MIRA INFORM REPORT
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Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
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Name : |
WARNACO ASIA LTD. |
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Registered Office : |
20/F., Two Harbourfront, |
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Country : |
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Date of Incorporation : |
25.09.2009 |
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Com. Reg. No.: |
51209782 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in designing, sourcing, marketing and distributing a
broad line of intimate apparel, sportswear and swimwear worldwide. The subject operates a chain of retail shops in |
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No. of Employees : |
180. ( |
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 : |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 |
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.
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Source
: CIA |
WARNACO ASIA LTD.
ADDRESS: 20/F., Two Harbourfront, 22
Tak Fung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2798 1888
FAX: 852-2621 6135
E-MAIL: sleung@warnaco.com
Group Executive Vice President:
Mr. Michael Alan Shaffer
Incorporated on: 25th September, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$3,500,000,000.00
Issued: HK$1,787,398,000.00
Business Category: Garment
Buying Office, Importer and Exporter; Retailer.
Group Total Revenue:
US$6,042,999,000 (Year ended
03-02-2013)
Employees: 180. (Hong Kong)
Main Dealing Banker: JPMorgan
Chase Bank N.A., Hong Kong Branch.
Banking Relation: Good.
WARNACO ASIA LTD.
Registered Head
Office:-
20/F., Two Harbourfront, 22 Tak Fung Street, Hunghom, Kowloon,
Hong Kong.
Immediate Holding
Company:-
Warnaco (HK) Ltd., Barbados.
Intermediate
Holding Company:-
Warnaco B.V., Netherlands.
Penultimate
Holding Company:-
The Warncao Group Inc., USA.
Ultimate Holding
Company:-
PVH Corporation, USA.
Associated/Affiliated
Companies:-
Warnaco Group of Companies
4278941 Canada Inc., Canada.
AEB Participacoes Ltda., Brazil.
Authentic Fitness On-Line Inc., USA.
Calvin Klein Jeanswear Co., USA.
CCC Acquisition Corporation, USA.
CK Jeanswear Asia Ltd., Hong Kong.
CK Jeanswear Australia Pty. Ltd., Australia.
CK Jeanswear Europe S.r.l., Italy.
CK Jeanswear Korea Ltd., Korea.
CK Jeanswear NZ Ltd., New Zealand.
CKJ Fashion (Shanghai) Ltd., China.
CKJ Holdings Inc., USA.
CKJ UK Ltd., UK.
CKU.com Inc., USA.
Designer Holdings Ltd., USA.
Distribuidor Textil Warnaco Chile Ltda., Chile.
Distribuidor Textil Warnaco Peru S.A., Peru.
Eratex GmbH, Germany.
Euro Retail S.r.l., Italy.
FA France Sarl., France.
Gold Lightening Ltd., Hong Kong.
Jeanswear Services Ltd., UK.
Lenitex-Warnaco Handelsgesellschaft m.b.H, Austria.
Lintex-Warnaco S.a.r.l., Switzerland.
Mullion International Ltd., British Virgin Islands.
Ocean Pacific Apparel Corporation, USA
Vista de Yucatan S.A. de C.V., Mexico.
Warnaco (Macao) Co. Ltd., Macao.
Warnaco Apparel SA (Proprietary) Ltd., South Africa.
Warnaco Argentina S.r.l., Argentina.
Warnaco (Belgium) Sprl, Belgium.
Warnaco Brasil Participacoes Ltda., Brazil.
Warnaco Commerce (Shanghai) Co. Ltd., China.
Warnaco Denmark A/S, Denmark.
Warnaco France S.A.R.L., France.
Warnaco Germany GmbH, Germany.
Warnaco Global Sourcing Ltd., Hong Kong.
Warnaco Inc., USA.
Warnaco International Trading (Shanghai) Co. Ltd., China.
Warnaco Intimo S.A., Spain.
Warnaco Italy S.r.l., Italy.
Warnaco Logistics B.V., Netherlands.
Warnaco Netherlands B.V., Netherlands.
Warnaco of Canada Co., Canada.
Warnaco Poland Sp. z.o.o., Poland.
Warnaco Portugal-Vestuario e Acessorios Sociedade
Unipessoal Lda., Portugal.
Warnaco Puerto Rico Inc., USA.
Warnaco Retail Inc., USA.
