MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	OXFORD PRODUCTS (INTERNATIONAL) LTD.
Registered Office :	6/F., Alexandra House, 18 Chater Road, Central,
Country :	Hong Kong
Date of Incorporation :	12.06.1981
Com. Reg. No.:	07280128
Legal Form :	Private Limited Company
Line of Business :	Importers of fabrics and exporters of garments and clothing.
No. of Employees :	40

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 :	Good
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Hong Kong	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

Company name and address

OXFORD PRODUCTS (INTERNATIONAL) LTD.

ADDRESS: Unit 10-13 & 15-18, 13/F., Tower 1, Millennium City 1, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.

PHONE: 852-2481 2000, 2481 0185, 2487 1026

FAX: 852-2422 1104, 2422 0957, 2424 9116

E-MAIL: jwong@opil.com

MANAGEMENT

Director & Financial Controller: Mr. Michael Cheng

SUMMARY

Incorporated on: 12th June, 1981.

Organization: Private Limited Company.

Capital: Nominal:HK$3,000,000.00

Issued: HK$150,000.00

Business Category: Apparel Buying Office.

Turnover of Holding Co.: US$855,542,000 (Year ended 31-12-2012)

Employees: 40.

Main Dealing Banker: Citibank N.A., Hong Kong Branch.

Banking Relation: Good.

ADDRESS

Registered Office:-

6/F., Alexandra House, 18 Chater Road, Central, Hong Kong.

Operating Office:-

Unit 10-13 & 15-18, 13/F., Tower 1, Millennium City 1, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.

Parent Company:-

Oxford Industries Inc., U.S.A.

Associated Companies:-

Oxford Industries Group of Companies

Ben Sherman (Lurgan) Ltd., UK.

Ben Sherman (Manufacturing) Ltd., US.

Ben Sherman Australia (Pty) Ltd., Australia.

Ben Sherman Clothing LLC, U.S.A.

Ben Sherman Group Ltd., UK.

Ben Sherman Ltd., UK.

Camisas Bahia Kino S.A. de C.V., Mexico.

Dunkeld Fashions Ltd., UK.

Industrias Lanier De Honduras S. de R.L., Mexico.

Lionshead Clothing Co., U.S.A.

Manufacturera de Sonora S.A. de CV, Mexico.

Neal & Cooper Ltd., UK.

Oxford Caribbean Inc., U.S.A.

Oxford de Colon S.A., Costa Rica.

Oxford Garment Inc., U.S.A.

Oxford Industries (UK2) Ltd., UK.

Oxford Industries (UK3) Ltd., UK.

Oxford International de Guatemala Sociedad Anonima, Guatemala.

Oxford International Inc., U.S.A.

Oxford Lockbox Inc., U.S.A.

Oxford of South Corolina Inc., South Carolina.

Oxford Private Ltd. of Delaware Inc., U.S.A.

Piedmont Apparel Corporation, U.S.A.

Q.R. Fashions S. de R.L., Honduras.

Rodeo International Ltd., UK.

Sherman Cooper Marketing Ltd., UK.

Slix Ltd., UK.

Sugartown Worldwide LLC, U.S.A.

Tern Shirts Ltd., UK.

Textile Calefonia Investments Ltd., UK.

The Branded Shirt Co. Ltd., UK.

Tommy Bahama (Macau) Ltd., Macau.

Tommy Bahama Australia Pty. Ltd., Australia.

Tommy Bahama Beverage LLC., U.S.A.

Tommy Bahama Global Sourcing Ltd., Hong Kong.

Tommy Bahama Group Inc., U.S.A.

Tommy Bahama International Pte Ltd., Singapore.

Tommy Bahama K. K., Japan.

Tommy Bahama Ltd., Hong Kong.

Tommy Bahama R&R Holdings Inc., U.S.A.

Tommy Bahama Texas Beverages LLC., U.S.A.

Tommy Bahama Trading (Shenzhen) Co. Ltd., China.

Viewpoint Marketing Inc., U.S.A.

etc.

BUSINESS REGISTRATION NUMBER

07280128

COMPANY FILE NUMBER

0099803

MANAGEMENT

Director & Financial Controller: Mr. Michael Cheng

CAPITAL

Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$150,000.00

SHAREHOLDERS: (As per registry dated 12-06-2013)

Name		No. of shares
Oxford Industries Inc. 999 Peachtree Street, NE, Suite 688, Atlanta, GA 30309, U.S.A.		149,999
Oxford international Inc. 9 Peachtree Street, NE, Suite 688, Atlanta, GA 30309, U.S.A.		1
		–––––––
	Total:	150,000 ======

DIRECTOR: (As per registry dated 12-06-2013)

Name (Nationality)	Address
Thomas Caldecot CHUBB III	288 Peachtree Battle Avenue, NW Atlanta, Georgia 30305, U.S.A.

