MIRA INFORM REPORT

 

 

Report Date :           

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

HEALTHIER CHOICE FLOORING, LLC

 

 

Formerly Known As :

HEALTHIER CHOICE CARPETS & CUSHIONS INC

 

 

Registered Office :

401 Jones St, Dalton Ga 30720

 

 

Country :

United States 

 

 

Date of Incorporation :

21.10.2003

 

 

Com. Reg. No.:

0357135

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturer of carpets and cushions

 

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 :

100,000 USD

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Healthier Choice Carpets and Cushions LL

Address in the order:

401 Jones St. 30720, Dalton

Comments on data supplied:

The company was reorganized under the name HEALTHIER CHOICE FLOORING, LLC a few years ago.

Legal Name:

HEALTHIER CHOICE FLOORING, LLC

Trade Name:

HEALTHIER CHOICE CARPETS & CUSHIONS

Legal Address

401 JONES ST

DALTON GA 30720

Operative Address

401 JONES ST

DALTON GA 30720

Telephone:

706-275-0345

Registration Number :

0357135

Fax:

N.A.

Legal Form:

Limited Liability Company

Email:

info@healthierchoice.com

Registered in:

Georgia

Website:

www.healthierchoice.com

Date Created:

1972

Manager:

Craig Poteet - President

Date Incorporated:

October 21, 2003

Staff:

42

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Manufacturer of carpets and cushions

 

 

BANKS

 

Name of the Bank

BB&T (BRANCH BANKING AND TRUST)

Location                                   

201 W WAUGH ST DALTON  GA   30720

 

BUSINESS

 

HISTORY

 

The company started operating in 1972.

 

The name was changed from HEALTHIER CHOICE CARPETS & CUSHIONS INC to HEALTHIER CHOICE FLOORING, LLC a few years ago (in the years 2000's).

PRINCIPAL ACTIVITY

 

It is engaged in the manufacturing of carpets and cushions.

Products/Services description:

 

Carpet cushions

Acoustical underlayment for laminate, engineered wood and hardwood floors

 

Sales are:

 

Wholesale, Retail

Brands:

 

Healthier Choice

LongLife

Foundation

Sound Solution

Clients:

 

Clients are the general public, stores, companies, the hospitality industry, etc...

Operations area:

 

National, International

The company does not import

The company export to India, Turkey

Trade References:

 

The person contacted refused to provide the names of their suppliers  for us to check the trade references.

 

He however informed us that their maximum credit line is about USD 750,000.

The subject employs 42 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

401 JONES STREET

DALTON GA 30720

The property is:

 

Owned

Branches:

 

They do not have any branches.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The company is privately owned by Carl Poteet.

Management:

 

Craig Poteet - President

James Frazee - Controller

 

Related Companies:

 

The subject does not have any affiliated companies.



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted James Frazee, the controller, who provided us with the following data.

He would not want to give us more detailed information without knowing the name of the inquiring party.

 

 

Currency

DATE

USD

2010

Turnover

1,000,000 to 30,000,000

Net Income

Positive



Legal Fillings

 There are several UCC** files listed with the Secretary of State of Georgia.

 

There are no legal filings listed with the District Court.

 

The last annual report was filed on 3/3/2011.

 

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

 

The subject has 39 years old in the business.

 

It is a small size privately owned business, well established in its market.

 

No adverse record has been found.

 

A credit line may be considered.



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public Records

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 



ADVISED CREDIT

100,000 USD

 

APPENDIX

 

Person Interviewed

 

James Frazee

Position

 

Controller

Comments

 

He confirmed all the information in this report.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.89

UK Pound

1

Rs.73.85

Euro

1

Rs.64.76

 

 

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.