MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADIDAS SOURCING
LTD. |
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Formerly Known as : |
ADIDAS ASIA/PACIFIC LTD |
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Registered Office : |
10/F., Cityplaza Four, 12 Taikoo Wan Road, Taikoo Shing, Island East |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.08. 1992. |
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Com. Reg. No.: |
15963536 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Buying Office and Exporters of all kinds of “Adidas” Footwear, Apparel and Accessories. |
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 : |
Regular |
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Litigation : |
Exists |
name of the company
ADIDAS
SOURCING LTD.
ADDRESS
10/F., Cityplaza
Four, 12 Taikoo Wan Road, Taikoo Shing, Island East, Hong Kong.
PHONE: 2302 8888
FAX: 2302 8866
E-MAIL: hr_regionap@adidas.com.hk
MANAGEMENT
Director &
Chief Executive Officer: Mr. Christophe
Jean Bezu
SUMMARY
Incorporated on: 13th August, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Exclusive Buying Office.
Group Net Sales: €10,299 million (Year ended 31-12-2007)
Employees: 150.
Main Dealing Banker: BNP Paribas, Hong Kong Branch.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
10/F., Cityplaza Four, 12 Taikoo Wan Road, Taikoo Shing, Island East, Hong Kong.
Immediate Holding
Company:-
adidas International Trading B.V.
De Prinsenhof, Koningin Wilhelminaplein 30, 1062 KR Amsterdam, the Netherlands.
Ultimate Holding
Company:-
adidas AG
Adi-Dassler-Straße 1, D-91074 Herzogenaurach, Germany.
[Tel: 49 (0) 9132-84-0; Fax: 49 (0) 9132-84-2241]
Affiliated
Companies:-
adidas Group of Companies
adidas (China) Ltd., China.
adidas (Ireland) Ltd., Ireland.
adidas (Malaysia) Sdn. Bhd., Malaysia.
adidas (Suzhou) Co. Ltd., China.
adidas (Thailand) Co. Ltd., Thailand.
adidas (UK) Ltd., UK.
adidas Australia Pty. Ltd., Australia.
adidas Austria GmbH, Austria.
adidas Belgium N.V., Belgium.
adidas Danmark A/S, Denmark.
adidas Emerging Markets FZE, UAE.
adidas Holding (Thailand) Co. Ltd., Thailand.
adidas Holding S.A., France.
adidas Hong Kong Ltd., Hong Kong.
adidas India Marketing Private Ltd., India.
adidas India Private Ltd., India.
adidas International B.V., the Netherlands.
adidas International Marketing B.V., the Netherlands.
adidas Israel Ltd., Israel.
adidas Italy S.p.A., Italy.
adidas Japan K.K., Japan.
adidas Korea Ltd., Korea.
adidas Korea Technical Servcies Ltd., Korea.
adidas Latin America S.A., Panama.
adidas Ltd., Russia.
adidas New Zealand Ltd., New Zealand.
adidas Norge AS, Norway.
adidas North America Inc., USA.
adidas Philippines Inc., Philippines.
adidas Poland Sp. z.o.o., Poland.
adidas Portugal S.A., Portugal.
adidas Services Ltd., Hong Kong.
adidas Singapore Pte. Ltd., Singapore.
adidas Sporting Goods Ltd., Egypt.
adidas Sports (China) Ltd., China.
adidas Taiwan Ltd., Taiwan.
adidas Technical Services Private Ltd., India.
adidas Versicherungs-Vermittlungs GmbH, Germany.
P.T. adidas Indonesia, Indonesia.
RBK Holdings Ltd., UK.
Reebok (China) Services Ltd., Hong Kong.
Reebok (Mauritius) Co. Ltd., Mauritius.
Reebok Canada Inc., Canada.
Reebok de Mexico S.A. de C.V., Mexico.
Reebok France S.A., France.
Reebok India Co., India.
Reebok International Ltd., USA.
Reebok Japan Inc., Japan.
Reebok Korea Ltd., Korea.
Reebok Poland S.A., Poland.
Reebok Spain S.A., Spain.
Reebok Trading (Far East) Ltd., Hong Kong.
RIL Indonesia Services Ltd., Hong Kong.
RIL Securities Ltd., Hong Kong.
RIL Shanghai Ltd., China.
