MIRA
INFORM REPORT
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Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
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Name : |
INTIMO |
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Registered Office : |
143 W 29th St Ste 5 New York, NY 10001-5150 |
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Country : |
United States |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Private Independent |
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Line of Business : |
Retail sale of clothing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
$100 (USD) |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United States |
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 |
Company name and address
Intimo
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Business
Description
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Establishments primarily engaged in the retail sale of women's
clothing accessories and specialties, such as millinery, blouses, foundation
garments, lingerie, hosiery, costume jewelry, gloves, handbags, and furs
(including custom made furs). |
Industry
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Industry |
Retail (Apparel) |
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ANZSIC 2006: |
4251 - Clothing Retailing |
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NACE 2002: |
5242 - Retail sale of clothing |
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NAICS 2002: |
448190 - Other Clothing Stores |
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UK SIC 2003: |
5242 - Retail sale of clothing |
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US SIC 1987: |
5632 - Women's Accessory and Specialty
Stores |
Key Executives (Emails Available)
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News
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1 - Profit & Loss
Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
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Executives Report
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Serbia's
Italtex-Intimo Gets Govt Aid To Add Jobs, Raise Output
SeeNews: 23 June 2011
[What follows is the full text of the news story.]
BELGRADE (Serbia),
June 23 (SeeNews) - The Serbian government said it is providing a subsidy of
400,000 euro($575,880) to local stockings producer Italtex-Intimo to raise
output and add 100 new jobs.
The company's
current daily capacity is 250,000 pairs of stockings which it plans to increase
by 40% by opening a new plant, the Serbian government said in a statement on
Wednesday.
Italtex-Intimo
sells 90% of its production abroad, mainly on the EU markets.
According to local
news agency Tanjug, the factory currently employees 450 people.
The Serbian unit
of Italy's Italtex-Intimo is located in Novo Milosevo, in the Balkan country's
north.
($=0.69)
East shines bright
in Button Factory
Waterloo Region Record (Ontario, Canada): 14 March 2011
[What follows is the full text of the news story.]
With herds of
March-break vacationers fleeing to sunnier climbs, Friday night's Neruda
Productions' sold-out performance turned on the heat just up the steps at the
Button Factory in Waterloo.
Continuing Neruda's
cafďż˝ intimo series, the London-based Light of the East Ensemble performed
music of the Near and Middle East in an eclectic, potpourri of contemporary and
traditional sounds.
The concert
started in Egypt, The River Nile initiated by a stirring vibration from a
guitar-shaped oud - band leader Panayiotis Giannarapis setting the stage with a
slowly evolving groove. Violinist Mary Ashton slipped in with an overlay of
exotic melodies, paving the way for the rest of the band - contra bass (Jedd
House), woodwinds (Barry Usher), and percussion (Daniel Baerg).
The hotness factor
got a further boost, as a shock of flowing red burst onto the stage in the form
of a sinuous and sensual belly dancer by the name of Ishra, displaying an
uncanny interpretive feel for the twists, turns and shakes of the music.
On to Greece, Sala
Sala (translated as shake shake) was a more direct route into an irresistible
up-rhythm, spinning into double-time, before chopping off to end. As with many
of the pieces performed on this program, explained Giannarapis, analogous songs
can be found in Turkey, Greece, and Armenia, illustrating the deep cultural
threads interweaving the cultures of this region.
This concert
nicely reflected the spirit of Neruda, which over the last decade (this is
their 10th anniversary season) has been a champion of cultural expression for a
variety of immigrants living in Waterloo Region. Audiences have benefited
greatly as artistic director Isabel Cisterna has tenaciously brought the world
to Waterloo.
Some of the
concert highlights included solo improvisations featuring the ample chops of
the individual players. The slow and sultry extended improvisational build from
Ashton's violin got a particularly strong audience response in the Turkish tune
translating as Tra-la-la-la-la.
An exquisitely
bittersweet melancholy was hauntingly rendered in Usher's flute work on the
heartbreaking Armenian melody entitled My One Voice, a song about lost love.
Neruda's events
include Intersections, a first exhibition of Latin American art (May 6-16); as
well as the next cafďż˝ intimo performance Deseo - Words, Whispers and Desires,
a showcase of spoken word, poetry and dance highlighting themes of sensuality
in many different cultures (May 14).
COMMUNITY
NOTICEBOARD
Darwin Palmerston Sun (Australia): 02 March 2011
[What follows is the full text of the news story.]
Palmerston school
fundraiser
THE Good Shepherd
Lutheran College-Palmerston campus will hold a mini expo/fundraiser at the
school this Saturday between 1pm and 5pm.
There will be
ENJO, Creative memories, Tupperware, Le Reve, INTIMO, Emma Page, Mary Kay,
Bright Star Kids and How Inviting all on display, with great products to buy.
The event is open
to everyone.
Learn DIY skills
TOP Enders are
invited to learn handy DIY tips and tricks for the home this weekend at
Bunnings Warehouse in Darwin and Palmerston.