Warnaco Shanghai Co. Ltd., China.
Warnaco Singapore Pte. Ltd., Singapore.
Warnaco Swimwear Inc., USA.
Warnaco Swimwear Products Inc., USA.
Warnaco Taiwan Co. Ltd., Taiwan.
Warnaco U.S. Inc., USA.
Warnaco UK Ltd., Northern Ireland.
Warner’s (EIRE) Teoranta, Ireland.
Warner’s Aiglon S.A., France.
Warner’s de Mexico S.A. de C.V., Mexico.
WBR Industria e Comercio de Vestuario S.A., Brazil.
WF Overseas Fashion C.V., Netherlands.
Associated/Affiliated
with:-
PVH Group of Companies
51209782
1376775
Group Executive Vice President:
Mr. Michael Alan Shaffer
Nominal Share Capital: HK$3,500,000,000.00
(Divided into 3,500,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,787,398,000.00
(As per registry dated 25-09-2013)
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Name |
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No. of shares |
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Warnaco (HK) Ltd. DGM Trust, Chamberlain Place, Broad Street, Bridgetown,
St. Michael, Barbados, British West Indies. |
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1,787,398 ======= |
(As per registry dated 25-09-2013)
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Name (Nationality) |
Address |
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Michael Alan SHAFFER |
20 Norwood Ave., Avon By Sea, NJ 07717, USA. |
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Mark David FISCHER |
9 Miller Circle, Armonk, NY 10504-1357, USA. |
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HUI Hon Chiu, Jeffrey |
Flat C, 21/F., Tower 6, Parc Palais, 18 Wylie Road, Ho Man Tin,
Kowloon, Hong Kong. |
HUI Hon Chiu, Jeffrey (As per
registry dated 25-09-2013)
The subject was incorporated on 25th September, 2009 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.
Activities: Garment
Buying Office, Importer and Exporter; Retailer.
Lines: Pyjamas,
robes, camisoles, seamless vests, briefs, swimwear, brassieres
Employees: 180. (Hong Kong)
Commodities Imported: Bought in
Hong Kong and imported from China and other Asian countries
Markets: USA,
Hong Kong.
Group Total Revenues: US$4,636,848,000 (Year ended 31-12-2010)
US$5,890,624,000 (Year ended 31-12-2011)
US$6,042,999,000 (Year ended 03-02-2013)
Terms/Sales: COD, L/C or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$3,500,000,000.00
(Divided into 3,500,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,787,398,000.00
Alternation of Issued Capital:-
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25-09-2009 |
paid up |
HK$ 1,000.00 |
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01-11-2009 |
paid up |
HK$1,016,856,000.00 |
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02-11-2009 |
paid up |
HK$ 770,541,000.00 |
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––––––––––––––––––– |
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Total: |
paid up |
HK$1,787,398,000.00 ================= |
Group Net Income: US$ 54,377,000
(Year ended 31-12-2010)
US$275,697,000 (Year ended 31-12-2011)
US$433,840,000 (Year ended 03-02-2013)
Indebtedness: HK$6,420,266.00
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 25-09-2013)
Profit or Loss: Profitable.
Condition: Keeping
in a normal manner.
Facilities: Making
rather active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Banker: JPMorgan Chase Bank N.A., Hong Kong
Branch.
Standing: Good.
Warnaco Asia Ltd. is a wholly-owned subsidiary of Warnaco (HK) Ltd.
which was registered in Barbados, British West Indies. In turn, Warnaco (HK) Ltd. is a subsidiary of
The Warnaco Group Inc. [Warnaco] of the United States. However, Warnaco was acquired by PVH Corp.
[PVH] on 13th February, 2013.
The subject and its holding company are engaged in designing, sourcing,
marketing and distributing a broad line of intimate apparel, sportswear and
swimwear worldwide. The subject’s
products are sold under several highly recognized brand names.
The subject operates a chain of retail shops in Hong Kong under the name
of “Calvin Klein.”
Warnaco was listed on the New York Stock Exchange on 11th October,
1991.
Warnaco, a Delaware corporation organized in 1986 (collectively with its
subsidiaries, the “Group”), designs, sources, markets, licenses and distributes
a broad line of intimate apparel, sportswear and swimwear worldwide. The Group’s products are sold under several
highly recognized brand names, including, but not limited to, “Calvin Klein®”,
“Speedo®”, “Chaps®”, “Warner’s®” and “Olga®”.
