MIRA INFORM REPORT
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Report Date : |
08.08.2012 |
IDENTIFICATION DETAILS
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Name : |
HARVEY NICHOLS (HONG KONG) LTD. |
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Registered Office : |
4/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
19.08.1988 |
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Com. Reg. No.: |
12155146 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Department Store
Operator of All kinds of fashions, accessories, beauty items, watches &
jewellery, childrenswear and home selections. |
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No. of Employees
: |
2,841 (Group
Employees) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
HARVEY NICHOLS
(HONG KONG) LTD.
ADDRESS: 4/F., East Ocean Centre, 98
Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2311 3888
FAX: 2311 3323
Group Executive Director & Chief Operating Officer: Mr. Chan Tsang Wing, Nelson
Incorporated on: 19th August, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Operation
of “Harvey Nichols” stores and sale of fashion products.
Group Turnover: HK$3,985,304,000. (Year ended 31-03-2012)
Group Employees: 2,841.
(As at 31-03-2012)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
HARVEY NICHOLS
(HONG KONG) LTD.
ADDRESS:
Registered Head
Office:-
4/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon,
Hong Kong.
Trading as:-
Alviero Martini, Hong Kong.
Alviero Martini 1A Classe, Hong Kong.
Beauty Bazaar.Harvey Nichols, Hong Kong.
Harvey Nichols, Hong Kong.
Polo Jeans Company, Hong Kong.
Polo Ralph Lauren, Hong Kong.
Ralph Lauren Children, Hong Kong.
Ralph Lauren, Hong Kong.
The Fourth Floor, Hong Kong.
Department
Stores:- (Under the name of “Harvey
Nichols”)
1)
Two Pacific Place, 88 Queensway, Hong Kong.
2)
[Phone: 3968 2668]
3)
The Landmark, 15 Queen’s Road Central, Hong Kong.
[Phone: 3695 3388]
Beauty Division:-
Unit A, 21/F., Manulife Tower, 169 Electric Road, North Point, Hong
Kong.
[Phone: 2877 3627]
Holding Company:-
Castlereagh Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Dickson Concepts (International) Ltd., Bermuda/Hong Kong.
Associated Companies:-
Dickson Group of Companies
Ambrose China Ltd., British Virgin Islands/Hong Kong.
Bertolucci Retail Ltd., Hong Kong.
Bertolucci SA, Switzerland.
Bestway Holdings Ltd., Hong Kong.
Bondwood Investments Ltd., Hong Kong.
China Tone Ltd., Hong Kong.
Chopard Hong Kong Distribution Ltd., Hong Kong.
D Marketing Japan K.K., Japan.
Dickson (Shanghai) Co. Ltd., China.
Dickson Concepts (China) Ltd., Hong Kong.
Dickson Concepts (Retail) Ltd., Hong Kong.
Dickson Concepts (Wholesale) Ltd., Hong Kong.
Dickson Concepts Ltd., Hong Kong.
Dickson Cyber.Com Ltd., Hong Kong.
Dickson Enterprises Ltd., Hong Kong.
Dickson Express Co. Ltd., Hong Kong.
Dickson Films Co. Ltd., Hong Kong.
Dickson Interior Design Ltd., Hong Kong.
Dickson Investments (H.K.) Ltd., Hong Kong.
Dickson Licensing Ltd., British Virgin Islands.
Dickson Macau Ltd., Macau.
Dickson RTW (Shanghai) Ltd., China.
Dickson Stores Pte. Ltd., Singapore.
Dickson Trading (Asia) Co. Ltd., Hong Kong/Taiwan.
Dickson Warehousing Ltd., Hong Kong.
Ever Success Consultancy (Shenzhen) Ltd., China.
Ever Success Management Ltd., Hong Kong.
Full Kingdom Interior Design Consultancy (Shanghai) Ltd., China.
Full Kingdom Ltd., Hong Kong.
Harmonious Time Ltd., Hong Kong.
Hong Kong Seibu Enterprise Co. Ltd., Hong Kong.
Hong Kong Seibu Investment Co. Ltd., Hong Kong.
Hong Kong Stores (LP) Ltd., Hong Kong.
Hong Kong Stores Co. Ltd., British Virgin Islands/Hong Kong.
Ining Investments Ltd., Hong Kong.
Leading Way Apparel Shanghai Ltd., China.
Leading Way Ltd., British Virgin Islands/Hong Kong.
Lian Cai International Trading (Shenzhen) Co. Ltd., China.
Mighty Achievements Investments Ltd., Hong Kong.
Mighty Leader Ltd., Hong Kong.
Pui Chak Enterprises Ltd., Hong Kong.
