|
Report Date : |
19.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
WARNACO ASIA LTD. |
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Registered Office : |
20/F., Two Harbourfront, 22 Tak Fung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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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 Hong Kong under the
name of “Calvin Klein.” |
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No. of Employees : |
180. (Hong Kong) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A1 |
|
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 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 |
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 Sales:
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.
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)
|
Name |
|
No. of shares |
|
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 |
|
Michael Alan SHAFFER |
20 Norwood Ave., Avon By Sea, NJ 07717, USA. |
|
Mark David FISCHER |
9 Miller Circle, Armonk, NY 10504-1357, USA. |
|
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 Sales: 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$1,787,398,000.00
Alternation of Issued Capital:-
|
25-09-2009 |
paid up |
HK$ 1,000.00 |
|
01-11-2009 |
paid up |
HK$1,016,856,000.00 |
|
02-11-2009 |
paid up |
HK$ 770,541,000.00 |
|
|
|
––––––––––––––––––– |
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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 sales
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 sales during 2012.
Its largest
customers account for significant portions of its sales. Sales to its five largest customers were
18.7% of its sales in 2012, 19.5% of its sales in 2011 and 22.6% of its sales
in 2010. Macy’s, Inc., its largest
customer, accounted for 8.7% of its sales in 2012, 9.4% of its sales in 2011
and 10.1% of its sales 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.