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Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
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Name : |
PVH FAR
EAST LTD. |
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Formerly Known as : |
Phillips‑Van
Heusen Far East Ltd |
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Registered Office : |
10/F., One Kowloon, 1 Wang Yuen Street, Kowloon Bay,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.03.1980 |
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Com. Reg. No.: |
06511615 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer, Exporter and Wholesaler of all kinds of apparels · subject is sourcing all kinds of apparels for PVHC. · subject is a regional buying and marketing office for the apparel maker most famous for its dress-shirt brands, including “Calvin Klein” and “Tommy Hilfiger”. |
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No of Employees : |
120. (Hong Kong) 13. (China) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
PVH FAR EAST LTD.
10/F., One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2738 6500, 2317 1203, 2738 6831
FAX: 852-2730 2398, 2377 1966, 2755 2265, 2375 9605
E-MAIL: tonywong@pvh.com
Managing Director: Mr. Ma Kin Hung
Incorporated on: 14th March, 1980.
Organization: Private Limited Company.
Issued Capital: HK$180.00
Business Category: Importer, Exporter and Wholesaler.
Group Sales: US$8,186,351,000 (Year ended 04-02-2013)
Employees: 120. (Hong Kong)
Main Dealing Banker: Bank of America N.A., Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
10/F., One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
PVH International Corporation, The Netherlands.
Ultimate Holding
Company:-
PVH Corporation, US.
Associated
Companies:-
PVH Group of Companies
Arrow C.V., Netherlands.
Authentic Fitness On-line. Inc., US.
BassNet Inc, US.
BassNet LLC, US.
Calvin Hoilding C.V., Netherlands.
Calvin Klein Europe B.V., Netherlands.
Calvin Klein Inc., US.
Calvin Klein Jeanswear Company, US.
Calvin Klein Stores Ireland Ltd., Ireland.
Calvin Klein Stores Rus LLC, Russia.
Calvin Klein Stores Spain S.L., Spain.
Calvin Klein Stores UK Ltd., UK.
CCC Acquisition Corporation, US.
CK Jeanswear Asia Ltd., Hong Kong.
CK Logistics B.V., Netherlands.
CK Service Corporation, US.
CK Stores Austria GmbH, Austria.
CK Stores B.V., Netherlands.
CK Stores Belgium BVBA, Belgium.
CK Stores Denmark ApS, Denmark.
CK Stores Finland OY, Finland.
CK Stores France SAS, France.
CK Stores Germany GmbH, Germany.
CK Stores Italy S.r.l., Italy.
CK Stores Netherlands B.V., Netherlands.
CK Stores Poland Sp. z o.o., Poland.
CK Stores Portugal. Unipessoal Lda., Portugal.
CK Stores Switzerland GmbH, Switzerland.
CKJ Fashion (Shanghai) Ltd., China.
CKJ Holdings. Inc.,US.
CKU.com Inc., US.
Cluett Peabody & Co. Inc., US.
Cluett Peabody Resources Corporation, US.
Confezioni Moda Italia S.r.l., Italy.
Designer Holdings Ltd., US.
Distribuidor Textil Warnaco Chile. Limitada, Chile.
Distribuidor Textil Warnaco Peru S.A.C., Peru.
Elmira 3 B.V., Netherlands.
PVH Holdings Germany GmbH & Co. KG, Germany.
PVH International B.V., Netherlands.
PVH Italia S.r.l., Italy.
PVH Korea Co. Ltd., Korea.
PVH Management Consultant (Shanghai) Ltd., Hong Kong.
PVH Neckwear. Inc., US.
PVH Netherlands B.V., Netherlands.
PVH Norge AS, Norway.
PVH Osterreich GesmbH, Austria.
PVH Prince C.V. Holding Corporation, US.
PVH Puerto Rico Inc., US.
PVH Puerto Rico LLC, US.
PVH Realty Corporation, US.
PVH Retail Stores LLC., US.
