MIRA INFORM REPORT

Report No. :	319147
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	TRU FIT GARMENT FACTORY LTD.
Registered Office :	Century Drive, Trinity Industrial Estate, Port-Of-Spain
Country :	Trinidad and Tobago
Date of Incorporation :	14.04.1999
Legal Form :	Limited Company
Line of Business :	Import & Retailer of Clothing & Shoes.
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	--

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Trinidad and Tobago	A2	A2

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

TRINIDAD AND TOBAGO - ECONOMIC OVERVIEW

Trinidad and Tobago attracts considerable foreign direct investment from international businesses, particularly in energy, and has one of the highest per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8% per year, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then and contracted during 2009-2012 due to depressed natural gas prices and changing markets. Growth had been fueled by investments in liquefied natural gas, petrochemicals, and steel with additional upstream and downstream investment planned. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources. It also supplies manufactured goods, notably food products and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment. Oil production has declined over the last decade as the country focused the majority of its efforts on natural gas. The current administration has been working to arrest this decline by opening bid rounds and providing fiscal incentives for investments in on-shore and deep water acreage to boost oil reserves and production. The government keeps a close watch on the changing global gas markets and has shown flexibility in diversifying natural gas export destinations. Although Trinidad and Tobago enjoys cheap electricity from natural gas, the renewable energy sector has recently garnered increased interest. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. The economy benefits from a growing trade surplus with the US. The US is Trinidad and Tobago's leading trade partner. The previous MANNING administration benefited from fiscal surpluses fueled by the dynamic export sector; however, declines in oil and gas prices have reduced government revenues, challenging the current government's commitment to maintaining high levels of public investment. Crime and bureaucratic hurdles continue to be the biggest deterrents for attracting more foreign direct investment and business.

Source : CIA

STATUTORY INFORMATION
Legal Name:	TRU FIT GARMENT FACTORY LTD.
Trade Name:	TRU FIT GARMENT FACTORY
ID:	122964
Date Created:	1999
Date Incorporated:	14/04/1999
Legal Address:	Century Drive, Trinity Industrial Estate Port-Of-Spain, , Trinidad and Tobago
Operative Address:	Century Drive, Trinity Industrial Estate Port-Of-Spain, , Trinidad and Tobago
Telephone:	868-662-4810 / (868) 657-1058
Fax:	868-662-4810
Legal Form:	Limited Company
Email:	trufit@bistnt.com
Registered in:	Trinidad & Tobago
Website:	No website
Contact:	Riad Hadeed, Managing Director
Staff:	50
Activity:	GARMENT DEALERS - WHOLESALE & RETAIL
BANK DATA	Central Bank of Trinidad & Tobago
	The company does not make this information public
HISTORY
	The company started business in 1994
PRINCIPAL ACTIVITY
	The company specializes in the import & Retailer of Clothing & Shoes. It manages stores Detour & Foot Zone. The company has various retail stores.
Products/Services description:	Shoes and Clothes
Brands:	DETOUR FOOTZONE
Sales are:	Retail
Clients:	General clientele
Suppliers:	PINITA EXPORTS (H.K.) LIMITED Hong Kong
Operations area:	Local
The company imports from	Hong Kong
The company exports to	No exports
The subject employs	50
Payments:	Regular
LOCATION
Headquarters :	Century Drive, Trinity Industrial Estate Port-Of-Spain, , Trinidad and Tobago
Branches:	9 Henry Street, Port of Spain Tel: 627-5221 16 Frederick Street, Port of Spain Tel: 625-9027 16A Frederick Street, Port of Spain Tel: 627-0935 Ground Floor, Gulf City Shopping Complex, La Romain Tel: 657-2608 Level 2, Long Circular Mall, St. James Tel: 622-9224 New Wing, Ground Floor, Trincity Mall, Trincity Tel: 640-8778 City of Grand Bazaar, Valsayn Tel: 645-5287 44-46 High Street, San Fernando Tel: 657-9980 100 High Street, San Fernando Tel: 653-0267 56 Eastern Main Road, Tunapuna Tel: 662-8570 Second Floor, The Falls at West Mall, Westmoorings Tel: 632-2661 41 Eastern Main Road, Sangre Grande Tel: 668-6711 33 Cacique Street, Princes Town Tel: 655-2545 17 Queen Street, Arima Tel: 667-7784 Detour Footzone 19A Henry Street, Port of Spain Tel: 623-6364 Ground Floor, Gulf City Shopping Complex, La Romain Tel: 657-1058
Industry:	Companies in this industry operate physical retail establishments that sell clothing and accessories. Personal income and fashion trends drive demand for clothing. The profitability of individual companies depends heavily on effective merchandising and marketing. Large companies can offer wide selections of clothing and have advantages in purchasing, distribution, and marketing. Small stores can compete by offering unique merchandise, targeting a specific demographic, providing superior customer service, or serving a local market. The clothing retail industry includes stores specializing in women's clothing (50 percent of industry revenue) or men's clothing (20 percent). Stores may also specialize in children's clothing (nearly 10 percent of sales) or accessories. Children's clothing stores include infant wear. Accessory stores may specialize in hats or caps, costume jewelry, gloves, handbags, ties, wigs, or belts. Within their specialty, stores typically sell a full range of items including clothing, outerwear, and underwear. Many clothing stores also sell shoes, accessories, makeup, and perfumes.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. Major holder would be Riad Hadeed
Management:	Riad Hadeed, Managing Director Vashti Hosein, Administrative Assistant
Related Companies:	There are no subsidiary companies
FINANCIAL INFORMATION
	The company is private and does not publish its financial figures.
	There are no financial for the subject.
LEGAL FILINGS
	09603/02/00022 AARON,NATASHA 9 CLIFTON LANE F SALES CLERK - TRU-FIT GARMENT FACTORY LTD SALARY-SJ EAST DRY RIVER CENTURY DRIVE PORT OF SPAIN TRINCITY 09603/02/00091 ALVAREZ,LOVER TIKEISHA 54 ST FRANCOIS VALLEY BELMONT F SALES CLERK -TRU-FIT GARMENT FACTORY LTD SALARY-SJ CENTURY DRIVE TRINCITY
	Tru Fit Garment Factory Limited v. All Trinidad Sugar Estates and Factory Workers’ Trade Union TD 313 of 1978.
SUMMARY
	This is a clothes retail chain in Trinidad & Tobago especializing in shoes and clothes. The company has 16 years of experience in the market with various retail stores and mainly importing from Asia. The company has some law suits, related to employment matters and an old law suit with another company.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	Na
POSITION	Sales
COMMENTS	The person contacted confirmed managers name, store, products and refused to provide more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.20
UK Pound	1	Rs.97.00
Euro	1	Rs.69.34

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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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