MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELTE CARPETS LIMITED |
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Registered Office : |
80 Ronald Ave York, ON M6E 5A2 |
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Country : |
Canada |
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Date of Incorporation : |
April 1954 |
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Legal Form : |
Limited liability
corporation |
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Line of Business : |
Retail Carpets |
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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Maximum Credit Limit : |
USD 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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MAXIMUM |
1,000,000 USD |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
100 USD = 101.11 CAD Satisfying |
IDENTIFICATION
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Company Name: |
Elte Carpets Limited Dba Indo Asian Carpets,
Div of |
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Address: |
80 Ronald Ave York, ON M6E 5A2 Canada |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (416) 785-7885 + 1 (416) 785-9175 ON-0001601147 Ontario Ken Metrick ,President |
Date founded: |
April 1954
Limited liability corporation N.A. 150 employees |
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Legal form: |
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Stock: |
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Staff: |
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Business: |
Retail Carpets |
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BANKS
BMO Bank of Montreal
BUSINESS
Operations & Business:
Elte Carpets Limited also does business as Indo Asian Carpets, Div of.
Elte Carpets Limited is
located in Ontario, Canada. The company is a retailer of carpets.
Industry Overview:
Furniture manufacture in the US generates about $65 billion in sales
from 20,000 companies. Large companies include Steelcase, Herman Miller,
La-Z-Boy, Sealy, and Furniture Brands International. The average company
operates a single plant and produces less than $50 million in annual revenue.
Some sectors, such as metal office furniture, are highly concentrated, but the
industry as a whole is fragmented: the largest 50 companies hold less than 40
percent of the market. The industry is fairly labor-intensive: average annual
revenue per worker is about $130,000.
The volume of home furniture sold depends heavily on the level of home
sales, while office furniture sales depend on the health of the US economy. The
profitability of individual companies is closely linked to volume, since many
costs are fixed. Small companies can compete effectively if they produce
specialty items or high-quality workmanship that can sell for a premium price.
Imports have become a major competitive factor.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The
directors of the company are:
Ken
Metrick, President,
Frederick
Metrick, Director.
They
are also two of the main shareholders.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Elte Carpets Limited does not publish any financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
55,000,000 |
LEGALS
1 Suit in 2007 by Gio Contracting
Inc. Reason: Money Due Amount: $25,744
0 Judgements
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
0 PPSA Filings
RATING
Local credit bureau gave a correct credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
Payments are made on a
regular basis (monitored during the past 12 months).
The cash is correct.
Our final opinion:
This is a medium company
working worldwide.
A credit line may be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Correct Controlled Correct |
PUBLIC PAYMENTS |
None Regular |
ADVISED
CREDIT
1,000,000 USD
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)