MIRA INFORM REPORT

Report Date :

09.12.2011

IDENTIFICATION DETAILS

Name :	KING SIZE A DIVISION OF REDCATES USA
Registered Office :	C/O The Corporation Trust Company Corporation Trust Center 1209 Orange Street Wilmington New Castle De 19801 (Registered Agent)
Country :	United States
Date of Incorporation :	27.08.1993
Com. Reg. No.:	2349027
Legal Form :	Limited Partnership
Line of Business :	Catalog retailer of apparel and home goods
No. of Employee:	Not Available

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 :	USD 800,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GEOPOLITICS - UNITED STATES

POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION
Ordered as:	King Size A Division of Redcates USA
Address in the order:	LP 2300 Southeastern Avenue P O Box 1947 Indianapolis
Comments on data supplied:	We found that KINGSIZE CATALOG SALES, L.P. (formerly located at the address provided) was merged in 1996 into BRYLANE, L.P., which became in 2004 Redcats USA, L.P. We therefore make the report on REDCATS USA, L.P.
Legal Name:	REDCATS USA, L.P.
Legal Address	C/O THE CORPORATION TRUST COMPANY CORPORATION TRUST CENTER 1209 ORANGE STREET WILMINGTON NEW CASTLE DE 19801 (registered agent).
Operative Address	463 7th Ave Fl 10 New York, NY 10018-8778
Telephone:	(212) 502-8805	Registration Number :	2349027
Fax:	(212) 613-9690	Legal Form:	Limited Partnership
Email:	N.A.	Registered in:	Delaware
Website:	www.redcats.com	Date Created:	1993
Manager:	Robert A. Pulciani - CFO	Date Incorporated:	August 27, 1993
Staff:	N.A.	Stock:	N.A.
		Value:	N.A.
Activity:	Catalog retailer of apparel and home goods

BANKS
Name of the Bank	WELLS FARGO BANK
Location	1 BOSTON PL FL 18TH BOSTON MA 02108- 4407
BUSINESS
HISTORY
	The company was created in 1993 as Brylane LP. The name was changed to the current one in 2004.
PRINCIPAL ACTIVITY
	Redcats USA, LP operates as a catalog retailer of women's apparel. The company also retails men's apparel, and home goods. It also offers products at off- prices through mail order companies, specialty retailers, discount stores, and department stores.
Products/Services description:
	Women's apparel Men's apparel Bedding Bath linen Kitchen goods
Sales are:
	Retail
Brands:
	BrylaneHome BrylaneHome Kitchen Kingsize Fullbeauty.com Woman Within Jessica London
Clients:
	Clients are the general public.
Suppliers:
	One of the foreign suppliers is: APEX DALAT LTD 38 TRAN PHU STREET, DALAT CITY LAM DONG PROVINCE, VIETNAM
Operations area:
	National, International
The company imports from Asia, Europe, Latin America...
Comments on staff:
	According to external sources, the total staff would be from 5,000 to 10,000 people, mostly located in the office of Indianapolis.
LOCATION
Headquarters
	463 Seventh Avenue New York, NY 10018 United States
Branches:
	2300 Southeastern Ave Indianapolis, IN 46201-4001 United States

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is privately owned by: PPR SA (Pinault-Printemps-Redoute group). 10 avenue Hoche Paris, 75381 France PPR SA is publicly traded at the Paris stock exchange.
Management:
	Robert A. Pulciani - Chief Financial Officer
Related Companies:
	REDCATS USA, INC. The group also has several subsidiaries worldwide.

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
USD	2010
Turnover	575,000,000

Legal Fillings

There are several UCC** files listed with the Secretary of State of Delaware.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The subject has 18 years experience in the business. It operates online catalogs and websites and brands of apparels and home goods. It is part of the large, well established and well known PPR GROUP. The company imports and distributes mostly on the US market. A credit line may be considered for USD 800,000.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX
Comments
	We called several times and left a message to Carol Humpfries. As of today, nobody has returned our calls.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

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	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
----	NB	New Business	----

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%)

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