MIRA INFORM
REPORT
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Report Date : |
20.04.2012 |
IDENTIFICATION DETAILS
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Name : |
CABELA'S
HONG KONG, LTD. |
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Formerly Known As : |
Century Thrive Ltd. |
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Registered Office : |
Unit 3611, 36/F., |
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Country : |
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Date of Incorporation : |
21.01.2005 |
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Com. Reg. No.: |
35420702 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of fishing,
camping, hunting and related outdoor equipment |
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No. of Employees
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06 |
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 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
CABELA'S HONG KONG, LTD.
Unit 3611, 36/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2954 5529
E-MAIL: momo.mo@cabelas.com.hk
Managing Director: Mr. William Leslie Yohn
Incorporated on: 21st January, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Total Sale: US$2,811,166,000
(52 weeks ended in December 2011)
Employees: 6.
Group Employees: 14,800 (as at end of 31-12-2012)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 3611, 36/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Cabela’s Incorporated, USA.
Associated
Companies:-
Group of Companies
Cabela’s Marketing and Brand Management, Inc., USA.
Cabela’s Outdoor Adventure, Inc., USA.
Cabela’s Retail Canada, Inc., Canada.
Cabela’s Retail GP, LLC, USA.
Cabela’s Retail IL, Inc., USA.
Cabela’s Retail IX, L.P., USA.
Cabela’s Retail LA, LLC, USA.
Cabela’s Retail MO, LLC, USA.
Cabela’s Trophy Properties, LLC, USA.
Cabela’s Ventures, Inc., USA.
Cabela’s Wholesale, Inc., USA.
CRLP, LLC, USA.
WFB Funding Corporation, USA.
WFB Funding, LLC, USA.
World’s Foremost Bank, USA.
35420702
0947625
Managing
Director: Mr. William Leslie Yohn
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 21-01-2012)
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Name |
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No.
of shares |
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Cabela’s Incorporated One Cabela
Drive, Sidney, Nebraska 69160, USA. |
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10,000 ===== |
(As per registry
dated 21-01-2012)
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Name (Nationality) |
Address |
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William Leslie
YOHN |
2102 Maple Street, Sidney, NE 69160, USA. |
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Douglas Robert
MEANS |
1520 King Street, Sidney NE 69162, USA. |
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Daniel Scott
DUNHAM |
503 Charles Drive, Sidney, NE 69162, USA. |
(As per registry
dated 21-01-2012)
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Name |
Address |
Co.
No. |
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Tricor
Corporate Secretary Ltd. |
28/F., Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0714799 |
The
subject was incorporated on 21st January, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was registered under the name of Century Thrive Ltd., name changed
to the present style on 24th March, 2005.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of fishing, camping, hunting and related outdoor equipment.
Employees: 6.
Commodities Imported: Europe, USA, Asian countries, etc.
Markets: Europe, North America, Asian countries, Australia, etc.
Group Total Sale:
· US$2,349,599,000 (52 weeks ended in December 2007)
· US$2,552,721,000 (52 weeks ended in December 2008)
· US$2,632,240,000 (53 weeks ended in December 2009)
· US$2,663,242,000 (52 weeks ended in December 2010)
· US$2,811,166,000 (52 weeks ended in December 2011)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit every year.
Net Income of the
Group:
· US$ 87,879,000 (52 weeks ended in December 2007)
· US$ 76,404,000 (52 weeks ended in December 2008)
· US$ 49,617,000 (53 weeks ended in December 2009)
· US$112,159,000 (52 weeks ended in December 2010)
· US$142,620,000 (52 weeks ended in December 2011)
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Cabela’s
Hong Kong, Ltd. is a wholly-owned subsidiary of Cabela’s Incorporated
[Cabela’s] which is a USA-based firm.
The
subject is carrying the same commodities as Cabela’s.
Cabela’s
is a leading specialty retailer, and the world’s largest direct marketer, of
hunting, fishing, camping, and related outdoor merchandise. Since its founding
in 1961, Cabela’s® has grown to become one of the most well-known outdoor
recreation brands in the world. It has
long been recognized as the “World’s Foremost Outfitter®.” Through its growing
number of retail stores, and its well-established direct business, it believes
it offers the widest and most distinctive selection of high-quality outdoor
products at competitive prices, while providing superior customer service. It also issues the Cabela’s CLUB® Visa credit
card, which serves as its primary customer loyalty rewards program. It was initially incorporated as a Nebraska
corporation in 1965 and was reincorporated as a Delaware corporation in January
2004. In June 2004, it completed its initial
public offering of common stock. Its
common stock is listed on the New York Stock Exchange under the symbol
“CAB”. It currently operates 34 retail
stores, 32 in 23 states and two in Canada. During 2011, it opened retail stores
in Allen, Texas; Springfield, Oregon; and Edmonton, Alberta, Canada, increasing
its total retail square footage to 4.7 million square feet at the end of
2011. Our Retail store business
operations generated sale of US$1.6 billion in 2011, representing 61.8% of our
total sale from its Retail and Direct businesses.
Due
to the success of its next-generation store format, and in particular the
success of the smaller Springfield, Oregon, retail store, it has developed a
new "Outpost" store format.
These Outpost stores will be approximately 40,000 sq.ft. and have an
innovative "core-flex" merchandise strategy (selected core assortment
of products and flexible seasonal merchandise).
Its Outpost stores will allow it to effectively serve smaller markets
with a large concentration of Cabela’s customers and are in addition to its
next-generation format. The first
Outpost store is expected to open in the fall of 2012 in Union Gap, Washington.
In
addition to national brands, it offers its exclusive “Cabela’s” branded
merchandise. It has a significant
penetration of “Cabela’s” branded merchandise in casual apparel and
footwear as well as in selected hard goods categories such as camping, fishing,
and optics. Where possible, it seeks to
protect its “Cabela’s” branded products by applying for trademark or
patent protection for these products.
Its “Cabela’s” branded products typically generate higher gross
profit margins compared to its other branded products. In 2011, its Cabela’s branded
merchandise accounted for approximately 30% of its merchandise sale. By having an appropriate mix of “Cabela’s”
branded and other branded merchandise, it strives to meet the expectations and
needs of its customers and expand the recognition of the “Cabela’s”
brand.
At
the end of 2011, it employed 14,800 employees - 6,700 of whom were employed
full-time. It uses part-time and
temporary workers to supplement its labour force at peak times during its third
and fourth quarters. None of its
employees are represented by a labour union or are party to a collective
bargaining agreement.
For
the 52 weeks ended in December 2011, the total sale of the Group amounted to
US$2,811.1 million (2010: US$2,663.2 million), net income was US$142.6 million
(2010: US$112.1 million).
The
subject is fully supported by Cabela’s. History in Hong Kong is over six years and
three months.
On
the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.89 |
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UK Pound |
1 |
Rs.83.18 |
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Euro |
1 |
Rs.68.06 |
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.