MIRA INFORM REPORT
|
Report Date : |
05.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRIUMPH
INTERNATIONAL OVERSEAS LTD. |
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Registered Office : |
Aeulestrasse 74, FL-9490, Vaduz, Liechtenstein |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.12.1988 |
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Com. Reg. No.: |
12386349 |
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Legal Form : |
Limited Company |
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Line of Business : |
Marketing and Investment Holding of all kinds of ladies underwear and swimwear |
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No. of Employees
: |
738 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Exists |
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
Company name
TRIUMPH INTERNATIONAL
OVERSEAS LTD.
Company ADDRESS
c/o Triumph International (Hong Kong) Ltd.
32/F., One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2341 2211
FAX: 2341 9487, 2793 5181
E-MAIL: pm2-hkkwnt@triumph.com
MANAGEMENT
Executive Director: Mr. Stephan Daniel Hablutzel
SUMMARY
Registered in Hong Kong on: 16th December, 1988.
(Non-Hong Kong Company)
Organization: Limited Company.
Capital: Authorised: US$61,000,000.00
Issued & Paid Up: US$61,000,000.00
Business Category: Marketing and Investment Holding.
Total Sale: US$69,371,000 (Year ended 31-12-2010)
Total Employees: 738. (As at 31-12-2010)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Aeulestrasse 74, FL-9490, Vaduz, Liechtenstein.
Hong Kong
Principal Place of Business:-
c/o Triumph International (Hong Kong) Ltd.
32/F., One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon, Hong Kong.
Retail Shop:-
c/o Triumph International (Hong Kong) Ltd.
3/F. - 6/F., Emperor International Square, 3 Lam Fook Street / 7 Wang Tai Road, Kowloon Bay, Kowloon, Hong Kong.
[Tel: 2797 4822; Fax: 2343 5584]
P.O. Box 69637, Kwun Tong, Kowloon, Hong Kong.
China Factories:-
Hainan Youmei Undergarment Co. Ltd., China.
Yancheng International Women’s Fashion Co. Ltd., China.
Ultimate Holding
Company:-
Triumph International Spiesshofer & Braun KG, Switzerland.
Subsidiary &
Associated Companies:-
Triumph International Group of Companies
· Body Fashion (M) Sdn. Bhd., Malaysia.
· Body Fashion (Thailand) Ltd., Thailand.
· Bodyline (Private) Ltd., Sri Lanka.
· Filo S.A., Brazil.
· Hainan High Fashion Lingerie Ltd., China.
· Inter-Triumph Marketing GmbH, Germany.
· Intimate Fashions (India) Private Ltd., India.
· Triumph International (Australia) Pty. Ltd., Australia.
· Triumph International (Budapest), Hungary.
· Triumph International (Canada) Inc., Canada.
· Triumph International (Hong Kong) Ltd., Hong Kong.
· Triumph International (India) Private Ltd., India.
· Triumph International (Investment) Pty. Ltd., Australia.
· Triumph International (Japan) Ltd., Japan.
· Triumph International (Macau) Ltd., Macau.
· Triumph International (NZ) Ltd., New Zealand.
· Triumph International (S) Pte. Ltd., Singapore.
· Triumph International (South Africa) (Pty) Ltd., South Africa.
· Triumph International (Thailand) Ltd., Thailand.
· Triumph International (Vietnam) Ltd., Vietnam.
· Triumph International A/S, Norway.
· Triumph International AB, Sweden.
· Triumph International AG, Austria.
· Triumph International AG, Germany.
· Triumph International AG, Greece.
· Triumph International AG, Switzerland.
· Triumph International Argentina S.A., Argentina.
· Triumph International B.V., Luxembourg.
· Triumph International B.V., Netherlands.
· Triumph International EOOD, Bulgaria.
· Triumph International Holding GmbH, Germany.
· Triumph International Lanka (Private) Ltd., Sri Lanka.
· Triumph International Ltd., Taiwan.
· Triumph International Ltd., UK.
· Triumph International OOO, Russian Confederation.
· Triumph International Overseas de Chile Ltda., Chile.
· Triumph International Oy, Finland.
· Triumph International Prodaja d.o.o., Slovenia.
· Triumph International Rome S.p.A., Italy.
· Triumph International S.A., France.
· Triumph International S.A., Spain.
· Triumph International S.A.L., Lebanon.
· Triumph International SA/NV, Belgium.
· Triumph International Sp.z.o.o., Poland.
· Triumph International Spol s.r.o., Czech Republic.
· Triumph International Textil A/S, Denmark.
· Triumph International Vertriebsgesellschaft AG, Switzerland.
· Triumph Intertrade AG, Switzerland.
· Triunfo Internacional Lda., Portugal.
etc.
