MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HARRIS FREEMAN & CO., INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
08/05/1981 |
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Legal Form : |
Corporation - Private |
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Line of Business : |
The Company is an importer and wholesaler of coffee and tea. In
addition the Company engages as a spice commodities broker |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name : HARRIS FREEMAN
& CO., INC.
Trade Name(s) :
Harris Tea Company
Address :
City :
State/Province :
Zip Code :
92806
Country :
UNITED STATES
Telephone : 714
765-1190
Facsimile :
714 765-1199
Legal Form :
Corporation - Private
Website :
www.harrisfreeman.com
Business Activity : The
Company is an importer and wholesaler of coffee and tea. In addition the
Company
engages as a spice commodities broker.
As of :
--
Sales / Revenue : --
Net Income : --
Total Equity : --
NOTE TO CLIENT
Person Contacted: Ms. Nakita Shah, Financial Manager.
Ms. Shah provided information via telephone, however financial details
were deferred to a written request for Mr. Kevin Shah, who was out of the
office on vacation.
Ms. Shah confirmed that the operations of Harris Freeman & Co., Inc. will eventually become part of
Harris Freeman, L.P. She was unsure of the exact date this will occur, but said
that Mr. Kevin Shah, Chairman
might provide us with this information when he returns from his vacation
on August 22, 2007.
An exact employee number could not be obtained from Ms. Shah, however
outside sources report 75 employees at the heading address and 200-300 company
wide.
LEGAL
Legal Form :
Corporation - Private
Since (D/M/Y) :
08/05/1981
State/Province of Incorporation :
CA
Status :
ACTIVE
Previous Legal Form :
--
Company is NOT required to publish an annual financial report.
Entity Name : HARRIS FREEMAN
& CO., INC.
Number : C1043697
Date Filed : 5/8/1981
Status : Active
Jurisdiction :
Agent for Service of Process MARK BERNS
LOS
Managers/Key
Personnel
Mr. Anil Shah
President
Mr. Kevin Shah
Chairman & Chief Executive
Officer
Ms. Nakita Shah
Finance Manager
AFFILIATED ENTITIES
No subsidiaries exist.
Other Affiliates
Harris Freeman & Co. L.P.
John Sinclair Tea.
BANKS
WELLS
LOS
Telephone:
Facsimile: 800 780 6966
Account Number:
Account Manager:
The bank requires an account number and signature that was declined by
management.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
FREIGHT
07-04 07-03 VARIED 44100 5500
90 10 0
0 0
OFFC SUPPL 07-06 07-05 NET 200
0 0 0
0 0 0
CUST 1 YR
PACKAGING
07-07 00-00 NET 30 700 100
0 100 0 0 0 CUST
7 YR
SAFTY PROD 07-05 00-00 NET 30 100
0 0 0
0 0 0
CUST 3 YR
SAFTY PROD 07-07 01-08 NET 30 0
0 0 0
0 0 0
CUST 7 YR
AIR TRANS
05-02 00-00 100 100 100 0
0 0 0
AIR TRANS
06-11 00-00 NET 30 400 0
0 0 0
0 0 CUST 14 YR
COMPUTERS
07-01 02-05 CREDIT 5000 0
0 0 0
0 0
FACTOR
06-12 06-01 ROI 6900 0
0 0 0
0 0
LAUNDRY
06-11 00-00 NET 30 7500 600
14 0 66
20 0
MISC MANUF 06-08 00-00 VARIED 500
0 0 0
0 0 0
OFFC SUPPL 07-01 02-03 CREDIT 3000
0 0 0
0 0 0
TEMP HELP
05-02 00-00 NET 7 0 0
0 0 0
0 0
CURRENT QUARTER 45100 5600
89 11 0
0 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
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20070700
0 4 2 5600 90
10 0 0 0
20070600
0 5 1 5600 91
9 0 0 0
20070500
0 5 2 5500 90
10 0 0 0
20070400
0 7
0 0 0
0 0 0 0
20070300
0 8 0 0 0
0 0 0 0
20070200
0 8 0 0 0
0 0 0 0
Payment History - Quarterly Averages
BALANCE CUR 1-
31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Second
2007 2 5600 90
10 0 0 0
First
2007 0 0 0
0 0 0 0
Fourth
2006 0 0 0
0 0 0 0
Third
2006 8 5500 55
44 0 0 1
Second
2006 8 16000 54
45 0 0 1
FINANCIAL INFORMATION
Management declined to provide financial information in the absence of
Mr. Shah. Outside sources consulted report group sales to exceed US$30 million,
however this could not be confirmed with management.
CURRENT OPERATIONS
NAICS Code: 42 Wholesale Trade
Business Activity
The Company is an importer and wholesaler of coffee and tea. In addition
the Company engages as a spice commodities broker. The Company imports and
wholesales coffee, tea and spices. Products are imported from
The provided address is the headquarters. There are branches reported in
PUBLIC RECORD
No Uniform Commercial Codes or bankruptcy petitions were found in the
Subject's name. There were numerous UCC's reported under the name Harris Freeman
& CO., L.P.
GENERAL COMMENTS
The Company incorporated in 1981, engaged as an importer and wholesaler
of tea, coffee and a spice commodities broker. The Company has a satisfactory
payment history and no derogatory information was found in the Subject's name.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)