Raglan Resources Ltd., British Virgin Islands.
Shanghai Jin Jiang Dickson Center Co. Ltd., China.
Shenyang Rui Tai Feng Commercial Trading Co. Ltd., China.
Shenzhen Dickson Retail Ltd., China.
Shenzhen Seibu Department Store Co. Ltd., China.
Sinotop Development Ltd., Hong Kong.
The Dickson Shop Ltd., Hong Kong/Singapore.
The Dickson Shop Sdn. Bhd., Malaysia.
The Dickson Trading (Taiwan) Co. Ltd., Taiwan.
Tommy Hilfiger Apparel (Shanghai) Ltd., China.
Tommy Hilfiger Asia-Pacific Ltd., British Virgin Islands/Taiwan.
Tommy Hilfiger Marketing Ltd., Hong Kong.
Top Creation Ltd., Hong Kong.
Top Strength Ventures Ltd., British Virgin Islands/Hong Kong.
Wealth Top Investment Ltd., Hong Kong.
etc.
BUSINESS REGISTRATION
NUMBER
12155146
0224937
Group Deputy Chairman & Chief Executive Officer: Mr. Raymond Lee
Group Executive Director & Chief Operating Officer: Mr. Chan Tsang Wing, Nelson
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 19-08-2011)
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Name |
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No. of shares |
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Castlereagh Ltd. P.O. Box 71 Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
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9,999,999 |
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CHAN Tsang Wing, Nelson |
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1 |
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––––––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 19-08-2011)
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Name (Nationality) |
Address |
|
CHAN Tsang Wing, Nelson |
Flat A, 24/F., Block 2, Clovelly Court, 12 May Road, Hong Kong. |
|
Raymond LEE |
Flat C, 7/F., Woodland Heights, 2 Wong Nei Chung Gap Road, Hong Kong. |
|
CHAN Hon Chung, Johnny Pollux |
Flat D, 36/F., Block 5, Kenswood Court, Kingswood Villas, Tin Shui
Wai, Yuen Long, New Territories, Hong Kong. |
(As per registry dated 19-08-2011)
|
Name |
Address |
|
OR Suk Ying, Stella |
Flat A, 24/F., Block 12, Laguna City, Lam Tin, Kowloon, Hong Kong. |
The subject was incorporated on 19th August, 1988 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Elmeco Co. Ltd.,
name changed to Costume Jewellery (Distribution) Ltd. on 24th January, 1989;
changed to Dickson Cyber Concepts Ltd. on 25th August, 1999; to Dickson
Cyber.Com Ltd. on 14th April, 2000; and further to the present style on 30th
July, 2004.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Department
Store Operator.
Lines: All kinds of
fashions, accessories, beauty items, watches & jewellery, childrenswear and
home selections.
Group Employees: 2,841. (As at 31-03-2012)
Commodities Imported: Europe,
etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Group Turnover: HK$3,749,809,000 (Year ended 31-03-2008)
HK$3,838,693,000 (Year ended 31-03-2009)
HK$3,633,639,000 (Year ended 31-03-2010)
HK$3,403,861,000 (Year ended 31-03-2011)
HK$3,958,304,000 (Year ended 31-03-2012)
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of
Capital:-
|
19-08-1988 |
paid up |
HK$ 2.00 |
|
07-12-2010 |
paid up |
HK$ 9,999,998.00 |
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–––––––––––––––– |
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Total: |
paid up |
HK$ 10,000,000.00 ============== |
Increase of
Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$10,000,000.00 |
on |
07-12-2010 |
Group Net Profit: HK$210,649,000 (Year ended 31-03-2008)
HK$ 51,817,000
(Year ended 31-03-2009)
HK$303,734,000 (Year ended 31-03-2010)
HK$346,939,000 (Year ended 31-03-2011)
HK$188,892,000 (Year ended 31-03-2012)
Group Net Worth: HK$1,983,266,000.00 (As at 31-03-2008)
HK$1,854,279,000.00 (As at 31-03-2009)
HK$2,075,101,000.00 (As at 31-03-2010)
HK$2,296,934,000.00 (As at 31-03-2011)
HK$2,360,748,000.00 (As at 31-03-2012)
Profit or Loss: Group
operation conducted on a profitable basis.
Condition: Kept in a normal and
satisfactory manner.
Facilities: Is making use of general
banking facilities.
Payment: So far good in manner.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
With a nominal and issued capital of HK$10 million, Harvey Nichols
(Hong Kong) Ltd. [HNHK] is wholly-owned by a BVI-registered company known
as Castlereagh Ltd. The ultimate holding
company of HNHK is Dickson Concepts (International) Ltd. [DCIL] which is a
public listed company whose shares are quoted on The Stock Exchange of Hong
Kong Ltd. under the stock code: 0113.
