MIRA
INFORM REPORT
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Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
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Name : |
RENFRO CORP
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Registered Office : |
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Country : |
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Year of Establishment : |
1921 |
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Legal Form : |
Private Parent Company |
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Line of Business : |
Merchant wholesalers of apparel, Women’s, Children’s and infant’s Clothing and accessories |
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No. of Employees : |
4,000 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company name & address
Renfro Corp
Mt Airy, NC 27030-3101
Tel: 336-719-8000
Fax: 336-719-8215
Web: www.renfro.com
Registration data
Employees: 4,000
Company Type: Private Parent
Corporate Family: 8
Companies
Incorporation Date: 1921
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 250.0
Total Assets: NA
Business Description
Merchant wholesalers of apparel, Women’s, Children’s and infant’s Clothing and accessories.
Renfro Hosiery Mills was founded in 1921 with 25 employees. Today Renfro employs more than 5000 people with operations worldwide. We have the ability to identify market and manufacture products dedicated to the latest in emerging trends fashions and characteristics that consumers desire. So while our expertise in sock manufacturing made us successful it took integrity and innovation to make us the industry leader. We use ongoing research to better understand the needs of our customers and retail partners. Some of this research has given way to redesigned packaging that better informs consumers and makes our products more appealing.
Industry
Industry Apparel and Accessories
ANZSIC 2006: 1340 - Knitted
Product Manufacturing
NACE 2002: 177 - Manufacture
of knitted and crocheted articles
NAICS 2002: 31511 - Hosiery
and Sock Mills
UK SIC 2003: 177 - Manufacture
of knitted and crocheted articles
US SIC 1987: 2251 - Women's
Full-Length and Knee-Length Hosiery, Except Socks
Key Executives
(Emails Available)
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Name |
Title |
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Bud Kilby |
Chief Executive Officer |
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Andrew Kirby |
President |
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David Denkins |
Chief Financial Officer |
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Harold Stone |
Vice President-Corporate Marketing |
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Bruce Stonestreet |
Information Services |
News
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Title |
Date |
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A conversation with Ted Farha |
17-Jun-2012 |
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Longtime contestant wins |
16-Jun-2012 |
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Becker Law Office Launches New Website and
Blog |
16-Jun-2012 |
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Building strong leaders |
13-Jun-2012 |
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Aspen Institute Arts Program Announces
2012 Harman-Eisner Artists in Residence |
12-Jun-2012 |
ABI Number: 883300410
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Mt Airy, NC, 27030-3101
Tel: 336-719-8000
Fax: 336-719-8215
Web: www.renfro.com
Sales USD(mil): 250.0
Assets USD(mil): NA
Employees: 4,000
Industry: Apparel
and Accessories
Incorporation Date: 1921
Company Type: Private
Parent
Quoted Status: Not
Quoted
Information Services: Bruce
Stonestreet
Contents
Industry Codes
Business Description
Brand/Trade Names
Financial Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
1340 - Knitted Product Manufacturing
NACE 2002 Codes:
177 - Manufacture of knitted and crocheted articles
NAICS 2002 Codes:
31511 - Hosiery and Sock Mills
US SIC 1987:
2251 - Women's Full-Length and Knee-Length Hosiery, Except Socks
177 - Manufacture of knitted and crocheted articles
Business
Description
Establishments primarily engaged in knitting, dyeing, or finishing hosiery, not elsewhere classified.
More Business
Descriptions
Renfro Hosiery
Mills was founded in 1921 with 25 employees. Today Renfro employs more than
5000 people with operations worldwide. We have the ability to identify market
and manufacture products dedicated to the latest in emerging trends fashions
and characteristics that consumers desire. So while our expertise in sock
manufacturing made us successful it took integrity and innovation to make us
the industry leader. We use ongoing research to better understand the needs of
our customers and retail partners. Some of this research has given way to
redesigned packaging that better informs consumers and makes our products more
appealing.
