MIRA INFORM REPORT

 

 

Report Date :

11.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ASSOCIATED BRANDS LP

 

 

Registered Office :

1790 Matheson Boulevard Mississauga, Ontario Canada L4W 0B3

 

 

Country :

Canada

 

 

Date of Incorporation :

1985

 

 

Legal Form :

Not Available

 

 

Line of Business :

Manufactures, and supplies dry packaged foods for food retailers and manufacturers in North America.

 

 

No. of Employees :

557

 

 

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

 

Status :

Good

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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: USD

Branch Situation:Stable

 

 

IDENTIFICATION

Ordered as:

Associated Brands LP

Address in the order:

7861 82nd Street Delta BC Canada VHG 1L9 Canada

Comments on data supplied:

The addres provided belong to North American Tea & Coffee Inc, which is an Associated Brands LP subsidiary.

Legal Name:

ASSOCIATED BRANDS LP

Trade Name:

ASSOCIATED BRANDS

Legal Address

1790 Matheson Boulevard Mississauga, Ontario Canada L4W 0B3

Operative Address

1790 Matheson Boulevard Mississauga, Ontario Canada L4W 0B3

Telephone:

+1 (905) 206-1123

 :

N/A

Fax:

+1 (905) 614-4535

Legal Form:

N/A

Email:

info@associatedbrands.com

Registered in:

Canada

Website:

www.associatedbrands.com

Date Created:

1985

Manager:

Scott Greenwood - President and CEO

Date Incorporated:

N/A

Staff:

557

Stock:

N/A

 

 

Value:

N/A

Activity:

Develops, manufactures, and supplies dry packaged foods.

 

 

BANKS

 

Name of the Bank

Harris Bank

Location                                   

United States

 

Name of the Bank

Bank of Montreal

Location                                   

Canada

BUSINESS

 

HISTORY

 

The company was founded in 1985.

 

On May 2, 2012,Associated Brands, LP acquire North American Tea & Coffee, Inc., which operates as a its subsidiary.

 

Press releases:

 

1. Associated Brands Merges with North American Tea & Coffee Canada NewsWire

TORONTO, May 2, 2012

 

Associated Brands announced that it has completed a merger with North American Tea & Coffee Inc. ("NATC"), a Vancouver-based manufacturer of specialty tea and dry mix products. This announcement comes on the heels of the Associated Brands' announcement of its acquisition of Soluble Products in January 2012.

 

2.TorQuest Partners Takes Associated Brands Income Fund Private

May 15th, 2007

 

Toronto: TorQuest Partners announcedthat it has acquired all of the operating subsidiaries of Associated Brands Income Fund.

TorQuest originally invested in Associated Brands through an exchangeable debenture in November 2005. As a result of that investment, TorQuest has been closely following Associated Brands for the last 18 months through TorQuest's Board representation.

3.TorQuest Partners invests $10 Million in Associated Brands

November 14th, 2005

 

Associated Brands Income Fund (TSX:ABF.UN) announced  that it has completed a private placement of $11.75 million of 9% exchangeable subordinated debentures. TorQuest Partners Value Fund, L.P and TorQuest Partners Value Fund (Parallel Partnership No.1) L.P. have purchased $10 million of the offering and, as required by the TorQuest funds, certain trustees of Associated Brands Operating Trust have purchased the remaining $1.75 million of the Debentures.

PRINCIPAL ACTIVITY

 

Associated Brands, LP develops, manufactures, and supplies dry packaged foods for food retailers and manufacturers in North America.

Products/Services description:

 

It offers beverages, side dishes, sweeteners, bouillon, soups, coating mixes, desserts, baking products, and cereals.

   

 

Sales are:

 

Wholesale

Brands:

 

1.J Cloth

2.Knox Gelatine

3.Sweet 10 artificial sweetener

4.Neilson desserts & beverages

5.Prairie Maid cereal

 

Operations area:

 

National, International

The company exports to USA

The subject employs 557 employee(s)

Comments on staff:

 

The person interviewed cofirmed us the company´s staff number.

PAYMENTS

 

regular

LOCATION

Headquarters

 

1790 Matheson Boulevard

Mississauga, Ontario

Canada L4W 0B3

The property is:

 

Owned

Branches:

 

Medina Manufacturing Facility

4001 Salt Works Road

Medina, NY 14103

Tel: (585) 798-3475

Fax: (585) 798-1939

 

Winnipeg Manufacturing Facility

905 Berry St.

Winnipeg, MB, R3H 0S7

Tel: (204) 783-1363

Fax: (204) 783-5903

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

TorQuest Partners is the main shareholder of Associated Brands LP.

Management:

 

Scott Greenwood - President and Chief  Executive Officer.

Suzanne Shadgett CA - Chief Financial Officer, Vice President

 

Related Companies:

 

North American Tea & Coffee, Inc. (subsidiary)

7861 82nd St,

Riverway Industrial Park,

Delta, B.C. V4G 1L9,

Canada.

Tel:(1)604 - 940 - 7861

Fax:(1)604 - 940 - 7862

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

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

We have contacted Mrs. Chelo Uribe from the Accounts Payable who provided us with the following data:

 

Currency

DATE

 

 

USD

2011

 

 

Turnover

120,000,000

 

 

The cash flow is

NORMAL

 

 

 

Legal Fillings

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

 

 

Rating

 

Local credit bureau gave a Good credit rate.

 

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

 Final Opinion

 

Associated Brands LP is a big size company located in Ontario, Canada. Its main shareholder is Torquest Partners Inc which is a Canadian-based manager of private equity funds.

 

TorQuest's initial investment in Associated Brands was through an exchangeable debenture in November 2005, when Associated Brands was a publicly traded income fund. In May 2007, TorQuest acquired all of the operating subsidiaries of the income fund.

 

On May 2, 2012,Associated Brands, LP acquire North American Tea & Coffee, Inc., which operates as a its subsidiary. Moreover, the company had acquired Soluble Products in January 2012.

 

In addition to this, the subject operates with worldwide known financial institutions and its profitabillity  is correct according to the financial information provided.

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

GOOD

Public

NO

 

Indebtedness

N.A.

Payments

REGULAR

 

Cash

N.A.

 

 

 

 

 

APPENDIX

 

Person Interviewed

 

Mrs. Chelo Uribe

Position

 

Accounts Payable

Comments

 

The person interviewed provided the following information:

1. Company´s staff number

2. Banks´s names, which whom the company works with

3. Company´s annual revenue

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.36

UK Pound

1

Rs.85.63

Euro

1

Rs.69.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.