MIRA INFORM REPORT

 

 

 

 

Report Date :

15.12.2008

 

IDENTIFICATION DETAILS

 

Name :

WARNACO OF CANADA COMPANY

 

 

Registered Office :

1959 Upper Water Street, Suite 900 Halifax, Nova Scotia B3J 3N2

 

 

Country :

Canada

 

 

Date of Incorporation :

31.12.2003

 

 

Com. Reg. No.:

Nova Scotia (Canada) 3085241

 

 

Legal Form :

Corporation – Profit

 

 

Line of Business :

Importer and Wholesaler of Swimwear, Intimate Apparel and Sportswear

 

 

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

 

Maximum Credit Limit :

CAD 1,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

Company Name       

 

WARNACO OF CANADA COMPANY

Company acronym:    --

 

 

Contact Information

 

Address

20600 Avenue Clark Graham

Baie d’Urf, Quebec H9X 4B6

Canada

Telephone

514-457-5554

Fax

514-457-5558

Website

www.warnaco.com

 

 

Registration Data

 

Date of Registration

12-31-2003

Registration number

Nova Scotia (Canada) 3085241

Legal address

1959 Upper Water Street, Suite 900

Halifax, Nova Scotia B3J 3N2

Canada

Legal Form

Corporation – Profit

 

Shareholders with Shares

 

Shareholder Names

Share%

WARNACO NETHERLANDS B.V.

FAZANTWEG 4, ZONE M452

4791, R.R. KLUNDERT

AMSTERDAM, THE NETHERLANDS

50+

 

 

Board/Executive

 

Name

Stanley P. SILVERSTEIN

Position within the company

President & Secretary

 

Name

Denise IMPERIALE

Position within the company

CEO

 

 

Changes in Registration Data

 

Business issued from the merger of

- WARNACO OF CANADA INC.

   A Federal Corporation incorporated on May 31st, 1973

- AUTHENTIC FIRNESS OF CANADA, INC.

 

 

Activities (realistic and officials)

 

Importer and wholesaler swimwear, intimate apparel and sportswear.

Brands include SPEEDO, CALVIN KLEIN, CHAPS, BODY, OLGA, and others.

 

 

Staff

 

Number of staff employed

255

 

 

Export/Import

 (Countries, goods and total values for the period)

 

Imports From

USA

 

 

Facilities

 

Owned

Warehouse and office

 

Premises Size

20,000 sq. feet

 

 

Subsidiaries and Participation

 

Parent Company

WARNACO NETHERLANDS B.V.

 

Branches

 

Address

Several branches in Ontario, Quebec, Alberta

 

 

Bankers

 

Bank

Royal Bank of Canada

HSBC

Scotia Bank

 

 

Suppliers, Partners

 

Suppliers

Not known

Partners

Not known

 

 

Litigation, Remarks on Payment

 

Litigation

None Recorded

Remarks on Payment

No Complaints

 

 

Financial Information

 

Source

Bank

Figures are

Declared

Currency

CAD

 

 

Months

 

Sales Figures

 

Sales

 

12

 

31/12/2007

 

50,000,000=

 

Reporter Comments

 

Comments

One of the major partner of the company is WARNACO USA,

501 7th Avenue, 11th floor, New York, NY 10018 - USA

 

Local Reputation

The company being investigated is believed by local reporters to be a Medium Trade Risk and to be fair.

 

According to our credit analysts, during the last 6 months, 86% of trade experience indicates a regular payment.

Payments of imports are currently made with an average of 10 days beyond terms.

 

 

MAX CREDIT

CAD 1,000,000=

 

 

 

CREDIT REQUIRED

 

MAXIMUM CREDIT

 

Maximum

 

 

CAD 1,000,000=

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.82

UK Pound

1

Rs.73.08

Euro

1

Rs.65.56

 

 

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.

 

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