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MIRA
INFORM REPORT
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Report No. : |
494216 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
FOSSIL (EAST) LIMITED |
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Registered Office : |
17/F., CDW Building, 388 Castle Peak Road, Tsuen Wan,
New Territories, G.P.O. Box 2277 |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.10.1996 |
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Com. Reg. No.: |
13340724 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery, Garments, Eyewear, Watches. |
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No. of Employees : |
80 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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 47.3 million
in 2014, outnumbering visitors from all other countries combined. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving
basic liberalization of trade in services in Guangdong Province under the
Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties
between Hong Kong and the mainland. The new measures, which took effect in
March 2015, cover a negative list and a most-favored treatment provision, and will
improve access to the mainland's service sector for Hong Kong-based companies. Credit
expansion and a tight housing supply have caused Hong Kong property prices to
rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in
2017. Lower- and middle-income segments of the population are increasingly
unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
|
Source
: CIA |
Company name & address
FOSSIL (EAST) LIMITED
ADDRESS: 17/F., CDW Building,
388 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2416 2710
FAX: 852-2416 2292
E-MAIL: fahr@fossil.com
MANAGEMENT
Managing Director: Mr. Randy
Charles Belcher
SUMMARY
Incorporated on: 29th October, 1996.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Net Sales: US$3,042.4 million (Year ended 31-12-2016)
Employees: 80.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
FOSSIL (EAST) LIMITED
ADDRESS
Registered Head
Office:-
17/F., CDW Building, 388 Castle Peak Road, Tsuen Wan,
New Territories, Hong Kong.
G.P.O. Box 2277, Hong Kong.
Holding Company:-
Fossil Group Inc., United States.
Subsidiaries:-
FDT Ltd., Hong Kong.
Fossil (Asia) Holding Ltd., Hong Kong.
Fossil (Australia) Pty. Ltd., Australia.
Fossil (Hong Kong) Ltd., Hong Kong.
Fossil (Korea) Ltd., Korea.
Fossil Asia Pacific Ltd., Hong Kong.
Fossil Commercial (Shanghai) Co. Ltd., China.
Fossil India Private Ltd., India.
Fossil Industries Ltd., Hong Kong.
Fossil Services (Shenzhen) Co. Ltd., China.
Fossil Singapore Pte. Ltd., Singapore.
Fossil Time Malaysia Sdn. Bhd., Malaysia.
Fossil Trading (Shanghai) Co. Ltd., China.
Fossil Vietnam LLC, Vietnam.
Pulse Time Center Co. Ltd., Hong Kong.
Shanghai Fossil Retail Co. Ltd., China.
Skagen Designs Ltd., Hong Kong.
Affiliated
Companies:-
Fossil Group of Companies
Arrow Merchandising Inc., USA.
Fast Europe Sarl, France.
FESCO GmbH, Germany.
Fossil (Austria) GmbH, Austria.
Fossil (Gibraltar) Ltd., Gibraltar.
Fossil (Macau) Ltd., Macau.
Fossil (New Zealand) Ltd., New Zealand.
Fossil Accessories South Africa Pty Ltd., South Africa.
Fossil Belgium BVBA, Belgium.
Fossil Canada Inc., Canada.
Fossil Denmark A/S, Denmark.
Fossil Europe B.V., The Netherlands.
Fossil Europe GmbH, Germany.
Fossil France SA, France.
Fossil Group Europe GmbH, Switzerland.
Fossil Holding LLC Luxembourg SCS, Luxembourg.
Fossil Holdings LLC, USA.
Fossil Intermediate Inc., USA.
Fossil International Holdings Inc., USA.
Fossil Italia S.r.l., Italy.
Fossil Japan K.K., Japan.
Fossil Luxembourg Sarl, Luxembourg.
Fossil Management GmbH, Switzerland.
Fossil Management Services Pty. Ltd., Australia.
Fossil Mexico S.A. de C.V., Mexico.
Fossil Norway AS, Norway.
Fossil Partners L.P., USA.
Fossil Poland Spolka ZOO, Poland.
Fossil Retail Stores (Australia) Pty. Ltd., Australia.
Fossil S.L., Spain.
Fossil Store Belgium BVBA, Belgium.
Fossil Stores France SAS, France.
Fossil Stores I Inc., USA.
Fossil Stores S.r.l., Italy.
Fossil Sweden AB, Sweden.
Fossil Switzerland GmbH, Switzerland.
Fossil Trust, USA.
Fossil U.K. Holdings Ltd., UK.
Fossil U.K. Ltd., UK.
GUM S.A., France.
In Time – Distribuicao de Relogios SUL, Portugal.
Latin America Services Ltd., British Virgin Islands.
Montres Antima SA, Switzerland.
Pulse Time Centre (Shenzhen) Co. Ltd., China.
Servicios Fossil Mexico S.A. de C.V., Mexico.
Swiss Technology Holding GmbH, Switzerland.
Swiss Technology Production SA, Switzerland.
etc.
