MIRA INFORM REPORT
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Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
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Name : |
GUESS? ASIA LTD. |
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Registered Office : |
Suite 1-6, 17/F., Tower 6, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.03.2005 |
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Com. Reg. No.: |
35513301 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments. |
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No. of Employees
: |
50 |
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 : |
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 |
Company name
GUESS? ASIA
LTD.
Company ADDRESS
Suite 1-6, 17/F., Tower 6, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2268 0033, 2317 5086
FAX: 2261 9001, 2261 9099
E-MAIL: wyu@guess.com
MANAGEMENT
Managing Director: Ms. Wong Sau Lai, Shirley
SUMMARY
Incorporated on: 30th March, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$145,286,219.00
Issued: HK$145,286,219.00
Business Category: Garment Trader.
Group Net Sale: US$2,487,294,000 (Year ended 29-01-2011)
Employees: 50. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
Suite 1-6, 17/F., Tower 6, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Guess? Europe B.V., the Netherlands.
Ultimate Holding
Company:-
Guess? Inc., USA.
Associated Companies:-
Guess? Group of Companies
· Aix Verdi Sarl, France.
· Avignon Le Pontet Sarl, France.
· Beziers Polygone Sarl, France.
· Focus Europe S.r.l., Italy.
· Grupo Guess S. de R.L. de C.V., Mexico.
· GSB 3 Sarl, France.
· GSB 4 Sarl, France.
· Guess Apparel Spain S.L., Spain.
· Guess Austria GmbH, Austria.
· Guess Belgium S.P.R.L., Belgium.
· Guess Canary Islands S.L., Spain.
· Guess Europe Sagl, Switzerland.
· Guess France S.A.S., France.
· Guess Italia S.r.l., Italy.
· Guess Jewelry Sagl, Switzerland.
· Guess Macau Ltd., Macau.
· Guess Service S.r.l., Italy.
· Guess Sud S.A.S., France.
· Guess U.K. Ltd., UK.
· Guess.com Inc., USA.
· Guess? (Shanghai) Ltd., China.
· Guess? Asia Ltd., Taiwan Branch.
· Guess? Bermuda Holdings L.P., Bermuda.
· Guess? Bermuda Holdings LLC, USA.
· Guess? Canada Corporation, Canada.
· Guess? Deutschland GmbH, Germany.
· Guess? Euro-Canada B.V., the Netherlands.
· Guess? Holdings Korea Ltd. Liability Co., Korea.
· Guess? IP GP LLC, USA.
· Guess? IP Holder L.P., USA.
· Guess? IP LP LLC, USA.
· Guess? Licensing Inc., USA.
· Guess? Retail Inc., USA.
· Guess? Value LLC, USA.
· Lyon Herriot Sarl, France.
· Lyon Part Dieu Sarl, France.
· Marlit Sarl, France.
· Montpellier Odysseum Sarl, France.
· Nimes Cap Costieres Sarl, France.
· ONE Sarl, France.
· Toulouse Blagnac Sarl, France.
· Toulouse Nailloux Sarl, France.
· Toulouse Roques Sarl, France.
· Ydile Sarl, France.
etc.
BUSINESS REGISTRATION NUMBER
35513301
COMPANY FILE NUMBER
0959083
MANAGEMENT
Managing Director: Ms. Wong Sau Lai, Shirley
CAPITAL
Nominal Share Capital: HK$145,286,219.00 (Divided into 145,286,219 shares of HK$1.00 each)
Issued Share Capital: HK$145,286,219.00
SHAREHOLDER
(As per registry
dated 30-03-2011)
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Name |
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No. of shares |
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Guess? Europe B.V. Strawinskylaan 3105, 7/F., 1077ZX Amsterdam, the Netherlands. |
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145,286,219 ========= |
DIRECTORS
(As per registry
dated 30-03-2011)
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Name (Nationality) |
Address |
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LI Kit Ha, Kitty |
D3304, Mount Parker Lodge, Quarry Bay, Hong Kong. |
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Maurice MARCIANO |
1444 South Alameda Street, Los Angeles, CA 90021, USA. |
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Paul MARCIANO |
1444 South Alameda Street, Los Angeles, CA 90021, USA. |
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WONG Sau Lai, Shirley |
GH15B, House 15, Forest Hill, 31 Lo Fai Road, Tai Po, New Territories, Hong Kong. |
SECRETARY
(As per registry
dated 30-03-2011)
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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. |
0014900 |
HISTORY
The subject was incorporated on 30th March, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 11/F. & Room 2002, 20/F., Laws Commercial Plaza, 788 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong, moved to the present address with effect from 30th December, 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 50. (Hong Kong)
Commodities Imported: Europe, US, China, etc.
Markets: Hong Kong, China, Macau, etc.
Group Net Sale: US$1,252,664,000 (Year ended 03-02-2007)
US$1,749,916,000 (Year ended 02-02-2008)
US$2,093,390,000 (Year ended 31-01-2009)
US$2,128,466,000 (Year ended 30-01-2010)
US$2,487,294,000 (Year ended 29-01-2011)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$145,286,219.00 (Divided into 145,286,219 shares of HK$1.00 each)
Issued Share Capital: HK$145,286,219.00
Alternation of
Capital:-
|
Initially |
paid up |
HK$ 29,019,719.00 |
|
13-11-2008 |
paid up |
HK$ 116,266,500.00 |
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––––––––––––––––– |
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Total: |
paid up |
HK$ 145,286,219.00 =============== |
Increase of
Nominal Capital:-
|
From |
HK$29,019,719.00 |
to |
HK$145,286,219.00 |
on |
13-11-2008 |
Mortgage or
Charge:-
Date of Security Over Deposits: 05-12-2006
Amount: Amount secured – (i) all monies in any currency owing by the Company to the chargee at any
time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing this Charge
Property: The deposit with chargee in the amount of HK$421,080 under Deposit No. 178-706677-000
whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Group Net Earnings: US$131,172,000 (Year ended 03-02-2007)
US$186,472,000 (Year ended 02-02-2008)
US$213,562,000 (Year ended 31-01-2009)
US$242,761,000 (Year ended 30-01-2010)
US$289,508,000 (Year ended 29-01-2011)
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 required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Guess? Asia Ltd. is a wholly-owned subsidiary of Guess? Europe B.V., the Netherlands. In turn, Guess? Europe B.V. is a subsidiary of Guess? Inc. [Guess?] which is a US-based firm. It is a listed firm with shares listed on the New York Stock Exchange. Guess? is the holding company of the Guess? Group.
