MIRA INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
LATIN AMERICAN DISTRIBUTORS INC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
02.04.1984 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesaler of houseware products |
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 : |
280, 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: |
Latin American Dist. Inc. |
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Address in the order: |
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Legal Name: |
LATIN AMERICAN DISTRIBUTORS INC |
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Legal Address |
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Telephone: |
+1 (732) 738 - 7390 |
ID : |
0100222913 |
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Fax: |
+1 (732) 738 - 7390 |
Legal Form: |
Corporation for Profit |
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Email: |
info@latinamericandist.com |
Registered in: |
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Website: |
latinamericandist.com |
Date Created: |
1984 |
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Manager: |
Manuel A Farinas, President |
Date Incorporated: |
April 2, 1984 |
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Staff: |
58 employees |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Wholesaler of houseware products. |
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BANKS
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Name of the Bank |
SOVEREIGN BANK |
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Name of the Bank |
FIRST UNION NATIONAL BANK |
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Name of the Bank |
BANCO POPULAR DE PUERTO RICO |
BUSINESS
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HISTORY |
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The company was created in 1984. |
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PRINCIPAL ACTIVITY |
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The company operates as a wholesaler and distributor of houseware including
kitchen utensils, cookware, plastic materials and more. We found the company registered in the Secretary of State of New
Jersey, under the following Status: Business Name: LATIN AMERICAN DISTRIBUTORS,
INC. Report Date: 03/14/2011 Business ID Number: 0100222913 Business Type: DOMESTIC PROFIT CORPORATION Status: ANNUAL REPORT REINSTATEMENT The company’s accountant administrative was able to explain us that
the company has been late for filling the last annual report with the Secretary
of State of New Jersey. |
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Products/Services description: |
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The products offered include: Aluminum Cookware by Imusa Anodized Cookware Cast Aluminum Duraluminum by Vasconia Enamel Cookware Grinders and Others by Kitchen Gadgets Non-stick Other Lines Plasticware Pressure Cookers Professional Line Steamer Pots |
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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, International, Local |
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The company imports from |
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The company does not export |
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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 58 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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The company is headquartered at: |
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. Odalys Bomnin is the owner and major shareholder. |
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Management: |
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Odalys Bomnin, Owner Manuel A Farinas, President Deysi Farinas, Vice President Antonio Bomnin, Manager |
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 but the person interviewed refused to
provide us any financial data on grounds of confidentiality. |
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However our financial sources could provide us with the following data
(ESTIMATES): |
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Currency |
DATE |
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USD |
2009 |
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Turnover |
15,300,000 |
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Operating Income |
298,000 |
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Net Income |
195,000 |
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Net worth |
1,000,000 |
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Bank liabilities |
170,000 |
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The cash flow is |
Correct |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
14,800,000 |
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Operating Income |
277,000 |
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Net Income |
189,000 |
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Net worth |
900,000 |
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Bank liabilities |
210,000 |
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The cash flow is |
Correct |
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Currency |
DATE |
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USD |
2006 |
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Turnover |
13,196,307 |
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Currency |
DATE |
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USD |
2005 |
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Turnover |
12,143,528 |
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Legal Fillings |
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There are 4 UCC** files listed with the
Secretary of State of New Jersey: Filing Number: 1795310 Filing Date: 10-07-1997 Secured Party: MAINTAINCO, INC. Filing Number: 1784506 Filing Date: 08-06-1997 Secured Party: MAINTAINCO, INC. Filing Number: 1605281 Filing Date: 11-29-1994 Secured Party: FIRST UNION NATIONAL BANK, SUCCESSOR TO NEW JERSEY NATIONAL BANK Filing Number: 1526513 Filing Date: 08-20-1993 Secured Party: ORIX CREDIT ALLIANCE, INC There are no legal filings listed with the
District Court. The last annual report was filed on
05/11/2010 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 sized company with years
of experience in the business. Looking at the company's financials we can
see that the business is on a safe trend. Indeed, the company's turnover is
increasing year after year since 2005. The profitability is correct and the
lenght of payment is regular. At this time, we believe that the company
can bear a credit line in the range of 280, 000 USD |
SUMMARY
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Profitability |
CORRECT |
Public |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
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APPENDIX
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Position |
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Accounts Payable Representative |
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Comments |
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She was able to confirm some information in the report but refused to
provide us any financial data on grounds of confidentiality. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.15 |
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1 |
Rs.72.59 |
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Euro |
1 |
Rs.62.95 |
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.