MIRA INFORM REPORT

 

 

Report Date :           

10.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ELITE HOME PRODUCTS INC 

 

 

 

 

Registered Office :

245 4TH ST STE 1 Passaic, New Jersey 07055

 

 

 

 

Country :

United States 

 

 

 

 

Year of Establishment :

1998

 

 

 

 

Com. Reg. No.:

0100731535

 

 

 

 

Legal Form :

Corporation for Profit

 

 

 

 

Line of Business :

Home Furnishing Products Retailer

 

 

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 200.000

 

 

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:

Elite Home Product Inc

Address in the order:

245 4th Street Building # 1 Passaic NJ 07055

 

 

Legal Name:

Elite Home Products Inc

 

 

Legal Address

245 4TH ST STE 1 Passaic, New Jersey 07055

USA

Operative Address

245 4TH ST STE 1 Passaic, New Jersey 07055

USA

Telephone:

+1 (973) 591-0988

Registration Number :

0100731535

Fax:

+1 (973) 591-0988

Legal Form:

Corporation for Profit

Email:

-

Registered in:

New Jersey

Website:

http://elitehomeproduct.com/

Date Created:

1998

Manager:

DAVID SHATZ, PRESIDENT

Date Incorporated:

-

Staff:

26

Stock:

NA

 

 

Value:

NA

Activity:

Home Furnishing products retailer

 

 

BANKS

 

Name of the Bank

PNC BANK

 

 

BUSINESS

 

HISTORY

 

The company was created in the year 1998

PRINCIPAL ACTIVITY

 

The company engages in the retail of home furnishing products retail

Products/Services description:

 

sofas

Arm chairs

Carpets

 

Sales are:

 

Retail

Clients:

 

General Clientele

Operations area:

 

National, Local

The company imports from Asia and Europe

The company does not export

The subject employs 26 employee(s)

PAYMENTS

 

made on a 50 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at 245 4TH ST STE 1

PASSAIC NJ 07055

 




Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

The comapny is privately held by DAVID SHATZ

Management:

 

DAVID SHATZ President



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted DAVID SHATZ who refused to provide us any financial data on grounds of confidentiality.

However our financial sources could provide us with the following data (estimates):

 

Currency

DATE

USD

2010

Turnover

33,100,000

Operating Income

1,000,000

Net Income

786,000

Net worth

4,000,000

Bank liabilities

500,000

The cash flow is

Normal

 

 

Currency

DATE

USD

2009

Turnover

32,899,589

 

 

Legal Fillings

 There are 2 UCC files listed with the Secretary of State of New Jersey.

 

There are no legal filings listed with the District Court.

 

For information:

 

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

 

This company has been in business for 12 years, it has a staff of 26 employees which makes it a small sized company. There were no legal filings found against the company or its legal representatives.

 

A credit line may be considered for USD 200.000




SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public Records

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.73.47

Euro

1

Rs.65.38

 

 

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.