PVH Schweiz GmbH, Switzerland.
PVH Singapore Private Ltd., Singapore.
PVH Sweden AB, Sweden.
PVH Taiwan Company Ltd., Taiwan.
PVH UK Ltd., UK.
PVH Wholesale Corporation, US.
PVH Wholesale New Jersey Inc., US.
Quiver C.V., Netherlands.
T. H. International N.V., Netherlands Antilles.
TH Asia Ltd., Hong Kong. (Joint venture in HK)
TH Australia Holdings Pty Ltd., Australia.
TH l Holding (Cyprus) Ltd., Cyprus.
The Monument B.V., Netherlands.
The Warnaco Group. Inc., US.
Tomcan Investments Inc., US.
Tommy Hilfiger (Eastern Hemisphere) Ltd., British Virgin Island.
Tommy Hilfiger (HK) Ltd., Hong Kong.
Tommy Hilfiger Corporation, British Virgin Island.
Tommy Hilfiger Europe B.V., Netherlands.
Tommy Hilfiger Japan Corporation, Japan.
Tommy Hilfiger Japan Holding Godo Kaisha, Japan.
Tommy Hilfiger Licensing B.V., Netherlands.
Tommy Hilfiger Licensing LLC, US.
Tommy Hilfiger Marka Dagitim Ve Ticaret Anonim Sirketi, Turkey.
Tommy Hilfiger Retail. LLC, US.
Tommy Hilfiger Services Ltd., UK.
Tommy Hilfiger Stores Norge AS, Norway.
Tommy Hilfiger U.S.A. Inc., US.
Tommy Hilfiger Wholesale. Inc., US.
Tommy Holding C.V., Netherlands.
Trumpet C.V., Netherlands.
etc.
06511615
0079691
Chairman & Chief Executive Officer: Mr. Emanuel Chirico
Senior Vice President (General Counsel & Secretary): Mr. Mark David Fischer
Managing Director: Mr. Ma Kin Hung
HK$180.00
(As per registry
dated 14-03-2014)
|
Name |
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No.
of shares |
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PVH International B.V. Stadhouderskade
6, 1054 Es Amsterdam, The Netherlands. |
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18 == |
(As per registry
dated 14-03-2014)
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Name (Nationality) |
Address |
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MA Kin Hung |
15B, Bon-Point, 11 Bonham
Road, Hong Kong. |
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Mark David
FISCHER |
9 Miller Circle, Armonk, New
York 10504, US. |
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Michael Alan
SHAFFER |
500 Burlington Ave, Bradley
Beach, Nj 07720-1120, US. |
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Mark Quentin
Toye GREEN |
Flat H, 13/F., Yat Wing
Mansion, 43 Tai Hong Street, Lei King Wah, Hong Kong. |
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Michael David
COLLINSON |
Flat E, 15/F., Block 4, Royal Peninsula,
8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
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Emanuel
CHIRICO |
31 Hewitt Avenue, Bronxville,
New York 10708, US. |
MA Kin Hung
(As per registry dated 14-03-2014)
The subject was incorporated on 14th March, 1980 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Dalriada Ltd., name changed to Envoy Pacific Ltd. on 24th October, 1980, changed to Phillips‑Van Heusen Far East Ltd. on 28th November, 1996 and further to the present style on 19th July, 2011.
Last time, the subject was located at 10/F., 11/F. & 12/F., TAL Building, 49 Austin Road, Jordan, Kowloon, Hong Kong, moved to the present address in mid-2007.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of apparels.
Employees: 120. (Hong Kong)
13. (China)
Commodities Imported: China and other Asian countries.
Markets: US, etc.
