0903 us sample - subsidiary of a public company

Whitehall Consultants Ltd.

NORTH AMERICAN CREDIT REPORTORDERED BY: CREDIT Con – Sample CONTACT: Sample CustomerREFERENCE: 0041102/3290024/391307ORDER DATE: November 7, 2009SERVICE LEVEL: NormalDATE WRITTEN: November 28, 2009

COMPANY HEADER INFORMATIONLEGAL NAME: Elle Misses Fashion Apparel, Inc. HEADQUARTERS ADDRESS: 650 Madison Avenue CITY/STATE/ZIP: New York, NY 10022COUNTRY: USATELEPHONE: (212) 300-7888

BUSINESS INTELLIGENCE OVERVIEWNAIC/ SIC CODES: 503601, 513601 LEGAL STATUS: Delaware CorporationEMPLOYEES: 15,000ANNUAL SALES: $4.9 billionFINANCIAL CONDITION: $420 millionPAYMENTS: GoodOVERALL RATING: Good

OPERATIONSACTIVITY: Designer, manufacturer, and marketer of apparel,

accessories. PRODUCT OR SERVICE: Womens fashion apparel and accessories. DISTRIBUTION METHOD: Retailers, distributors, importersMARKET AREA: Worldwide.COMPETITION: There are more than 1,000 companies in this sector. MARKET RANKING: This firm has a large market share.

COMPANY HISTORYFOUNDED: This firm was established in 1995 as a subsidiary of

Famous Apparel Corporation. DATE OF REGISTRATION: October 13, 1995REGISTERING AUTHORITY: DelawareREGISTRY NUMBER: 25411111SHAREHOLDERS: The company is a wholly owned subsidiary of Famous

Apparel Corporation/

AFFILIATIONS AND TRADE NAMESSUBSIDIARIES: None are notedAFFILIATES: Elle Misses Fashion Apparel, Inc.has more than 50 other

affiliates which are other Famous Apparel Corporation subsidiaries.

PO Box 1715 ~ Smyrna, TN 37167Tel: (615) 223-1125 ~ Fax: (615) 223-1436

www.whitehallusa.com ~ [email protected]

mailto:[email protected]

http://www.whitehallusa.com/


MANAGEMENT AND DIRECTORSCHAIRMAN: Yves RochambieuPRESIDENT: John RoyVICE PRESIDENT: Todd PublicSECRETARY: Tracey Evers

SIZE AND IMPORTANCEEMPLOYMENT: 15,000, consolidated, with approximately 290 operating

within this subsidiary. ANNUAL SALES: Consolidated revenues are approximately $4.9 billionNET INCOME: Consolidated net income is approximately $420 million

This subsidiary reports its financial data in consolidated fashion through the parent company.

* * * * * * * * * * * * * * CONSOLIDATED INCOME STATEMENT * * * * * * * * * * * *Famous Apparel Corporation

Annual Report- Consol. Inc. Acct., Yrs. End. Mar. 31; Thou. $

03/31/2009 03/31/2008 03/31/2007US DOLLARS US DOLLARS US DOLLARS

Net Sales 4,880,100 4,295,400 3,746,300Cost of Goods 2,242,000 1,959,200 1,723,900Gross Profit 2,638,100 2,336,200 2,022,400R & D Expenditures - - -Sell, General & Admin Expenses 1,937,500 1,668,000 1,496,700Income Before Deprec & Amort 700,600 668,200 525,700Depreciation & Amortization 47,200 15,600 9,100Non-Operating Income 14,400 12,300 -1,200Interest Expense 25,700 21,600 12,500Income Before Tax 642,100 643,300 502,900Provision for Income Taxes 222,300 242,400 194,900Minority Interest - - -Investments Gains/Losses - - -Other Income - - -Net Income Before Extra Items 419,800 400,900 308,000Extra Items & Discontinued Ops - - -Net Income 419,800 400,900 308,000

BALANCE SHEET

* * * * * * * * * * * * * * CONSOLIDATED BALANCE SHEET STATEMENT * * * * * * * * * * * *Famous Apparel Corporation






Annual Report- Consol. Inc. Acct., Yrs. End. Mar. 31; Thou. $ASSETS (in thousands)

