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Report Date : |
23.07.2013 |
IDENTIFICATION DETAILS
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Name : |
COASTAL CONTACTS INC. |
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Registered Office : |
2985 Virtual Way, Ste 320 Vancouver, British Columbia V5M 4X7 |
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Country : |
Canada |
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Date of Incorporation : |
14.12.2000 |
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Legal Form : |
Public Company (COA) |
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Line of Business : |
Subject operates as an online retailer of contact lenses, eyeglasses, sunglasses, and related vision care products in North America, Europe, and the Asia Pacific region. It also provides ready-made reading glasses, sport and safety eyewear, glass cases and cleaners, contact lens cases, eye drops and vitamins, and contact lens solutions. |
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No. of Employees : |
654 |
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 : |
Slow but correct |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Canada |
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 |
CANADA - ECONOMIC OVERVIEW
As an affluent, high-tech industrial society in the
trillion-dollar class, Canada resembles the US in its market-oriented economic
system, pattern of production, and affluent living standards. Since World War
II, the impressive growth of the manufacturing, mining, and service sectors has
transformed the nation from a largely rural economy into one primarily
industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the
1994 North American Free Trade Agreement (NAFTA) (which includes Mexico)
touched off a dramatic increase in trade and economic integration with the US
its principal trading partner. Canada enjoys a substantial trade surplus with
the US, which absorbs about three-fourths of Canadian exports each year. Canada
is the US's largest foreign supplier of energy, including oil, gas, uranium,
and electric power. Given its great natural resources, highly skilled labor
force, and modern capital plant, Canada enjoyed solid economic growth from 1993
through 2007. Buffeted by the global economic crisis, the economy dropped into
a sharp recession in the final months of 2008, and Ottawa posted its first
fiscal deficit in 2009 after 12 years of surplus. Canada's major banks,
however, emerged from the financial crisis of 2008-09 among the strongest in
the world, owing to the financial sector''s tradition of conservative lending practices
and strong capitalization. Canada achieved marginal growth in 2010-12 and plans
to balance the budget by 2015. In addition, the country''s petroleum sector is
rapidly becoming an even larger economic driver with Alberta''s oil sands
significantly boosting Canada''s proven oil reserves, ranking the country third
in the world behind Saudi Arabia and Venezuela.
Source
: CIA
Company name: COASTAL CONTACTS INC.
Address: 2985 Virtual Way, Ste
320
Vancouver, British Columbia V5M 4X7 - Canada
Telephone: +1
604-669-1555
Fax: +1 604-669-6855
Website: www.coastalcontacts.com
Corporate ID#: 3828484
State: Federal
Judicial form: Public
Company (COA)
Date incorporated: 12-14-2000
Stock: 32,272,845
shares issued and outstanding
Market Value: CAD
163,300,596=
Name of manager: Roger
HARDY
Business:
Coastal Contacts Inc. operates as an online retailer of contact lenses,
eyeglasses, sunglasses, and related vision care products in North America,
Europe, and the Asia Pacific region. It also provides ready-made reading
glasses, sport and safety eyewear, glass cases and cleaners, contact lens
cases, eye drops and vitamins, and contact lens solutions.
The company offers contact lenses primarily under the Acuvue, Bausch
& Lomb, Freshlook, Proclear, Air Optix, and Dailies brand names; eyeglasses
principally under the Kenneth Cole, Lacoste, Nike, and Vera Wang brand names;
and sunglasses primarily under the Ray-Ban, Maui Jim, Oakley, Spy, Hugo Boss,
Skechers, and DSquared brand names.
Coastal Contacts Inc. sells its products through telephone, e-mail, and
proprietary Web sites, which include coastalcontacts.com, lensway.com,
lensway.se, clearlycontacts.ca, mylenses.nl, and contactsan.com.
The company was founded in 2000 and is headquartered in Vancouver,
Canada.
Staff: 654
Operations & branches:
At above address, we find
the corporate office, on lease.