Group Total
Sales:-
· US$2,398,731,000 (Year ended 01-02-2009)
· US$4,636,848,000 (Year ended 30-01-2011)
· US$5,890,624,000 (Year ended 29-01-2012)
· US$6,042,999,000 (Year ended 03-02-2013)
· US$8,186,351,000 (Year ended 02-02-2014)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Capital: HK$180.00
Group Net Income
Attributable to PVH Corp.:-
· US$153,499,000 (Year ended 01-02-2009)
· US$ 54,377,000 (Year ended 30-01-2010)
· US$275,697,000 (Year ended 29-01-2011)
· US$433,840,000 (Year ended 03-02-2012)
· US$143,537,000 (Year ended 02-02-2013)
Profit & Loss: Business is profitable.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Good.
Bankers:-
· Bank of America N.A., Hong Kong Branch.
· JP Morgan Chase Bank N.A., US.
· Wachoria Bank N.A., US.
Standing: Good.
PVH Far East Ltd. is a wholly-owned subsidiary of PVH International Corporation [PVH] which is a firm registered in The Netherlands. Its ultimate holding company PVH Corporation [PVHC] is a US-based and listed firm in The New York Stock Exchange.
The subject is a regional buying and marketing office for the apparel maker most famous for its dress-shirt brands, including “Calvin Klein” and “Tommy Hilfiger”.
It also trades in the other branded products such as “Van Heusen”, “Kenneth Cole”, “Geoffrey Beene” and “Arrow”. Since its founding in March 1980, the subject has played a key role in sourcing the “right products at the right price, decreasing operating expenses and improving corporate financial performance”.
Over the past years, the subject has expanded significantly and at the same time decentralized its merchandising and quality assurance functions to different Asian offices.
The subject is sourcing all kinds of apparels for PVHC.
PVHC is one of the largest apparel companies in the world, with a heritage dating back over 130 years. It was incorporated in the State of Delaware in 1976 as the successor to a business begun in 1881.
PVHC designs and markets branded dress shirts, sportswear, footwear and other related products. It also designs, manufactures and markets neckwear products. Its licensing activities, principally its Calvin Klein business has provided PVHC with a sizeable base of profitable licensing sales.
Over the last decade, PVHC has made several acquisitions that have redefined the identity, performance and long-term growth potential of the Company – first with the acquisition of Calvin Klein in 2003, then with the addition of Tommy Hilfiger in 2010, and most recently with its February 2013 acquisition of The Warnaco Group, Inc. [Warnaco]. Through these transformative acquisitions, the Group has secured its position as one of the largest branded lifestyle apparel companies in the world, with a diversified portfolio of iconic designer lifestyle apparel brands, led by Calvin Klein and Tommy Hilfiger. The Calvin Klein and Tommy Hilfiger brands together represent close to 85% of its operating profits and are expected to continue to drive future sales and profitability growth.
PVHC has grown exponentially from its 1881 roots of selling and mending shirts for miners in Pottsville, PA and its 1920’s introduction of the Van Heusen “soft-folding” collar to become a global company with over US$8.0 billion in estimated 2013 sales through a combination of strategic acquisitions and by successfully growing its brands globally across the wholesale, retail, e-commerce and licensing channels throughout North America, Europe, Asia and Latin America. Its brands include Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Speedo, Warner’s and Olga. In addition, it license brands for dress shirts and neckwear offered in the United States and Canada.
Today, PVHC is a dedicated global corporate citizen and has the benefit of strong established operating platforms in North America and Europe and a growing presence in Asia and Latin America.
For the FY 2013 (Year ended 02-02-2014), the total sales of PVHC amounted to US$8,186.4 million, grew by 35.5% as compared with US6,043.0 million in FY 2012 (Year ended 03-02-2013); net income attributable to PVH Corp. was US$143.5 million, decreased by 66.9% as compared with US$433.8 million in FY 2012.
The number of full time employees of PVHC as at end of 2013 was 16,700, part time was 16,500.
The subject is fully supported by PVHC.
The Chairman and Chief Executive Officer of PVHC is Mr. Emanuel Chirico, who is one of the directors of the subject.
The history of the subject in Hong Kong is over 34 years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.34 |
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|
1 |
Rs.99.18 |
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Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
MNL |
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 |
-- |
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.