MIRA INFORM REPORT

 

 

Report Date :

06.10.2007

 

IDENTIFICATION DETAILS

 

Name :

ELITE HOME PRODUCTS, INC.

 

 

Registered Office :

245 4th Street Building 1, Passaic, New Jersey - 07055                       

 

 

Country :

United States               

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

12/01/1998

 

 

Legal Form :

Corporation - Private 

 

 

Line of Business :

Importer and wholesaler of home textile products.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name:            ELITE HOME PRODUCTS, INC.

Trade Name(s):              SCOTTSDALE

Address:                       245 4TH STREET BUILDING 1

City:                             PASSAIC

State/Province:              NEW JERSEY                           

Zip Code:                      07055                       

Country:                                    UNITED STATES               

Telephone:                    973 591-0988                

Facsimile:                     973 591-0989                    

As of:                            31/12/2006

Sales / Revenue:            27,936,943  

Net Income:                   446,472  

Total Equity:                  504,320  

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

 

***********************UPDATE *****************************************************************************

The only section that has been updated is the financial section, all other sections remain the same.

****************************************************************************************************************

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 New Jersey:

 

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

                                    PASSAIC, NJ  07055

 

Fictitious Name:            SCOTTSDALE

 

 

Managers/Key Personnel

 

Mr. David Shatz                        President

Mr. Scott Perretz                      Vice President & Secretary

 

 

AFFILIATED ENTITIES

 

There are no affiliates or subsidiaries

 

 

BANKS

 

PNC Bank

Pittsburgh PA

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 SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 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):               31/12/2007      31/12/2006       31/12/2005

                                 Projected      Consolidated     Consolidated

 Sales / Revenues               30,000,000       27,936,943       24,349,391  

 Gross Margin                    5,800,000        5,233,186        5,211,060  

 Operating Income (Loss)           500,000          446,472          354,726  

 

 RESULTS

 Net Income                        500,000          446,472          354,726  

 

 ASSETS

 Cash and Equivalents              100,000          156,562           27,782  

 Inventory                       4,000,000        3,792,060        3,709,651  

 Accounts Receivables            5,600,000        5,691,533        3,838,490  

 Total Current Assets            9,700,000        9,642,718        7,578,023  

 Total Assets                    9,720,000        9,666,501        7,601,806  

 

 LIABILITIES

 Trade Creditors                 6,000,000        8,088,121        5,555,342  

 Other Current Liab                700,000          668,813        1,371,702  

 Total Current Liab              6,700,000        8,756,934        6,927,044  

 Other Long Term Liab              405,000          405,247          405,247  

 Total Long Term Liab              405,000          405,247          405,247  

 Total Liabilities               7,105,000        9,162,181        7,332,291  

 

 EQUITY

 Total Equity                    2,615,000          504,320          269,515  

 

FINANCIAL ANALYSIS

 

                           Actual           Previous    Percentage of total assets

                         31/12/2007        31/12/2006     31/12/2007  31/12/2006

 Cash and Equivalents       100,000          156,562         1.03      1.62

 Inventory                4,000,000        3,792,060        41.15     39.23

 Total Current Assets     9,700,000        9,642,718        99.79     99.75

 Total Assets             9,720,000        9,666,501       100.00    100.00

 Total Current Liab       6,700,000        8,756,934        68.93     90.59

 Other Long Term Liab       405,000          405,247         4.17      4.19

 Total Liabilities        7,105,000        9,162,181        73.10     94.78

 Total Equity             2,615,000          504,320        26.90      5.22

 

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 China, India, and Pakistan. Some of the products offered are bed sheets, bed covers, duvets covers, cushion covers, tablecloths, and aprons.

 

The above address is the headquarters location, there is a showroom located at the address below.

 

235th Street

Manhattan, Ny

 

 

PUBLIC RECORD

 

Name Searched: ELITE HOME PRODUCTS

Debtor Address: ELITE HOME PRODUCTS, INC.

245 FOURTH STREET BUILDING #1

PASSAIC, NJ 07055

Secured Parties: PNC BANK, NATIONAL ASSOCIATION

Filing Date: 10/19/2000

Filing Number: 2003880

Filing Type: INITIAL FILING

-----------

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

-----------

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 records and bankruptcy courts revealed no derogatory information filed against the Company nor any bankruptcies filed by the Company.

 


 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions