MIRA INFORM REPORT
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Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
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Name : |
LANDS END, INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
29.01.2011 |
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Date of Incorporation : |
19.08.1986 |
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Com. Reg. No.: |
2099220 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Direct marketer of casual clothing, accessories, footwear, home
products, and soft luggage |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
3 000 000 USD. |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Lands End |
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Address in the order: |
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Comments on data supplied: |
The address provided is a distribution center. Please find below the
headquarters' operative address. |
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Legal Name: |
LANDS END, INC. |
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Legal Address |
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Operative Address |
1 Lands\' |
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Telephone: |
608-935-4341 |
Registration Number : |
2099220 |
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Fax: |
608-935-4831 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
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Website: |
Date Created: |
1963 |
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Manager: |
Nick Coe |
Date Incorporated: |
August 19, 1986 |
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Staff: |
7 700 |
Stock: |
N.A. |
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Value: |
N.A. |
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Activity: |
Direct marketer of casual clothing, accessories, footwear, home
products, and soft luggage |
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BANKS
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Name of the Bank |
BANK OF |
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Name of the Bank |
Wells Fargo Bank |
BUSINESS
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PRINCIPAL ACTIVITY |
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Lands' End, Inc. operates as a direct marketer of casual clothing,
accessories, footwear, home products, and soft luggage. |
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Products/Services description: |
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It operates through three segments consisting of Core, Specialty, and
International. The Core segment offers basic product lines for men and women,
including knit shirts, sweaters, dress and sport shirts, casual pants, dresses,
skirts, accessories, footwear, and soft luggage, as well as seasonal
merchandise, such as swimsuits, outerwear and holiday gifts. The Specialty segment markets school uniforms, kids, and coming home
catalogs. The International segment consists of foreign-based operations
located in |
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Sales are: |
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Wholesale, Retail |
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Brands: |
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Lands' End |
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Clients: |
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Final consumers. The company offers its products through multiple selling channels
consisting of regular mailings of its monthly primary, prospecting, and
specialty catalogs as well as through the Internet, its international
businesses, and its outlet stores. |
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Operations area: |
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National, International |
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The company imports from worldwide. |
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The company export to |
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Trade References: |
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Sears, Roebuck and Co. |
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Competitors: |
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Eddie Bauer LLC J. C. Penney Corporation, Inc. L.L. Bean, Inc. |
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The subject employs 7700 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered at the above operative address. The legal
address is the one registered at the Secretary of State of Delaware and is
that of the registered agent. |
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Comments on location: |
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The company is incorporated in However it is headquartered in |
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Branches: |
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The company has stores all over the |
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Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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It is a subsidiary of Sears, Roebuck and Co., itself owned by Sears
Holdings Corporation. |
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Management: |
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Mr. Nick Coe President Mr. Tim Martin CFO and Senior Vice President Mr. Jeffrey A. Jones Chief Operating Officer Mr. Frank Giannantonio Chief Information Officer and Senior Vice President Mr. William Bass Senior Vice President - E-commerce and International |
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Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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However our financial sources could provide us with the following
data. Those figures are estimates for 2006 and 2008 provided by confidential
banking and financial institutions working with the company. The parent company is a public company traded at the stock exchange.
Please find enclosed the last parent company’s consolidated financial
statements. |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
1,830,000,000 |
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Operating Income |
94,000,000 |
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Net Income |
61,000,000 |
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Net worth |
213,000,000 |
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Bank liabilities |
90,000,000 |
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The cash flow is |
normal |
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DATE |
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USD |
2006 |
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Turnover |
1 400 000 000 |
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Net Income |
64 700 000 |
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The cash flow is |
normal |
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Legal Fillings |
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There are several UCC** files listed with
the Secretary of State of Wisconsin. 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 ** 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 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
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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. |
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Final Opinion |
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The company has 48 years in the business. It is a very large sized company, evolving
in a competitive sector. Profitability is correct, indebtedness is
high, cash is very good and payments are regular. We did not find a specific adverse record
against the subject. A credit line may be considered for 3 000
000 USD. |
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SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
HIGH |
Payments |
REGULAR |
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Cash |
VERY GOOD |
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Income Statement Annual
Data Figures in thousands of USD
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Period Ending |
Jan 29, 2011 |
Jan 30, 2010 |
Jan 31, 2009 |
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Total Revenue |
43,326,000 |
44,043,000 |
46,770,000 |
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Cost of Revenue |
31,448,000 |
31,824,000 |
34,118,000 |
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Gross Profit |
11,878,000 |
12,219,000 |
12,652,000 |
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Operating Expenses |
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Research Development |
- |
- |
- |
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Selling General and Administrative |
10,571,000 |
10,654,000 |
11,060,000 |
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Non Recurring |
- |
- |
360,000 |
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Others |
900,000 |
926,000 |
981,000 |
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Total Operating Expenses |
- |
- |
- |
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Operating Income or Loss |