BUSINESS REGISTRATION NUMBER
12386349
COMPANY FILE NUMBER
F0004223
MANAGEMENT
Vice Chairman: Mr. Dieter Braun
Executive Director: Mr. Stephan Daniel Hablutzel
Contact Person: Ms. Ho Wai Man
AUTHORIZED REPRESENTATIVE IN HONG
KONG
(As per registry
dated 16-12-2011)
|
Name |
Address |
|
Baker & McKenzie |
Room 1401, 14/F., Hutchison House, 10 Harcourt Road, Hong Kong. |
CAPITAL
Authorised Share Capital: US$61,000,000.00 (Divided into 61,000 shares of US$1,000.00 each)
Issued & Paid Up Capital: US$61,000,000.00
DIRECTORS
(As per registry dated
16-12-2011)
|
Name (Nationality) |
Address |
|
Dieter BRAUN |
Rebbergstrasse 14, CH-5330, Zurzach, Switzerland. |
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Stephan Daniel HABLUTZEL |
Flat E2, Shouson Garden, 6A Shouson Hill Road, Hong Kong. |
|
Oliver Michael SPIESSHOFER |
Flat A, 19/F. & 20/F., Royalton I, 118 Pok Fu Lam Road, Hong Kong. |
|
Angelika Iris MOOSLEITHNER |
Aeulestrasse 74, FL-9490, Vaduz, Liechtenstein. |
HISTORY
The subject was incorporated in Liechtenstein as a limited company. It has established a principal place of business in Hong Kong and has been registered on 16th December, 1988 as an oversea company under Part XI of the Hong Kong Companies Ordinance. It has become a non-Hong Kong company since 14th December, 2007.
Formerly the subject’s principal place of business in Hong Kong was located at 7/F., Piazza Industrial Building, 133 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong, moved to the present address in July 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Marketing and Investment Holding.
Lines: All kinds of ladies underwear and swimwear.
Trade Marks: “Triumph”, “BeeDees” and “New Sloggi” brands.
Total Employees: 738. (As at 31-12-2010)
Commodities Handled: Imported from China, other Asian countries, etc.
Markets: Worldwide.
Sale:-
|
Fiscal Year |
Sales Proceeds |
Other Operating Income |
Total |
|
Year ended 31-12-2009 |
US$1,777,000 |
US$55,538,000 |
US$57,313,010 |
|
Year ended 31-12-2010 |
US$1,742,000 |
US$67,629,000 |
US$69,369,009 |
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
MEMBERSHIP
Hong Kong Intimate Apparel Industries’ Association Ltd., Hong Kong.
FINANCIAL INFORMATION
Authorised Share Capital: US$61,000,000.00 (Divided into 61,000 shares of US$1,000.00 each)
Issued & Paid Up Capital: US$61,000,000.00
Net Profit/(Loss): (US$15,342,000) (Year ended 31-12-2009)
(US$24,514,000) (Year ended 31-12-2010)
Retained Earnings: US$798,293,000 (Year ended 31-12-2009)
US$773,779,000 (Year ended 31-12-2010)
Net Worth: US$865,393,000 (As at 31-12-2009)
US$840,879,000 (As at 31-12-2010)
Profit or Loss: Suffered from losses in the past two years.
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:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· BNP Paribas, Hong Kong Branch.
Standing: Sound.
GENERAL
Triumph International Overseas Ltd. is the marketing arm of Triumph International Group which concentrates all its trade through this company worldwide.
The subject is a wholly-owned subsidiary of Triumph International Spiesshofer & Braun KG, Switzerland. It is a member of the Triumph International Group which is specialized in marketing ladies’ foundation garments and swimwear.
For the year ended 31st December, 2010, the sales of the subject amounted to US$69.4 million, grew by 21.1% as compared with US$57.3 million in FY 2009; loss for the year was US$24.5 million, as compared with a loss of US$15.3 million in FY 2009. However, the retained earnings at year end of 2010 of the subject was US$773.8 million.
The Group dates back in 1886 when Spiesshofer & Braun oHG was founded by Gottfried Spiesshofer and Michael Braun in Heubach, Württemberg, Germany. “Triumph” has become the company’s registered trade mark since 1902. Business has been growing satisfactorily and in 1926, the company established its first foreign subsidiary in Zurzach, Switzerland – a location that has become the company’s financial headquarters. In 1950, the company’s name was modified to Triumph International Spiesshofer & Braun to reflect its international standing. Its international expansion was rapid and unstoppable. Subsidiaries were opened in Belgium and Great Britain in 1954; in Sweden and Italy in 1955; in Finland in 1956; in Denmark, Norway and the Netherlands in 1957; and in Austria in 1959.
The Group established its first venture overseas in Hong Kong in 1960. Further subsidiaries were also opened in France in 1960; in Portugal and Lebanon in 1961; in Greece in 1962; in Spain in 1963; in Japan in 1964; in Singapore, Malaysia and Taiwan in 1968; in the Philippines and Thailand in 1974; in Chile in 1978; in Canada and New Zealand during 1988-1989; in Sri Lanka and Vietnam during 1992-1993.
