MIRA INFORM REPORT

 

Report Date :

27.02.2007

 

IDENTIFICATION DETAILS

 

Name :

DAFFY'S, INC.

 

 

Registered Office :

1 Daffy's Way, Secaucus, New Jersey 07094                       

 

 

Country :

United States               

 

 

Date of Incorporation :

04/04/1961

 

 

Legal Form :

Corporation – Private

 

 

Line of Business :

Retailer of men's, women's and children's apparel.

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name : DAFFY'S, INC.

Address                        : 1 DAFFY'S WAY

City                              : SECAUCUS

State/Province               : NEW JERSEY                           

Zip Code                       : 07094                       

Country                         : UNITED STATES               

Telephone                     : 201 902-0800                

Facsimile                      : 201 902-9016                

Legal Form                    : Corporation - Private

As of                             : --

Sales / Revenue : --

Net Income                    : --

Total Equity                   : --

Number of Employees    : 600  

Website                        : www.daffys.com

Business Activity           : The Firm is a retailer of men's, women's and children's apparel.

 

 

NOTE TO CLIENT

 

Person Contacted: Mr. Irving Shulman, President and Chief Executive Officer.

 

 

LEGAL

 

Legal Form                                : Corporation - Private                   

Since (D/M/Y)                            : 04/04/1961

State/Province of Incorporation    : NJ

Status                                       : ACTIVE

Previous Legal Form:

 

Company is NOT required to publish an annual financial report.

 

The Firm is incorporated in New Jersey under the following:

 

 Business Name:                                   DAFFY'S, INC.

 Business ID Number:                            3386751000

 Transaction Number/Sequence:              1058431/1

 Business Type:                                     DOMESTIC PROFIT CORPORATION

 Status:                                                 ACTIVE

 Filing Date:                                           04/04/1961

 Home Jurisdiction:                                NEW JERSEY

 Stock Amount:                                     2510

 Incorporator:                                                     X

 Agent:                                                  CORPORATION TRUST COMPANY

 Agent Address:                                     820 BEAR TAVERN ROAD

                                                            WEST TRENTON, NJ  08628 - 0000

 Office Address Status:                          Deliverable

 Main Business Address:                        DAFFY WAY

                                                            SECAUCUS, NJ  07094

 Principal Business Address:                  DAFFYS WAY

                                                            SECAUCUS, NJ  07094

 Associated Names

 Name:                                                  DAFFY DAN'S BARGAINTOWN

 Type Description:                                  Previous Name

 Name:                                                  DAFFY'S

 Type Description:                                  Fictitious Name

 Name:                                                  DAFFY'S FIFTH AVENUE

 Type Description:                                  Fictitious Name

 

 

Managers/Key Personnel

 

Mr. Irving Shulman                                 President &  Chief Executive Officer

Mrs. Marcia Wilson                                Vice Pres. &  Chief Financial Officer

Mr. Vance Wilson                                  Vice President

 

 

AFFILIATED ENTITIES

 

There are no affiliates or subsidiaries at this time.

 

 

BANKS

 

Telephone:

Facsimile:

Account Number:

Account Manager:

 

Management declined to provide the name of the Firm's primary bank and outside sources provided no additional information. 

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 AIR TRANS  06-12 00-00 0000000 5200     2600     73  27  0   0   0   CUST 22 YR

 AIR TRANS  06-11 00-00 NET 30  100      0        0   0   0   0   0   CUST  3 YR

 

