MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
V. I. PREWETT & SON, INC. |
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Registered Office : |
262 35th
St. Avenue, Fort Payne, Al - 35967 |
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Country : |
United States |
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Date of Incorporation : |
1953 |
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Legal Form : |
Corporation - Private |
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Line of Business : |
Manufacturer and
finisher of hosiery. The Company also purchases and distributes yarn to
knitting mills. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION & EXECUTIVE
SUMMARY
Company Name: V. I. PREWETT &
SON, INC.
Trade Name: V.I. Prewett
& Son Weaving
Address: 262 35TH ST.
AVENUE
City: FORT
PAYNE
State/Province: AL
Zip Code: 35967
Country: UNITED
STATES
Telephone: 256 845-4334
Facsimile: 256 845-5750
URL www.prewettmills.com
Legal Form: Corporation -
Private
Shareholder:
Founded (D/M/Y): 1953
Sales / Revenue: -
Net Income:
Total Equity:
Number of
Employees: 1,299
Business Activity: V.I. Prewett & Son,
Inc. is a manufacturer and finisher of hosiery. The Company
also
purchases and distributes yarn to knitting mills.
NOTE TO CLIENT
Ordered Name: Weaving
and VI Premett and Sons
Correct Legal
Name: V.I. Prewett & Son, Inc.
Please note that
the provided name is incorrect, there is no company by the name "Weaving
and VI Premett and Sons", however the subject uses the following trade
name "V.I. Prewett & Son Weaving", the correct legal name for the
Company located at the provided address is "V. I. Prewett & Son,
Inc.", for which a report follows.
Contacted person: Ms. Tamera Vearden, Accounting Officer.
Ms. Vearden
provided all the information in this report but declined to release financial
over the telephone. A written request was sent to her attention, if we receive
a response, this report will be updated.
IMPERATIVES
Please note that
on October 15, 2007, the Subject has been acquired by another company, below is
the press article announcing the acquisition:
Gildan Activewear
Inc. completed the acquisition of V I Prewett & Son, Inc. from Prewett
Hosiery Sales Corp.
10/15/2007
Gildan Activewear
Inc. (TSX: GIL) signed an agreement to acquire V I Prewett & Son, Inc. from
Prewett Hosiery Sales Corp. for $145 million on September 17, 2007. Transaction
includes contingent payments of up to $10 million. Gildan will finance the
acquisition with its revolving credit facilities. V I Prewett currently has
annualized sales of approximately $190 million. The deal is subject to U.S.
regulatory approvals, antitrust approvals, the escrow agreement shall have been
executed and there shall be no dissenting shares and expected to close around
the end of October 2007. The acquisition is expected to be accretive to
Gildan's EPS in fiscal 2008 and to increase annual EPS by approximately $0.20
per share after the acquisition integration is complete. Teri L. McMahon of Alston & Bird LLP
acted as the legal advisor for Gildan Activewear. E. Allen Dodd, Jr. of
Scruggs, Dodd & Dodd, P.A. and George M. Taylor, III of Burr & Forman
LLP acted as the legal advisors for V I Prewett & Son. Gildan Activewear
Inc. (TSX: GIL) completed the acquisition of V I Prewett & Son, Inc. from
Prewett Hosiery Sales Corp. on October 15, 2007.
LEGAL
Legal Form: Corporation
- Private
Incorporation
State Alabama
Status: ACTIVE
Since (D/M/Y): 30/12/1986
The company is NOT
required to publish an annual financial report.
Corporation D/C 114-740
Type Domestic
Legal Name: V. I. Prewett & Son, Inc.
Place Of Inc: DeKalb County
Date Of Inc.: 12-30-1986
Reg Agent...: BEARDEN, TAMERA
2807 GAULT AVE NORTH
FORT PAYNE, AL 35967
Prin Address: FORT PAYNE, AL
Nat Of Bus..: GENERAL HOSIERY MANUFACTURING
Names Of Inc: PREWETT, V I JR
PREWETT, LALA F
THOMPSON, BARBARA
MANAGERS / KEY PERSONNEL
Mr. Bobby Cole President
AFFILIATED COMPANIES
There are no
affiliated companies.
Parent Companies
Parent Company :
Gildan Activewear Inc.
Address:
City:
State/Province:
Zip Code:
Country:
The parent company; Gildan Activewear Inc. is publicly traded (Toronto Stock Exchange: GIL). Below is the financial information for the past 2 years.
*Figures below are in thousands of dollars.
2006 2005
Total Revenue 773,190 653,851
Net Income 106,227 85,629
Net Income 106,227 85,629
Total Current Liabilities 145,573 112,888
Total Equity 530,565 420,560
SUBSIDIARIES
LaLa Ellen
Knitting McKeehan Hosiery Mill, Inc.
Pioneer Knitting
Mills C.S.
Bell Hosiery, Inc.
Carm Newsome Hosiery
Robin Lynn Mills, Inc.
Chesser Hosiery
Mill Keef Hosiery Mill, Inc.
Neat Knit Hosiery
Alabama Footwear, Inc.
Shankles Hosiery
Mill FLISCINKIM Hosiery, Inc.
B.R. Keef Hoisery
Hometown Hosiery
Johnson Hosiery
Mills, Inc.
Cherokee Hosiery Mills,
Inc.
JohnCo Hosiery,
Inc.
Repak Wee Socks
Fort Payne Socks, Inc.
Henagar Hosiery,
Inc.
Plainsman Hosiery,
Inc.
Nelson Hosiery
Prewett Associated
Mills, Inc.
Prewett Mills
Distribution Center
Prewett Hosiery
Sales Corporation
BANKS
Country : UNITED
STATES
No banking
information was provided.
PAYMENT HISTORY
Due to technical difficulties, we could not obtain a payment history.
FINANCIAL INFORMATION
Ms. Tamera Vearden
declined to provide any financial information over the telephone, we did send a
written request to her attention.
CURRENT OPERATIONS
SIC Code: 2339
NAICS Code: 315999
Other Apparel
Accessories and Other Apparel Manufacturing
Number of
Employees: 1299
Business Activity:
V.I. Prewett &
Son, Inc. is a manufacturer and finisher of hosiery. The Company also purchases and distributes yarn to knitting
mills.
The heading
address corresponds to the headquarters for the Company.
There are two sales
offices at the following locations:
208 N.E. 35th
Street
P.O. Box 708
Fort Payne, AL
35967
Phone 256-845-0004
Fax 256-845-0892
709 Sycamore
Avenue
Tinton Falls, NJ
07724
Phone 732-758-6363
Fax 732-758-8111
PUBLIC RECORD
Name Searched: V.I. PREWETT AND SON INC
Debtor Address: V.I. PREWETT & SON, INC.
2807 GAULT AVENUE, NORTH
FORT PAYNE, AL 35967
Secured Parties: AMSOUTH BANK
Filing Date: 10/15/2002
Filing Number: 02-0832631
Filing Type: INITIAL FILING
A search of bankruptcy courts revealed no record of a Company by this
name filing for bankruptcy.
COMMENTS
The Subject appears to be a well established nylon hosiery manufacturer and distributor operating since 1953. No payment record could be developed at this time. The Subject was recently acquired by Gildan Activewear Inc. on October 15,
2007.
RATING
EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)