The subject is a garment trader. It is trading in the Group’s products.
Guess? designs, markets, distributes and licenses one of the world’s leading lifestyle collections of contemporary apparel and accessories for men, women and children that reflect the American lifestyle and European fashion sensibilities. Its apparel is marketed under numerous trademarks including “GUESS”, “GUESS?”, “GUESS U.S.A.”, “GUESS Jeans”, “GUESS? and Triangle Design”, “MARCIANO”, “Question Mark and Triangle Design”, “a stylized G and a stylized M”, “GUESS Kids”, “Baby GUESS”, “YES”, “G by GUESS”, “GUESS by MARCIANO” and “Gc”. The lines include full collections of clothing, including jeans, pants, overalls, skirts, dresses, shorts, blouses, shirts, jackets, knitwear and intimate apparel. It also selectively grants licenses to manufacture and distribute a broad range of products that complement our apparel lines, including eyewear, watches, handbags, footwear, kids’ and infants’ apparel, leather apparel, swimwear, fragrance, jewelry and other fashion accessories. Its products are sold through retail, wholesale, e-commerce and licensing distribution channels. Its core customer is a style-conscious consumer primarily between the ages of 18 and 32. These consumers are part of a highly desirable demographic group that we believe, historically, has had significant disposable income. It also appeals to customers outside this group through specialty product lines that include “GUESS by MARCIANO”, a more sophisticated fashion line targeted to women and men, and “GUESS Kids”, targeted to boys and girls ages 6 to 12.
The Group was founded in 1981 and currently operates as a Delaware corporation. Its retail network, made up of both directly operated and licensee operated stores, creates an upscale and inviting shopping environment that helps to enhance its brand image.
At 29th January, 2011, the Group directly operated a total of 481 stores in the US and Canada and 188 stores outside of the US and Canada, plus an additional 184 smaller-sized concessions in Europe and Asia. Distribution through its directly operated retail stores allows it to influence the merchandising and presentation of its products, build brand equity and test new product design concepts.
At 29th January, 2011, its international licensees and distributors operated 704 stores located outside the US and Canada, plus 83 smaller-sized licensee operated jean and accessory concessions located in Asia. Using this licensed retail store approach allows it to expand its international operations with a lower level of capital investment while still closely monitoring store designs and merchandise programs in order to protect the reputation of the “GUESS?” brand.
The Group sells through both domestic and international wholesale distribution channels. US wholesale customers consist primarily of better department stores, including Macy’s and Dillard’s, and select specialty retailers and upscale boutiques, which have the image and merchandising expertise that it requires for the effective presentation of its products. In Europe, its products are sold in stores ranging from large, well known department stores like Galeries Lafayette, Printemps and El Corte Inglès to small upscale multi-brand boutiques. Because its European wholesale business is more fragmented, it generally relies on a large number of smaller regional distributors and agents to distribute its products. Through its foreign subsidiaries and its network of international distributors, its products are also available in major cities throughout Canada, Africa, Asia, Australia, the Middle East and Central and South America.
In its Asia segment, it sells its products through wholesale, retail and e‑commerce channels throughout Asia. In fiscal 2011, its Asia segment accounted for approximately 8% of its sale and 7% of its earnings from operations. Its growth in Asia has been fueled by its business in South Korea, where it began operating directly in January 2007, and China, where it began operating directly in April 2007. Its Asia retail business includes both licensee and company operated stores, including “GUESS?”, “GUESS by MARCIANO”, “Gc”, “GUESS? Accessories”, “GUESS? Kids” and “GUESS? Underwear” stores.
For the year ended 29th January, 2011, it and its partners opened 43 new stores in Asia, ending the year with 357 stores, 28 of which it operated directly and 329 of which were operated by licensees or distributors. This store count does not include 255 smaller-sized jean and accessory concessions. Its Asia wholesale customer base is comprised primarily of a small number of selected distributors with which it has contractual distribution arrangements. It has opened flagship stores in key cities such as Seoul, Shanghai, Hong Kong, Macau, Beijing and Taipei and have partnered with licensees to develop its business in the second tier cities in this region.
The properties of the Group leased in Hong Kong involve administrative offices, showrooms, sourcing, distribution and licensing coordination facilities used by its wholesale segment cover 33,900 sq.ft.
For the year ended 29th January, 2011, the net sales of the Group amounted to US$2,487.3 million, grew by 16.9% as compared with US$2,128.5 million in FY 2010; net earnings were US$289.5 million, grew by 19.2% as compared with US$242.8 million in FY 2010.
As of February 2011, the Group had approximately 15,000 associates, both full and part-time, consisting of approximately 9,700 in the US and 5,300 in foreign countries. The number of its employees fluctuates during the year based on seasonal needs.
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.49.65 |
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UK Pound |
1 |
Rs.77.80 |
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Euro |
1 |
Rs.65.05 |
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.