MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ELITE HOME
PRODUCTS, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
12/01/1998 |
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Legal Form : |
Corporation –
Private |
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Line of Business : |
Importer and
wholesaler of home textile products. |
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: ELITE
HOME PRODUCTS, INC.
Trade Name(s):
Address:
City:
State/Province: NEW
Zip Code: 07055
Country: UNITED
STATES
Telephone: 973
591-0988
Facsimile: 973
591-0989
As of: 31/03/2007
Sales / Revenue: 30,000,000
Net Income:
Total Equity:
Number of Employees:
20
Legal Form: Corporation
- Private
Website: No
website
Business Activity: The Subject is an importer and
wholesaler of home textile products.
NOTE TO CLIENT
PERSON
CONTACTED: Mr. David Shatz
- President
Mr. Shatz provided
all the information in this report.
The correct legal
name of the Subject is ELITE HOME PRODUCTS, INC. for which a report follows.
LEGAL
Legal Form: Corporation – Private
Since (D/M/Y): 12/01/1998
State/Province of
Incorporation: NJ
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Subject is
incorporated in the state of
Business Name: ELITE
HOME PRODUCTS, INC.
Business ID
Number: 0100731535
Business Type: DOMESTIC
PROFIT CORPORATION
Status: ACTIVE
Filing Date: 01/12/1998
Home
Jurisdiction: NJ
Incorporator: PATRICIA L MARCINIAK
Agent: DAVID SHATZ, C/O ELITE
Agent Address: 245
FOURTH ST. BLDG. #1
Fictitious
Name:
Managers/Key
Personnel
Mr. David Shatz President
Mr. Scott
Perretz Vice President & Secretary
AFFILIATED ENTITIES
There are no
affiliates or subsidiaries
BANKS
PNC Bank
Telephone: 888-287-2654
Facsimile:
Account Number:
Account Manager:
The above bank
requires signed authorization for bank reference information. Management has
agreed to provided authorization for a bank reference. If they respond the reference
will be contacted and the information will be forwarded on immediately. Please
note that it is our experience that these requests could take several days
before
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
COMPUTERS
07-06 05-07 CREDIT 20000 0
0 0 0
0 0
FINCL SVCS 07-07 07-06 CONTRCT 0 0
0 0 0 0 0
SATSFTRY
FREIGHT
07-04 07-03 VARIED 3700 400
100 0 0 0 0
AIR TRANS
06-08 06-07 0000000 200
200 100 0 0
0 0 CUST
8 YR
AIR TRANS
06-11 00-00 NET 30 0 0
0 0 0
0 0 CUST
1 YR
COMMUN EQP 05-11 00-00 VARIED 0
0 0 0
0 0 0
COMPUTERS
06-11 00-00 0000000 2100
0 0 0
0 0 0
FACTOR
07-03 00-00 VARIED 0 0
0 0 0
0 0
FACTOR
05-05 03-09 VARIED 0 0
0 0 0
0 0
FREIGHT
05-10 99-11 VARIED 1000 1000
100 0 0 0 0
TRUCK DLR
05-06 00-00 CONTRCT 2400
2400 100 0 0
0 0
CURRENT QUARTER 23700 400
100 0 0 0 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070700
0 6 0 400 100 0
0 0 0
20070600
0 5 0 400 100 0
0 0 0
20070500
0 5 0 400 100 0
0 0 0
20070400
0 9 0 0 0
0 0 0 0
20070300
0 10 0
0 0 0 0 0 0
20070200
0 9 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 0 400 100 0
0 0 0
First
2007 0 0 0
0 0 0 0
Fourth
2006 0 0 0
0 0 0 0
Third
2006 0 0 0
0 0 0 0
Second
2006 0 0 0
0 0 0 0
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/03/2007 31/03/2007 31/03/2007
Consolidated
Sales / Revenues 30,000,000 - -
Management agreed to
provided financial statements. If they respond the report will be amended at
that time. Mr. Shatz reported a profit for 2006 and stated that annual sales
were US$30 million.
The above figures
are in actual Canadian Dollars
CURRENT OPERATIONS
NAICS Code: 42122
Home Furnishing Wholesalers
SIC Code: 5023
Number of Employees
: 20
Business Activity:
The Subject is an
importer and wholesaler of home textile products.
The Firm imports
from
The above address is
the headquarters location, there is a showroom located at the address below.
PUBLIC RECORD
Name Searched: ELITE
HOME PRODUCTS
Debtor Address:
ELITE HOME PRODUCTS, INC.
245
Secured Parties: PNC
BANK, NATIONAL ASSOCIATION
Filing Date:
10/19/2000
Filing Number:
2003880
Filing Type: INITIAL
FILING
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Name Searched: ELITE
HOME PRODUCTS
Case Type: PROPERTY
RIGHTS
Date: 8/29/2002
Defendant: ELITE
HOME PRODUCTS INC.
Filing Type: CIVIL
SUIT
Number: 02-CV-04236
Plaintiff Counsel:
CHARLES PATRICK KENNEDY
Plaintiff:
BRITANNICA HOME FASHIONS, INC.
Status: OPEN
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A search of
bankruptcy courts revealed no record of the Subject filing for bankruptcy.
GENERAL COMMENTS
Elite Home Products,
Inc. is an established company engaged as an importer and wholesaler of home
textile products. Payment record is satisfactory and a search of public and
bankruptcy courts revealed no derogatory information filed against the Company
nor any bankruptcies filed by the Company.
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%)