The Group’s products are distributed domestically and internationally,
primarily to wholesale customers through various distribution channels,
including major department stores, independent retailers, chain stores,
membership clubs, specialty and other stores, mass merchandisers and the
internet.
PVH is also a public listed company in the New York Stock Exchange. It is one of the world’s largest apparel
companies, with a heritage dating back over 130 years. Its brand portfolio consists of nationally
and internationally recognized brand names, including the global designer
lifestyle brands Calvin Klein and Tommy Hilfiger, as well as Van Heusen, IZOD,
Bass, ARROW and Eagle, which are owned brands, and Geoffrey Beene, Kenneth Cole
New York, Kenneth Cole Reaction, Sean John, JOE Joseph Abboud, MICHAEL Michael
Kors, Michael Kors Collection, Chaps, Donald J. Trump Signature Collection,
DKNY, Elie Tahari, Nautica, Ted Baker, J. Garcia, Claiborne, Robert Graham,
U.S. POLO ASSN., Ike Behar, Axcess, Jones New York and John Varvatos, which are
licensed, as well as various other licensed and private label brands. It designs and markets branded dress shirts,
neckwear, sportswear and, to a lesser extent, footwear and other related
products. Additionally, it licenses its
owned brands over a broad range of products.
During 2012, its directly operated businesses in North America (United
States and Canada) consisted principally of wholesale dress furnishings sales
under its owned and licensed brands; wholesale men’s sportswear sales under our
Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD and ARROW brands; and the
operation of retail stores, principally in outlet malls, under our Calvin
Klein, Tommy Hilfiger, Van Heusen, IZOD and Bass brands. During 2012, its directly operated businesses
outside of North America consisted principally of its Tommy Hilfiger International
wholesale and retail businesses in Europe and Japan and its Calvin Klein dress
furnishings and wholesale Calvin Klein Collection businesses in Europe. Its licensing activities principally related
to the licensing worldwide of its Calvin Klein trademark for a broad range of
lifestyle products and for specific geographic regions.
During 2012, PVH aggregated its segments into three main businesses: (i)
Tommy Hilfiger, which consists of the Tommy Hilfiger North America and Tommy
Hilfiger International segments; (ii) Calvin Klein, which consists of the
Calvin Klein Licensing segment (including its Calvin Klein Collection business,
which it operates directly in support of the global licensing of the Calvin
Klein brands) and the Other (Calvin Klein Apparel) segment, which consists of
its Calvin Klein dress furnishings, sportswear and outlet retail divisions in
North America; and (iii) Heritage Brands, which consists of the Heritage Brand
Wholesale Dress Furnishings, Heritage Brand Wholesale Sportswear and Heritage
Brand Retail segments.
PVH’s revenue reached a record US$6.043 billion in 2012, approximately
39% of which was generated internationally.
Its global designer lifestyle brands, Tommy Hilfiger and Calvin Klein,
together generated approximately 72% of its revenue during 2012.
Its largest customers account for significant portions of its
revenue. Sales to its five largest
customers were 18.7% of its revenue in 2012, 19.5% of its revenue in 2011 and
22.6% of its revenue in 2010. Macy’s,
Inc., its largest customer, accounted for 8.7% of its revenue in 2012, 9.4% of
its revenue in 2011 and 10.1% of its revenue in 2010.
The PVH Group supports the subject’s business to a very great extent.
On the whole, in view of the parentage of the subject, consider it good
for normal business engagements.
Brief information of the principal director:-
Mr. Michael A. SHAFFER, aged 52, is Chief Operating and Financial
Officer, Executive Vice President of PVH.
Mr. Shaffer has been employed by PVH since 1990. He served as Senior Vice President, Retail
Operations immediately prior to being named Executive Vice President, Finance
in 2005, Executive Vice President and Chief Financial Officer in March 2006,
and Executive Vice President and Chief Operating & Financial Officer in
February 2012.
Mr. Mark David FISCHER, is a Director & Senior Vice President at
Warnaco, and Secretary, Senior Vice President & General Counsel at PVH
Corp. He is on the Board of Directors at
Warnaco. He received his undergraduate
degree from Brandeis University and a graduate degree from the Boston
University School of Law.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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.