MIRA INFORM REPORT

Report Date :

05.01.2012

IDENTIFICATION DETAILS

Name :	SEIDENSTICKER (OVERSEAS) LTD.
Registered Office :	Room 728, 7/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	28.08.1974
Com. Reg. No.:	04253394
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Shirts, blouses, knitwear, cardigan, sweater, pullover, underwear, nightwear, etc.
No. of Employees :	35. (Including associates in Hong Kong)

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Hong Kong	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

SEIDENSTICKER (OVERSEAS) LTD.

ADDRESS: Room 728, 7/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2737 6100, 2737 6111

FAX: 2730 7700, 2376 0350

E-MAIL: peter.tornow@seidensticker.de

MANAGEMENT

Managing Director: Mr. Peter Herbert Heinrich Tornow

SUMMARY

Incorporated on: 28th August, 1974.

Organization: Private Limited Company.

Capital: Nominal: HK$2,000,000.00

Issued: HK$2,000,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 35. (Including associates in Hong Kong)

Main Dealing Banker: Bank of America N.A., Hong Kong Branch.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Room 728, 7/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

Holding Company:-

TRIGENT Bekleidung Beteiligungs GmbH, Germany.

Ultimate Holding Company:-

Textilkontor Walter Seidensticker GmbH & Co. KG, Germany.

[Also known as Seidensticker GmbH]

Subsidiary/Associated Companies:-

Seidensticker Group of Companies

CMLC GmbH, Germany.
[Also known as Camel Master License Corporation]

Deutsche Herrenwaeschefabriken Dornbusch & Co. GmbH, Germany.

Dornbusch Fashion Ltd., Hong Kong. (Same address)

Global Fabric Sourcing Co. Ltd., Hong Kong. (Same address)

Jacques Britt GmbH, Germany.

Jobis Bekleidungsindustrie GmbH & Co. KG, Germany.

Rawe Modern GmbH, Germany.

Seidensticker (UK) Ltd., UK.

Seidensticker Europe Agency GmbH, Germany.

Seidensticker Europe Purchasing Ltd., Hong Kong. (Same address)

Seidensticker International Ltd., Hong Kong. (Same address)

Seidensticker Japan K.K., Japan.

Seidensticker Logistik GmbH, Germany.

Seidensticker USA Ltd., USA.

Zhangjiangang Solhfa Garment Co. Ltd., China.

etc.

BUSINESS REGISTRATION NUMBER

04253394

COMPANY FILE NUMBER

0039955

MANAGEMENT

Managing Director: Mr. Peter Herbert Heinrich Tornow

Contact Person: Mr. Trang Luu

CAPITAL

Nominal Share Capital: HK$2,000,000.00 (Divided into 200,000 shares of HK$10.00 each)

Issued Share Capital: HK$2,000,000.00

SHAREHOLDER

(As per registry dated 28-08-2011)

Name	No. of shares
TRIGENT Bekleidung Beteiligungs GmbH Am Stadtholz 39, 33609 Bielefeld, Germany.	200,000 ======

DIRECTORS

(As per registry dated 28-08-2011)

Name (Nationality)	Address
Gerhard Hermann Erich SEIDENSTICKER	Auf Der Egge 86, 33619 Bielefeld, Germany.
Detlef Harry ADLER	Barlachstrasse 98, Bielefeld, Germany.
Gerd Markus Oliver SEIDENSTICKER	Auf Der Egge 86, 33619 Bielefeld, Germany.
LEE Mei Yi, Joyce	Flat B, 1/F., Tower 3, The Regalia, 33 King’s Park Rise, Kowloon, Hong Kong.
Peter Herbert Heinrich TORNOW	Flat A, 3/F., Block 32, Coastline Villa, Discovery Bay, Hong Kong.

SECRETARY

(As per registry dated 28-08-2011)

Name	Address	Co. No.
B C S Ltd.	8/F., Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong.	0377050

HISTORY

The subject was incorporated on 28th August, 1974 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Shirts, blouses, knitwear, cardigan, sweater, pullover, underwear, nightwear, etc.

Employees: 35. (Including associates in Hong Kong)

Commodities Imported: Imported from South Korea, China, Indonesia, India, Vietnam, Thailand, Bangladesh, etc.

