MIRA INFORM REPORT

 

 

Report Date :           

30.07.2011

 

IDENTIFICATION DETAILS

 

Name :

BETTER HOME PLASTICS CORP.

 

 

Registered Office :

439 Commercial Ave., Palisades Park, NJ 07650

 

 

Country :

United States 

 

 

Year of Establishment :

1993

 

 

Legal Form :

Corporation for profit

 

 

Line of Business :

Manufacturer and a supplier of plastic products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

10,000 EUR.

 

 

`Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Comments on the rating: A Credit line maybe considered

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Better Home Plastics Corp

Address in the order:

Palisades Park NJ 07650

 

 

Legal Name:

BETTER HOME PLASTICS CORP.

 

 

Legal Address:

.439 Commercial Ave., Palisades Park, NJ 07650, USA

 

 

Telephone:

+ 1 (201)592-0370

ID :

NA

Fax:

+ 1 (201) 592-0824

Legal Form:

Corporation for profit

Email:

NA

Registered in:

NA

Website:

NA

Date Created:

1993

Manager:

NA

Date Incorporated:

NA

Staff:

20-50 employees

Stock:

NA

 

 

Value:

NA

Activity:

Manufacturer and a supplier of plastic products

 

 

BANKS

 

Name of the Bank

Bank of America

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Better Home Plastics Corp. operates as a manufacturer and a supplier of plastic products.

 

The company also provides household and toilet articles of plastics, table linen of cotton, not knitted or crocheted, toilet and kitchen linen of cotton fabrics.

 

The company is based in Palisades Park, New Jersey.

 

This is an established business.

Sales are:

 

Wholesale

Operations area:

 

National

The company imports from mostly form China

Trade References:

 

Despite our efforts we were unable to confirm any trade reference.

The subject employs 20-50 employee(s)

PAYMENTS

 

To be monitored



Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

The company’s trade references were not confirmed with the staff.

Management:

 

Despite our efforts we were unable to find the managers.



Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

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.

 

 

Currency

DATE

USD

2010

Turnover

$5,000,000 to $9,999,999



Legal Fillings

 There are no UCC** files listed with the Secretary of State of New Jersey.

 

There are no legal filings listed with the District Court.

 

The last annual report was filed on 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 United States citizens and permanent residents are prohibited from doing business.

 

 

** 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 United States of America. 

 

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

 

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.

 Final Opinion

 

We found the company located in New Jersey.

 

The business is established.

 

The staff was uncooperative during the interview and not very confident.

 

We believe that the structure can handle a small credit line in the range of 10,000 EUR.

 

Monitoring is required on the length of payment and some guarantees could be asked to completely secure the credit line granted.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

MEDIUM

Public Records

NO

Indebtedness

CONTROLLED

Payments

TO BE MONITORED

Cash

NORMAL

 

 

 

 

APPENDIX

 

Comments

 

The person we spoke to was uncooperative.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.