RIL Taiwan Services Ltd., Hong Kong.
Smedley (H.K.) Ltd., Hong Kong.
Sport Maska Inc., Canada.
Taylor Made Golf Co. Inc., USA.
Taylor Made Golf Co. Ltd., Japan.
Taylor Made Golf Ltd., UK.
Taylor Made Korea Ltd., Korea.
The Rockport Co. LLC, USA.
Toy Factory Inc., USA.
WAP Holdings Inc., USA.
Zhuhai adidas Technical Services Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
15963536
COMPANY FILE NUMBER
374301
MANAGEMENT
Group Chairman & Chief Executive Officer: Mr. Herbert Hainer
Director & Chief Executive Officer: Mr. Christophe Jean Bezu
Director & Business Contact: Ms. Lee Pui Tak, Christina
CAPITAL
Nominal Share
Capital: HK$10,000,000.00 (Divided into 10,000 shares of HK$1,000.00 each)
Issued Share
Capital: HK$10,000,000.00
SHAREHOLDERS
(As per registry dated 13-08-2007)
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Name |
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No. of shares |
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adidas International Trading B.V. De Prinsenhof,
Koningin Wilhelminaplein 30, 1062 KR Amsterdam, the Netherlands. |
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9,999 |
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Herbert HAINER |
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1 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 13-06-2008)
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Name (Nationality) |
Address |
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HUI Yuk Chun |
Flat 806, Block C, Viking Villas, 70 Tin Hau Temple Road, Hong Kong. |
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Robin John STALKER |
Am Obern Grott 13, 91097 Oberreichenbach, Germany. |
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Herbert HAINER |
Am Rehweg 1, 91074 Herzogenaurach, Germany. |
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Christophe Jean BEZU |
Apartment 4A, Magazine Court, 5-7 Magazine Gap Road, Hong Kong. |
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LEE Pui Tak, Christina |
Flat F, 5/F., Fu Bon Court, Fortress Garden, 32 Fortress Hill Road,
North Point, Hong Kong. |
SECRETARY
LEE Pui Tak,
Christina (As per registry dated
13-08-2007)
HISTORY
The subject was incorporated
on 13th August, 1992 as a private limited liability company under the Hong Kong
Companies Ordinance.
It was originally
registered under the name of adidas Asia/Pacific Ltd., name changed to
adidas-Salomon International Sourcing Ltd. on 28th May, 1999, and further to
the present style on 2nd November, 2005.
Formerly the
subject was located at 17/F., Tower 3, China Hong Kong City, 33 Canton
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in January
2006.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Buying Office and Exporters.
Lines: All kinds of “adidas” footwear, apparel and accessories.
Employees: 150.
Commodities Imported: Mainly imported from Europe and Asian countries.
Markets: Worldwide.
Group Net Sales: € 6,267 million (Year ended 31-12-2003)
€ 5,860 million (Year ended 31-12-2004)
€ 6,636 million (Year ended 31-12-2005)
€10,084 million (Year ended 31-12-2006)
€10,299 million (Year ended 31-12-2007)
Terms/Sales: Various terms.
Terms/Buying: L/C or as per contracted.
MEMBERSHIP: The American Chamber of Commerce in Hong Kong.
The French Chamber of Commerce & Industry in Hong Kong.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKA0447]
FINANCIAL INFORMATION
Nominal Share
Capital: HK$10,000,000.00 (Divided into 10,000 shares of HK$1,000.00 each)
Issued Share
Capital: HK$10,000,000.00
Group Net Income
Attributable to Shareholders:-
€260 million (Year ended 31-12-2003)
€314 million (Year ended 31-12-2004)
€383 million (Year ended 31-12-2005)
€483 million (Year ended 31-12-2006)
€551 million (Year ended 31-12-2007)
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers
BNP Paribas, Hong Kong Branch.
Union Bank of Switzerland, Hong Kong Branch.
Standing: Good.
GENERAL
adidas Sourcing Ltd., previously known as adidas-Salomon International Sourcing Ltd., is a Hong Kong subsidiary of adidas AG which is a Germany-based firm.
Operation started in late 1992, since then the subject has taken over the business of adidas-Handels AG, Hong Kong Buying Office.
