2011 - Li & Fung Limited

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NOTES TO THE ACCOUNTS (CONTINUED) 41 PRINCIPAL SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED) Note Principal subsidiaries 156 LI & FUNG LIMITED | ANNUAL REPORT 2011 Place of Incorporation and operation Issued and fully paid share capital Percentage of equity held by the Company Principal activities Lion Rock International Trading & Co. Hong Kong Capital contribution 100 Merchandising agent, HK$3,000,000 freight forwarding and logistic services Lion Rock Services (Far East) & Co. Hong Kong Capital contribution HK$17,000,000 100 Merchandising agent Lion Rock Services (Switzerland) AG Switzerland CHF3,400,000 100 Export trading services Lloyd Textile Trading Limited Hong Kong Ordinary HK$1,000,000 100 Manufacturing and trading Lux Plush Enterprises Limited Hong Kong Ordinary HK$250,000 100 Export trading Match Winner Vertriebs-GmbH Germany EUR 26,000 100 Wholesaling Meredith Associates Limited Hong Kong Ordinary US$1,001 100 Investment holding MESH LLC U.S.A. Capital contribution US$1 75 Wholesaling Metro Seven LLC U.S.A. Capital contribution US$1 100 Wholesaling (2) Mercury (BVI) Holdings Limited British Virgin Islands Ordinary US$1 100 Investment holding Midway Enterprises (Guangzhou) The People’s US$8,570,000 100 Manufacture and Limited Republic of China foreign-owned distribution of licensed enterprise children’s apparel and accessories Mighty Hurricane Holdings Inc. U.S.A. Common shares of US$100 100 Wholesaling Miles Fashion Asia Pte. Ltd. Singapore Ordinary S$1 100 Export trading Miles Fashion GmbH Germany EUR 21,000,000 100 Importer Miles Fashion Group France EURL France EUR 10,000 100 Wholesaling Miles Fashion USA, Inc. U.S.A. US$1,000 100 Importer Millwork (Shenzhen) Limited The People’s RMB3,000,000 100 Export trading services Republic of China foreign-owned enterprise Millwork Holdings Co., Inc. U.S.A. Common stock US$1 100 Investment holding Millwork Pte. Ltd. Singapore Ordinary S$10,000 100 Export trading (2) Modium Konfeksiyon Sanayi ve Turkey A Shares YTL2,249,975 100 Manufacturing Ticaret Anonim Sirketi B Shares YTL25 Momentum Clothing Limited England Ordinary GBP100 100 Export trading Nanjing LF Asia Company Limited The People’s US$5,000,000 100 Import/export and (formerly known as Nanjing IDS Republic of China foreign-owned distribution of general Marketing Company Limited) enterprise merchandise Pacific Alliance USA, Inc. U.S.A. Common Stock US$1 100 Wholesaling Paco Trading (International) Limited Hong Kong Ordinary HK$2 100 Export trading Patch Licensing LLC U.S.A. Capital contribution US$1 66 2 / 3 Wholesaling Perfect Trading Inc. Egypt LE 2,480,000 60 Export trading Peter Black Footwear & Accessories England Ordinary GBP202,000 100 Design, marketing and Limited sourcing
41 PRINCIPAL SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED) Note Principal subsidiaries Place of Incorporation and operation Issued and fully paid share capital NOTES TO THE ACCOUNTS (CONTINUED) Percentage of equity held by the Company Principal activities Peter Black International Limited England Ordinary GBP1,020.42 100 Investment holding Peter Black Holdings Limited England Ordinary GBP16,268,648.75 100 Investment holding Peter Black Overseas Holdings Limited England Ordinary GBP2 100 Investment holding Phil Henson GmbH Germany Euro 50,000 100 Importer Product Development Partners Limited Hong Kong Ordinary HK$2 100 Export trading PromOcean France SAS France Euro 8,530,303 100 Wholesaling PromOcean GmbH Germany Euro 25,570 100 Wholesaling PromOcean No 1 Limited England Ordinary GBP1 100 Investment holding PromOcean Spain SL Spain Euro 3,005.06 100 Wholesaling PromOcean The Netherlands B.V. The Netherlands Euro 39,379.5 100 Wholesaling PromOcean UK Limited England Ordinary GBP1 100 Wholesaling PT Direct Sourcing Indonesia Indonesia Ordinary US250,000 100 Export trading services P.T. Lifung Indonesia Indonesia US$500,000 100 Export trading services Rhodes Limited Hong Kong Ordinary US$1,000 100 Export trading and sourcing RT Sourcing Asia Limited Hong Kong HK$102,000 100 Export trading RT Sourcing USA Inc. U.S.A. Common stock US$6 100 Importer RT Sourcing (Shenzhen) Co. Ltd. The People’s HK$1,000,000 100 Export trading services Republic of China foreign-owned enterprise RVVW Apparel LLC U.S.A. Capital contribution Nil 100 Wholesaling Ralsey Group Limited U.S.A. Common stock US$1 100 Wholesaling (2) Ratners Enterprises Limited British Virgin Islands Ordinary US$1 100 Investment holding (2) Region Giant Holdings Limited British Virgin Islands Ordinary US$31 100 Investment holding Rosetti Asia Limited Hong Kong Ordinary HK$2 100 Export trading Rosetti Handbags and Accessories, Ltd. U.S.A. Common stock US$1 100 Wholesaling Shanghai Midway Xiaozhuren Trading The People’s RMB500,000 100 Retail of children’s Co., Ltd Republic of China foreign-owned apparel and enterprise accessories Shiu Fung Fireworks Company Limited Hong Kong Ordinary “A” HK$1,100,000 Ordinary “B” HK$1,100,000 100 Export trading Shiu Fung Fireworks Trading The People’s RMB4,000,000 100 Export trading (Changsha) Limited Republic of China foreign-owned enterprise Shubiz Limited England Ordinary GBP2 100 Design, marketing and sourcing Shutoo Limited England Ordinary GBP1 100 Design, marketing and sourcing LI & FUNG LIMITED | ANNUAL REPORT 2011 157
