MIRA
INFORM REPORT
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Report Date : |
30.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ROYCE APPAREL,
INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27/07/1988 |
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Legal Form : |
Corporation –
Private |
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Line of Business : |
Manufacturer and
retailer of men's and boy's clothing. |
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/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: ROYCE
APPAREL, INC.
Trade Name(s): Jean
Selection
Address:
City:
State/Province:
Zip Code: 28083
Country: UNITED
STATES
Telephone: (704)
933-6000
Facsimile: (704)
933-8000
Founded
(D/M/Y): / /1984
As of:
Sales / Revenue:
Net Income:
Total Equity:
Number of Employees: 12
Legal Form: Corporation
- Private
Website: www.royceapparel.com
Business Activity: The Subject is a manufacturer and
retailer of men's and boy's clothing.
NOTE TO CLIENT
Please note that the
ordered name, Royace Apparel Group, is incorrect. The correct name for the
company is Royce Apparel, Inc. for which a report follows.
We spoke with a
representative of the company (no name or title provided) who adamantly
declined to provide any information about the company. Therefore information in
this report could not be confirmed by management.
Please note that we
did send a written request to the company's attention via facsimile. An update
will be provided accordingly should we receive a response at a later time.
LEGAL
Legal Form: Corporation -
Private
Since (D/M/Y): 27/07/1988
State/Province of
Incorporation: NC
Status: DISSOLVED
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
Name: Royce Apparel,
Inc. Legal
Business Corporation
Information
SOSID: 0232241
Status: SUSPENDED
Date Formed:
7/27/1988
Citizenship:
Domestic
State of
Duration: Perpetual
Registered Agent
Name: Roy, Farid
Registered Office Address:
Please note that it
is not uncommon, nor necessarily detrimental to find an incorporation status as
suspended. This term may result from a failure to send updated information to
the Offices of the Secretary of State, or taxes that have not been brought to
current. The company may have outsourced these responsibilities and may not be
aware of the situation. A company can, most certainly, still operate under
these conditions. The status can be easily reinstated to active once the
problem is remedied.
Managers/Key
Personnel
Mr. Sadruddin N.
Roy President
Mr. Fraid Roy Vice President - Marketing
Mr. Sulaiman
Roy Vice President - Sales
Ms. Heena Roy Vice President & General Counsel
AFFILIATED ENTITIES
As far as could be
determined, there are no known affiliates or subsidiaries.
BANKS
Telephone:
Facsimile:
Account Number:
Account Manager:
We could not obtain
any banking information.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
AIR TRANS
07-03 00-00 0000000 2600
1400 100 0 0
0 0 CUST
6 YR
FACTOR
07-03 00-00 VARIED 0 0
0 0 0
0 0
PETROLEUM
07-03 01-07 VARIED 0 0
0 0 0
0 0 CUST
8 YR
TRANSPORTN 07-04 00-00 NET 30 0
0 0 0
0 0 0
CUST < 1 Y
BLDG MATRL 07-01 02-12 CREDIT 4200
0 0 0
0 0 0
FACTOR
05-05 00-00 VARIED 0 0
0 0 0
0 0
OFFC SUPPL 05-05 05-03 NET 500
0 0 0
0 0 0
CUST 1 YR
OFFC SUPPL 05-11 00-00 CREDIT 0
0 0 0
0 0 0 CUST 7
YR
PACKAGING
06-01 00-11 NET 30 0 0
0 0 0
0 0
PACKAGING
04-09 00-00 NET 30 0 0
0 0 0
0 0 CUST
3 YR
TELECOM
05-03 00-00 NET 30 0 0
0 0 0
0 0
CURRENT QUARTER 2600
1400 100 0 0 0 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070600
0 2 0 1400 100 0
0 0 0
20070500
0 2 0 1400 100 0
0 0 0
20070400
0 3 0 1400 100 0
0 0 0
20070300
0 3 3 600 77
23 0 0 0
20070200
0 2 3 600 77
23 0 0 0
20070100
0 2 3 600 77
23 0 0 0
Payment History - Quarterly Averages
BALANCE
CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
First
2007 2 900 89
11 0 0 0
Fourth
2006 1 1200 96
4 0 0 0
Third
2006 0 1000 100 0
0 0 0
Second
2006 0 1400 100 0
0 0 0
First
2006 0 0 0
0 0 0 0
FINANCIAL INFORMATION
The Company was
forwarded a fax requesting financial information. Currently we have not
received a response, however, we did find out through an outside source that
the Subject had sales of $10.3 million in the fiscal year 2006.
CURRENT OPERATIONS
NAICS Code: 42232
Men's and Boys' Clothing and Furnishings Wholesale
SIC Code: 5136
Number of
Employees: 12
Business Activity:
The Subject is a
manufacturer and retailer of men's and boy's clothing. As far can be determined the heading address
is the sole location for the Company. The size of building is 34,076 sq. ft.
PUBLIC RECORD
The following UCC
filings were filed by the Subject:
Information Current
Through: 06-02-2007
Database Updated:
06-28-2007
Update Frequency:
Weekly
Current Date:
06/28/2007
Source: NC SECRETARY OF STATE
Filing Number: 20010501475F
Filing Date: 07/12/2001
Filing Type: CONTINUATION
Filing Date of
Related Filing: 07/16/1996
Filing Office: SECRETARY OF STATE/UCC DIVISION
Secured Party(s):
THE CIT GROUP COMMERCIAL SERVICES INC
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Information Current
Through: 06-02-2007
Database Updated:
06-28-2007
Update Frequency:
Weekly
Current Date:
06/28/2007
Source: NC SECRETARY OF STATE
Filing Number: 20020027942C
Filing Date: 03/07/2002
Filing Time: 10:00PM
Expiration
Date: 06/29/2004
Filing Type: AMENDMENT
Filing Date of Related
Filing: 06/29/1994
Filing Office: SECRETARY OF STATE/UCC DIVISION
Secured
Party(s): FIRST UNION NATIONAL BANK OF
A search of bankruptcy
courts revealed no record of the Subject filing for bankruptcy. No derogatory
legal action was filed against the Subject.
GENERAL COMMENTS
The subject is a
manufacturer and retailer of men's and boy's clothing since 1988. No tax liens,
judgements or bankruptcy filings were found against the Subject. The Subject
does not have a significant payment history. The Company is considered to be
responsible for normal business transactions.
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/normal. |
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%)