MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	MARK’S WORK WEARHOUSE LTD.
Registered Office :	1035 64^th Avenue SE, Ste 30, Calgary, Alberta T2H 2J7
Country :	Canada
Date of Incorporation :	05.11.1979
Legal Form :	Alberta Corporation - Profit
Line of Business :	· Subject operates a chain of apparel stores for men and women in Canada. Subject offers casual, leisure, and business wear; outdoor apparel; work wear; and foot wear. · Subject products ranges include casual and dress shirts, hoodies, polos, and T-shirts; casual and dress pants, jeans, and shorts; jackets and vests; casual and dress shoes, hikers, and sandals; and gloves, sleep and lounge products, socks, underwear, and summer accessories for men.
No of Employees :	4,600

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 :	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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Canada	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 high 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 merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its abundant 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 2010-13 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela.

Source : CIA

Company name & address

Company name: MARK’S WORK WEARHOUSE LTD.

Headquarters: 1035 64^th Avenue SE, Ste 30,

Calgary, Alberta T2H 2J7 – Canada

Telephone: +1 403-255-9220

Fax: +1 403-255-6005

Website: www.marks.com

Company summary

Corporate ID#: AB-0203727417

State: Alberta

Judicial form: Alberta Corporation - Profit

Date incorporated: October 3, 1987

Date founded: November 5, 1979

Name of manager: Michael MEDLINE

ACTIVITIES & OPERATIONS

Business:

Mark's Work Wearhouse Ltd. operates a chain of apparel stores for men and women in Canada. It offers casual, leisure, and business wear; outdoor apparel; work wear; and foot wear. Its products include casual and dress shirts, hoodies, polos, and T-shirts; casual and dress pants, jeans, and shorts; jackets and vests; casual and dress shoes, hikers, and sandals; and gloves, sleep and lounge products, socks, underwear, and summer accessories for men.

The company’s products also comprise tops, shirts, T-shirts, sweaters, and tank tops; bottoms, casual and dress pants, jeans, shorts, and skirts; jackets and vests; rubber boots, athletic and hiking shoes, sandals, and casual shoes; socks, summer accessories, and under wear; scrubs; and yoga wear for women. It also offers work shirts and pants, women's work wear, work boots, industrial casuals and hikers, rubber boots, women's safety foot wear, rain wear, accessories, gloves, work socks, and work accessories for industrial needs.

Mark's Work Wearhouse also sells its products online.

The company was founded in 1977 and is based in Calgary, Canada.

Mark’s operates under the banners “Mark’s”, “Mark’s Work Wearhouse”, “Work World” and in Quebec, “L’Equipeur” and offers products for sale through its website at www.marks.com

Mark’s also conducts a business-to-business operation under the name “Imagewear, a Division of Mark’s Work Wearhouse”.

Staff: 4,600

Operations & branches:

At the headquarters, we find the corporate headquarters and office, on lease.

The Company maintains over 348 direct stores and 37 franchise stores in Canada.

SHAREHOLDERS & MANAGERS

Shareholders:

CANADIAN TIRE CORPORATION, LIMITED (+50%)

2180 Yonge Street

Toronto, Ontario M4S 2B9 – Canada

Public Company quoted with the TSE under symbol CTC.

Canadian Tire Corp is a network of businesses offering general merchandise, clothing, petroleum, financial services and automotive parts.

Management:

Michael MEDLINE is the President and Director.

Present here since 11-27-2012

He has had a tremendous 13-year career with CTC, which includes overseeing a revamped strategy for the Automotive business, leading the Company’s corporate services group as Chief Corporate Officer and serving as a director on the Board of Canadian Tire Bank.

Most recently the President of FGL Sports and Mark’s, Michael has led all of the Company’s acquisitions and integration efforts in the last 11 years.

Harry P. TAYLOR is the COO.

Other Directors include Robyn A. COLLVER, Harry P. TAYLOR, and Dean McCANN.

John CHIMIENTI is Secretary.

FINANCIALS

In Canada, privately held corporations are not required to publish any financials.

However, from the annual report of the parent company, we find:

Sales 2013: CAD 1,060,800,000=

Sales 2012: CAD 1,016,600,000=

The business is profitable.

Banks: Royal Bank of Canada

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: July 2014

High credit: CAD 50,000+

Now owing: 0

Past due: 0

Last purchase: June 2014

Line of business: Office supply

Paying status: On terms

Date reported: July 2014

High credit: CAD 6,000,000

Now owing: 0

Past due: 0

Last purchase: June 2014

Line of business: Payroll

Paying status: As agreed

Date reported: July 2014

High credit: CAD 5,000

Now owing: 0

Past due: 0

Last purchase: June 2014

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were prompt and regular.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company is developing its business.

The bank confirmed a regular account.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on February 3, 2014.

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.25
UK Pound	1	Rs.101.92
Euro	1	Rs.80.70

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.