Every Saturday and
Sunday, expert team members will lead free workshops to arm you with all the
skills needed to undertake those jobs around the home.
The step-by-step
adult workshops this Saturday include how to build a fence at 11am and install
a window at 2pm.
On Sunday at 11am,
learn how to lay laminate flooring and at 2pm how to sand and polish timber
flooring.
Mosaic workshops
for children are held both days but workshop times vary so contact Bunnings
Darwin on 8948 8300 or Bunnings Palmerston on 8935 9800.
Try Tae Box
Fitness
A COMPLIMENTARY
free introductory tae box fitness class is being held on Monday.
The focus is on
basic techniques targeting toning, strength and fat burning.
Classes are
delivered in a private studio in a safe and friendly environment under the
guidance of professional female instructors. To receive a complimentary class and
morning tea with the instructors, call the NT Soo Do Karate Academy on 8932
1080.
Calling Top End
poets
BUDDING Top End
poets have the opportunity to showcase their rhymes by submitting an original
bush poem that captures the spirit of Australia for the 2011 Australian Unity
Bryan Kelleher Literary Award.
Now in its fourth
year, the national competition aspires to honour and keep current the style of
poetry made famous by Henry Lawson and Banjo Paterson so that it can be enjoyed
by future generations.
Entry is free and
the competition closes on June 30. Winners will share in more than $2500 prize
money. Application forms are available by calling (03) 8682 6701.
Batchelor Men's
Shed
THE Batchelor
Men's Shed is open every Tuesday from 8.30am to 3.30pm.
Potter around
while you share a yarn and create bits and pieces for the benefit of the
community.
Lunch is available
at very little cost, or, you can bring your own with you. All welcome. For more
information, ring Bob Brown on 8976 0510 or 0405 493 574.
Defence reserves
recruitment
DEFENCE Force
Recruiting will hold a reserves information night next Wednesday.
Current year 11
and12 students and recent year 12 leavers, their parents, siblings and friends
are welcome to attend the information session from 5.30pm to 7pm at Defence
Force Recruiting at 36 Mitchell St in Darwin.
Call 8936 2000 to
book as seats are limited.
Centenary
celebration
THE NT Library
will mark the 100-year anniversary since the Territory was ceded to the
Commonwealth Government from South Australia and our capital city was
officially named Darwin with a full-day event this Saturday from 9am to 5pm.
Prominent local
and interstate historians including Dr Mickey Dewar, Professor Bob Reece, Dr
Sue Stanton and many others will Seating is limited, so registration is
essential. For more details, phone 8946 9544.
CBB concludes
Quadrangular
Sri Lanka Daily Mirror: 12 February 2011
[What follows is the full text of the news story.]
Sri Lanka, Feb. 12
-- The Council for Business with Britain (CBB) concluded its sports
quadrangular recently.
HSBC emerged as
champions in both badminton and table tenns while the runners-up in badminton
was WNS Global Services and the table tennis runners -up were De La Rue Lanka
Currency and Security Print Limited.
MAS Slimline 'A'
became unbeaten cricket champions beating MAS Active Linea Intimo by 27 runs.
Chathurika Mayuri
of MAS Slimline 'A' was the woman of the tournament, while Suersh Perera also
of MAS Slimline 'A' was adjudged the man of the tournament. The best batsman's
award was won by A.K.M. Dilshad of MAS Slimline 'A' and the best bowler was
Asanka Pathirana of MAS Active Published by HT Syndication with permission from
Daily Mirror Sri Lanka. For any query with respect to this article or any other
content requirement, please contact Editor at htsyndication@hindustantimes.com
Standard & Poor’s
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United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
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Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings from
CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term
rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+'
short-term rating on the U.S. In addition, Standard & Poor's removed both
ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and
convertibility (T&C) assessment of the U.S.--our assessment of the
likelihood of official interference in the ability of U.S.-based public- and
private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political
brinksmanship of recent months highlights what we see as America's governance
and policymaking becoming less stable, less effective, and less predictable
than what we previously believed. The statutory debt ceiling and the threat of
default have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the differences
between political parties have proven to be extraordinarily difficult to
bridge, and, as we see it, the resulting agreement fell well short of the
comprehensive fiscal consolidation program that some proponents had envisaged
until quite recently. Republicans and Democrats have only been able to agree to
relatively modest savings on discretionary spending while delegating to the
Select Committee decisions on more comprehensive measures. It appears that for
now, new revenues have dropped down on the menu of policy options. In addition,
the plan envisions only minor policy changes on Medicare and little change in
other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that elected
officials remain wary of tackling the structural issues required to effectively
address the rising U.S. public debt burden in a manner consistent with a 'AAA'
rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public and
private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
On Monday, we
will issue separate releases concerning affected ratings in the funds,
government-related entities, financial institutions, insurance, public finance,
and structured finance sectors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.