MIRA
INFORM REPORT
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Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
INNOVATIVE STONE INTERNATIONAL INC. |
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Registered Office : |
130 MOTOR PKWY HAUPPAUGE, NY, 11788 |
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Country : |
United States |
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Date of Incorporation : |
02.09.1981 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Distributor of Ceramic
Wall and Floor Tile. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1,500,000 |
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Status : |
Good |
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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 |
1,500,000 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 |
USD 100 = 64 EUR Declining |
IDENTIFICATION
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Company Name: |
INNOVATIVE STONE INTERNATIONAL INC.
(INNOVATIVE MARBLE & TILE) |
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Address: |
130 MOTOR PKWY HAUPPAUGE, NY,
11788, USA |
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Phone: Facsimile: ID: State: Managers: |
(631) 273-4445 (631) 273-4761 678174 New York KAREN PEARSE, President |
Date founded: |
02/09/1981 Corporation for profit N.A. N.A. 290 employees |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Distributor of ceramic wall and floor tile. |
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BANKS
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CITIBANK
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SIGNATURE BANK
BUSINESS
Operations:
At the above address, we find a warehouse, showroom and offices.
Business:
In addition to countertops, floor tile and wall tile, Innovative Stone
custom-designed solutions include fireplaces, furniture, tabletops and formal
garden sculptures.
The Company distributes in the USA and imports from Europe, South
America and Asia.
Innovative Stone has a line
of products called Stonemark™ sold through Home Depot stores, the largest home
improvement Company in the USA.
The Company has operations
in New York, Brazil, China, India and Italy.
Business overview:
In the United States, investment in residential construction declined as
a result of an imbalance between a surplus offering in the marketplace and
declining demand, generated by a 100% price increase over a period of 10 years
(with significant household debt).
This trend has had a negative impact on the sector’s professionals, and
notably suppliers of wooden components (structures frameworks, panels etc),
building contractors and even property developers, who have had to offer
reductions or sales incentives. This trend is likely to continue, or even
intensify, in 2007.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The directors of the
company are:
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Karen Pearse, Owner and
President.
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Mark Pearse, Vice
President,
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Ciska Kruger, VP of Sales.
Karen Pearse is also
involved in the following business:
INNOVATIVE MARBLE AND TILE
INC, located at the same address.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
The Company would not provide its balance sheets which it regards as
strictly confidential.
However our financial
sources provided us with the following figures.
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
53,000,000 |
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Operating profit |
2,800,000 |
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Net income |
1,900,000 |
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Net worth |
4,000,000 |
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Liabilities
short term |
2,300,000 |
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Liabilities long
term |
4,000,000 |
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Current assets |
36,000,000 |
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Fixed assets |
5,000,000 |
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There is 1 active UCC file
listed with the Secretary of State of New York.
1. Debtor: INNOVATIVE STONE INTERNATIONAL INC.
Address: 130 MOTOR PARKWAY
HAUPPAUGE NY 11788
Secured Party:
MANUFACTURERS FINANCING SERVICES
Address: 9865 SOUTH PIONEER BLVD.
SANTA FE SPRINGS CA 90670
Secured Party: TCF LEASING,
INC.
Address: 11100 WAYZATA BLVD, STE 801
MINNETONKA MN 55305
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Filing Number: 0403045176391
Filing Date: 03-04-2004
Original Filing Date: 10-02-2003
Filing Expiration
Date: 10-02-2008
Filing Location: SECRETARY OF STATE/UCC DIVISION
162 WASHINGTON AVE
ALBANY NY 12210
Filing Type: ASSIGNMENT
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RATING
Local credit bureau gave a satisfying credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is good.
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Payments are made on 36 days nets as monitored during the past 12
months.
Our final opinion
This is a large Company working on a nationwide area.
We estimate that the
Company doesn't present any risk.
A credit line may
be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Sufficient Controlled Good |
PUBLIC RECORDS PAYMENTS |
No Prompt |
ADVISED
CREDIT
1,500,000 USD
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%)