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MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FILA SPORT
(HONG KONG) LTD. |
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Registered Office : |
Room 1218, 12/F., Tower 3, China Hong Kong City, 33 Canton Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.09.1988 |
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Com. Reg. No.: |
12203298 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Buying Office;
Investment Holding. All kinds of Sporting Goods including Sportswears, Athletic Shoes, Leisure Athletic Shoes and Accessories. |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
FILA
SPORT (HONG KONG)
LTD.
ADDRESS
Room 1218, 12/F.,
Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2735 6022, 2375 7554
FAX: 2735 5269, 2730 2839
MANAGEMENT
Manager: Ms. Anita Lee
SUMMARY
Incorporated on: 30th September, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$35,000,000.00
Issued: HK$35,000,000.00
Business Category: Buying Office of sporting goods; Investment Holding.
Employees: 100.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Office:-
1401, Hutchison
House, 10 Harcourt Road, Hong Kong.
Head Office:-
Room 1218, 12/F.,
Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Immediate Holding Company:-
Fila Nederland
B.V.
Amalialaan 41C,
1/F., 3743 KE Baarn, The Netherlands.
Ultimate Holding Company:-
Fila Korea Ltd.,
South Korea.
Subsidiary & Affiliated Companies:-
Fila Group of
Companies
Fila (UK) Ltd., U.K.
Fila Argentina S.A., Argentina.
Fila Canada Inc., Canada.
Fila China Ltd., Hong Kong. [Dissolved]
Fila Deutschland GmbH, Germany.
Fila Do Brasil Ltda., Brasil.
Fila Europe S.p.A., Italy.
Fila France S.A., France.
Fila Italia, Italy.
Fila Marketing (Hong Kong) Ltd., Hong Kong.
Fila Marketing (P.R.C.) Ltd., Hong Kong. [Dissolved]
Fila Marketing (Singapore) Pte. Ltd., Singapore.
Fila Mexico S.A. de C.V., Mexico.
Fila Online Inc., U.S.A.
Fila Retail Inc., U.S.A.
Fila Sport (Malaysia) Sdn. Bhd., Malaysia.
Fila Sport Iberica S.A., Spain.
Fila Sport Oceania Pty. Ltd., Australia.
Fila Sport Taiwan Ltd., Taiwan.
Fila U.S.A. Inc., U.S.A.
etc.
BUSINESS REGISTRATION NUMBER
12203298
COMPANY FILE NUMBER
228709
MANAGEMENT
Chairman &
Chief Executive Officer: Mr. Yoon Yoon
Soo, Gene
Manager: Ms. Anita Lee
CAPITAL
Nominal Share
Capital: HK$35,000,000.00 (Divided into 3,500,000 shares of HK$10.00 each)
Issued Share
Capital: HK$35,000,000.00
SHAREHOLDERS
(As per registry dated 30-09-2007)
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Name |
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No. of shares |
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B. & McK.
Nominees Ltd., Hong Kong. |
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1 |
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Fila Nederland B.V. Amalialaan 41C, 1/F., 3743 KE Baarn, The Netherlands. |
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3,499,999 |
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–––––––– |
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Total: |
3,500,000 ======= |
DIRECTORS
(As per registry dated 30-09-2007)
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Name (Nationality) |
Address |
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PARK Jong An |
6-301
Hyundai Apartment, Gwanyang-dong, Dongan-ku, Anyang City, Gyeonggi-do, Korea. |
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YOON Yoon Soo |
1-2102,
Seocho Garden, Suite 1326, Seocho 2-dong, Seocho-ku, Seoul 137-857, Korea. |
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JO Yung Chan |
103-1210
Brownstone Baeksuk-dong, Ilsan Dong-ku, Koyang City, Kyungki-do, Korea. |
SECRETARY
(As per registry dated 30-09-2007)
|
Name |
Address |
Co. No. |
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B.
& McK. Nominees Ltd. |
1401, Hutchison House, 10 Harcourt Road, Hong Kong. |
54552 |
HISTORY
The subject was
incorporated on 30th September, 1988 as a private limited liability company
under the Hong Kong Companies Ordinance.
It was originally
registered under the name of Tingale Ltd., name changed to the present style on
16th December, 1988.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Buying Office; Investment
Holding.
Lines: All kinds of sporting goods
including sportswears, athletic shoes, leisure athletic shoes and accessories.
