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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
COMARK INC. |
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Registered Office : |
6789 Millcreek Drive, Mississauga, Ontario L5N 5M4 |
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Country : |
Canada |
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Date of Incorporation : |
30.01.1988 |
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Legal Form : |
Federal Corporation – Profit |
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Line of Business : |
Fashion retailer, serving customers through three popular divisions:
Ricki's, Bootlegger and Cleo. |
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No. of Employees : |
4,500+ |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 a 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: COMARK INC.
Headquarters: 6789 Millcreek Drive, Mississauga,
Ontario L5N 5M4 Canada
Telephone: +1
905-567-7375
Fax: +1 905-567-5965
Website: www.comark.ca
Corporate ID#: 4240405
State: Federal
Judicial form: Federal Corporation – Profit
Date incorporated: 02-29-2004
Date founded: 01-30-1988
Stock: -
Value: -
Name of manager: Gerald
BACHYNSKI
Business:
Comark is a leading Canadian specialty fashion retailer, serving customers
through three popular divisions: Ricki's, Bootlegger and Cleo.
Today, all three divisions are represented across Canada, and the
business has grown to over 300 stores – currently 142 Ricki’s, 91 Bootlegger
and 85 Cleo locations.
Staff: 4,500+
Operations & branches:
At above address, we find a
large store, warehouse and office, owned.
Shareholders:
SKMCOM HOLDINGS SARL
Luxemburg
through its US office located 153 E. 53rd Street, New York,
NY 10022 – USA
Richard SCHULTE
6789 Millcreek Drive, Mississauga, Ontario L5N 5M4 Canada
AXIS CAPITAL FUND I, LP
6 Arabian, Coto de Caza, CA 92679 - USA
Management:
Gerald BACHYNSKI, President and CEO
He has been Chief Executive Officer and President of Comark, Inc. since
December 2007. Mr. Bachynski served as the President of Ricki's since 1988 and
Chief Operating Officer of Comark, Inc. Mr. Bachynski began his career with
Laventhol & Horwath in a consulting capacity. He joined the prior family
owners of Ricki s in the Fall of 1975 and was responsible for a variety of
business holdings/interests. After the sale of Ricki s to Comark, Mr. Bachynski
became General Manager of Mannequin, an upscale ladies wear division of Ricki s
and took over as President of Ricki s in 1988. Mr. Bachynski is a former Bell
Canada Fellowship winner and holds both a Bachelor of Commerce (Hons.) degree
and an MBA from the University of Manitoba.
Bill KING, Vice President and CFO
He serves as Vice President and Chief Financial Officer of Comark Inc.
Mr. King joined Comark in August 2003 with 16 years experience in a variety of
national and multi-national retail organizations. Mr. King is responsible for
leadership of all Finance, I.T., and Supply Chain functions within Comark. From
1998 to 2003, he held a number of senior financial positions, most recently
Vice-President, Finance, at Zellers Inc. From 1996 to 1998, he was Controller
of Venator Canada Inc. (now Foot Locker Inc.) and previously held senior
financial roles in both the quick-service restaurant and supermarket
industries. Mr. King is a member of the Institute of Chartered Accountants of
Ontario and holds a Bachelor of Commerce (Hons.) degree from Memorial
University.
Dan SAUCIER, COO
He serves as the Chief Operating Officer of Comark, Inc. Mr. Saucier
joined Comark in September 2009. He has over 25 years of senior retail
operations experience. Prior to Comark, he served as the Chief Operating
Officer of CMT Clothing operating 130+ stores under the Costa Blanca and Urban
Behavior banners.
Prior to that, he was with the Winner’s/ HomeSense organization as
Senior Vice President Director of Stores, where he was responsible for senior
regional staff and the day to day operations of all 300 stores. Prior to
Winners, Mr. Saucier held various senior positions in IKEA throughout North
America.
Subsidiaries & Partnership:
None
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report.
Sales declared for fiscal
year ending June 2013 is in the range of CAD 400,000,000=
The business is profitable.
Banks: Royal Bank of Canada
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Trade references:
Date reported: August 2013
High credit: CAD 100,000
Now owing: 0
Past due: 0
Last purchase: July 2013
Line of business: Office supply
Paying status: 3 days beyond terms
Date reported: August 2013
High credit: CAD 5,000,000+
Now owing: 0
Past due: 0
Last purchase: July 2013
Line of business: Payroll
Paying status: As agreed
Date reported: August 2013
High credit: CAD 12,000
Now owing: 0
Past due: 0
Last purchase: July 2013
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
National Credit Bureaus
gave a correct medium credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 2 to 5 days beyond terms.
International
credit history:
Payments of imports are currently made on terms.
Other comments:
The Company maintains a regular
business.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
April 5, 2013.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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 |
|
-- |
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.