Founded in 1921,
Renfro Corporation markets and manufactures a range of products. The company
provides a variety of cotton fabrics for men, women and children. It offers
products under various brands, including Fruit of The Loom, Hot Sox, Ralph
Lauren and Polo. The company also offers products under the Dr. Scholl's,
Levi's, Copper Sole, Wrangler and Riders brands. It operates manufacturing and
distribution facilities the
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Credit Report as of 11/01/2011
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Location |
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County: |
Surry |
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Phone: |
336-719-8000 |
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Fax: |
336-719-8215 |
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URL: |
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ABI©: |
883300410 |
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Employees: |
4,000 |
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Facility Size(ft2): |
40,000+ |
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Facility Own/Lease: |
Own |
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Business Type: |
Private |
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Location Type: |
Headquarter |
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Primary Line of
Business: |
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SIC: |
2252-01 - Hosiery-Manufacturers |
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NAICS: |
315111 - Sheer Hosiery Mills |
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Secondary Lines
of Business: |
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SICs: |
3841-04 - Physicians & Surgeons Equip & Supls-Mfrs |
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5137-15 - Hosiery-Wholesale |
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NAICS: |
424330 - Women's & Children's Clothing Merchant Whols |
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339112 - Surgical & Medical Instrument Mfg |
Similar Businesses
in Area
Neat Feet Hosiery Inc
Hill Spinning Mill
Kayser-Roth Corp
102 Corporate Center Blvd
Lcb
Mt Airy, NC 27030-6185 Huitt Mills
Inc
North
Nester Hosiery Inc
Mt Airy, NC 27030-5720
Slane Hosiery
Mt Airy, NC 27030-4425
Four Star Hosiery Limited
Royce Hosiery Mills Inc
* Similar Businesses are defined as the closest businesses
sharing the same six-digit primary SIC code ( 2252-01 - Hosiery-Manufacturers)
regardless of size.
Closest Neighbors
A C Group Inc
Mt Airy, NC 27030-3952
Riverside Building Supply Inc
Mt Airy, NC 27030-3951
Village Ace Hardware
Mt Airy, NC 27030-3951
B & D Vacation Shop
Mt Airy, NC 27030-3169
North Carolina Granite Corp
151 Granite Quarry Trl
Mt Airy, NC 27030-3970 Surry
Communication Associates
Mt Airy, NC 27030-3951
Olympia Family Restaurant
Mt Airy, NC 27030-3102
Mt Airy Public Works Department
Mt Airy, NC 27030-3845
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Corporate
Family |
Corporate
Structure News: |
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Renfro Corp |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Mt Airy, NC |
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Apparel and Accessories |
250.0 |
4,000 |
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Branch |
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Apparel and Accessories |
92.4 |
550 |
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Branch |
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Apparel and Accessories |
46.8 |
300 |
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Branch |
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Miscellaneous Capital Goods |
141.6 |
150 |
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Subsidiary |
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Apparel and Accessories |
8.4 |
50 |
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Branch |
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Apparel and Accessories |
1.8 |
2 |
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Branch |
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Miscellaneous Transportation |
0.4 |
3 |
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Branch |
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Apparel and Accessories |
0.9 |
1 |
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executive report
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Board of
Directors |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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Chief Executive Officer |
Chief Executive Officer |
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Chief Executive Officer |
Chief Executive Officer |
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President |
President |
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Director Operation Appln |
Operations Executive |
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Director-Distribution |
Operations Executive |
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Chief Financial Officer |
Finance Executive |
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Vice President-Human Resources |
Human Resources Executive |
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Human Resources Compliance & Regulatory |
Human Resources Executive |
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Senior Vice President-Sales & Merchandising |
Sales Executive |
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Vice President International Sourcing & Product Development |
International Executive |
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Import, Export Compliance |
International Executive |
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Import, Export Compliance |
International Executive |
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Vice President-Corporate Marketing |
Marketing Executive |
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Information Services |
Information Executive |
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Vice President Engineering |
Engineering/Technical Executive |
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Systems Programmer |
Engineering/Technical Executive |
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Attorney Or Agent |
Legal Executive |
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Director Factory Compliance |
Legal Executive |
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Distribution Manager |
Logistics Executive |
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Director-Purchasing |
Purchasing Executive |
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Branch Manager |
Other |
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Micro Computer Analyst |
Other |
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Pkg Manager |
Other |
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Manager |
Other |
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Director Of Ds Waters |
Other |
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Manager |
Other |
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Standard & Poor’s
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Publication date: 05-Aug-2011 20:13:14 EST |
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· 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.
The transfer and convertibility (T&C) assessment of the
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
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
The political brinksmanship of recent months highlights what we see as
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
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
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
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
Standard & Poor's transfer T&C assessment of the
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+'.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.99 |
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|
1 |
Rs.88.97 |
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Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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.