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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
LIFE FITNESS
ASIA PACIFIC LTD. |
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|
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Registered Office : |
Room 2610, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
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Date of Incorporation : |
02.06.1996 |
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Com. Reg. No.: |
20128109 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of health
equipment. |
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No. of Employees : |
12 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly
dependent on international trade and finance - the value of goods and services
trade, including the sizable share of re-exports, is about four times GDP. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, it again faces a possible slowdown as exports to
the Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese government
bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The
territory far exceeded the RMB conversion quota set by Beijing for trade
settlements in 2010 due to the growth of earnings from exports to the mainland.
RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the
end of 2011, an increase of over 59% since the beginning of the year. The
government is pursuing efforts to introduce additional use of RMB in Hong Kong
financial markets and is seeking to expand the RMB quota. The mainland has long
been Hong Kong's largest trading partner, accounting for about half of Hong
Kong's exports by value. Hong Kong's natural resources are limited, and food
and raw materials must be imported. As a result of China's easing of travel
restrictions, the number of mainland tourists to the territory has surged from
4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other
countries combined. Hong Kong has also established itself as the premier stock
market for Chinese firms seeking to list abroad. In 2011 mainland Chinese
companies constituted about 43% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 56% of the Exchange's market capitalization.
During the past decade, as Hong Kong's manufacturing industry moved to the
mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and
middle income segments of the population are increasingly unable to afford
adequate housing. Hong Kong continues to link its currency closely to the US
dollar, maintaining an arrangement established in 1983
|
Source
: CIA |
LIFE FITNESS ASIA
PACIFIC LTD.
Room 2610, 26/F.,
Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2575 6262
FAX: 2575 6894
E-MAIL: Arthur.chan@lifefitness.com
Managing
Director: Mr. Eugene Eldridge Harper
Incorporated on: 2nd July, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Net Sales:- (Year ended 31-12-2011)
US$3,748.0 million (Whole Group)
US$ 635.2 million (Life Fitness Division)
Employees: 12.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
LIFE
FITNESS ASIA PACIFIC
LTD.
Registered
Head Office:-
Room 2610, 26/F.,
Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Brunswick
International Holdings Inc., USA.
Ultimate
Holding Company:-
Brunswick
Corporation, USA.
Associated/Affiliated
Companies:-
Brunswick Group of
Companies
Attwood Corporation, USA.
BBG Logistics Inc., USA.
Boston Whaler Inc., USA.
Brunswick Bowling & Billiards (U.K.) Ltd., UK.
Brunswick Bowling & Billiards Corporation, USA.
Brunswick Bowling & Billiards Ltda., USA.
Brunswick Centres Inc., Canada.
Brunswick Commercial & Government Products Inc., USA.
Brunswick Compańías de México S.A. de C.V., USA.
Brunswick Europe Holdings Ltd, USA.
Brunswick European Treasury Center SprL, Belgium.
Brunswick Family Boat Co. Inc., USA.
Brunswick Financial Services Corporation, USA.
Brunswick Fish Boat Company L.P., USA.
Brunswick GmbH, Germany.
Brunswick Iberia S.A. Sociedad Unipersonal, Spain.
Brunswick Importacao e Comercio do Brasil Ltda., Brazil.
Brunswick Industria de Embarcacoes do Brasil Ltda., Brazil.
Brunswick International GmbH, Germany.
Brunswick International Ltd., USA.
Brunswick Italia Holding S.r.l., Italy.
Brunswick Leisure Boat Co. LLC., USA.
Brunswick Marina LLC., USA.
Brunswick Marine – EMEA Operations LDA., Portugal.
Brunswick Marine in EMEA Inc., USA.
Brunswick Marine in Finland and the Baltic States Oy, Finland.
Brunswick Marine in France S.A., France.
Brunswick Marine in Italia S.p.A., Italy.
Brunswick Marine in Poland Sp. z o.o, Poland.
Brunswick Marine in Sweden A.B., Sweden.
Brunswick Netherlands B.V., Netherlands.
Brunswick Product Protection Corporation of Florida, USA.
Brunswick Product Protection Corporation, USA.
Brunswick Singapore Holdings Pte. Ltd., Singapore.
Brunswick Singapore International Pte. Ltd., Singapore.
Brunswick Trading (Suzhou) Co. Ltd., China.
Centennial Assurance Co. Ltd., Bermuda.
L’Aigle D’or, Inc., USA.
Leiserv Inc., USA.
Life Fitness (Atlantic) B.V., Netherlands.
Life Fitness (U.K.) Ltd., UK.
Life Fitness Asia Pacific Ltd., Hong Kong.
Life Fitness Europe GmbH., Germany.
Life Fitness Inc., USA.
Life Fitness International Sales Inc., USA.
Life Fitness Japan Ltd., Japan.
Life Fitness Shared Services Center B.V., Netherlands.
Lund Boat Co., USA.
Marine Power Australia Pty. Ltd., Australia.
Marine Power International Ltd., USA.
Marine Power International Pty Ltd., USA.
Marine Power International Limited Filial av utenlandsk
foretak, Norway.
Marine Power New Zealand Ltd., USA.
Mercury Marine do Brasil Industria e Comercio Ltda., Brazil.
Mercury Marine Ltd., Canada.
Mercury Marine Sdn Bhd., Malaysis.
Mercury Marine Singapore Pte Ltd., Singapore.
Mercury Marine Technology Suzhou Co. Ltd., China.