The subject is sourcing “adidas” branded footwear, apparels and accessories throughout Asia on behalf of “adidas” sales and distribution companies worldwide. Product development, production supervision and quality control are operated through its representative offices in China, Korea, Indonesia, Singapore, Taiwan and Thailand. Processing of purchasing contracts and trade finance activities are centered in Hong Kong. There are 150 employees in Hong Kong, 450 in total in the regional liaison offices.
The parent company, adidas AG, is the second-largest company in the sporting goods industry measured in terms of worldwide sales.
Founder of the parent company, Adi Dassler, was born in Herzogenaurach, near Nuremberg, Germany, on 3rd November, 1900. In 1920, right at the start of his productive life, Dassler put his professional training at the college of shoe technology in Pirmasens, Germany, into practice making sports shoes. Adi Dassler knew better than many coaches, trainers or physicians what the sportsman wanted or needed. Indeed his own sporting activities helped Dassler gain new ideas for his work, whether it was for studs or spikes, protection of the ankle or Achilles tendon, synthetic surfaces or indoor courts, Dassler could always see ways around a problem and would stick doggedly to the task until he found a solution. It was in the footwear metropolis of Pirmasens that he met his wife, Käthe, who subsequently helped him in all aspects of shoe-making. Her energy proved to be particularly valuable throughout the difficult post-war years following 1945. On 18th August, 1949, adidas AG was registered as a company. Adi Dassler’s son, Horst, took over the company from his parents, and when he died in April 1987 at the age of 51, he was succeeded by Rene C. Jaggi as chairman of the Managing Board. Under the Chief Executive Officer Robert Louis-Dreyfus, adidas AG was moving from being a manufacturing and sales-based company to a marketing company in the 1990s. In 1995, adidas AG went public with shares quoted on the Frankfurt and Paris Stock Exchanges.
Today, adidas AG is a global corporation, with its products present in all major markets around the world.
adidas AG markets its products under the following brand name: “adidas” footwear, apparels, and hardware such as bags and balls.
The adidas Group sells products in every country of the world. As at 31st December, 2007, the Group had more than 170 subsidiaries worldwide with its headquarters in Herzogenaurach, Germany.
The Group has well expanded its development in China in recent years. It has had some eight factories in Fuzhou, Dongguan, Guangzhou and Shenzhen, and exclusive “adidas” shops in Shanghai. The business of the Group in China has been expanding.
For the year ended 31st December, 2007, the sales of the Group amounted to €10,299 million, grew by 2.1% as compared with €10,084 million in FY 2006; net income attributable to shareholders was €551 million, grew by 14.2% as compared with that of €483 million in FY 2006.
The adidas Group has excelled in the first half of 2008, achieving double-digit top- and bottom-line growth. Its business in China was a big contributor to this growth.
In the first half of 2008, adidas Group sales in China increased over 60% on a currency-neutral basis. Based on this growth, China will become the second-largest revenue market for the adidas Group after the United States by the end of this year.
The Group’s sales target is more than €1 billion in China by 2010.
At the end of 2007, the adidas Group operated 4,800 stores in China and is planning to take that number to 5,900 stores in 2008. Brand “adidas” will operate approximately 5,000 stores (2007: 4,000) and brand “Reebok” about 900 stores (2007: 800) by the end of this year. By 2010, this number is expected to increase to a total of approximately 7,200 stores for the adidas Group, thereof 6,100 stores for adidas and 1,100 stores for Reebok.
The adidas Group is one of the global leaders within the sporting goods industry, offering a broad range of products around three core segments: adidas, Reebok and TaylorMade-adidas Golf. The Group has more than 34,000 employees currently.
The subject’s director Mr. Christophe Jean Bezu is also the Chief Executive Officer of the subject.
In view of the subject’s parentage, consider it good for normal business engagements.
REMARKS
Court case:-
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Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
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Nov. 1998 |
- |
David Norman Evans |
adidas Asia/Pacific Ltd. [Now known as adidas Sourcing Ltd.] |
Wages |
US$46,499 |
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Sept. 2003 |
H3439 |
Walker Shop Footwear Ltd. |
adidas-Salomon International Sourcing Ltd.
[Now known as adidas Sourcing Ltd.] and others |
Injunction |
Not stated |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.89 |
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UK Pound |
1 |
Rs.78.86 |
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Euro |
1 |
Rs.63.33 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)