MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	THE AUTHENTIC T-SHIRT COMPANY ULC

Formally known as :	THE AUTHENTIC T-SHIRT COMPANY INC.

Registered Office :	13471 Crestwood Place Richmond, British Columbia V6V 2G4

Country :	Canada

Date of Incorporation :	19.07.2005

Legal Form :	Unlimited Liability Company (ULC)

Line of Business :	Importer and wholesaler of T-shirts.

No of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Canada

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 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

THE AUTHENTIC T-SHIRT COMPANY ULC

Headquarters: 13471 Crestwood Place

Richmond, British Columbia V6V 2G4 – Canada

Telephone: +1 604-276-9088

Fax: +1 604-279-9406

Website: www.sanmarcanada.com

Company summary

Corporate ID#: AB-2011825318

State: Alberta

Judicial form: Unlimited Liability Company (ULC)

Date incorporated: 07-19-2005

Date founded: 09-23-1988

Stock Value: A ULC has no stock

Name of manager: Todd A. HOWARD

ACTIVITIES & OPERATIONS

History:

Business started as THE AUTHENTIC T-SHIRT COMPANY INC. on 09-23-1988 and transformed to a ULC on 07-19-2005.

Business:

Importer and wholesaler of T-shirts.

Brands include SAN MAR, FRUIT OF THE LOOM, THE AUTHENTIC T-SHIRT COMPANY,

COAL HARBOUR, GILDAN, BELLA+CANVAS, OGIO, NEW ERA…

The Company is doing business as SANMAR CANADA.

Staff: 50

Operations & branches:

At above address, we find the corporate office and show room, on lease.

The Company maintains branches located:

6100 Kenway Drive

Mississauga, Ontario L5T 2N3

23 Aero Drive NE

Calgary, Alberta T2E 8Z9

8400 Chemin de la Côte de Liesse #217

Montréal, Quebec H4T

938 Erin St

Winnipeg, Manitoba R3G 2W5

SHAREHOLDERS & MANAGERS

Shareholders:

BBK CONSULTING INC.

7 Crescent Key, Bellevue, WA 98006 – USA

ML CANADA INC.

6855 West Mercer Way, Mercer Island, WA 90840 – USA

0726364 BC LTD

1040 West Georgia Street, Ste 1170, Vancouver, BC V6E 4H1 - Canada

Management:

Todd A. HOWARD, President

Directors include Steve FEINSTEIN, Bruce ALLEN, and Marty LOTT.

Marty LOTT is also involved in SAN MAR CORPORATION

22833 SE Black Nugget Road, Ste 130, Issaquah, WA 98029 – USA

FINANCIALS

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

On a direct call, nobody accepted to answer our questions.

We sent a fax but no answer received.

However, estimate sales for year 2013 is in excess of CAD 10,000,000+

The business is said to be profitable.

Banks: Scotia Bank

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

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, payments of imports were currently made on terms.

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 05-30-2014.

The risk is low.

Our opinion

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.44

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	ANK

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.