Normalduns B.V., Netherlands.
Performance Motor Yachts Ltd., UK.
Protokon Manufacturing Developing and Trading Limited
Liability Company, Hungary.
Sea Ray Boats Inc., USA.
Texas Operations LLC, USA.
etc.
20128109
0555493
Managing
Director: Mr. Eugene Eldridge Harper
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 02-07-2012)
|
Name |
|
No.
of shares |
|
Brunswick International Holdings Inc. 1
North Field Court, Lake Forest, IL 60045-4811, USA. |
|
9,999 |
|
Brunswick Corporation 1 North Field
Court, Lake Forest, IL 60045-4811, USA. |
|
1 |
|
|
|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 02-07-2012)
|
Name (Nationality) |
Address |
|
Steven Louis
DRICKEY |
126 South Elmwood Avenue, Oak Park,
Illinois 60302, USA. |
|
Timothy Sean
McCarthy |
1208 Wales Court, Shorewood, IL60404, USA. |
|
Eugene Eldridge
HARPER |
Flat 6B, Glenealy Mansion, 7 Glenealy
Road, Central, Hong Kong. |
Eugene Eldridge
HARPER (As per registry dated
02-07-2012)
The
subject was incorporated on 2nd July, 1996 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Skyton Co. Ltd., name changed to
the present style on 22nd August, 1996.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of health equipment.
Employees: 12.
Commodities Imported: Europe, US, etc.
Markets: Hong Kong, China, other Asian countries.
Group Net Sales:-
|
FY |
Whole
Group |
Life
Fitness Division |
|
Year ended 31-12-2007 |
US$5,671.2
million |
US$653.7 million |
|
Year ended 31-12-2008 |
US$4,708.7
million |
US$639.5 million |
|
Year ended 31-12-2009 |
US$2,776.1
million |
US$496.8 million |
|
Year ended 31-12-2010 |
US$3,403.3
million |
US$541.9 million |
|
Year ended 31-12-2011 |
US$3,748.0
million |
US$635.2 million |
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Segment Result (Life Fitness Division):-
US$59.7 million (Year ended 31-12-2007)
US$52.2 million (Year ended 31-12-2008)
US$33.5 million (Year ended 31-12-2009)
US$59.6 million (Year ended 31-12-2010)
US$93.4 million (Year ended 31-12-2011)
Group Net Earnings/(Loss): US$111.6 million (Year ended 31-12-2007)
(US$788.1 million) (Year ended 31-12-2008)
(US$586.2 million) (Year ended 31-12-2009)
(US$110.6 million) (Year ended 31-12-2010)
US$ 71.9 million (Year ended 31-12-2011)
Profit or Loss: Fitness Division made a profit in the past years.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met on time.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Life
Fitness Asia Pacific Ltd. is a subsidiary of Brunswick International Holdings
Inc. which is a US-based firm. The
ultimate holding company of the subject is Brunswick Corporation [Brunswick]
which is also a US-based firm. Brunswick
is a listed firm in the United States, and is the holding company of the
Brunswick Group. Its shares are traded
in New York and Chicago Stock Exchanges.
Today,
Brunswick is the market leader in the marine, fitness, bowling and billiards
industries; and its participation in these industries is deliberate.
Headquartered
in Lake Forest, Illinois, Brunswick endeavours to install “Genuine Ingenuity™”
in all its leading consumer brands, including Mercury and Mariner outboard
engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide
trolling motors; Teignbridge propellers; MotoTron electronic controls;
Northstar marine electronics; Navman marine and GPS‑based products; IDS
dealer management systems; Albemarle, Arvor, Baja, Bayliner, Bermuda, Boston
Whaler, Crestliner, HarrisKayot, Hatteras, Lowe, Lund, Maxum, Meridian, Ornvik,
Palmetto, Princecraft, Quicksilver, Savage, Sea Boss, Sea Pro, Sea Ray,
Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine parts and
accessories; Land “N” Sea and Kellogg Marine parts and accessories distributors;
Life Fitness, Hammer Strength and ParaBody fitness equipment; Brunswick bowling
centres, equipment and consumer products; Brunswick billiards tables; and
Valley‑Dynamo pool, Air Hockey and foosball tables.
Brunswick
is committed to providing a workplace that offers equal employment
opportunities based solely on merit.
The
subject is one of the divisions of Brunswick.
The Life Fitness Division is the global leader in strength training
equipment. FY 2011 net sales were
US$635.2 million, increased by 17.2% as compared with US$541.9 million in FY
2010. Operating earnings of this
Division were US$93.4 million, increased by 56.7% as compared with US$59.6
million in FY 2010.
Based
in Schiller Park, Illinois, this Division markets and manufactures Life Fitness
and Hammer Strength equipment serving health clubs, professional athletic
teams, university athletic departments and the military.
The
net sales of the Brunswick Group in FY 2011 were US$3,748.0 million (FY 2010:
US$3,403.3 million). Its net earnings
was US$71.9 million in the year as compared with a net loss of US$110.6
million.
The
business of the Group has been recovering from the financial crisis of Europe.
The
number of employees worldwide was 15,356 as at end of 31st December, 2011
(2010: 15,290).
The
subject is fully supported by Brunswick.
On
the whole, consider the subject good for normal business engagements.
Court case record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
26-02-2001 |
D3873 |
Exact Software Asia Sdn. Bhd., Malaysia |
Life Fitness Asia Pacific Ltd. |
Service Rendered |
US$44,853 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.