 APPAREL    07-02 06-07 NET 30  6900     0        0   0   0   0   0   CUST  1 YR

 APPAREL    06-12 00-00 NET 30  114900   24600    35  65  0   0   0   CUST 13 YR

 APPAREL    07-01 05-11 VARIED  7500     0        0   0   0   0   0   CUST 86 YR

 CERAMICS   07-02 00-00 NET 30  16200    0        0   0   0   0   0   CUST  2 YR

 DP EQUIP   06-12 00-00 NET 30  0        0        0   0   0   0   0

 FACTOR     06-12 00-00 NET 30  0        0        0   0   0   0   0

 FACTOR     06-12 00-00 VARIED  735300   104500   6   84  10  0   0

 FACTOR     07-01 03-09 NET 30  0        0        0   0   0   0   0

 FACTOR     07-01 07-01 NET 30  113200   93600    100 0   0   0   0

 FACTOR     07-01 06-05 VARIED  1300     0        0   0   0   0   0

 FACTOR     07-01 07-01 NET 30  1440400  979300   63  37  0   0   0

 FINCL SVCS 07-02 07-02 CONTRCT 28400    4500     100 0   0   0   0   CUST  4 YR

 FINCL SVCS 07-02 07-01 VARIED  4200     0        0   0   0   0   0

 FINCL SVCS 07-02 07-01 CONTRCT 2000     0        0   0   0   0   0   CUST  6 YR

 FOOTWEAR   07-02 00-00 NET 30  45800    19100    0   100 0   0   0

 GENERAL    07-02 00-00 VARIED  60700    16100    45  55  0   0   0

 GLASS      06-12 06-09 0000000 700      0        0   0   0   0   0   CUST  2 YR

 HEATNG& A/C 06-11 00-00 NET 30  5100     400      0   0   0   100 0

 NEWSPAPERS 07-02 06-09 NET 15  0        0        0   0   0   0   0

 OFFC SUPPL 07-01 05-01 CREDIT  9000     0        0   0   0   0   0   ACCTCLOSED

 PACKAGING  07-01 06-12 NET 30  1000     500      100 0   0   0   0   CUST  5 YR

 SHOES      07-02 00-00 NET 30  22100    2900     1   0   99  0   0

 TRNS EQUIP 07-02 00-00 NET 30  34800    8100     0   100 0   0   0   CUST  3 YR

 TRUCK DLR  07-02 00-00 CONTRCT 7000     0        0   0   0   0   0

 APRL MENS  06-07 00-00 VARIED  44000    18000    100 0   0   0   0

 AUTO LEASE 06-08 00-00 VARIED  20700    6900     100 0   0   0   0   CUST  6 YR

 BLDG MATRL 06-09 00-00 NET 30  300      300      100 0   0   0   0

 COMMUN SVC 04-10 00-00         100      0        0   0   0   0   0

 COMPUTERS  05-05 00-00 CREDIT  0        0        0   0   0   0   0   CUST 37 YR

 COMPUTERS  04-02 00-00 NET 30  0        0        0   0   0   0   0

 CRED CARD  07-02 06-07 REVOLVE 100      0        0   0   0   0   0   CUST 40 YR

 ELEC MFG   04-03 03-12 NET 30  2900     800      100 0   0   0   0

 FACTOR     05-01 04-12 NET 30  273500   129800   96  1   3   0   0   CUST  5 YR

 FACTOR     05-05 05-05 VARIED  346400   314200   78  20  0   2   0

 FINCL SVCS 05-01 00-00 VARIED  400      100      100 0   0   0   0   CUST  3 YR

 FOOTWEAR   05-08 05-06 VARIED  61700    32000    26  65  0   9   0

 FREIGHT    06-09 06-09 VARIED  645100   477900   45  47  8   0   0

 FREIGHT    06-07 06-06 VARIED  3800     3500     77  23  0   0   0

 GIFTWARE   06-01 00-00 CIA     0        0        0   0   0   0   0   CUST  4 YR

 HOUSEWARES 06-04 04-09 VARIED  4800     0        0   0   0   0   0

 HOUSEWARES 04-02 04-01 NET 30  15000    200      0   0   0   0   100 CUST  3 YR

 METAL DIST 04-02 04-02 NET EOM 100      100      100 0   0   0   0

 NEWSPAPERS 06-01 00-00 NET 30  21800    0        0   0   0   0   0

 TELECOM    06-08 06-07 NET 30  400      0        0   0   0   0   0   EXLENT ACC

 CURRENT QUARTER                2661800  1256200  59  40  1   0   0

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20070200  0      7         6            1261000  61  38  1   0   0

 20070100  0      6         7            1236500  57  42  1   0   0

 20061200  0      5         9            733500   42  57  1   0   0

 20061100  0      5         12           571300   33  62  4   1   0

 20061000  0      5         12           561700   20  79  1   0   0

 20060900  0      4         12           382200   28  69  3   0   0

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 Fourth   2006              9            847100   46  51  2   1   0

 Third    2006              12           469500   27  71  2   0   0

 Second   2006              18           643300   35  47  8   9   1

 First    2006              27           638800   35  28  17  19  1

 Fourth   2005              7            696700   55  43  2   0   0

 

 

 

 

 

 

FINANCIAL INFORMATION

 

Mr. Shulman declined to provide financial statements, however stated that the Firm's annual sales exceed US$ 115 million.

 

 

CURRENT OPERATIONS

 

NAICS Code:   448       Clothing and Clothing Accessories Stores

 

Number of Employees:             600  

 

Business Activity:

The Firm is a retailer of men's, women's and children's apparel.

 

The Firm offers a wide variety of men's, women's and children's apparel and accessories. The Firm specializes in discount brand name apparel. The Firm's inventory includes: shirts, skirts, pants, jeans, tops, blouses, active wear, sports wear, sleepwear, scarves, sunglasses, gloves, shoes, socks and other related items. The Firm targets the family shoppers.

 

The heading address is the Firm's headquarters and consists of 102,000 square feet of leased office and retail space. The Firm also has a 215,000 square foot warehouse on 20 acres next to the Firm's headquarters. The Firm  also has numerous location throughout the North East United States.

 

 

PUBLIC RECORD

 

DEBTOR INFORMATION

Debtor(s):  DAFFY'S, INC.

DUFFY'S WAY

SECAUCUS, NJ 07094

SECURED PARTY OR CREDITOR INFORMATION

 

Secured Party(s):  MODEL IMPERIAL, INC.

1061 S.W. 30TH AVENUE

DEERFIELD BEACH, FL 33442

-

DEBTOR INFORMATION

Debtor(s):  DAFFY'S INC.

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  ACENTS OF WORTH, INC.

-

DEBTOR INFORMATION

Debtor(s):  DAFFY'S INC.

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  SCENTS OF WORTH, INC.

1061 SW 30TH AVENUE

DEERFIELD BEACH, FL 33442

-

No judgements, tax liens or bankruptcy petitions were traced to the Firm.

 

 

GENERAL COMMENTS

 

The Firm is a well established retailer of men's, women's and children's apparel. The payment record is satisfactory. No judgements, tax liens or bankruptcy petitions were traced to the Firm. The Firm is considered responsible for normal trade relations.

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions