MIRA INFORM REPORT

 

 

Report Date :

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

HOME SENSE

 

 

Registered Office :

6715 Airport Road, Mississauga, Ontario L4V 1R9,

 

 

Country :

Canada

 

 

Year of Establishment :

2001

 

 

Legal Form :

Corporation For Profit

 

 

Line of Business :

Retail home furnishing stores.

 

 

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 :

2,000,000 USD

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

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

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Canada

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS – CANADA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: CAD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Comments on data supplied:

The company’s correct name is listed below.

Legal Name:

HOME SENSE

 

 

Legal Address

6715 Airport Road,

Mississauga, Ontario L4V 1R9,

Canada

 

 

 

Telephone:

+ 1 (905) 405-8000

Document Number :

PE-0000138320

Fax:

+ 1 (905) 405-1848

Legal Form:

Corporation For Profit

Email:

NA

Registered in:

Ontario

Website:

www.homesense.ca

Date Created:

2001

Manager:

Jess McClellan, President and CEO

Date Incorporated:

NA

Staff:

976 employees

Stock:

NA

 

 

Value:

NA

Activity:

Retail home furnishing stores.

 

 

BANKS

 

Name of the Bank

ROYAL BANK OF CANADA

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Home Sense is a Canadian off-price home-fashions chain, effectively launched in fiscal 2002.

 

Home Sense offers a wide and rapidly changing assortment of off-price home fashions including giftware, accent furniture, lamps, rugs, accessories and seasonal merchandise.

 

The Company operates Home Sense in a stand-alone format, as well as a superstore format where a Home Sense store and a Winners store are combined or operate side-by-side.

 

 

At year-end 2010, Home Sense operated 82 stores in Canada. The Canadian chain is similar to TJX's HomeGoods chain in the United States.

 

 

Products/Services description:

 

Bedding, furniture, and housewares.

Sales are:

 

Retail

Operations area:

 

National, International

The subject employs 976 employee(s)

PAYMENTS

 

regular

 




Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

The company is a subsidiary of TJX Companies.

Management:

 

Jess McClellan, President and CEO




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 (We updated the currency).

Currency

DATE

 

CAD

2010

 

Turnover

184,700,000

 

Operating Income

14,800,000

 

Net Income

11,700,000

 

Net worth

30,000,000

 

Bank liabilities

650,000

 

The cash flow is

Normal

 

 

Currency

DATE

CAD

2007

Turnover

176,000,000

Operating Income

11,000,000

Net Income

8,400,000

Net worth

9,000,000

Bank liabilities

1,560,000




 

 

Legal Fillings

 The sources consulted record no major detrimental legal or labor court information.



 Rating

 

Local credit bureau gave a good credit rate.

 

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

 

 

 Final Opinion

 

This is an established company with encouraging income.

 

The company's profitability is good.

 

Its length of payment is regular.

 

The company's financial state inspires confidence.

 

The business has equity.

 

The structure can bear a credit line.

 

A business connection can be conducted.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

GOOD

Public

YES

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

ADVISED CREDIT

2,000,000 USD

 

 

APPENDIX

 

Comments

 

Staff non cooperative.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.