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LI & FUNG LIMITED (Incorporated in
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CORPORATE INFORMATION NON-EXECUTIVE
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THE AMERICAS Guatemala City Lima Ma
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CHAIRMAN’S STATEMENT Victor Fung
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CHAIRMAN’S STATEMENT (CONTINUED)
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CONSUMER NEEDS THE SUPPLY CHAIN CON
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MANAGEMENT DISCUSSION & ANALYSIS Wi
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MANAGEMENT DISCUSSION & ANALYSIS (C
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CORPORATE GOVERNANCE The Board of D
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CORPORATE GOVERNANCE (CONTINUED) In
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CORPORATE GOVERNANCE (CONTINUED) LI
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CORPORATE GOVERNANCE (CONTINUED) RI
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CORPORATE GOVERNANCE (CONTINUED) CO
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CORPORATE GOVERNANCE (CONTINUED) As
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CORPORATE GOVERNANCE (CONTINUED) Th
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CORPORATE GOVERNANCE (CONTINUED) CO
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SUSTAINABILITY OVERVIEW In 2011, we
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SUSTAINABILITY (CONTINUED) A summar
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SUSTAINABILITY (CONTINUED) WELL-BEI
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DIRECTORS AND SENIOR MANAGEMENT DIR
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DIRECTORS AND SENIOR MANAGEMENT (CO
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DIRECTORS AND SENIOR MANAGEMENT (CO
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REPORT OF THE DIRECTORS The directo
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Number of Share Options REPORT OF T
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SUBSIDIARIES Details of the Company
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DIRECTORS The directors during the
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REPORT OF THE DIRECTORS (CONTINUED)
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REPORT OF THE DIRECTORS (CONTINUED)
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OPINION INDEPENDENT AUDITOR’S REP
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CONSOLIDATED PROFIT AND LOSS ACCOUN
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CONSOLIDATED BALANCE SHEET As at 31
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BALANCE SHEET As at 31 December 201
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CONSOLIDATED STATEMENT OF CHANGES I
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NOTES TO THE ACCOUNTS 1 BASIS OF PR
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NOTES TO THE ACCOUNTS (CONTINUED) 1
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2 CRITICAL ACCOUNTING ESTIMATES AND
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3 SEGMENT INFORMATION (CONTINUED) Y
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3 SEGMENT INFORMATION (CONTINUED) N
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4 OPERATING PROFIT (CONTINUED) The
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6 TAXATION (CONTINUED) NOTES TO THE
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10 STAFF COSTS INCLUDING DIRECTORS
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11 DIRECTORS’ AND SENIOR MANAGEME
Page 107 and 108: 12 INTANGIBLE ASSETS Brand Buying a
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Page 111 and 112: 13 PROPERTY, PLANT AND EQUIPMENT (C
Page 113 and 114: 17 AVAILABLE-FOR-SALE FINANCIAL ASS
Page 115 and 116: 19 DUE FROM/(TO) RELATED COMPANIES
Page 117 and 118: 21 TRADE AND OTHER RECEIVABLES (CON
Page 119 and 120: 22 CASH AND CASH EQUIVALENTS NOTES
Page 121 and 122: 24 BANK BORROWINGS (CONTINUED) The
Page 123 and 124: NOTES TO THE ACCOUNTS (CONTINUED) 2
Page 125 and 126: 26 RESERVES (a) THE GROUP NOTES TO
Page 127 and 128: 26 RESERVES (CONTINUED) (b) THE COM
Page 129 and 130: 27 LONG-TERM LIABILITIES NOTES TO T
Page 131 and 132: 27 LONG-TERM LIABILITIES (CONTINUED
Page 133 and 134: 28 POST-EMPLOYMENT BENEFIT OBLIGATI
Page 135 and 136: 29 DEFERRED TAXATION (CONTINUED) NO
Page 137 and 138: 30 NOTES TO THE CONSOLIDATED CASH F
Page 139 and 140: 30 NOTES TO THE CONSOLIDATED CASH F
Page 141 and 142: 31 BUSINESS COMBINATIONS (CONTINUED
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Page 145 and 146: 36 FINANCIAL RISK MANAGEMENT NOTES
Page 147 and 148: 36 FINANCIAL RISK MANAGEMENT (CONTI
Page 149 and 150: 38 FAIR VALUE ESTIMATION NOTES TO T
Page 151 and 152: 41 PRINCIPAL SUBSIDIARIES AND ASSOC
Page 157: 41 PRINCIPAL SUBSIDIARIES AND ASSOC
Page 164: LIFUNG TOWER 888 Cheung Sha Wan Roa
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2011 - Li & Fung Limited

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