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Report No. : |
335580 |
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Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
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Name : |
PEDDER GROUP LTD. |
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Registered Office : |
27/F. - 30/F., One Island South, 2 Heung Yip Road, Wong Chuk Hang, |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.03.2002 |
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Com. Reg. No.: |
32532324 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Department Store Operator of Ladies shoes, handbags,
accessories, textile products. |
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No. of Employees : |
1,200 (Group Employees) |
RATING & COMMENTS
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MIRAs 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 : |
Regular |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
A1 |
A1 |
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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 |
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
PEDDER GROUP LTD.
ADDRESS: 27/F.
- 30/F., One Island South, 2 Heung Yip Road, Wong Chuk Hang, Hong Kong.
PHONE: 852-2118
6088, 2118 2202
FAX: 852-2118 1133, 2118 2021
E-MAIL: recruitment@peddergroup.com
MANAGEMENT:
Managing Director:
Mr. Tsui Yiu Cheung
Incorporated on: 13th March, 2002.
Organization: Private Limited Company.
Issued Share Capital: HK$2.00
Business Category: Department
Store Operator.
Group Employees: 1,200.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation:
Very Good.
Registered Head
Office:-
27/F. - 30/F., One Island South, 2 Heung Yip Road, Wong
Chuk Hang, Hong Kong.
Holding Company:-
Lane Crawford (Hong Kong) Ltd., Hong Kong.
Intermediate Holding
Company:-
LCJG Ltd., Hong Kong.
Ultimate Holding
Company:-
Lane Crawford (BVI) Ltd., British Virgin Islands.
Subsidiary/Associated/Affiliated
Companies:-
Lane Crawford Joyce
Group of Companies
Chesterland Group Ltd., British Virgin Islands.
Christian Louboutin Asia Ltd., Hong Kong.
CM Crawford Ltd., Hong Kong.
GGR Asia Ltd., Hong Kong.
Golden Tiger Tarantula Ltd., Hong Kong.
ImagineX (Beijing) Commercial Co. Ltd., China.
ImagineX (Shanghai) Commercial Co. Ltd., China.
ImagineX Beauty Ltd., Hong Kong.
ImagineX BG Ltd., Hong Kong.
ImagineX DK (HK) Ltd., Hong Kong.
ImagineX Group Singapore Pte. Ltd., Singapore.
ImagineX IBM Ltd., Hong Kong.
ImagineX IMB Ltd., Hong Kong.
ImagineX ISA Ltd., Hong Kong.
ImagineX Macao Co. Ltd., Macao.
ImagineX Management Co. Ltd., Hong Kong.
ImagineX MJD Ltd., Hong Kong.
ImagineX Overseas Ltd., Hong Kong.
ImagineX PL Ltd., Hong Kong.
ImagineX PS Ltd., Hong Kong.
ImagineX PSM Ltd., Hong Kong.
ImagineX SS Ltd., Hong Kong.
ImagineX TM Ltd., Hong Kong.
ImgineX AO Ltd., Hong Kong.
Jade Creations Ltd., Hong Kong. (Dormant)
Jennisis Ltd., Hong Kong.
Joyce Boutique Holdings Ltd., Bermuda/Hong Kong.
Joyce Boutique Ltd., Hong Kong.
Lane Crawford (China) Ltd., British Virgin Islands.
Lane Crawford (Macau) Ltd., Macau.
Lane Crawford (Singapore) Pte. Ltd., Singapore.
Lane Crawford International Ltd., Bermuda.
LCJG Distribution Co. Ltd., Hong Kong.
Marc Jacobs Hong Kong Distribution Co. Ltd., Hong Kong.
OIS Realty Ltd., Hong Kong.
OIS Realty Ltd., Hong Kong.
On Pedder Ltd., Hong Kong.
Pedder Group Ltd., Hong Kong.
Pedder Red Ltd., Hong Kong.
Pedder Vision Ltd., Hong Kong.
Walton Brown JC HK Ltd., Hong Kong.
32532324
0789006
Managing Director:
Mr. Tsui Yiu Cheung
HK$2.00
(As per registry dated 13-03-2015)
|
Name |
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No. of shares |
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Lane Crawford (Hong Kong) Ltd., Hong Kong. |
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2 = |
(As per registry dated 13-03-2015)
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Name (Nationality) |
Address |
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CHAN Kai Cheuk, Stephen |
Flat B, 13/F., Prosperous Height, 62 Conduit Road, Hong
Kong. |
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TSUI Yiu Cheung |
Flat C, 7/F., Conduit Tower, 20 Conduit Road,
Hong Kong. |
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MOK Wai Man |
Flat D, 11/F., Prosperous Height, 62 Conduit Road,
Hong Kong. |
(As per registry dated 13-03-2015)
|
Name |
Address |
|
CHAN Lap Yee |
27/F., One Island South, 2 Heung Yip Road, Wong Chuk
Hang, Hong Kong. |
The subject was incorporated on 13th March, 2002 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of
Envision Holdings Ltd., name changed to Pedder Brown Ltd. on 17th April, 2002,
and further to the present style on 14th June, 2002.
