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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KGS SOURCING LTD |
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Formerly Known As : |
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 : |
Garment and Household Accessory Trader |
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No. of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade, including
the sizable share of re-exports, is about four times GDP. Hong Kong has no
tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 12% of total system deposits in Hong
Kong by the end of 2013. The government is pursuing efforts to introduce
additional use of RMB in Hong Kong financial markets and is seeking to expand
the RMB quota. The mainland has long been Hong Kong's largest trading partner,
accounting for about half of Hong Kong's total trade by value. Hong Kong's
natural resources are limited, and food and raw materials must be imported. As
a result of China's easing of travel restrictions, the number of mainland
tourists to the territory has surged from 4.5 million in 2001 to 34.9 million
in 2012, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4%
of the Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
KGS SOURCING LTD
ADDRESS: 20/F., Lu Plaza, 2
Wing Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2316
2628, 2628 1898
FAX: 852-2396
8537, 2628 1803
E-MAIL: webmaster@redcats.com
Managing Director: Mr. Kwok Chi
Kueng
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.
Kering Group Revenue: €9,748 million (Year ended 31-12-2013)
Company Employees: 30.
Group Employees: 35,000.
(Year ended 31-12-2013)
Main Dealing Banker: BNP
Paribas, Hong Kong Branch.
Banking Relation: Satisfactory.
KGS SOURCING LTD.
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:-
Kering S.A., France.
Associated
Companies:-
Redcats Group of Companies
KGS Souring (Shanghai) Ltd., China.
Redcats (Brands) Ltd., UK.
Redcats AS, Norway.
Redcats Asia Global Sourcing Services Ltd., Hong Kong.
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 Management Consulting (Shanghai) Co. Ltd., China.
Redcats Nordic AB, Sweden.
Redcats Suisse S.A., Switzerland.
Redcats Sverige AB, Sweden.
Redcats UK plc, UK.
Redcats USA Canada Holding Inc., Canada.
Redcats USA Drop Ship Inc., US.
Redcats USA Gift Cards, US.
Redcats USA Inc., US.
Redcats USA LLC., US.
Redcats USA LP., US.
Redcats USA Management Services Lp., US.
Redcats S.A., France.
Associated with:-
Kering Group of Companies
21144788
0591120
Managing Director: Mr. Kwok Chi Kueng
Contact Person: Mr. Ian Whimarsh
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 17-01-2014)
|
Name |
|
No. of shares |
|
Redcats S.A. 110, Rue De Blanchemaille, 59100 Roubaix, France. |
|
10,000 ===== |
(As per registry dated 17-01-2014)
|
Name (Nationality) |
Address |
|
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. |
|
WEE Poh Gek, Glenda |
106 Kampong Java Road, Singapore 228871. |
(As per registry dated 17-01-2014)
|
Name |
Address |
Co. No. |
|
Tricor Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0014900 |
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, changed
Redcats Asia Ltd. on 17th March, 2000 and further to the present style on 16th
October, 2013.
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.
Activities: Importer
and Exporter.
Lines: Garments,
home furnishings, leisure and household goods.
Company Employees: 30.
Group Employees: 35,000.
(Year ended 31-12-2013)
Commodities Imported: Imported from
China and other Asian countries, and acquired in Hong Kong.
Markets: France,
other European countries, US, etc.
Kering Group Revenue: €8,062
million (Year ended 31-12-2011)
€9,736
million (Year ended 31-12-2012)
€9,748 million (Year ended 31-12-2013)
Redcats Group Revenue:€3,047.9 million
(Year ended 31-12-2011)
€3,016.9 million (Year ended 31-12-2012)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Kering Group Net Income Attributable to Owners:-
€ 986 million
(Year ended 31-12-2011)
€1,048
million (Year ended 31-12-2012)
€ 50 million
(Year ended 31-12-2013)
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: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, KGS Sourcing 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. Now, PPR S.A. has changed name
to Kering S.A. [Kering/Kering Group].
The subject is a buying office.
It has sourcing offices in South China, North China, Dhaka, Istanbul,
Karachi and New Delhi. The offices are
sourcing garments, furniture, toys, household products, home textiles, etc.
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. The
Redcats Group will be sold by Kering Group step by step in future. Now, Redcats USA’s operations have been sold
since February 2013.
In Hong Kong, the subject is sourcing and marketing the following
commodities:-
Product/Service |
Product/Service Remarks |
|
Suits and Jackets – Men’s |
From China, Japan, South East Asia and other Asian countries |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Furniture – Western Style |
From Hong Kong and China |
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Babies’ Wear |
From China, Japan, South East Asia and other Asian countries |
|
Floor Covering |
From Hong Kong and China |
The subject is responsible for exporting commodities to Western Europe,
Scandinavia and North America. In total
more than 120 countries of the world are selling the products of Kering Group.
The subject is the sourcing office of Home Shopping Division of
Kering Group.
Kering, through its subsidiaries, is engaged in the design, manufacture,
and distribution of apparel and accessories worldwide. The company’s Luxury segment designs,
manufactures, and distributes luxury products, which primarily include handbags,
small leather goods, luggage, shoes, men and women’s ready‑to-wear,
silks, watches, fine jewellery, eyewear, lingerie, fragrances and cosmetics,
furniture, kids wear, and other accessories under the brand names of Gucci,
Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Brioni,
Christopher Kane, Qeelin, Stella McCartney, Sergio Rossi, Boucheron,
Girard-Perregaux, and JeanRichard through a network of directly-operated
stores, franchisees, department stores, multi-brand boutiques, and e-commerce
sites. Its Sport and Lifestyle segment
designs and produces various sport and lifestyle products, such as T-shirts,
track jackets, bags, boardshorts, polo shirts, denim, swim, outerwear, and
sandals; footwear; sunglasses, snow goggles, backpacks, luggage, and
accessories under the Puma, Volcom, Cobra, Electric, and Tretorn brand
names. This segment also produces and
sells music and films. The company was
formerly known as PPR SA and changed its name to Kering SA in June 2013.
Kering SA was founded in 1963 and is headquartered in Paris, France.
The Redcats Group was originally founded by Mr. Joseph Pollet in
Roubaix, France, in 1873. Now, it is
part of the Kering.
For the year ended 31st December, 2013, the revenue of the Group
amounted to €9,748 million (2012: €9,736 million); net income attributable to
owners amounted to € 50 million (2012: €1,048 million). The net income of the Group dropped
substantially in FY 2013 as compared with 2012.
The revenues of the Redcats Group became insignificant.
For the year ended 31st December, 2013, Kering Group had 35,000
employees in total while 60% are women.
Having a history of over seventeen 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
UK Pound |
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
SHG |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
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 |
|
|
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 |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
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 |
|
|
-- |
NB |
New Business |
-- |
|
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.