MIRA
INFORM REPORT
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Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOTES ISOTONER
CORPORATION |
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Registered Office : |
9655 International Blvd Cincinnati, OH 45246 |
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Country : |
United States |
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Date of Incorporation : |
04.04.1924 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufactures Gloves,
Fabric and Leather and Rubber Plastic Footwear |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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MAXIMUM |
2,000,000 USD |
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: |
Totes Isotoner Corporation (Subsidiary of Totes
Holdings, Inc., Cincinnati, OH) |
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Address: |
9655 International Blvd Cincinnati, OH
45246 USA |
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Phone: Facsimile: ID: State: Managers: |
513-682-8200 513-455-4713 111420 Ohio Douglas P Gernert,
President |
Date founded: |
April 4,1924
N.A. 1,155 employees |
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Legal form: |
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Stock: Staff: |
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Business: |
Manufactures Gloves,Fabric & Leather and Rubber Plastic Footwear |
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BANKS
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BANK OF BOSTON,
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EUROPEAN AMERICAN BANK,
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FLEET NATIONAL BANK,
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BANK OF AMERICA.
BUSINESS
Activity:
Totes Isotoner Corporation manufactures and distributes weather gear,
including umbrellas, gloves, rubber shoe covers, rain hats and raincoats, and
water-resistant tote bags.
It distributes them through about 30,000 department stores in the US,
the UK, and France.
The company also operates a network of more than 100 owned outlet
mall-based stores.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The directors of the
company are:
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Douglas P Gernert,
Chairman, President, and CEO,
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Doug Baker, Vice President of Operations,
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Donna Deye, Chief Financial Officer.
The company bought flip flop and canvas shoe maker ESNY from E.S.
Originals in 2006 and Northern Cap Holdings, which makes headwear, scarves, and
gloves, in 2008.
The company was owned by Bruckmann Rosser Sherrill & Co. until early
2007, when MidOcean Partners acquired a majority stake for $288 million.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Totes Isotoner Corporation 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 |
307,000,000 |
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Operating profit |
14,600,000 |
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Net Income |
11,800,000 |
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Net Worth |
35,000,000 |
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Liabilities |
31,000,000 |
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Current assets |
219,000,000 |
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Fixed assets |
40,000,000 |
LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
4 UCC Security Filings in 2007 by Credit Suisse securing All Assets. Amount:NA
2 UCC Security Filings in
2007 by GE Capital securing All Assets.
Amount NA
2 UCC Security Filings in
2007 by CIT Technology securing equipment.
Amount : NA
PAYMENT REFERENCES
Date High Credit Now
Owing Past Due Terms Payment
Record
RATING
Local credit bureau gave a very good credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is large.
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Payments are made on a 45 days basis.
Our final opinion:
This is a large company working in the US, the UK, and France.
A credit line may be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Good Controlled Large |
PUBLIC PAYMENTS |
See Details Above |
ADVISED
CREDIT
2,000,000 USD
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%)