Shareholders:
The Company is listed with the Toronto Stock Exchange under symbol COA.
Management:
Roger HARDY, Chairman,
Director and CEO
Roger V. Hardy co-founded Clearly Contacts Ltd. in 2000 and serves as
its Chairman, Chief Executive Officer and President. Mr. Hardy co-founded
Coastal Contacts Inc. and has been Chief Executive Officer since July 2002 and
served as its President from September 21, 2006 to August 14, 2012.
Mr. Hardy served as an Acting
Chief Executive Officer of LensLogistics AB (alternate name Lensway AB) of
Coastal Contacts Inc. since March 2010.
He served as the Chief Executive Officer of LensLogistics AB. He served
as the President of more.com Canada. He co-founded ClearlyContacts.com in 1999
and served as its President and Chief Executive Officer. From 1994 to 1998, he
served as National Account Manager of Loomis Courier. He has been the Chairman
of Coastal Contacts Inc. since December 2003 and its Director since July 1, 2002.
He has been a Director of Builddirect.com Technologies, Inc. since September
2009. He has achieved numerous awards including the BC Business Top 40 under 40
and the Pacific Ernst and Young Entrepreneur of the Year in 2006. He is an
active member of the Young President Organization (YPO). Mr. Hardy holds a
Bachelors of Arts degree from Bishops University.
Steve BOCHEN, COO
Nicolas BOZIKIS, CFO
As far as we know, they are
not involved in other local corporations.
Subsidiaries
And partnership: None
On attachment:
- 10K 2012
On June 10, 2013, Coastal Contacts Inc. announced unaudited consolidated
earnings results for the second quarter and six months ended April 30, 2013.
For the quarter, the company reported sales of CAD 53,745,000 against
CAD 48,212,000 a year ago. Loss from operating activities was CAD 6,757,000
against CAD 97,000 a year ago. Loss before income taxes was CAD 7,320,000
against income before income taxes of CAD 25,000 a year ago.
Net loss for the period was CAD 6,984,000 against CAD 242,000 a year
ago. Basic and diluted loss per share was CAD 0.23 against CAD 0.01 a year ago.
Adjusted LBITDA was CAD 5,430,000 against adjusted EBITDA of CAD 949,000 a year
ago.
The increase in revenue of CAD 5.5 million is therefore a result of the
increase in average order size from CAD 85.05 to CAD 96.51 per order, an
increase of 13%. The increase in average order size is primarily attributable
to the glasses business.
For the six months, the company reported sales of CAD 108,643,000 against
CAD 95,061,000 a year ago.
Loss from operating activities was CAD 9,453,000 against CAD 40,000 a
year ago. Loss before income taxes was CAD 10,440,000 against CAD 109,000 a
year ago. Net loss for the period was CAD 10,359,000 against CAD 438,000 a year
ago. Basic and diluted loss per share was CAD 0.35 against CAD 0.02 a year ago.
Adjusted LBITDA was CAD 7,194,000 against adjusted EBITDA of CAD 1,974,000 a
year ago. Net cash used in operating activities was CAD 7,020,000 compared to
CAD 1,859,000 a year ago. Acquisition of property, equipment and leasehold
improvements, net was CAD 261,000 compared to CAD 987,000 a year ago.
Acquisition of intangible assets, net was CAD 1,239,000 compared to CAD 706,000
a year ago.
Banks: Royal Bank of Canada
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: Several
National Credit Bureaus
gave a medium credit rating.
According to our credit analysts, during the last 6 months, 83% of trade
experience indicates a regular payment.
Payments of imports are currently made with an average of 5 to 10 days
beyond terms.
The Company is improving
its payments, but the cash remains low, due to high inventories and a flat
market.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is medium.
Our opinion:
A business connection may
be conducted but we suggest you to check regularly the way of payments.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.41 |
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|
1 |
Rs.90.74 |
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Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.