474,000 |
713,000 |
302,000 |
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Income from Continuing Operations |
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Total Other Income/Expenses Net |
89,000 |
46,000 |
205,000 |
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Earnings Before Interest And Taxes |
496,000 |
685,000 |
456,000 |
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Interest Expense |
310,000 |
265,000 |
272,000 |
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Income Before Tax |
186,000 |
420,000 |
184,000 |
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Income Tax Expense |
36,000 |
123,000 |
85,000 |
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Minority Interest |
(17,000) |
(62,000) |
(46,000) |
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Net Income From Continuing Ops |
133,000 |
235,000 |
53,000 |
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Non-recurring Events |
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Discontinued Operations |
- |
- |
- |
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Extraordinary Items |
- |
- |
- |
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Effect Of Accounting Changes |
- |
- |
- |
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Other Items |
- |
- |
- |
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Net Income |
133,000 |
235,000 |
53,000 |
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Preferred Stock And Other Adjustments |
- |
- |
- |
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Net Income Applicable To Common Shares |
133,000 |
235,000 |
53,000 |
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Income Statement Quarterly
Data Figures in thousands of USD
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Period Ending |
Jan 29, 2011 |
Oct 30, 2010 |
Jul 31, 2010 |
May 1, 2010 |
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Total Revenue |
13,144,000 |
9,678,000 |
10,458,000 |
10,046,000 |
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Cost of Revenue |
9,476,000 |
7,121,000 |
7,635,000 |
7,216,000 |
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Gross Profit |
3,668,000 |
2,557,000 |
2,823,000 |
2,830,000 |
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Operating Expenses |
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Research Development |
- |
- |
- |
- |
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Selling General and Administrative |
2,833,000 |
2,577,000 |
2,606,000 |
2,555,000 |
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Non Recurring |
- |
- |
- |
- |
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Others |
239,000 |
219,000 |
221,000 |
221,000 |
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Total Operating Expenses |
- |
- |
- |
- |
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Operating Income or Loss |
663,000 |
(292,000) |
5,000 |
98,000 |
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Income from Continuing Operations |
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Total Other Income/Expenses Net |
70,000 |
(46,000) |
20,000 |
45,000 |
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Earnings Before Interest And Taxes |
666,000 |
(285,000) |
16,000 |
99,000 |
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Interest Expense |
97,000 |
77,000 |
69,000 |
67,000 |
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Income Before Tax |
569,000 |
(362,000) |
(53,000) |
32,000 |
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Income Tax Expense |
187,000 |
(147,000) |
(19,000) |
15,000 |
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Minority Interest |
(8,000) |
(3,000) |
(5,000) |
(1,000) |
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Net Income From Continuing Ops |
374,000 |
(218,000) |
(39,000) |
16,000 |
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Non-recurring Events |
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Discontinued Operations |
- |
- |
- |
- |
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Extraordinary Items |
- |
- |
- |
- |
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Effect Of Accounting Changes |
- |
- |
- |
- |
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Other Items |
- |
- |
- |
- |
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Net Income |
374,000 |
(218,000) |
(39,000) |
16,000 |
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Preferred Stock And Other Adjustments |
- |
- |
- |
- |
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Net Income Applicable To Common Shares |
374,000 |
(218,000) |
(39,000) |
16,000 |
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Balance Sheet Quarterly Data Figures
in thousands of USD
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Period Ending |
Jan 29, 2011 |
Oct 30, 2010 |
Jul 31, 2010 |
May 1, 2010 |
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Assets |
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Current Assets |
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Cash And Cash Equivalents |
1,390,000 |
806,000 |
1,199,000 |
1,763,000 |
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Short Term Investments |
- |
- |
- |
- |
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Net Receivables |
710,000 |
713,000 |
782,000 |
744,000 |
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Inventory |
9,123,000 |
11,226,000 |
9,430,000 |
9,316,000 |
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Other Current Assets |
312,000 |
378,000 |
350,000 |
382,000 |
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Total Current Assets |
11,535,000 |
13,123,000 |
11,761,000 |
12,205,000 |
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Long Term Investments |
- |
- |
- |
- |
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Property Plant and Equipment |
7,365,000 |
7,448,000 |
7,485,000 |
7,591,000 |
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Goodwill |
1,392,000 |
1,392,000 |
1,392,000 |
1,392,000 |
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Intangible Assets |
3,139,000 |
3,156,000 |
3,173,000 |
3,191,000 |
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Accumulated Amortization |
- |
- |
- |
- |
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Other Assets |
837,000 |
926,000 |
1,022,000 |
1,038,000 |
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Deferred Long Term Asset Charges |
- |
- |
- |
- |
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Total Assets |
24,268,000 |
26,045,000 |
24,833,000 |
25,417,000 |
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Liabilities |
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Current Liabilities |
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Accounts Payable |
3,658,000 |
8,232,000 |
7,273,000 |
7,369,000 |
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Short/Current Long Term Debt |
869,000 |
1,467,000 |
1,808,000 |
1,858,000 |
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Other Current Liabilities |
4,091,000 |
983,000 |
997,000 |
1,002,000 |
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Total Current Liabilities |
8,618,000 |
10,682,000 |
10,078,000 |
10,229,000 |
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Long Term Debt |
2,663,000 |
2,570,000 |
1,378,000 |
1,391,000 |
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Other Liabilities |
4,373,000 |
4,415,000 |
4,758,000 |
4,854,000 |
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Deferred Long Term Liability Charges |
- |
- |
- |
- |
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Minority Interest |
103,000 |
- |
- |
- |
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Negative Goodwill |
- |
- |
- |
- |
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Total Liabilities |
15,757,000 |
17,667,000 |
16,214,000 |
16,474,000 |
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Stockholders' Equity |
|||||
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Misc Stocks Options Warrants |
- |
- |
- |
- |
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Redeemable Preferred Stock |
- |
- |
- |
- |
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Preferred Stock |
- |
- |
- |
- |
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Common Stock |
1,000 |
- |
- |
- |
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Retained Earnings |
4,930,000 |
- |
- |
- |
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Treasury Stock |
(5,826,000) |
- |
- |
- |
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Capital Surplus |
10,185,000 |
- |
- |
- |
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Other Stockholder Equity |
(779,000) |
- |
- |
- |
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Total Stockholder Equity |
8,511,000 |
8,378,000 |
8,619,000 |
8,943,000 |
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Net Tangible Assets |
3,980,000 |
3,830,000 |
4,054,000 |
4,360,000 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
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|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
RATING EXPLANATIONS
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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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.