MIRA INFORM REPORT

 

 

Report Date :

23.05.2008

 

IDENTIFICATION DETAILS

 

Name :

DIVATEX HOME FASHION, INC.

 

 

Registered Office :

295 5th Ave Suite 515 New York, NY 10016

 

 

Country :

United States

 

 

Date of Incorporation :

22.11. 1991

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Wholesaler of Home Furnishings

 

 

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

 

Maximum Credit Limit :

USD 400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

REQUIRED CREDIT

 

 

ADVISED CREDIT

 

 

MAXIMUM

 

 

400,000 USD

 

 

GEOPOLITICS

 

 

POLITICAL DATA

 

 

ECONOMIC DATA

FORM OF GOVERNMENT

 

ECONOMIC RISK

Federal

 


None

 

CURRENCY

 

BRANCH SITUATION

 

USD

 

Satisfying

 

 

IDENTIFICATION

 

 

Company Name:

 
 

 DIVATEX HOME FASHION, INC.

 

Address:

 

 295 5th Ave Suite 515

New York, NY 10016

USA

 

Phone:

Facsimile:

 

ID:

 

State:

 

Managers:

 

+ 1 (212) 252-0802

+ 1 (212) 252-0810

 

1591455

 

New York

 

Avi Gross, President

 

 

Date founded:

 

 

Nov 22, 1991


 

Corporation for Profit

 

N.A.

 

 

Employees 90

 

Legal form:

 

Stock:

 

 

Staff:

Business: 

Wholesaler of home furnishings

 

 

BANK

 

-          HSBC Bank

 

 

 

 

BUSINESS

 

Business, Operations & History:

 

Divatex is doing business in the home fashion industry.

 

Divatex started in 1990 by Avi and Ayelet Gross as a family owned and operated business.

 

The company produces:

 

- Comforters,

- Curtains,

- Sheets,

- Towels.

 

 

SHAREHOLDERS – SUBSIDIARIES – MANAGERS

 

The director of the company is

 

-          Avi Gross, President.

 

The parent companies are:

 

Himatsingka Seide Limited

10/24, Kumara Krupa Road,

Bangalore, KAR,

India

 

Himatsingka America Inc.

261 5th Ave Rm 1605,

New York, NY 10016-7701,

United States  

 

 

FINANCIALS – COMMERCIAL TRENDS AND FORECAST

 

Divatex Home Fashion, Inc. does not publish any financial statement.

 

However our financial sources could provide us with the following information:

 

 

Fiscal Year

In USD

 

12/31/2007

Turnover

12,500,000

                                                                 

 

LEGALS

 

0 Suits

 

0 Judgments

 

0  Liens

 

0 Collection Claims Reported

 

0 NSF Cheques Reported

 

1 UCC Security  Filing in 2007 by  General Electric Capital . Security & Amount :NA

1 UCC Security Filing in 2007 by Wells Fargo Equipment. Security & Amount NA

1 UCC Security Filing in 2007 by TCF Leasing Security & Amount : NA

All previous UCC Security Filings have been cleared

 

 

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.

 

-        The cash flow is correct.

 

-        Payments are made on a regular basis.

 

 

Our final opinion:

 

 

This is a medium size company working worldwide.

 

A credit line may be considered.

 

 

SUMMARY

 

 

FINANCIAL SUMMARY

 

 

DEBT COLLECTIONS AND PAYMENTS

PROFITABILITY

 

INDEBTNESS

 

CASH

 

Correct

 

Controlled

 

Correct

PUBLIC

 

PAYMENTS

 

 

See Details Above

 

Regular

 

 

 

ADVISED CREDIT

 

400,000 USD

 

 

 

 

 

 

 

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