MIRA INFORM REPORT

 

 

Report Date :

1st March, 2007

                                                         

 

IDENTIFICATION DETAILS

 

Name :

JOSEPH'S, INC.

 

 

Registered Office :

410 Fore Street, Portland, Maine 04101, United States.

 

 

Country :

United States

 

 

Date of Incorporation :

28.02.1974

 

 

Legal Form :

Corporation - Private

 

 

Line of Business :

Retailer of men'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 : JOSEPH'S, INC.

Address                        : 410 FORE STREET

City                              : PORTLAND

State/Province               : MAINE                       

Zip Code                       : 04101                       

Country                         : UNITED STATES               

Telephone                     : 207 773-1274                

Facsimile                      : 207 774-7217                

Legal Form                    : Corporation - Private

Website                        : www.josephsofportland.com

@rating Opinion :

Business Activity           : The Firm is a retailer of men's apparel.

In KUSD  As of              : 31/12/2006

Sales / Revenue : 1,200

Net Income                    :

Total Equity                   :

Number of Employees    : 5

 

 

NOTE TO CLIENT

 

Person Contacted: Mr. Alan York, Treasurer and Controller.

 

 

LEGAL

 

Legal Form                                : Corporation - Private                    

Since (D/M/Y)                            : 28/02/1974

State/Province of Incorporation    : ME

Status                                       : ACTIVE

Previous Legal Form:

Company is NOT required to publish an annual financial report.

The Firm is incorporated in Maine under the following:

 

Legal Name                   : JOSEPH'S, INC.

Charter Number             : 19740943 D

Filing Type                    : BUSINESS CORPORATION

Status                           : GOOD STANDING

Filing Date                     : 02/28/1974

Jurisdiction                    : MAINE

Clerk/Registered Agent   : PAUL D PIETROPAOLI

  PO BOX 426, PORTLAND, ME 04112

 

 

Managers/Key Personnel

 

Mr. Joseph Redman                               President

Mr. Alan York                                        Treasurer

 

 

AFFILIATED ENTITIES

 

There are no affiliates or subsidiaries at this time.

 

 

BANKS

 

TD BANKNORTH

Northgate Plaza, 362 Allen Ave

Portland                           ME       04103

Telephone                     : 207 797-4400

Facsimile                      :

Account Number            :

Account Manager: Credit Department

Policy prohibits the bank from releasing information concerning the bank's commercial customers.

 

 

PAYMENT HISTORY

 

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

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

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

 BUS SERVCS 06-12 00-00 NET 30  100      100      100 0   0   0   0

 FACTOR     06-12 00-00 VARIED  7600     1900     25  12  63  0   0

  

 FACTOR     07-01 06-11 NET 30  300      300      0   100 0   0   0

 FACTOR     07-01 06-09 NET 90  29200    0        0   0   0   0   0

 FOOTWEAR   06-12 00-00 0000000 4700     4700     0   20  80  0   0   CUST  1 YR

 OFFC SUPPL 07-01 00-00 CREDIT  2000     0        0   0   0   0   0

 WAREHOUSE  07-02 07-01 VARIED  200      100      100 0   0   0   0   CUST  5 YR

 AIR TRANS  04-10 00-00         100      0        0   0   0   0   0

 CRED CARD  07-02 07-01 REVOLVE 100      0        0   0   0   0   0   CUST 24 YR

 FACTOR     04-11 04-11 VARIED  3900     3900     45  0   55  0   0

 FINCL SVCS 06-09 00-00 VARIED  200      0        0   0   0   0   0   CUST  4 YR

 GENERAL    05-11 00-00 VARIED  3300     100      0   0   100 0   0

 GENERAL    05-02 99-07 NET 30  0        0        0   0   0   0   0   CUST 16 YR

 LEASING    06-11 00-00 CONTRCT 0        0        0   0   0   0   0

 TELECOM    04-12 00-00 NET 30  100      100      100 0   0   0   0

 CURRENT QUARTER                44100    7100     7   21  72  0   0

 

Payment Trends

 

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

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

 20070200  0      11        35           7100     9   20  71  0   0

 20070100  0      9         33           7300     15  16  69  0   0

 20061200  0      8         27           11800    49  10  18  23  0

 20061100  0      7         8            7100     55  42  3   0   0

 20061000  0      7         5            11800    73  25  2   0   0

 20060900  0      7         5            6200     87  6   4   3   0

 

 Payment History - Quarterly Averages

 

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

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

 Fourth   2006              25           5700     38  25  21  16  0

 Third    2006              9            7800     74  16  4   6   0

 Second   2006              32           3100     32  20  24  24  0

 First    2006              6            2000     82  10  6   2   0

 Fourth   2005              19           4500     35  33  32  0   0

 

 

FINANCIAL INFORMATION

 

 

FINANCIAL FIGURES

 

Year-End (D/M/Y):               31/12/2007         31/12/2006         31/12/2006

      Projected            Consolidated

Sales / Revenues                    3,000            1,200              -

 

Mr. York declined to provide financial statements, however stated that the Firm's 2006 sales were approximately US$1.2 million and the Firm projects 2007 sales to be approximately US$3 million.

 

 

CURRENT OPERATIONS

 

NAICS Code:   448       Clothing and Clothing Accessories Stores

 

Number of Employees:               5

 

 

Business Activity

 

The Firm is a retailer of men's apparel.

 

The Firm offers a wide variety of men's clothing and accessories, specializing in imported Italian formal attire. The Firm carries brand names such as: Canali, Alexander Julia, Jack Victor, Zanella and Corneliani. The Firm offers accessories including: shoes, socks, ties, cuff links, watches, handkerchiefs and belts. The Firm also provides custom tailoring services.

 

The heading address is the Firm's sole location and consists of 5,000 square feet of leased office, storage and retails space.

 

 

PUBLIC RECORD

 

DEBTOR INFORMATION

Debtor(s):  JOSEPH'S, INC.

410 FORE STREET

PORTLAND, ME 04101

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  TD BANKNORTH N.A.

ONE PORTLAND SQUARE;P.O. BOX 9540

PORTLAND, ME 04112-9540

-

DEBTOR INFORMATION

Debtor(s):  JOSEPH'S, INC.

410 FORE STREET

PORTLAND, ME 04101

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  BANKNORTH, N.A.

ONE PORTLAND SQUARE;P.O. BOX 9540

PORTLAND, ME 04112-9540

COLLATERAL INFORMATION

Collateral Type:  FIXTURES AND PROCEEDS

-

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

 

 

GENERAL COMMENTS

 

The Firm is a well established retailer of men'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