Employees: 100.
(Office staff)
Commodities
Imported Mainly bought in Hong Kong, from China and other Asian countries.
Markets: Worldwide.
Terms/Sales: L/C and D/P.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$35,000,000.00 (Divided into 3,500,000 shares of HK$10.00 each)
Issued Share
Capital: HK$35,000,000.00
Profit & Loss: Operation is profitable.
Condition: Business is active.
Facilities: Making active use of general banking
facilities.
Payment: So far so good.
Commercial
Morality: Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
UniCredito
Italiano SpA, Hong Kong Branch.
BNP Paribas,
Hong Kong Branch.
Standing: Good.
GENERAL
Fila Sport (Hong
Kong) Ltd. [Fila HK] is a wholly-owned subsidiary of Fila Netherland B.V. of The
Netherlands which in turn was a subsidiary of Fila Holding S.p.A. [Fila], an
Italy-based firm. However, the subject
was acquired by Fila Korea Ltd. [Fila Korea] indirectly.
On 16th January,
2007, Fila Korea and Sport Brands International Ltd. [SBI] entered into a
definitive agreement for the sale of the global Fila footwear and apparel
business to Fila Korea for an undisclosed purchase price.
The sale is
structured as a sale of SBI’s subsidiary, Fila Luxembourg, which holds the
rights to the worldwide use of the brands and trademarks of “FILA”. SBI retains Cloudveil Mountain Works Inc.
and Motionwear Inc. after the sale.
Fila USA and Fila were included in the transaction.
In April 2007,
Fila Korea acquired Fila USA at US$400 million. As part of the deal, Y.C. Cho, Fila Korea’s former president,
relocated from Seoul, Korea, to Sparks where he is heading the company’s global
operations. Fila USA remains in its
Sparks headquarters, where it has about 150 employees.
The president of
Fila USA Jon Epstein who was the former Chief Executive Officer of the
company’s North American operations.
Fila USA’s
operations had revenue of US$100 million in 2006. Fila USA had been losing money but the company’s losses.
Mr. Yoon-Soo Yoon,
the Chairman of Fila Korea who, in 2005, completed a buyout of Fila Korea. Now, Mr. Yoon is also a director of the
subject.
The new holding
company for the merged entity is Global Leading Brands House. Yoon serves as Chairman of Fila.
Now Fila Korea is
running (through its operating divisions) about 500 distribution facilities, as
well as some 300 franchise retail stores.
On the sport scene
now for almost 30 years, Fila is one of the world’s most important brands in
the category. It stands out
particularly in the fields of running, tennis, fitness-cross training; it
specially focused on some disciplines linked to specific markets, such as
soccer in England and basketball in the United States. In all these areas Fila applies ever more
innovative technologies, for example the “3action” shock-absorber system.
Fila is a leading
designer and marketer of athletic and casual footwear (include gear for tennis,
skiing, swimming, mountain climbing, sailing, soccer, basketball, golf,
fitness, and running) as well as of activewear, casualwear, and sportswear for
men, women, and children. Additional
products (such as sunglasses, watches, underwear, golf clubs, and in-line
skates) are designed, manufactured, and distributed by independent licensees or
joint ventures. Fila’s footwear,
apparel, and licensed products are sold in over 50 countries and manufactured
by carefully selected independent subcontractors, primarily in the Asia Pacific
Region. Fila has created strong brand
recognition by marketing products with high design and style content and by
securing professional athletic endorsements and event sponsorships.
The subject is the
international processing centre for the Fila Group. Through the subject, Fila sub-contracts to manufacture “FILA”
brand sporting goods in Asia.
The Fila Group
targets 18- to 34-year-old consumers, and plans to expand its affiliations with
professional athletes and events.
In Hong Kong, the
subject shares the same operating office with its affiliate Fila Marketing
(Hong Kong) Ltd.
On the whole, in
view of the subject’s parentage and background, consider it good for normal
business engagements.
REMARKS
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
May 1999 |
- |
J & S Co. Ltd. |
Fila Sport (Hong Kong) Ltd. |
Amount due |
US$ 33,514 |
|
Jan. 2003 |
H27 |
Mannis Garment Factory |
Fila Sport (Hong Kong) Ltd. |
Money Due/Owing |
US$585,472 |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)