MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ULTRA STORES, INC |
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Registered Office : |
122 S Michigan Avenue, Suite 800, Chicago, IL 60603 |
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Country : |
United States |
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Date of Incorporation : |
01.04.2002 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Retails Jewellery |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD Satisfying |
IDENTIFICATION
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Company Name: |
ULTRA STORES, INC. Dba Ultra Diamond Outlet; Ultra Diamond & Gold Outlet; Premier Fine Jewelry Direct; Ultra Watch Outlet. |
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Address: |
122 S Michigan
Avenue, Suite 800, Chicago, IL 60603, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (312) 922-3800 + 1 (312) 922-3933 3469673 Delaware Daniel H. Marks,
President |
Date founded: |
01/04/2002
Corporation for Profit 655 employees |
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Legal form: |
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Staff: |
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Business: |
Retails jewellery |
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BANKS
Lasalle National Bank
BUSINESS
Business & Operations:
Ultra Stores Inc. also does business as Ultra Diamond Outlet; Ultra Diamond & Gold Outlet; Premier Fine Jewelry Direct; Ultra Watch Outlet.
Jewelry retailer Ultra Stores wants to get more uptown by moving
downtown. The company is a leading buyer of closeout jewelry and watches and a
major seller of jewelry in outlet malls, airports, and other locations. Ultra
has begun opening conventional jewelry stores in downtown shopping areas.
It operates about 150 stores under several names (mostly Ultra Diamond
Outlet) in more than 30 states, Puerto Rico, and the US Virgin Islands, selling
discounted diamonds, watches, and fine jewelry. It also sells through its Web
site and runs department store jewelry sections. Chicago private investment
firm William Blair & Co. owns 30% of Ultra, which emerged from Chapter 11
bankruptcy protection in early 2002.
Industry overview:
The US jewelry retail industry generates annual revenues of about $25
billion from 30,000 specialty stores. Large companies include Zale, Tiffany,
and Sterling Jewelers. The industry is fragmented: the top 50 jewelry chains hold
less than half of the market.
Jewelry sales depend partly on consumer income. Small jewelers can
effectively compete with large chains because price isn't the main factor
determining sales. Profitability depends on merchandising and effective
marketing. Average industry revenue per worker is about $160,000.
Jewelry is also sold in department and discount stores, and by mass
merchants. Because regular gross margins are very high, often 50 percent, mass
merchants have been able to cut prices and take market share. Wal-Mart is the
largest jewelry retailer in the US.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The director of the company
is:
Daniel H. Marks, President.
He is also one of the main
shareholders.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Company filed voluntary chapter 11 bankruptcy on 3/11/01. The final decree from the United States Bankruptcy Court was dated February 3, 2002, and the case was closed.On stock ownership the outside investors are William Blair Capital Partners and Ultra Partners LP.
On December 7, 2006, the chapter 11 bankruptcy, file number 01-11170,
filed in the U S Bankruptcy Court, New York, NY, was closed for Ultra
Stores, Inc..
Ultra Stores Inc. does not publish any financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
55,800,000 |
LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
4 UCC Filings in 2007 by
Lasalle Business Credit LLC securing All Assets. Amount: NA
1 UCC Filing in 2007 by
Crystal Capital Fund Management securing All Assets. Amount: NA
All Previous UCC Filings
have been cleared
RATING
Our final opinion:
This is a large company
working worldwide.
Regarding the two
consecutive chapter 11 in 2002 and 2006, the requested should stay under
observation.
Any credit line will require guarantees.
SUMMARY
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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%)