SECRETARY: (As per registry dated 12-06-2013)

Name	Address	Co. No.
Consec Services Ltd.	6/F., Alexandra House, 18 Chater Road, Central, Hong Kong.	0024925

HISTORY

The company was incorporated on 12th June, 1981 as a private limited liability company under the Hong Kong Companies Ordinance.

It was originally registered under the name of Snowdream Co. Ltd., name changed to Merox Apparel International Ltd. on 23rd July, 1982. Subsequently, the present style was adopted on 3rd November, 1989.

Formerly the subject was located at “Level 19, Metroplaza Tower 1, 223 Hing Fong Road, Kwai Chung, New Territories, Hong Kong”, has moved to the present address in recent years.

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

OPERATIONS:

Activities: Buying Office; Importers and Exporters; Agent.

Lines: Importers of fabrics.

Exporters of garments and clothing.

Employees: 40.

Commodities Imported:-

Fabrics - Japan, Europe, etc.

Garments - Taiwan, Macau, China, etc.

Markets: U.S.A. (main), Canada and EEC.

Turnover of Holding Co.: US$758,913,000 (Year ended 28-01-2012)

US$855,542,000 (Year ended 02-02-2013)

Terms/Sales: L/C, T/T, D/P and D/A.

Terms/Buying: Various terms.

MEMBERSHIP

The American Chamber of Commerce, Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$150,000.00

Increase of Nominal Capital:-

From

HK$10,000.00

to

HK$3,000,000.00

on

19-04-1982

Alternation of Issued Capital:-

12-06-1981	paid up	HK$ 2.00
19-04-1982	paid up	HK$149,998.00
		–––––––––––––
Total:	paid up	HK$150,000.00 ============

Group Net Earnings: US$29,380,000 (Year ended 28-01-2012)

US$31,317,000 (Year ended 02-02-2013)

Profit & Loss: Group business is profitable.

Condition: Keeping in an active and good manner.

Facilities: Making active use of general banking facilities.

Payment: So far so good.

Commercial Morality: Very Good.

Banker: Citibank N.A., Hong Kong Branch.

Standing: Good.

GENERAL

Oxford Products (International) Ltd. is a wholly-owned subsidiary of Oxford Industries Inc. [Oxford] of the United States. It was formed in November 1989 to take over the business of Oxford Products (Far East) Ltd., a company incorporated in Hong Kong on 13th March, 1973. However, this company has been in Members Voluntary Liquidation since 24th May, 1990.

Oxford is a listed firm in the United States.

The subject is a buying office. It is trading in the following commodities:-

Children’s Wear (From China, Macau & Taiwan), Blouses (From China, Macau & Taiwan), Jeans (From China, Macau & Taiwan), Dresses & Skirts (From China, Macau & Taiwan), Shirts (From China, Macau & Taiwan), Trousers (From China, Macau & Taiwan), Slacks (From China, Macau & Taiwan), Cardigan, Sweater & Pullover (From China, Macau & Taiwan), Sporting Knitwear (From China, Macau & Taiwan), Tee & Sweat Shirts (From China, Macau & Taiwan), Swimwear (From China, Macau & Taiwan), etc.

The subject is responsible for commodities sourcing, inspection and shipping.

Thomas C. Chubb III, the director of the subject and president of Oxford, is a current member of the board, to serve as CEO and president effectively 1st January, 2013.

Oxford is an international apparel design, sourcing and marketing company including a diverse portfolio of owned lifestyle brands featuring Tommy Bahama, Lilly Pulitzer and Ben Sherman, as well as owned and licensed brands of tailored clothing and golf apparel.

Oxford (NYSE:OXM) announced in April 2013 its financial results for its fourth quarter and 2012 fiscal year ended 2nd February, 2013. For fiscal 2012, a 53-week fiscal year, consolidated net sales rose 13% to US$855.5 million from US$758.9 million in fiscal 2011, which was a 52-week fiscal year. Its net earnings was US$31.3 million as compared with US$29.4 million in fiscal 2011.

The subject is fully supported by Oxford. History in Hong Kong is over 32 years.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.99.49
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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.