republic S.A., Dominican Republic.
AMC Honduras S.A., Honduras.
AMC Nicaragua S.A., Nicaragua.
Amcrest Corporation, USA.
Amcrest France Sarl, France.
Associated Merchandising Corporation Pensionsverwaltung GmBH, Germany.
Associated Merchandising Korea Corporation, Korea.
Dayton Credit Company, USA.
Glendale West LLC, USA.
Lafayette Nominee Owner LLC, USA.
PP&E LLC, USA.
Red Tail LLC, USA.
STL of Nebraska Inc., USA.
SuperTarget Liquor of Massachusetts Inc., USA.
SuperTarget Liquor of Missouri Inc., USA.
SuperTarget Liquor of Texas Inc., USA.
Target Bank, USA.
Target Brands Inc., USA.
Target Bridges Inc., USA.
Target Canada Co., Nova Scotia.
Target Capital Corporation, USA.
Target Clinic Medical Associates Florida LLC, USA.
Target Clinic Medical Associates Maryland LLC, USA.
Target Commercial Interiors Inc., USA.
Target Connect Inc., USA.
Target Corporate Services Inc., USA.
Target Corporation India Private Ltd., India.
Target Customs Brokers Inc., USA.
Target Enterprise Inc., USA.
Target Food Inc., USA.
Target General Merchandise Inc., USA.
Target Global Trade Inc., USA.
Target Jefferson Boulevard LLC, USA.
Target Medford Urban Renewal LLC, USA.
Target Millville Urban Renewal LLC, USA.
Target National Bank, USA.
Target Receivables Corporation, USA.
Target Services Inc., USA.
Target Sourcing Services Asia Ltd., Hong Kong.
Target Sourcing Services Co. Ltd., China.
Target Sourcing Services Guatemala Sociedad Anonima, Guatemala.
Target Sourcing Services Hong Kong Ltd., Hong Kong.
Target Sourcing Services India Private Ltd., India.
Target Sourcing Services Italy S.r.l., Italy.
Target Sourcing Services Pacific Ltd., Hong Kong.
Target Stafford Urban Renewal LLC, USA.
Target Stores Inc., USA.
Target Wilson Yard QALICB LLC, USA.
TCC Corporation S.a.r.l., Luxembourg.
TCDC Inc., USA.
The Associated Merchandising Corporation, USA.
TSS One Ltd., Hong Kong.
TSS Two Ltd., Hong Kong.
Walsh Bros., USA.
Westbury Holding Company, USA.
37558185
1100000
President: Mr. Timothy Allen
Mantel
Regional Director: Ms. Ho Yin
Ling
Contact Person: Ms. Ronnie Wong
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00
each)
Issued Share Capital: US$6.00
(As per registry dated 05-01-2014)
|
Name |
|
No. of shares |
|
TG Holdings Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda. |
|
6 = |
(As per registry dated 28-08-2014)
|
Name (Nationality) |
Address |
|
FUNG Kwok Wai |
Unit 3902B, Building No. 8, Shimao Riviera Garden, No. 9, Lane 1, Wei Fang
Road West, Pudong, Shanghai 200122, China. |
|
HO Yin Ling |
Flat E, 18/F., Block 5, The Waterfront, Tower V, 1 Austin Road West,
Tsimshatsui, Kowloon, Hong Kong. |
|
Carter Jennings LEUTY |
5909 Churchill Street, Shoreview, MN 55126, USA. |
|
Kelly Kristine CARUSO |
9880 Vagabond LN N, Maple Grove MN 55311-1364, USA. |
|
KAU Chui Fan |
Flat A, 25/F., Tower 3, Island Harbourview, Tai Kok Tsui, Kowloon,
Hong Kong. |
|
David Lawrence DONLIN |
26855 Marsh Pointe Circle, Shorewood, MN55331, USA. |
(As per registry dated 05-01-2014)
|
Name |
Address |
Co. No. |
|
Sekots Secretarial Services Ltd. |
16/F. - 19/F., Prince’s Building, 10 Chater Road, Central, Hong
Kong. |
0028739 |
The subject was incorporated on 5th January, 2007 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: Garments,
electronic products, toys, footwear
Employees: 120. (Hong Kong)
Commodities Imported: China, other
Asian countries and acquired locally.
Markets: North
America,
Total Group Revenues: US$63,367
million (Year ended 31-01-2009)
US$64,948 million (Year ended
31-01-2010)
US$65,357 million (Year ended
30-01-2011)
US$68,466 million (Year ended
29-01-2012)
US$71,960 million (Year ended
29-01-2013)
US$72,596 million (Year ended
01-02-2014)
Terms/Sales: As per contracted.
Terms/Buying: L/C or as per
contracted.
The American Chamber of Commerce in Hong Kong.
