MIRA INFORM REPORT

 

 

Report Date :           

17.06.2011

 

IDENTIFICATION DETAILS

 

Name :

AMERICAS COLLECTIBLES NETWORK, INC

 

 

Registered Office :

10001 Kingston Pike, Ste 57, Knoxville, Tn 379223339

 

 

Country :

United States 

 

 

Date of Incorporation :

14.09.1993

 

 

Com. Reg. No.:

000270163

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Jewelry Retail

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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: Difficult

 

 

IDENTIFICATION

 

Ordered as:

Jewelery Television

Address in the order:

10001 Kingston Pike Suite 57, Knoxville IN 37922 P O Y100046131

 

 

Legal Name:

AMERICAS COLLECTIBLES NETWORK, INC

Trade Name:

JEWELRY TELEVISION, ACNTV

Legal Address

10001 KINGSTON PIKE

STE 57

KNOXVILLE, TN 379223339 USA

Operative Address

190 Hayfield Drive

KNOXVILLE, TN 37922 USA

Telephone:

+1 (865) 692-6000

Registration Number :

000270163

Fax:

+1 (865) 692-6000

Legal Form:

Corporation for Profit

Email:

CustomerCare@jtv.com

Registered in:

Tennessee

Website:

www.jtv.com

Date Created:

1993

Manager:

TIM MATTHEWS

Date Incorporated:

September 14th, 1993

Staff:

1200

Stock:

25,000,000

 

 

Value:

no par value

Activity:

Jewelry retail

 

 

BANKS

 

Name of the Bank

WACHOVIA

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Jewelry Television operates as an online retailer of fine jewelry in the United States.

Products/Services description:

 

It offers jewelry, including anklets, bracelets, chains, cuff links, earrings, enhancer, fashion watches, jewelry sets, necklaces, pendants, and rings; gemstones, including alexandrite, ametrine, apatite, diamond, drusy quartz, garnet, kyanite, moonstone, opal, quartz, sapphire, spinel, tanzanite, tourmaline, and zircon; and watches.

 

Sales are:

 

Retail

Brands:

 

Jewelry Television®

JTV®

America’s Collectibles Network®

ACN®.

Clients:

 

Final customers

Operations area:

 

National

The company imports from Sri Lanka, Hong Kong, and Thailand.

The company does not export

Trade References:

 

The person contacted refused to provide the names of their suppliers on grounds of confidentiality.

Competitors:

 

Sterling Jewelers Inc

Group Health Inc

Tiffany & CO

The subject employs 1200 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at the above operative address. The legal address is the one registered at the Secretary of State of Tennessee and is that of the registered agent.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

It operates as a subsidiary of Multimedia Commerce Group, Inc.

Management:

 

Tim Matthews President and CEO

F. Robert Hall CEO and Chairman of the Board, Multimedia Commerce Group, Inc.

William C. Kouns Chief Merchandising Officer

Gerald D. Sisk, Jr., G.G. Executive Vice President

Charles A. Wagner, III Vice Chairman

Stephen E. Roth General Counsel

Crawford Wagner Chief Financial Officer

Tim Engle Senior Vice President, Strategic Initiatives

Harris Bagley President, Affiliate Distribution

 

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted XXX who refused to provide us any financial data on grounds of confidentiality/without knowing the name of the inquiring party.

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

2007

Turnover

515 millions

The cash flow is

normal



Comments on the financial data: The parent company Multimedia Commerce Group, Inc. reported unaudited earnings results for the second quarter and six months ended December 31, 2010. For the quarter, revenue was $81.9 million and EBITDA was $2.6 million. For the six months, revenue was $152.4 million and EBITDA was $5.3 million.
After the recession hit in 2008, discretionary spending on items like jewelry slowed dramatically worldwide and the company faced financial difficulties. In 2010, complex and interrelated series of transactions have put Jewelry Television back on solid financial ground: with the combination of tax proceeds, reduced debt from buyout, and a new equity infusion, Jewelry Television was able to negotiate a new three-year bank credit agreement covering approximately $59 million in outstanding loans.

Legal Fillings

 There are many UCC files listed with the Secretary of State of Tennessee.

 

On May 23, 2008, a $5 million class action lawsuit was filed in California against Jewelry Television. The suit alleges since 2003 the shopping network has sold treated gemstones without disclosing the treatment while promising buyers that these stones were rare and untreated.

On May 19, 2009, a lawsuit was filed against Jewelry Television alleging wrongful termination and age discrimination, alleging a "scheme" to get rid of employees with expensive health care costs.

 

The last annual report was filed on 10/04/2010.

 

For information:

 

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 low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 18 years in the business.

It is a large sized American company, evolving in a difficult sector.

Profitability is low, indebtedness is high, cash is medium and payments are regular. The company had financial difficulties these last years but seems to be growing again.

Two recent public records have been found.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

LOW

Public Records

YES

 

Indebtedness

HIGH

Payments

REGULAR

 

Cash

MEDIUM

 

 

 

 




APPENDIX

 

Person Interviewed

 

Berkley

Position

 

Accounting department

Comments

 

The receptionist confirmed us some information; for financial and commercial data, a voicemail has been left to the person above but the call has not been returned yet.

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.90

UK Pound

1

Rs.72.54

Euro

1

Rs.63.39

 

 

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%)

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.