Markets: Japan, Germany and other European countries.

Terms/Sales: As per contracted.

Terms/Buying: L/C, T/T, D/P, etc.

MEMBERSHIP

German Industry & Commerce Ltd., Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$2,000,000.00 (Divided into 200,000 shares of HK$10.00 each)

Issued Share Capital: HK$2,000,000.00

Profit or Loss: Made profits in the past years.

Condition: Keeping in an active state.

Facilities: Making very active use of general banking facilities.

Payment: So far so good.

Commercial Morality: Good.

Bankers:-

Bank of America N.A., Hong Kong Branch.

Deutsche Bank AG, Hong Kong Branch.

Standing: Good.

GENERAL

Seidensticker (Overseas) Ltd. is a wholly-owned subsidiary of TRIGENT Bekleidung Beteiligungs GmbH which is a Germany-based firm. The ultimate holding company of the subject Seidensticker GmbH [Seidensticker] is a significant Germany-based firm.

The subject has had a wholly-owned subsidiary of Seidensticker Europe Purchasing Ltd. [SEPL] which is located at the same operating address as the subject. The subject and SEPL are engaged in the same lines of business.

Seidensticker is a garment manufacturer and trader. Currently, it is carrying the following brands: “Seidensticker”, “Jacques Britt”, “Redford”, “Dornbusch”, “Jobis”, “Club D’amingo”, “McKay” and “Lorenzo Calvino”. Its licensed brands include: “Camel Active”, “strellson shirts”, “Otto Kern”, “Jean Chatel Paris”, “JOOP!”, “bugatti” and “atelier torino”.

Walter Seidensticker Sen who is a tailor founded his company Seidensticker in Bielefeld, Germany in 1919. At the beginning, his factories were located in Bielefeld and other locations in Germany. Later he built up his own factories in other European countries. Finally Seidensticker created an exemplary network for the procurement of fabrics and shirt production in the Asia Pacific Region. The head office in Bielefeld is chiefly engaged in products development and distribution.

Until today Seidensticker is still a family-operated concern. The cousins, Gerd Oliver and Frank Walter Seidensticker, are the third generation.

From the shirt brand “Seidensticker”, the Seidensticker Group has been created, a further eight brands belong to the Group have been created successively. It also has got seven licences for shirts, blouses and nightwear.

The subject was established in Hong Kong in August 1974. Its subsidiary SEPL is a buying office in the Asia Pacific Region of the Seidensticker Group. It purchases shirts, blouses, shirts, knitwear, cardigan, sweater, pullover, underwear, nightwear, pyjamas, etc. from South Korea, Taiwan, China, Indonesia, India, Vietnam, Thailand, Bangladesh, etc. Commodities are re‑exported to Germany and other European countries. Business is rather active. Besides, SEPL is the official agent for the brand name “Jacques Britt”.

Currently, SEPL is representing the following three Germany-based firms in Hong Kong:-

Dornbusch & Co.

Jacques Britt GmbH

Textilkontor Walter Seidensticker KG

Besides the subject and its subsidiary, the following firms are also located at the subject’s operating offices:-

Dornbusch Fashion Ltd.

Global Fabric Sourcing Co. Ltd.

Seidensticker International Ltd.

The above-mentioned firms are also the members of the Seidensticker Group. The subject is a member of German Industry & Commerce Ltd., Hong Kong.

Having significant annual sales turnover, Seidensticker has had subsidiaries in Japan, the United States, the United Kingdom, etc. Overall business is active.

Peter Herbert Heinrich Tornow is the Managing Director of the subject. He started his professional career in Hong Kong in 1993 and had joined in the subject during the period of 1996 and 2000. He rejoined the subject as General Manager in 2005 and was promoted to Managing Director in December 2009.

Mr. Detlef Harry Adler, aged 52, is one of the directors of the subject. He is also the Chief Executive Officer of Seidensticker and a significant shareholder of Ashworth Inc. [Ashworth]. Ashworth is in California, the United States. It is a listed firm on the NASDAQ Global Market. Mr. Adler is holding about 5% of the outstanding shares of Ashworth.

The subject is fully supported by Seidensticker. The history of the subject in Hong Kong is over thirty-seven years and four months.

On the whole, in view of the subject’s parentage and background, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.