MIRA INFORM REPORT

 

 

Report Date :           

18.01.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

MODES TXT CARBON INC

 

 

Registered Office :

433, Rue Chabanel Ouest, Bureau 400, H2N 2J4, Montreal, Quebec

 

 

Country :

Canada

 

 

Date of Incorporation :

09.12.1997

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

provides men and women clothing

 

 

No. of Employees :

40

 

 

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 150,000

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 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Canada

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: 1.00 CAD = 0.985562 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Comments on data supplied:

Please take note that the name provided in the order is that of a trade name.

Legal Name:

MODES TXT CARBON INC

Trade Name:

TXT CARBON FASHIONS INC

Legal Address

433, Rue Chabanel Ouest, Bureau 400, H2N 2J4, Montreal, Quebec, Canada

 

Operative Address

433 Chabanel W, suite 400, Montreal, QC H2N 2J4, Canada

 

Telephone:

+ 1 (514) 382-8271

ID :

1147517073

Fax:

+ 1 (514) 382-1703

Legal Form:

Corporation for Profit

Email:

jsigouin@txtcarbon.com

Registered in:

Canada

Website:

http://www.txtcarbon.com/

Date Created:

December 9th 1997

Manager:

Simoes Tony, President

Date Incorporated:

March 11th 1998

Staff:

40

Stock:

NA

 

 

Value:

NA

Activity:

It provides men and women clothing.

 

 

BANKS

 

Name of the Bank

Royal Bank of Canada

 

 

BUSINESS

 

HISTORY

 

The company was created in 1997.

PRINCIPAL ACTIVITY

 

The company markets clothing.

 

 

Products/Services description:

 

The company offers:

Shirts

Jackets

Tops

Sweaters

 

TXT’s products are being sold by more than 600 stores across Canada, representing more than 1,100 retail doors.

Also, the company has a retail portal in its website from where it offers its products to the general clientele.

Sales are:

 

Wholesale, Retail

Brands:

 

TXT

Clients:

 

Customers range from independent boutiques to medium price point department stores and specialty stores.

General public

Operations area:

 

National, International

The company export to USA, mainly

Trade References:

 

The person contacted refused to provide the names of their suppliers for us to check the trade references.

The subject employs 40 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at 433 Chabanel W, suite 400, Montreal, QC H2N 2J4, Canada.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company owned by MINTZ BARRY, THE VARDA LEVY FAMILY TRUST and THE ZAPPITELLI FAMILY TRUST.

Management:

 

Simoes Tony, President,

Nicodemo Frank, Vice President, Secretary and Treasurer.  

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Maria Da Silva, Accounts Payable, who refused to provide us any financial data on grounds of confidentiality.

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

9,222,400

The cash flow is

NORMAL

 

Currency

DATE

USD

2008

Turnover

9,100,000

The cash flow is

NORMAL

 

 

Legal Fillings

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

 

 

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 is a small Canadian business.

 

It started to operate in 1997. Therefore, it has a good experience in its field.

 

MODES TXT CARBON INC is currently doing business as TXT CARBON FASHIONS INC and TXT (brand).

 

The company has remained stable in the market.

 

No collections of legal actions were traced against the subject during the course of this investigation.

 

Credit line may be considered for USD 150,000-.

 




SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

NORMAL

 

 

 

 

 




 

 

 

APPENDIX

 

Person Interviewed

 

Maria Da Silva

Position

 

Accounts Payable

Comments

 

We have contacted this person who refused to provide information on the company's on grounds of confidentiality. We sent her an email to obtain trade references and we haven't received an answer.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.06

UK Pound

1

Rs.78.48

Euro

1

Rs.64.99

 

 

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.