Formerly the subjects registered address was located at
25/F., Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong,
moved to 23/F., Wheelock House, 20 Pedder Street, Central, Hong Kong in July
2011. Its head office was formerly located
at Room 2707-2712, 27/F., Tower One, Times Square, 1 Matheson Street, Causeway
Bay, Hong Kong, moved to combine with its registered office at the present
address with effect from 15th July, 2011.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Department
Store Operator.
Lines: Ladies
shoes, handbags, accessories, textile products.
Group Employees: 1,200.
Commodities Imported: Italy,
France, other European countries, Japan, US.
Markets: Hong
Kong, China, other Asian countries.
Terms/Sales: CAD, COD or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$2.00
Profit or Loss: Business
is profitable.
Condition: Keeping in a good and active
condition.
Facilities: Making very active use of
general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Very Good.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Pedder Group Ltd. is
a wholly-owned subsidiary of Lane Crawford (Hong Kong) Ltd. [Lane
Crawford] which is a Hong Kong-registered firm located at the same operating
address. Lane Crawford is one of the
significant department stores in Hong Kong.
The intermediate
holding company of the subject is LCJG Ltd., also a Hong Kong-registered
company.
The registered
address of the subject is also the home store and showroom of the subject.
Formerly the subject
was a wholly-owned subsidiary of Chesterland Group Ltd. [Chesterland] which was
a BVI-registered firm. The old name of
Chesterland was The Lane Crawford Joyce Group (BVI) Ltd. Chesterland transferred its shares to Lane
Crawford on 1st April, 2010.
However, the subject
still belongs to the Lane Crawford Joyce Group.
At present, Pedder Group includes the following firms:-
On Pedder Ltd.;
Pedder Group Ltd.
(the subject);
Pedder Red Ltd.;
&
Pedder Vision Ltd.
Pedder Group is the
leading retailer of high end footwear, ladies shoes, handbags and accessories
in the Greater China region and Southeast Asia.
It manages Lane Crawford shoes and accessories as well as designer
footwear boutique On Pedder, mid-market footwear multiple Pedder
Red and several franchises.
Through the Lane
Crawford department stores and its own boutiques, On Pedder
and Pedder Red, Pedder Group retails high-end accessories and
footwear in the Greater China and Southeast Asia. Pedder Group has upscale On Pedder
boutiques in Hong Kong, Shanghai, Taipei, Singapore and Jakarta and opened On
Pedder stores in Beijing and Bangkok in late 2007.
Based in Hong Kong,
Pedder Group is an independently managed subsidiary of the Lane Crawford Joyce
Group, a leading partner for international brands in the Asia Pacific region.
With 50 points of
sale across more than 200,000 square feet of retail across Hong Kong, Shanghai,
Beijing, Shenyang, Chengdu, Chongqing, Singapore and Jakarta, Pedder Group
works with 300 international brands and ranks in the top 10 global shoe and
accessories retailers.
One of the
significant shops of the Pedder Group is in Cityplaza, Taikoo Shing, Hong Kong.
Pedder Group operates
four businesses:
·
The womens and mens shoes and accessories
business for Lane Crawford on and offline, and womens shoes and accessories
under the Shoespace banner in LAB Concept.
·
On Pedder; a designer retail concept with
freestanding stores and branded boutiques in Joyce.
·
Pedder Red, a contemporary fashion shoe and
accessories brand, the majority of which is its own development, distributing
through its freestanding stores and Lane Crawford.
·
Mono-brand stores through partnership for
Christian Louboutin and Stuart Weitzman.
Pedder Group carries
the following brands: Alaοa, Alexander Mcqueen, Alexander Wang, Ann
Demeulemeester, Anndra Neen, Balmain, Assad
Mounser, Butler & Wilson, Cιline, Chloι,
Chouette, Christian Louboutin, Christopher Kane,
Comme Des Garηon, Dita, Dolce &
Gabbana, Elizabeth And James, Erickson Beamon, Falconiere,
Fallon, Florian, Galtiscopio, Gem Kingdom,
Givenchy, Giuseppe Zanotti Design, Helene Zubeldia,
Janis Savitt, House Of Lavande, Jennifer Behr,
Jimmy Choo, Junya Watanabe, Kenneth Jay Lane,
Les Chiffoniers, Linda Farrow Collaborations, Lanvin,
Lulu Frost, Maison Michel, Marc Jacobs, Miu Miu,
Marni, Nicholas Kirkwood, Nina Ricci, Opening
Ceremony, Pamela Love, Pedro Garcia, 3.1
Phillip Lim, Pierre Hardy, Repetto, Rick
Owens, Rodarte, Sergio Rossi, Sigerson Morrison,
Stella Mccartney, Stephen Jones, Stephen Webster,
Tom Binns, Tory Burch, Undercover, Valentino,
Vera Wang, Vionnet, Yves Saint Laurent,
Zagliani.