03/31/2009 03/31/2008 03/31/2007US DOLLARS US DOLLARS US DOLLARS

Cash 551,500 563,900 285,700Marketable Securities 74,300 - -Receivables 508,400 467,500 484,200Inventories 514,900 526,900 485,500Raw Materials 6,700 8,400 6,000Work in Progress 1,700 1,100 22,000Finished Goods 506,500 517,400 457,500Notes Receivable - - -Other Current Assets & Prepaid Expenses 244,400 127,600 123,100Total Current Assets 1,893,500 1,685,900 1,378,500Property, Plant & Equipment 1,509,500 1,458,000 1,273,100Accumulated Depreciation 799,600 828,200 724,300Net Property, Plant & Equipment 709,900 629,800 548,800Investments & Advances to Subsidiaries 2,400 62,200 63,600Other Non-Current Assets - - -Deferred Charges 116,900 56,900 1,000Intangibles 1,324,400 1,088,200 957,200Deposits & Other Assets 318,400 235,000 139,600Total Assets 4,365,500 3,758,000 3,088,700

LIABILITIES (in thousands)03/31/2009 03/31/2008 03/31/2007

US DOLLARS US DOLLARS US DOLLARSNotes Payable - - -Accounts Payable 205,700 174,700 202,200Current Long Term Debt 206,400 - 280,400Current Portion of Cap Leases - 1,600 -Accrued Expenses 417,600 346,700 314,300Income Taxes 28,800 74,600 46,600Other Current Liabilities 50,100 42,700 -Total Current Liabilities 908,600 640,300 843,500Mortgages - - -Deferred Charges/Income 306,000 277,400 20,800Convertible Debt - - -Long Term Debt 472,800 398,800 -Non-Current Capital Leases 73,200 47,100 24,200Other Long Term Liabilities 209,700 55,500 132,700






Total Liabilities 1,970,300 1,419,100 1,021,200Minority Interest (Liabilities) 5,500 4,000 17,900Other Liabilities 112,600 40,500 -27,200Total Liabilities & Net Worth 4,365,500 3,758,000 3,088,700

EQUITY (in thousands)03/31/2009 03/31/2008 04/01/2007

US DOLLARS US DOLLARS US DOLLARSPreferred Stock - - -Common Stock Net 1,100 1,100 1,100Capital Surplus 1,017,600 872,500 783,600Retained Earnings 2,079,300 1,742,300 1,379,200Treasury Stock 820,900 321,500 87,100Shareholders' Equity 2,389,700 2,334,900 2,049,600

PROPERTIESHEADQUARTERS: Above is the executive offices of this firm and the parent

company. SIZE: 206,000 square feetOWNERSHIP: LeasedBRANCHES: The firm and affiliates within the group have many branches

throughout the U.S. including distribution facilities, manufacturing, retail, etc.

BANK AND TRADE RELATIONSBANKERS: Bank of America N.T. & S.A.TRADE PAYMENTS: This company has a good payment record with delays

averaging 2 days beyond terms, according to our sources. High credits have been reported to exceed $6 million at times.

SECURED FILINGS: Certain assets are pledged in relation to secured financing agreements.

PUBLIC RECORDS AND SECURITIESBANKRUPTCIES: None are notedSUITS: None are notedJUDGEMENTS: None are notedLIENS: None are notedCOMMERCIAL REPUTATION: This firm appears to have a clear operating record

according to our sources.

SUMMARYOVERALL: This is a well-established company in operation for more

than 10 years. No particular problems are noted and the operating history is clear. Management is experienced.






STATED AMOUNT: $75,000 US / 30 days: This is an acceptable credit risk for this company.

END

DISCLAIMER: THE INFORMATION PROVIDED BY WHITEHALL CONSULTANTS LTD. IS STRICTLY CONFIDENTIAL, AND IS BASED ON A THOROUGH INVESTIGATION IN THE DAYS PRECEEDING COMPLETION OF SAID REPORT. WHILE THE INFORMATION IS OBTAINED FROM HIGHLY QUALIFIED AND RELIABLE SOURCES, INCLUDING VERIFICATION BY COMPANY MANAGEMENT, WHITEHALL DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES WITH RESPECT TO THE ACCURACY OF SUPPLIED REPORT.





0903 us sample - subsidiary of a public company

Documents