DCIL is an investment holding company of the Dickson Group. The principal activities of the Group are
engaged in the sale of luxury goods such as watches, leather goods, fashion products,
luxury tableware, lighters, pens and jewelry.
DCIL opened shops for core brands, such as Brooks Brothers, Tommy
Hilfiger, Tod’s and S.T. Dupont. It also
opened shops for brands, which it has secured exclusive distribution rights for
various markets, such as Rolex, Tudor, Chopard, Panerai, Longines, Rado and
Oris. DCIL also involved in the
operation of and investment in department stores. The company's brands include SEIBU, Harvey
Nichols (acquired from the Burton Group by DCIL in October 1991), Dickson Watch
& Jewellery, Beauty Bazaar, braccialini and many others. As of 31st March, 2012, DCIL had totaled
320 shops, including 49 shops in Hong Kong, 156 in China, 4 in Macau, 85
in Taiwan, and 26 in Singapore and Malaysia.
HNHK is one of the core members of the Dickson Group. It is the operator of “Harvey Nichols”
department store and is engaged in selling high-end fashion products. HNHK is trading under the business names of
“Alviero Martini”, “Beauty Bazaar.Harvey Nichols”, “Harvey Nichols”, “Polo
Jeans Company”, “Polo Ralph Lauren”, “Ralph Lauren Children”, “Ralph Lauren”
and “The Fourth Floor”.
In September 2005, HNHK opened “Harvey Nichols”
Store at the Landmark Centre - the city's premium retail destination. It represents the Group’s first store in
Asia.
The store occupies 60,000 sq.ft. set over five
floors with a varied edit of luxury brands and includes a destination
Restaurant on the Fourth Floor.
In December 2010, HNHK launched a beauty concept Beauty Bazaar by Harvey
Nichols in Hong Kong.
In October 2011 HNHK opened its Asian flagship
store in Pacific Place, Hong Kong, its second store in the country. The store covers 83,000 sq.ft. bringing
together the Harvey Nichols selection of international and contemporary brands
in men’s and women’s fashion and accessories.
The store also features a comprehensive watch and jewellery division
together with a brand new concept for beauty and living.
For the year ended 31st March, 2012, turnover of the Dickson Group was
HK$3,985.3 million, an increase of 17.1% compared with FY2011. Profit attributable to equity shareholders
was HK$186.7 million, compared with HK$346.8 million in the previous year which
included HK$163.6 million one‑off income from the sale of the Tommy
Hilfiger China licensed business upon the expiration of the license.
During FY2012, the new store in Pacific Place brought the best of this
perennially successful international luxury franchise to Hong Kong, and has set
exciting new standards for the Asian market.
The store was extremely well received by its customers and the media
alike, with sales performance exceeding its expectations. Together with the Harvey Nichols store at The
Landmark, these two stores will reinforce Harvey Nichols’ leadership in the
luxury retailing market in the region and lay the foundation for a major growth
engine for the Group in the years ahead.
In addition, the Beauty Bazaar business has encouraged the Group to
embark on the expansion of this retail concept in Greater China. It is confident that this new business will
become important growth engine in the years ahead.
In view of its parentage, we consider the company good for its normal
business engagements.
Brief personal profile of the principal directors:-
Mr. Raymond LEE (Deputy Chairman and Chief Executive Officer),
aged 62, joined the Dickson Group in 1992 as an Executive Director. He was appointed the Deputy Chairman in 2000
and the Chief Executive Officer in June 2005.
He is a Fellow of The Institute of Chartered Accountants in England and
Wales, and prior to joining the Group, held a senior position with a major
international financial institution. Mr.
Lee provides leadership for the management of the Group to implement the strategies
and oversee the realisation of the objectives set by the Board.
Mr. CHAN Tsang Wing, Nelson (Executive Director and Chief Operating
Officer), aged 56, was appointed an Executive Director in February 2000. and
the Chief Operating Officer in March 2011.
He is a Fellow of The Institute of Chartered Accountants in England and
Wales, and was previously chief executive of a major international trading
group.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
19-01-2010 |
R7680 |
Ho Ka Chun |
Harvey Nichols (Hong Kong) Ltd. trading as Harvey Nichols |
Labour Dispute |
Not stated |
|
30-11-2010 |
R3896 |
Lee Kam Kong |
Harvey Nichols (Hong Kong) Ltd. |
Labour Dispute |
Not stated |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.50 |
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|
1 |
Rs.86.40 |
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Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
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 |
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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.