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00
each)
Issued Share Capital: US$6.00
Group Net Earnings: US$2,849
million (Year ended 31-01-2009)
US$2,214 million (Year ended 31-01-2010)
US$2,488 million (Year ended 30-01-2011)
US$2,929 million (Year ended 29-01-2012)
US$2,999 million (Year ended 29-01-2013)
US$1,971 million (Year ended 01-02-2014)
Profit or Loss: Group business is
profitable.
Condition: Keeping in an active
manner.
Facilities: Making active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hong Kong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Target Sourcing Services Ltd. [TSSL] is wholly-owned by TG Holdings, a
Bermuda-registered firm. TSSL’s ultimate
holding company Target Corporation [Target] is a US-based firm. Target is a listed firm in the New York Stock
Exchange.
Associated Merchandising Corporation [AMC], one of the sourcing arms of
Target, has expanded its office in Hong Kong which is TSSL.
AMC is expanding in the southern China’s Pearl River Delta while in
eastern and northern China it has offices in Shanghai, Tianjin and
Qingdao. It is also expanding in
Chongqing which is in central China. AMC
is one of three major apparel sourcing and product development firms serving US
retailers. It spots trends, design
apparel, accessories, and houseware, then arranges for their production and
finally delivers the merchandise to its retail customers. The global presence of AMC is in more than 40
countries operating more than 50 offices.
It was founded in 1918 and acquired by Target in 1998.
Currently, TSSL is
trading in the following commodities and offering clients with the following
services:-
|
Product/Service |
|
Stock Lots – Clothing Accessories |
|
Stock Lots – Electronic Products |
|
Stock Lots – Footwear |
|
Stock Lots – Garment |
|
Stock Lots – Giftware and Premium |
|
Stock Lots – Imitation / Costume Jewellery |
|
Stock Lots – Textile |
|
Stock Lots – Toy |
|
Stock Lots – Household Products |
Minneapolis-based Target (formerly known as Dayton Hudson) is the second‑largest
discount retailer in the United States, according to the National Retail
Federation.
Target.com offers a wide assortment of general merchandise including
many items found in its stores and a complementary assortment, such as extended
sizes and colors, sold only online. A
significant portion of its sales is from national brand merchandise. It also sells many products under its owned
and exclusive brands. Owned brands
include merchandise sold under private-label brands including, but not limited
to, “Archer Farms®”, “Archer Farms®”, “Simply Balanced™”, “Boots & Barkley®”, “choxie®”, “Circo®”, “Durabuilt®”, “Embark®”, “Gilligan & O’Malley®”, “itso™”, “Market Pantry®”, “Merona®”, “Play Wonder®” and “Room Essentials®”.
Target also sells merchandise through unique programs such as ClearRxSM,
GO International®, Great SaveSM and Home Design Event. In addition, the Target Group sells merchandise
under exclusive licensed and designer brands
Target operates as two reportable segments: U.S. and Canadian. Its U.S. Segment includes all of its U.S.
retail operations, which are designed to enable guests to purchase products
seamlessly in stores, online or through mobile devices.
The U.S. Segment also includes its credit card servicing activities and
certain centralized operating and corporate activities not allocated to its
Canadian Segment. Its Canadian Segment
includes all of its Canadian retail operations, including 124 stores opened
during 2013. It currently does not have
a digital sales channel within our Canadian Segment.
Prior to the first quarter of 2013, it operated a U.S. Credit Card
Segment that offered credit to qualified guests through its branded credit
cards: the Target Credit Card and the Target Visa Credit Card. In the first quarter of 2013, it sold its
U.S. consumer credit card portfolio, and TD Bank Group (TD) now underwrites, funds
and owns Target Credit Card and Target Visa consumer receivables in the
U.S. It performs account servicing and
primary marketing functions and earns a substantial portion of the profits
generated by the portfolio. Following
the sale of its U.S. consumer credit card portfolio to TD, it combined its
historical U.S. Retail Segment and U.S. Credit Card Segment into one U.S.
Segment.
Target sells a wide assortment of general merchandise and food. Its general merchandise and CityTarget stores
offer an edited food assortment, including perishables, dry grocery, dairy and
frozen items, while its SuperTarget stores offer a full line of food items
comparable to traditional supermarkets.
Its digital channels include a wide assortment of general merchandise,
including many items found in its stores and a complementary assortment, such
as extended sizes and colours, that are only sold online.
For the year ended 1st February, 2014, the total turnover of the Target
Group was US$72,569 million (2012: US$71,960 million), Group net earnings were
US$1,971 million (2012: US$2,999 million).
At February 1, 2014, Target employed approximately 366,000 full-time,
part-time and seasonal employees, referred to as “team members.”
TSSL is fully supported by Target.
On the whole, consider TSSL good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.