MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ELITE SPICE INC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10.12.1987 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Importer and distributor
of food |
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 : |
250 000 USD |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Elite Spice Co Inc |
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Address in the order: |
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Legal Name: |
ELITE SPICE INC |
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Legal Address |
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Telephone: |
+1 (410) 796-1900 |
Document Number : |
D02462406 |
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Fax: |
+1 (410) 379-6933 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
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Website: |
Date Created: |
1987 |
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Manager: |
Isaac Samuel, President |
Date Incorporated: |
December 10th, 1987 |
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Staff: |
260 employees |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Importer and distributor of food. |
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BANKS
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Name of the Bank |
FIRST UNION NATIONAL BANK |
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Location |
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BUSINESS
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HISTORY |
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The company was created in 1986 |
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PRINCIPAL ACTIVITY |
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Importer and distributor of food. |
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Products/Services description: |
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The company develops as a Spice, Seasoning, Capsicum, Oil and
Oleoresin producer to the commercial food industry. Products handled: - Spices - Capsicums - Oils & Oleoresins - Seasonings - Dehydrated Vegetables The company is an industrial processor /manufacturer and not a retail
marketer They were positively qualified by the American Institute of Baking and
Kosher O.U. The company is aware for new product development, applications and
flavor development, having kitchen facilities, sensory evaluations,
nutritional support, and labeling requirements. |
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Sales are: |
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Wholesale |
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Clients: |
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Professionals of the industry |
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Operations area: |
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National |
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The company imports from worldwide |
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Trade References: |
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Despite our searches we were not able to find any company's trade
references. |
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The subject employs 260 employee(s) |
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PAYMENTS |
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made on a 55 days basis - monitored over the last 12 months. |
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LOCATION |
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Headquarters |
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Comments on location: |
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Headquarters and operative location |
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Branches: |
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Phone (775) 355-7003 or 800-358-7742 Fax (775) 355-7008 |
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Business Overview: |
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Demand is driven by consumer income and the rate of product
innovation. The profitability of individual companies depends on
manufacturing efficiency and effective marketing and distribution. Large
companies have advantages in economies of scale in manufacturing, marketing,
and distribution. Small companies can compete effectively by offering
specialty products or components in system solutions, such as speakers in a
home theatre system. Average annual revenue per worker is about $500,000 per
year. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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This is a private company. Isaac Samuel is the main shareholder |
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Management: |
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Isaac Samuel, President Deborah Ingles, Human Resources Executive Donna Duvall, Telecommunications Executive Jenny Kunkel, Operations Executive Paul Kurp, Sales Executive Margie Singer, Purchasing Agent |
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Related Companies: |
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They are involved in other companies in - ISAAC B. SAMUEL FAMILY FOUNDATION, INC - ISAAC SAMUEL FAMILY, L.L.L.P. |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted the company, who refused to provide us any
financial data without knowing the name of the inquiring party. |
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However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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USD |
2009 |
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Turnover |
27,800,000 |
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Operating Income |
2,900,000 |
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Net Income |
2,100,000 |
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Net worth |
4,000,000 |
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Bank liabilities |
650,000 |
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The cash flow is |
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Currency |
DATE |
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USD |
2007 |
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Turnover |
25,300,000 |
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Operating Income |
2,100,000 |
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Net Income |
1,600,000 |
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Net worth |
2,000,000 |
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Bank liabilities |
843,000 |
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The cash flow is |
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Legal Fillings |
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There are 10 UCC** files listed with the
Secretary of State of Maryland. 1.Filing Number: 00000181176560 Filing Date: 12-29-2003 Secured Party: CITICORP LEASING, IN Filing Number: 00000181175360 Filing Date: 12-17-2003 Secured Party: CITICORP DEL LEASE, INC. Filing Number: 00000181096892 Filing Date: 09-27-2001 Secured Party: FIRST UNION NATIONAL BANK 2.Filing Number: 00000141438328 Filing Date: 05-23-1994 Secured Party: WACHOVIA BANK, NATIONAL
ASSOCIATION Filing Number: 00000081138194 Filing Date: 04-20-1988 Secured Party: PHILADELPHIA NATIONAL BANK There are no legal filings listed with the
District Court. The last annual report was filed on
11/29/2010. THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom ** The Uniform Commercial Code (UCC) is
one of a number of uniform acts that have been promulgated in conjunction
with efforts to harmonize the law of sales and other commercial transactions
in all 50 states within the The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and
corporations. |
Rating
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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. |
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Final Opinion |
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This is a medium size company, which employs
260 people and has 24 years of experience in the market. Looking at the company's financials, we
can see that the business is following a safe trend. Indeed, the profitability is correct and
payments are regular. At this time, we believe that the company
can bear a credit line in the range of 250 000 USD |
SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
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APPENDIX
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Comments |
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We have contacted the company, who refused to provide us any financial
data without knowing the name of the inquiring party. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.48 |
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1 |
Rs.72.37 |
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Euro |
1 |
Rs.64.42 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.