I have a Richwood Explorer that cost me 105 quid off of Ebay.
Co-incidentally, I have a Richwood Double Cut that I got from eBay. I've actually de-pimped it by removing the VHIIs that it came with (they are destined for a Kawai!), and I'll try to sell it on shortly. With the VHIIs installed it was a great playing and incredible sounding guitar - I really was surprised and tempted to keep it (except I would have been shot). It was a match for some of the far-more-expensive guitars loitering around my music room. Apparently, it was Korean made, so I guess that might explain the basic quality.
Since de-pimping it, I've still been impressed with the quality and playability of the basic guitar. Properly set up with a great low action, no buzz and a decent easy-to-play neck. It's a bit bling with the gold hardware and all the inlays, but amazing for the money!