MIRA INFORM REPORT

 

 

Report Date :

22.12.2014

 

IDENTIFICATION DETAILS

 

Name :

THE ALDO GROUP INC.

 

 

Registered Office :

2300 Rue Emile Belanger, Montreal, Quebec H4R 3J4

 

 

Country :

Canada

 

 

Year of Establishment :

1972

 

 

Legal Form :

Federal Corporation – Profit

 

 

Line of Business :

Designs and Manufactures of Footwear and Accessories.

 

 

No. of Employees :

15,000

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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

A1

A1

 

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 and address

 

Company name:            LE GROUPE ALDO INC. (in French)

                                    THE ALDO GROUP INC. (in English)

 

Address:                       2300 Rue Emile Belanger, Montreal, Quebec H4R 3J4 - Canada

 

Telephone:                    +1 514-747-2536

Fax:                              +1 514-747-7993

Website:                       www.aldogroup.com

 

 

Company Summary

 

Corporate ID#:               2366169

 

State:                           Federal

           

Judicial form:                 Federal Corporation – Profit

 

Date incorporated:          08-14-1988

 

Date founded:               1972

 

Stock:                           -

 

Value:                           -

 

Name of manager:          Patrick FRISK

 

 

ACTIVITIES & OPERATIONS

 

History:

 

Business issued from the merger of:

- ARTICLES DEE CUIRS ACCESS INC.

- CHAUSSURES ALDO INC.

- CHAUSSURES PEGABO INC.

- CHAUSSURES TURCO INC.

- LES MODES B.A.C.C. FASHIONS INC.

- SIMAR & VOYER (1984) INC.

 

 

IST

 

Business:

 

The Aldo Group Inc. designs and manufactures footwear and accessories.

The company also operates as a wholesale distributor and third-party sourcing provider of fashion footwear and accessories. It offers its products through its stores in Canada and internationally, as well as online.

The Aldo Group Inc. was founded in 1972 and is based in Montreal, Canada with ancillary offices in China, Italy, and London.

 

 

On January 17, 2014, Aldo Group announced plans to invest $363 million with the help of the Quebec government to create at least 400 jobs within five years by modernizing its headquarters and improving its online sales efforts. The province is contributing $52 million, including a $40 million loan, a $10 million grant and $2 million training subsidy.

 

 

Foreign suppliers include:

 

Feng Sheng Knitting Factory Co., Ltd.

235, Tzu Yu Rd., Taichung City, Taiwan

 

Staff:     15,000

 

 

Operations & branches:

 

At the headquarters, we find the corporate office.

 

The Company maintains several stores in Canada including a warehouse located

3665 Rue Poirier, Montreal, Quebec.

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

 

1st shareholder:

GESTION LE GROUPE ALDO INC.         (+50%)

2300 Rue Emile Belanger, Montreal, Quebec H4R 3J4

 

2nd shareholder:

4126050 CANADA INC.

2300 Rue Emile Belanger, Montreal, Quebec H4R 3J4

 

 

Management:

 

Patrick FRISK is the CEO

Patrik Frisk has been Chief Executive at The Aldo Group Inc. since November 2014. He replaced Rejean DIONNE.

Mr. Frisk has been the Coalition President of Outdoor Americas at V.F. Corporation since April 2014 and served as its President of Outdoor and Action Sports - EMEA Unit since July 13, 2009 until April 2014.

 

He served as the Global Leader for the Timberland brand, where Mr. Frisk working in partnership with international leaders across both Europe and Asia to deliver the brand's full growth potential. He served as Head of VF Corporation's Timberland business since 2011. He served as President of Timberland LLC since September 2011. He served as President of Timberland(R) Brand at V.F. Corporation until

April 2014.

Mr. Frisk served as President of Timberland Co. since September 2011.

 

Aldo BENSADOUN is the President and Director.

He founded The ALDO Group Inc. in 1972 and serves as its Chairman of the Board.

 

Other Directors include David BENSADOUN, Douglas BENSADOUN, Samuel MINZBERG, and Dianne BIBEAU.

 

As far as we know, they are involved in several other corporations, including:

 

GESTION LE GROUPE ALDO INC.         (+50%)

2300 Rue Emile Belanger, Montreal, Quebec H4R 3J4

 

4126050 CANADA INC.

2300 Rue Emile Belanger, Montreal, Quebec H4R 3J4

 

 

FINANCIALS

 

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

 

On a direct call, a financial assistant controlled the present report.

 

Consolidate sales declared for year 2013 is in the range of CAD 2.5 billion.

 

The business is profitable.

 

Banks:  Banque de Montreal

 

 

LEGAL FILINGS

 

Legal filings & complaints:

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

 

 

Secured debts summary:

Several

 

 

COMPANY CREDIT HISTORY

 

Trade references:

 

Date reported:                November 2014

High credit:                    CAD 100,000

Now owing:                    0

Past due:                      0

Last purchase:               October 2014

Line of business:            Office supply

Paying status:               On terms

 

Date reported:                November 2014

High credit:                    CAD 20,000,000

Now owing:                    0

Past due:                      0

Last purchase:               October 2014

Line of business:            Payroll

Paying status:               As agreed

 

Date reported:                November 2014

High credit:                    CAD 5,000

Now owing:                    0

Past due:                      0

Last purchase:               October 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 made on due date.

 

 

International credit history:

Payments of imports are currently made on terms.

 

 

Other comments:

The Company is developing a strong 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 09-24-2014.

The risk is low.

 

 

Our opinion:

A business connection may be conducted.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.07

UK Pound

1

Rs.98.73

Euro

1

Rs.77.46

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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