MIRA
INFORM REPORT
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Report Date : |
16.06.2011 |
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 : |
Exist |
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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
Name and address
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.
Redcats Group Revenue: €3,435.8 million (2010)
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
Holding Company:-
Redcats S.A., France.
Ultimate Holding Company:-
PPR S.A., France.
Associated Companies:-
Redcats Group of Companies
Redcats (Brands) Ltd., UK.
Redcats AS, Norway.
Redcats Asia Global Sourcing Services Ltd., Hong Kong.
Redcats Asia Management Consulting (Shanghai) Co. Ltd., China.
Redcats Beteiligung GmbH, Austria.
Redcats Espana SAU, Spain.
Redcats Finance AB, Sweden.
Redcats Finance Ltd., UK.
Redcats India Private Ltd., India.
Redcats International Holding BV, Netherlands.
Redcats Italy S.r.l., Italy.
Redcats Nordic AB, Sweden.
Redcats Suisse S.A., Switzerland.
Redcats Sverige AB, Sweden.
Redcats UK plc, UK.
Redcats USA Inc., USA.
Redcats USA LLC, USA.
Redcats USA LP, USA.
Redcats USA Management Services LP, USA.
etc.
Affiliated Companies:-
PPR Group of Companies
BUSINESS REGISTRATION NUMBER
21144788
COMPANY FILE NUMBER
0591120
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 17-01-2011)
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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 17-01-2011)
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Name (Nationality) |
Address |
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FONG Kit Shan, Priscilla |
1/F., 19 Sun Lau Street, Sha Tau Kok, New Territories, Hong Kong. |
|
KWOK Chi Kueng |
Emperor Garden, Yung Chi, 7/F., Zhang Mu Tou, Dongguan, Guangdong,
China. |
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WEE Poh Gek, Glenda |
106 Kampong Java Road, Singapore 228871. |
SECRETARY
(As per registry dated 17-01-2011)
|
Name |
Address |
Co. No. |
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Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong
Kong. |
0014900 |
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.
Redcats Group Revenue: €3,386.4 million (2009)
€3,435.8 million (2010)
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
Redcats Group Recurring Operating Income: €114.7 million (2009)
€165.0 million (2010)
Profit or 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. [Redcats], a
France-based firm. The ultimate holding
company of the subject is PPR S.A. [PPR], also a France-incorporated company.
Redcats is a core member of the 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.
In Hong Kong, the subject is sourcing and marketing the following
commodities:-
Product/Service |
Product/Service Remarks |
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Suits and Jackets – Men’s |
From China, Japan, South East Asia and other Asian countries |
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Jacket – Men (Excluding Ski-Jacket) |
From Hong Kong and China |
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Suit – Men |
From Hong Kong and China |
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Suits and Jackets – Women’s |
From China, Japan, South East Asia and other Asian countries |
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Jacket – Ladies (Excluding Ski-Jacket) |
From Hong Kong and China |
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Suit – Ladies |
From Hong Kong and China |
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Children’s Wear |
From China, Japan, South East Asia and other Asian countries |
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Anoraks, Parkas and Carcoats |
From Hong Kong and China |
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Blouses |
From China, Japan, South East Asia and other Asian countries |
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Coats |
From China, Japan, South East Asia and other Asian countries |
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Jeans |
From China, Japan, South East Asia and other Asian countries |
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Down Filled Jackets and Coats |
From China, Japan, South East Asia and other Asian countries |
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Dresses and Skirts |
From China, Japan, South East Asia and other Asian countries |
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Raincoats |
From Hong Kong and China |
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Shirts |
From China, Japan, South East Asia and other Asian countries |
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Trousers |
From China, Japan, South East Asia and other Asian countries |
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Slacks |
From China, Japan, South East Asia and other Asian countries |
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Cardigan, Sweater and Pullover |
From China, Japan, South East Asia and other Asian countries |
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Knitted Garments |
From China, Japan, South East Asia and other Asian countries |
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Tee and Sweat Shirts |
From China, Japan, South East Asia and other Asian countries |
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Underwear – Men’s |
From China, Japan, South East Asia and other Asian countries |
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Underwear – Women’s |
From China, Japan, South East Asia and other Asian countries |
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Underwear – Silk |
From Hong Kong and China |
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Underwear – Children’s |
From China, Japan, South East Asia and other Asian countries |
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Nightwear and Pyjamas |
From China, Japan, South East Asia and other Asian countries |
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Sport Suits |
From China, Japan, South East Asia and other Asian countries |
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Winter Sports Apparel |
From China, Japan, South East Asia and other Asian countries |
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Belts |
From China, Japan, South East Asia and other Asian countries |
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Hosiery |
From China, Japan, South East Asia and other Asian countries |
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Footwear – Leather |
From China, Japan, South East Asia and other Asian countries |
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Sport Shoes |
From China, Japan, South East Asia and other Asian countries |
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Handbags |
From China, Japan, South East Asia and other Asian countries |
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Games and Toys – Electronic |
From Hong Kong and China |
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Games and Toys – Non-Electronic |
From Hong Kong and China |
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Battery Operated Toys |
From Hong Kong and China |
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Soft Toys |
From Hong Kong and China |
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Toys, Others |
From Hong Kong and China |
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Furniture – Western Style |
From Hong Kong and China |
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Babies’ Wear |
From China, Japan, South East Asia and other Asian countries |
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Floor Covering |
From Hong Kong and China |
Besides representing its parent PPR, the subject is also representing
India Redcats Asia Ltd. The subject is
responsible for exporting commodities to Western Europe, Scandinavia and North
America.
The subject is the sourcing office of Home Shopping Division of the
Pinault‑Printemps-Redoute Group [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 31 countries. The
Group is now one of the world’s top three online apparel retailers.
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 PPR 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 Redcats 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.
Currently, it is specialized in online distribution of fashions and home
furnishings.
The Redcats Group has the following key figures:-
€3,436 million Sales in 2010 (2009: €3,386 million)
€165 million Recurring Operating Income in 2010 (2009: €115 million)
26 million active customers in 2010 in Europe and the United States
14,105 employees (as at end of 2010)
has more than 70 e-commerce sites
close to 54 million visitors monthly to all websites
184 million items were sold to worldwide customers in 2010
The Redcats 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 about fourteen years and five months 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
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 |
|
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 |
|
<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.