MIRA INFORM
REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MORGAN FABRICS CORP |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20.07.1956 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Apparel Wholesaler |
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 800,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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: |
Morgan Fabrics Corp |
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Address in the order: |
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Legal Name: |
Morgan Fabrics Corp |
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Legal Address |
801 ADLAI STEVENSON DRIVE |
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Operative Address |
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Telephone: |
+1 (323) 583-9981 |
ID : |
36215259 |
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Fax: |
+1 323-588-0614 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
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Website: |
Date Created: |
1956 |
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Manager: |
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Date Incorporated: |
July 20th, 1956 |
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Staff: |
60 |
Stock: |
N/A |
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Value: |
N/A |
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Activity: |
Apparel wholesaler |
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BANKS
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Name of the Bank |
Mellon 1st Business Bank |
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Name of the Bank |
Lakeland Bank |
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Name of the Bank |
Cupertino National Bank |
BUSINESS
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HISTORY |
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This company was created on 1956. |
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PRINCIPAL ACTIVITY |
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The company provides with promotional, decorative, outdoor, and
designer fabrics to the home furnishing industry. |
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Products/Services description: |
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Carpets Tapestry Velvet Slip Cover Fabrics Jacquard Overprints |
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Sales are: |
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Wholesale, Retail |
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Operations area: |
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National, Local |
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The company imports from |
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The company does not export |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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This company is headquartered at |
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Branches: |
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Shareholders - Manager - Related Companies
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Shareholders Parent Company(ies): |
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The company is privately held, and has Arnold Gittelson as the main
shareholder. |
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Management: |
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Sam Yung, CFO Richard Zack, Vice President of Sales |
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Related Companies: |
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Michael Jon Designs Morgan International Trading company Morgan Fabrics |
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 Steve 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 |
2010 |
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Turnover |
60,000,000 |
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Legal Fillings |
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There are 10 UCC** files listed with the Secretary
of State of California. There are no legal filings listed with the
District Court. 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 company has been in business for 55
years; it has a staff of 60 employees which makes it a medium sized company. There
were no legal filings found against the company or its legal representatives. A credit line may be considered for USD
800,000 |
SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
N.A. |
Payments |
REGULAR |
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Cash |
N.A. |
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APPENDIX
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Person Interviewed |
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Steve |
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Position |
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Accounting Dept |
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Comments |
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He agreed to double check the information we already had, though he did
not want to provide us with any financial information without knowing the
exact 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.45.53 |
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1 |
Rs.72.78 |
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Euro |
1 |
Rs.62.14 |
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.