Pedder Group is part of
The Lane Crawford Joyce Group, Asias premier fashion retail and brand
management group, which also includes iconic, luxury department store Lane
Crawford, fashion boutique Joyce and leading retail, brand management and
distribution company ImagineX Group.
According to the
subject, On Pedder has been cooperating with a famous designer Tsao &
McKown Architects PC (owned and operated by Mr. Calvin Tsao) to design its
retailing shops in Hong Kong and Beijing, China.
The director of the
subject Mr. Tsui Yiu Cheung is also a director of the Wheelock Group.
Besides its
operations in Hong Kong and China, the subject has expanded its business to
Macau in recent years. The new Macau
retailing shop is located at Shop 2848, Level 2, The Shoppes at Four Seasons,
Cotai, Macau.
The Lane Crawford
Joyce Group is comprised of Lane Crawford, Joyce Group and Pedder Group.
The Lane Crawford
Joyce Group is the Hong Kong SARs premier multi-label specialty retailers;
ImagineX; and LCHL Distribution Company.
Their portfolio of brands under franchise and distribution in Greater
China (Hong Kong, China, Taiwan and Macau) includes Marc Jacobs,
Marni, Hugo Boss, Versace, Coach, BCBG
and others. LCHL is the abbreviation of
Lane Crawford Holdings Ltd.
The LCHL is representing
Juicy Couture clothing brand through a network of distribution,
retailing and franchising. The brand
will be made available in China, Taiwan, Hong Kong, Macau, Singapore, Thailand,
Malaysia and Indonesia. The Lane
Crawford Joyce Group will work closely with Juicy Couture to position and
expand the brands presence in Asia.
These openings come
as Lane Crawford itself is closing its three branded department stores in
China.
Now Lane Crawford has
had several designers boutiques and specialty retailing shops.
With an annual
revenue of about US$150 to 200 million, Pedder Group also serves as the gateway
into China for such designers as Jimmy Choo, Anya Hindmarch, Giuseppe Zanotti
and Stuart Weitzman.
The Lane Crawford
Groups associate Joyce Boutique Holdings Ltd., a firm registered in Bermuda,
is a public listed firm in Hong Kong.
Today, the focus of
the Lane Crawford Joyce Group has shifted from department store to specialty
store, Lane Crawford is also in the business of anticipating its customers needs
and providing them with merchandise they cannot get elsewhere.
Lane Crawfords
stores offer a wide selection of international brands in womenswear, menswear,
shoes and accessories, lingerie, jewellery, cosmetics, and home and lifestyle throughout
its stores in Hong Kong and Beijing.
Lane Crawford has
expanded its business in the Hong Kong Island in the Queensway Plaza shopping
mall. The tender of a seven-year tenancy
of Queensway Plaza in Admiralty was awarded to Lane Crawford. Now, this new firm is in operation. It is predicted that the revenues of Lane
Crawford will further improve in the years ahead.
The followings are
the current stores of Lane Crawford:-
1.
IFC Mall, Central, Hong Kong.
2.
Times Square, Causeway Bay, Hong Kong.
3.
Canton Road, Tsim Sha Tsui, Kowloon.
4.
Seasons Place, Xicheng District, Beijing,
China.
5.
Yintai Centre, Chaoyang District, Beijing,
China.
6.
Times Square, Shanghai.
7.
Chengdu IFS, Chengdu, China.
8.
Pacific Place home store, Pacific Place Mall,
Admiralty, Hong Kong.
9.
One Island South home store and showroom, One
Island South, Wong Chuk Hang, Hong Kong.
10.
LaneCrawford.com, online store.
Lane Crawford is part
of The Lane Crawford Joyce Group, Asias premier fashion and brand management
group, including multi-brand retailers JOYCE and The Pedder Group, and
management and distribution arm, ImagineX.
The Lane Crawford
Joyce Group operates more than 550 points of sale across Greater China and
South East Asia.
The history of Lane
Crawford is over 160 years in Hong Kong.
For the financial
year ending 31st March, 2014, Lane Crawfords revenue was about US$770 million
and was up to US$775 million in FY 2015.
The subject is fully
supported by Lane Crawford and its associates.
Since the subject
belongs to the Lane Crawford Group which is a leading department store in Hong
Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
UK Pound |
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SCs 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.