It also has had production plants in the United Kingdom, Malaysia, Thailand, Morocco, India, etc. Formerly the Group had plants in the Philippines. In 2009, the plant and firm in the Philippines were closed down. The Group has had a plan to set up a new plant in India and the production capacity of its joint venture in India Intimate Fashions (India) Private Ltd., will be increased.
Licensee agreements have been established in Indonesia, Columbia, Argentina, Venezuela, Uruguay, etc. With experiences over 110 years, the Group is represented in nearly every country in the world. It is now producing and marketing ladies’ foundation garments, day and night lingerie, swimwear and beachwear, sportswear and leisurewear as well as men’s underwear, swimwear and homewear.
Besides the trade mark of “Triumph”, Triumph has got other brand names such as “Sloggi”, “Valisere”, “Pour Mio”, “AMO”, etc. Triumph claims to be the largest company in the industry.
Triumph has entered into the Asian market for more than 40 years and the Asian head office is located in Hong Kong.
The subject’s affiliate Triumph International (Hong Kong) Ltd. was established in 1960. Since then, Triumph has become the leading European lingerie brand in Hong Kong. Up to now, Triumph has established over 50 points of sales in Hong Kong, as well as over 300 retail distributions. In 2008, Triumph has fully adopted the new logo as a vehicle for rejuvenation on the product range and collection, the shop environment, as well as the modern and young company position.
Triumph has set up a wholly-owned factory in Hainan Province known as Hainan Youmei Undergarment Co. Ltd. [Youmei]. Founded in 1992, Youmei has a workforce of about 4,500 and its factory area covers an area of 18,000 sq.m. In 2001, it got the ISO 9000 certification. Besides, Youmei has set up branch companies in Guangzhou, Chengdu, Xiamen and Shenzhen Special Economic Zone.
Besides Youmei, Triumph has set up another China plant known as Yancheng International Women’s Fashion Co. Ltd. [YIWF]. YIWF is a joint venture set up by the subject and Jiangsu Yueda Industrial Enterprise Group in 1992. The total investment was US$17 million. It was put into operation in May 1994. The second phase of YIWF was put into operation in October 2003 while the third phase, was put into operation in August 2008. Equipped with foreign advanced production lines, YIWF now has about 4,500 workers. Annual production capacity is about 20 million units of undergarments. Annual profit before tax is about RMB70 million.
YIWF also has set up eighteen retailing shops in Shanghai, Nanjing, Hangzhou, Wanzhou, Ningbo, Hefei, Wuhan, Xi’an, Zhengzhou, Lanzhou, Beijing, Changchun, Dalian, Harbin, Qingdao, Shenyang, Tianjin, Jinan. The sales headquarters are in Shanghai, China.
Currently, the Group has over 36,000 employees worldwide, making it the most international company of its kind. Triumph products are sold in more than 125 countries around the world. The annual turnover of Triumph is about US$1.7 to 2.0 billion.
The Group is chiefly owned by the Spiesshofer and Braun families. Headquarters are in Switzerland although founded in Germany. Triumph International AG is a German-based firm publicly traded on the Frankfurt Stock Exchange. However, the Spiesshofer and Braun families are based out of Switzerland.
The subject is fully supported by the Triumph International Group.
On the whole, in view of the parentage and background of the subject, consider it good for normal business engagements.
REMARKS:
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
28-05-1996 |
D304 |
Kok Wai Yu |
Triumph International Overseas Ltd. |
Injury |
Not stated |
|
02-09-1996 |
D516 |
Lai Ping Wah on behalf of Ku Lai Kwan |
Triumph International Overseas Ltd. |
Injury |
Not stated |
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05-09-1996 |
D527 |
Lee Wai Ling |
Triumph International Overseas Ltd. |
Injury |
Not stated |
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04-04-1997 |
D226 |
Leung Kwan Tai |
Triumph International Overseas Ltd. |
Injury |
Not stated |
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18-05-2004 |
R2789 |
Maassen Axel Josef |
Triumph International Overseas Ltd. |
Labour Dispute |
Not stated |
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09-06-2004 |
R3339 |
Wong Yat Woo |
Triumph International Overseas Ltd. |
Labour Dispute |
Not stated |
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17-06-2004 |
R2789 |
Maassen Axel Josef |
Triumph International Overseas Ltd. |
Labour Dispute |
Not stated |
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07-11-2005 |
D1326 |
Li Hoi Chee |
Triumph International Overseas Ltd. |
Injury |
Not stated |
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09-06-2006 |
D1326 |
Li Hoi Chee |
Triumph International Overseas Ltd. |
Application to fix a date for Trial (By Letter) |
Not stated |
|
10-06-2006 |
D1326 |
Li Hoi Chee |
Triumph International Overseas Ltd. |
Application to fix a date for Trial (By Letter) |
Not stated |
|
04-08-2006 |
D1326 |
Li Hoi Chee |
Triumph International Overseas Ltd. |
Application to fix a date for Trial (By Letter) |
Not stated |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.