BUSINESS REGISTRATION NUMBER
13340724
COMPANY FILE NUMBER
0270808
MANAGEMENT
Managing Director: Mr. Randy
Charles Belcher
Contact Person: Ms. Tsui Ka Pik
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 02-02-2017)
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Name |
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No. of shares |
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Fossil Group Inc. 901 S. Central Expressway, Richardson, TX 75080, U.S. |
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10,000 ===== |
DIRECTORS
(As per registry dated 01-04-2017)
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Name (Nationality) |
Address |
|
Randy Charles BELCHER |
Flat B, 21/F., Centrepoint, 72 Staunton Street, Sheung Wan, Hong
Kong. |
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TSUI Ka Pik |
Flat G, 8/F., Tower 23A, South Horizons, Apleichau, Hong Kong. |
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John Albert WHITE |
3212 Centenary Avenue, Dallas TX 75225, U.S. |
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John Joseph O’BRIEN |
Flat A, 33/F., Harbour Pinnacle, 8 Minden Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 02-03-2017)
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Name |
Address |
Co. No. |
|
BEAS Company Secretarial Services Ltd. |
20/F, Euro Trade Centre, 21-23 Des Voeux Road Central, Hong Kong. |
0065366 |
HISTORY
The subject was incorporated on 29th October, 1996 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 5/F., CDW Building, 388 Castle Peak
Road, Tsuen Wan, New Territories, Hong Kong, moved to Unit C & D, 6/F. of
the same building with effect from 17th March, 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Jewellery, garments, eyewear, watches.
Employees: 80.
Commodities Imported: China, other
Asian countries, Europe, US, etc.
Markets: Hong Kong, Southeast Asia, China,
Europe, etc.
Group Net Sales: US$2,285.5
million (Year ended 29-12-2012)
US$3,260.0 million (Year ended 28-12-2013)
US$3,509.7 million (Year ended 03-01-2015)
US$3,228.8 million (Year ended 02-01-2016)
US$3,042.4 million (Year ended 31-12-2016)
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
The American Chamber of Commerce in Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000.00
Group Net Income: US$343.4
million (Year ended 29-12-2012)
US$378.2 million (Year ended 28-12-2013)
US$376.7 million (Year ended 03-01-2015)
US$220.6 million (Year ended 02-01-2016)
US$
78.8 million (Year ended 31-12-2016)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking
facilities.
Payment: Regular.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
GENERAL
Fossil (East) Limited is a wholly-owned subsidiary of Fossil Group Inc.
[Fossil/Group/Company] which is a US-based firm.
The subject has a subsidiary company known as Fossil (Asia) Ltd. [Fossil
Asia] which is located at the same address.
The Fossil’s business names are “Breil”, “Emporio Armani”, “Time +
Style”, “Fossil”, “Michele”, and “Expressions”.
Fossil is a US NASDAQ listed design, development, marketing and
distribution company that specializes in consumer products.
Fossil is a global design, marketing, distribution and innovation
company specializing in lifestyle accessories.
Under a diverse portfolio of owned and licensed brands, its offerings
include fashion watches, jewellery, handbags, small leather goods and wearables. With its newest owned brand, Misfit, it is
bringing style and technology to the high-growth connected space. It is committed to delivering the best in
design and innovation across its owned brands, Fossil, Michele, Misfit, Relic,
Skagen and Zodiac, and licensed brands, Adidas, Armani Exchange, Burberry,
Chaps, Diesel, DKNY, Emporio Armani, Karl Lagerfeld, kate spade new york, Marc
Jacobs, Michael Kors and Tory Burch, etc.
Internationally, the Group’s products are sold to department stores,
specialty retail stores, and specialty watch and jewellery stores in
approximately 150 countries worldwide through 23 Company-owned foreign sales
subsidiaries and through a network of approximately 80 independent
distributors. Its products are offered
on airlines and cruise ships and in international Company-owned retail stores.
Internationally, our network of Company-owned stores included 230 retail stores
and 132 outlet stores as of 31st December, 2016. Its products are also sold through licensed
and franchised FOSSIL retail stores, retail concessions operated by it and
kiosks in certain international markets, as well as its websites in certain
countries.
Domestically, the Group conducts a majority of its operations through
Fossil Partners, L.P., a Texas limited partnership formed in 1994 of which it
is the sole general partner. It also
conducts operations domestically and in certain international markets through
various owned subsidiaries.
Its European headquarters is located in Basel, Switzerland, and its
Asian headquarters is located in Hong Kong.
Its common stock is traded on the NASDAQ Global Select Market under the
trading symbol FOSL.
Its operations are primarily divided into three distinct geographic
segments: (i) Americas; (ii) Europe; and (iii) Asia. Each segment includes wholesale, retail,
e-commerce and catalogue activities based on the geographic location of those
activities.
For the FY 2016, the net sales of the Group amounted to US$3.0 billion,
decreased by 6.3% as compared with US$3.2 billion in FY 2015; net income of the
Group was US$78.8 million, decreased substantially as compared with US$220.6
million in FY 2015.
As of 31st December, 2016, the Group employed approximately 14,500
persons, including approximately 8,500 persons employed by its foreign operating
subsidiaries.
The subject is fully supported by Fossil. The history of the subject is over
28 years.
On the whole, in view of the subject’s background and parentage,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
INR 64.85 |
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|
1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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HKD |
1 |
INR 8.32 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.