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Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
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Name : |
LIFE FITNESS ASIA PACIFIC LTD. |
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Registered Office : |
Room 2610, 26/F., |
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Country : |
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Date of Incorporation : |
02.07.1996 |
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Com. Reg. No.: |
20128109 |
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Legal Form : |
Private Limited Company |
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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
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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 : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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Source
: CIA |
LIFE FITNESS ASIA
PACIFIC LTD.
Room 2610, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2575 6262
FAX: 852-2575 6894
E-MAIL: Arthur.chan@lifefitness.com
gene.harper@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 31-12-2012)
US$3,717.6 million (Whole Group)
US$ 635.9 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.
Boston Whaler Inc., USA.
Brunswick Bowling & Billiards Corporation, USA.
Brunswick Bowling & Billiards Ltda., Brazil.
Brunswick Centres Inc., Canada.
Brunswick Commercial & Government Products Inc., USA.
Brunswick Compañías de México S.A. de C.V., Mexico.
Brunswick Europe Holdings Ltd, UK.
Brunswick European Treasury Center SprL, Belgium.
Brunswick Family Boat Co. Inc., USA.
Brunswick Financial Services Corporation, USA.
Brunswick Hungary Manufacturing and Trading Ltd. Liability Co., Hungary.
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 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 Product Protection Corporation, USA.
Brunswick Singapore Holdings Pte. Ltd., Singapore.
Brunswick Trading (Suzhou) Co. Ltd., China.
Land ‘N’ Sea Corporation, USA.
Land ‘N’ Sea Distributing Inc., USA.
Leiserv Inc., USA.
Life Fitness (Atlantic) B.V., Netherlands.
Life Fitness (U.K.) Ltd., UK.
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 International Limited Filial av utenlandsk foretak, Norway.
Marine Power International Ltd., USA.
Marine Power International Pty Ltd., USA.
Marine Power New Zealand Ltd., USA.
Mercury Marine do Brasil Industria e Comercio Ltda., Brazil.
Mercury Marine Ltd. / Mercury Marine Limitee, Canada.
Mercury Marine Sdn Bhd., Malaysis.
Mercury Marine Singapore Pte Ltd., Singapore.
Mercury Marine Technology Suzhou Co. Ltd., China.
Normalduns B.V., Netherlands.
Princecraft Boats Inc. / Bateaux Princecraft Inc., Canada.
Protokon Manufacturing Developing and Trading Limited Liability Company,
Hungary.
Sea Ray Boats Inc., 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 02-07-2013)
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Name |
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No. of shares |
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Brunswick International Holdings Inc. 1 North Field Court, Lake Forest, IL 60045-4811, USA. |
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9,999 |
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Brunswick Corporation 1 North Field Court, Lake Forest, IL 60045-4811, USA. |
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1 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 20-09-2013)
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Name (Nationality) |
Address |
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Franciscus Hendricus Lambertus VAN DE VEN |
Hurst 10, 5682 HX Best, Netherlands. |
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Steven Louis DRICKEY |
126 South Elmwood Avenue, Oak Park, Illinois 60302, USA. |
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Eugene Eldridge HARPER |
Flat 6B, Glenealy Mansion, 7 Glenealy Road, Central, Hong Kong. |
Eugene Eldridge HARPER (As per
registry dated 02-07-2013)
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 |
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Year ended 31-12-2008 |
US$4,546.4 million* |
US$639.5 million |
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Year ended 31-12-2009 |
US$2,729.5 million* |
US$496.8 million |
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Year ended 31-12-2010 |
US$3,338.0 million* |
US$541.9 million |
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Year ended 31-12-2011 |
US$3,670.0 million* |
US$635.2 million |
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Year ended 31-12-2012 |
US$3,717.6 million |
US$635.6 million |
Note: *
Restated
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$10,000.00
Segment Result (Life Fitness Division):-
US$ 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)
US$103.1
million (Year ended 31-12-2012)
Group Net Earnings/(Loss): (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)
US$ 50.0 million (Year
ended 31-12-2012)
Profit or Loss: Fitness Division made profits 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.
The subject is trading in the same commodities as its holding company.
Today, Brunswick is the market leader in the marine, fitness, bowling
and billiards industries; and its participation in these industries is
deliberate.
Brunswick’s fitness products include both cardiovascular and strength
training equipment for the commercial and consumer markets. Brunswick’s bowling products include capital
equipment, aftermarket and consumer goods. It also sells a complete line of
billiards tables and other gaming tables and accessories. In addition, Brunswick owns and operates
Brunswick bowling entertainment centres in the United States and other
countries.
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’s Fitness segment is comprised of its Life Fitness division
(Life Fitness), which designs, manufactures and markets a full line of
reliable, high-quality cardiovascular fitness equipment (including treadmills,
total body cross-trainers, stair climbers and stationary exercise bicycles) and
strength-training equipment under the Life Fitness and Hammer Strength brands.
Brunswick is a manufacturer of commercial fitness equipment and a
leading manufacturer of high-quality consumer fitness equipment. Life Fitness’ commercial sales customers
include health clubs, fitness facilities operated by professional sports teams,
the military, governmental agencies, corporations, hotels, schools and
universities. Commercial sales are made
to customers through Life Fitness’ direct sales force, domestic dealers, and
international distributors. Consumer
products are available at specialty retailers, select mass merchants, sporting
goods stores, through international distributors, and on the Life Fitness Web
site.
The Fitness segment’s principal manufacturing facilities are located in
Illinois, Kentucky, Minnesota and Hungary, with third party contract
manufacturing utilized in China and Taiwan.
Life Fitness distributes its products worldwide from regional warehouses
and production facilities. Demand for
Life Fitness products is seasonal, with sales generally highest in the fourth
quarter of the year.
The subject is one of the divisions of Brunswick. The Life Fitness Division is the global
leader in strength training equipment.
In FY 2012, its net sales were US$635.6 million, increased by 0.06% as
compared with US$635.2 million in FY 2011.
Operating earnings of this Division were US$103.1 million, increased by
10.4% as compared with US$93.4 million in FY 2011.
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 2012 were US$3,717.6 million
(FY 2011: US$3,670.0 million). Its net
earnings was US$50.0 million in the year, decreased by 30.5% compared with
US$71.9 million in FY 2011.
The business of the Group has been recovering from the financial crisis
of Europe.
The number of employees worldwide was 16,177 as at end of 31st December,
2012 (2011: 15,356).
The subject is fully supported by Brunswick.
On the whole, consider it 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
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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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.