MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
REDCATS ASIA
LTD. |
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Registered Office : |
20/F., Lu Plaza, 2 Wing Yip Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.01.1997 |
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Com. Reg. No.: |
21144788 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Garments, Home Furnishings,
Leisure and Household Goods. |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
REDCATS
ASIA LTD.
ADDRESS
20/F., Lu Plaza, 2
Wing Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2316 2628, 2628 1898
FAX: 2396 8537, 2628 1803
E-MAIL: webmaster@redcats.com
MANAGEMENT
Managing
Director: Mr. Wee Poh Gek, Glenda
SUMMARY
Incorporated on: 17th January, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment and Household Accessory Trader.
Employees: 30.
Main Dealing Banker: BNP Paribas, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
20/F., Lu Plaza, 2
Wing Yip Street, Kwun Tong, Kowloon, Hong Kong.
Asia Offices:-
Shanghai Office
9/F., Bank of China Tower, 200 Mid Yin Cheng Road, Pudong New Area,
Shanghai, China 200120.
Tel: (86) 21 5037 2511
Fax: (86) 21 5037 2461, 5037 2462,
5037 2463
Qingdao Office
Room C-E, 16/F., Everbright International Financial Centre, 67 Hongkong
West Road, Qingdao, China 266071.
Tel: (86) 532 389 0036 (6 lines)
Fax: (86) 532 389 0038
India Liaison Office
10/F., Tower B, DLF Cyber Greens, DLF City Phase III, Gurgaon -
122 022, India.
Tel: (91) 124 2358936 / 37 / 38
Fax: (91) 124 2355758
Dhaka Liaison Office
#101 (2/F.), R.M. Centre, Gulshan Avenue, Dhaka 1212, Bangladesh.
Tel: (880) 2 881 4465, 881 7662, 988
6795
Fax: (880) 2 988 7931
Immediate Holding
Company:-
Redcats S.A.
110, rue de Blanchemaille, 59100 Roubaix, France.
Intermediate Holding
Company:-
Redcats Group
5, 7 rue du Delta, 75009 Paris, France.
[Tel: 33 (0) 1 5692 9800; Fax: 33 (0) 1 5692 9801]
Ultimate Holding
Company:-
PPR S.A., France.
Affiliated
Companies:-
PPR Group of
Companies
BUSINESS REGISTRATION NUMBER
21144788
COMPANY FILE NUMBER
591120
MANAGEMENT
Managing
Director: Mr. Wee Poh Gek, Glenda
CAPITAL
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
SHAREHOLDER
(As per registry dated 17-01-2008)
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Name |
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No.
of shares |
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Redcats S.A. 110, rue de Blanchemaille, 59100 Roubaix,
France. |
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10,000 ===== |
DIRECTORS
(As per registry dated 17-01-2008)
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Name (Nationality) |
Address |
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WEE Poh Gek,
Glenda |
N7, 28 Scenic Villa Drive, Pokfulam, Hong
Kong. |
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FONG Kit Shan,
Priscilla |
Flat 27D, Block 5, 2-18 Lok King Street,
Fo Tan, Shatin, New Territories, Hong Kong. |
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KWOK Chi Kueng |
Flat C2, 22/F., Block C, Garden Vista, On
King Street, Shatin, New Territories, Hong Kong. |
SECRETARY
(As per registry dated 17-01-2008)
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Name |
Address |
Co. No. |
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Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong
Kong. |
14900 |
HISTORY
The subject was incorporated
on 17th January, 1997 as a private limited liability company under the Hong
Kong Companies Ordinance.
Originally the
subject was registered under the name of Grand Gold Holdings Ltd., name changed
to Redoute Asia Ltd. on 8th August, 1997, and further to the present style on
17th March, 2000.
Formerly the
subject was located at 21/F., One Mong Kok Road Commercial Centre, 1 Mong Kok
Road, Mongkok, Kowloon, Hong Kong, moved to the present address in November
2000.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Garments, home furnishings, leisure and household goods.
