|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
WINNERS MERCHANTS INTERNATIONAL L.P. |
|
|
|
|
Registered Office : |
6715 Airport Road, Mississauga, Ontario L4V 1R9 |
|
|
|
|
Country : |
Canada |
|
|
|
|
Date of Incorporation : |
23.07.2007 |
|
|
|
|
Legal Form : |
Corporation – Profit |
|
|
|
|
Line of Business : |
Subject is off-price retailer in Canada, offering off-price brand name
and designer family apparel, accessories, including fine jewelry, home fashions
and giftware. |
|
|
|
|
No. of Employees : |
6,000+ |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Canada |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
WINNERS MERCHANTS
INTERNATIONAL L.P.
Headquarters: 6715 Airport Road, Mississauga, Ontario L4V 1R9, Canada
Telephone: +1
905-405-8000
Fax: +1 905-405-1848
Website: www.winners.ca
Corporate ID#: PE-0000138320
State: Prince Edward Island
Judicial form: Corporation - Profit
Date founded: 07-23-2007
Stock: -
Value: -
Name of manager: Robert
CATALDO
History:
Business started in 1982.
WINNERS MERCHANT
INTERNATIONAL L.P. was incorporated on July 30, 2002 under Prince Edward Island
ID# PE-0000132647, expired on July 30, 2007.
A new WINNERS MERCHANT INTERNATIONAL L.P. was incorporated under
ID# PE-0000138320.
Business:
Winners is the leading off-price retailer in Canada, offering off-price
brand name and designer family apparel, accessories, including fine jewelry,
home fashions and giftware.
Winners operates HomeSense, the Canadian off-price home fashions chain,
launched in fiscal 2001. Like HomeGoods chain, HomeSense offers a wide and
rapidly changing assortment of off-price home fashions including giftware, home
basics, accent furniture, lamps, rugs, accessories and seasonal merchandise.
At fiscal year ending January 2014, the Company operated 227 Winners
stores, which averaged approximately 29,000 square feet and 91 HomeSense
stores, which averaged approximately 24,000 square feet.
The Company brought Marshalls to Canada in fiscal 2012 and operate 14
Marshalls stores in Canada.
Staff: 6,000+
Operations & branches:
At the headquarters, we
find the corporate office and distribution center.
Shareholders:
The TJX COMPANIES, INC.
770 Cochituate Road
Framingham, Massachusetts 01701
Ph: +1 508-390-1000
(listed with the NYSE under symbol TJX)
Management:
Robert CATALDO is the
President and CEO.
Jens CEMARK is the CFO
Subsidiaries &
Partnership: None
Sales declared for fiscal year
ending January 2014 is USD 2,877,800,000= verse USD 2,925,991,000=, USD
2,680,071,000= in 2012 and 2,510,201,000= in 2011.
Profit 2014: USD
405,400,000=
Banks: Royal Bank of Canada
HSBC
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
According to our credit analysts, during the last 6 months, payments
were currently made on terms.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is low.
Our opinion:
A business connection may
be conducted.
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.