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OPERATING COMPANIES – OTHER BUSINESSES - LEASING

 
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Licensing

Singer Asia has an exclusive royalty bearing license from a subsidiary of SVP, the owner of the Singer trademark, allowing Singer Asia to use the Singer name in its company and its subsidiary company names; to use the Singer trademark on its and its affiliate stores and on the non-sewing products it manufactures or sources, subject to appropriate quality and other standards; and to license the Singer name and trademark to third party licensees in most countries of Asia including China and Australia and New Zealand, but excluding Japan and Korea. The royalty paid to SVP is set at 1.0% of Singer Asia's consolidated revenue calculated in terms of US GAAP.

Singer Asia, in turn, has entered into royalty bearing license arrangements with third-party licensees.

Malaysia
In Malaysia, Singer Asia has licensed a local company, Singer (Malaysia) Sdn. Bhd. ("Singer Malaysia"), to use the Singer name in its company name and to use the Singer trademark on its stores and on the products it manufactures or sources. At the end of 2013, Singer Malaysia had 147 shops and 576 dealers and is the largest direct seller in Malaysia of durables for the home. Singer Malaysia pays Singer Asia a royalty calculated as a percentage of revenue. For additional information regarding Singer Malaysia, see the Singer Malaysia website: www.singer.com.my

Australia
In Australia, Singer Asia has licensed the local Singer sewing machine distributor, Blessington Pty. Ltd., to apply the Singer trademark to specific consumer durable products that it sells. The Australian licensee pays Singer Asia a royalty calculated as a percentage of sales of these products, with a minimum annual royalty.

Cambodia
In Cambodia, Singer Asia has licensed a company, Brand Trading (Cambodia) Limited to use the Singer trademark on its stores and on the products it manufactures or sources. The Cambodian licensee pays Singer Asia a royalty calculated as a percentage of revenue.


Singer Asia is seeking to identify licensees in additional markets throughout Asia where it does not have and does not contemplate having its own retail, direct selling or wholesale operations. Licenses may take the form of a pan-Asian license of the Singer trademark for a specific non-sewing product category or categories or of a license of the Singer trademark for distribution locations and for non-sewing products in a particular market.