Employees: 30.
Commodities Imported: Imported from China and other Asian countries, and acquired in Hong Kong.
Markets: Europe, US, etc.
Terms/Sales: As per contracted.
Terms/Buying: On various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit & Loss: Operation is profitable.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: BNP Paribas, Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued
10,000 ordinary shares of HK$1.00 each, Redcats Asia Ltd. is a private limited
company wholly-owned by Redcats S.A., a France-based firm.
The intermediate holding
company of the subject is Redcats Group of which head office is in Paris,
France. The Group is retailing
fashions, home furnishings, accessories, leisure and household goods in Europe
and the United States.
Redcats Group is a
subsidiary company of PPR S.A., also a France-based firm.
The subject is the
sourcing office of Home Shopping Division of PPR Group. It operates in three continents, operating
sales and distribution in the United States and Europe and with sourcing
offices in Hong Kong, Shanghai, Qingdao, New Delhi, Istanbul and Dhaka. It sources products ranging from apparels,
furniture, toys, hard goods to home textiles.
With sustained
growth, a global outreach and a portfolio of renowned brands, Redcats Group
asserts itself as a leader in home shopping in the field of Fashion & Home
Decoration. Standing at the forefront
of fashion, design and e-commerce, this PPR company operates in 29 different
countries.
The Redcats name
stands for the Group’s brand, La Redoute (“Red”), and its core business of
catalogue retail (“cats”). These two
syllables have been chosen to encapsulate the Group’s new corporate identity
and its growing international stature.
Being a member of
the Pinault-Printemps-Redoute Group, Redcats regroups a diverse range of mail
order brands – Brylane, La Redoute, Empire, Ellos, La Maison de Valérie,
Specialized Brands From France (Cyrillus, Daxon, Edmée, Célaïa, Somewhere,
Vertbaudet) and Operational Centre France – retailing fashion, home furnishings
and leisure and household goods. Now,
Redcats is fast establishing itself as a global firm in home shopping.
The Group was
originally founded by Mr. Joseph Pollet in Roubaix, France, in 1873. Subsequently, the predecessor of the Group,
La Redoute was listed on the Paris Stock Market in 1964. La Redoute acquired Movitex in 1983,
acquired Cyrillus in 1984, merged with the Le Printemps Department Store Group
in 1986, acquired a 50% stake in La Maison de Valerie in 1991, acquired Ellos
of Sweden in 1997, acquired Brylane of the United States in 1998. In order to better reflect the Group’s
growing international stature, the Redoute Group adopted Redcats as its new
corporate name in 1999. In 2004, the
Group acquired Jotex, a Scandinavian main-order home textiles retailer. The Group keeps on expanding.
The Redcats Group
has the following key figures:-
·
€3.764 billion Sales in 2007
·
€186 million Operating Income in 2007
·
42,5% of home shopping sales made on line in 2007 vs. 4% in 2001
·
48.5% sales originating outside France in 2007 (France: 51.5%; United
States: 24.9%; Europe excluding France : 22.9 %; rest of the world: 0.7%)
·
35 million active customers
·
31 million visitors a month on all Redcats merchant sites combined
·
22,161 employees (as at end of 2007)
The Group has companies
or shops in Norway, Sweden, Finland, Denmark, the United Kingdom, the
Netherlands, Germany, Belgium, Luxembourg, Austria, France, Switzerland,
Portugal, Turkey, Brazil and the United States. The head office in the United Kingdom is EMPIRE while in Sweden
is ELLOS.
Having a history
of over eleven and a half years in Hong Kong and fully backed up by its parent,
the subject’s business is rather active and lucrative.
On the whole, in
view of the subject’s background, parentage and lines of business, consider it
good for normal business engagements.
REMARKS
Court case
record:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Sept. 2006 |
H2130 |
Peter Daniels Enterprise [Operated by PDE
Ltd.] |
Redcats Asia Ltd. |
Damages |
US$1,034,018 |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)