MIRA INFORM REPORT

 

 

Report Date :           

29.03.2011

 

IDENTIFICATION DETAILS

 

Name :

EXCELLENT FACETS INC

 

 

Registered Office :

576 Fifth Avenue, New York, New York, 10036

 

 

Country :

United States 

 

 

Date of Incorporation :

27.10.1997

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Jewelry Supplier

 

 

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 :

350,000 USD

Status :

Satisfactory

Payment Behaviour :

Regular

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

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Excellent Facets Inc

Address in the order:

576, Fifth Avenue, New York

Legal Name:

EXCELLENT FACETS INC

Legal Address

576 FIFTH AVENUE, NEW YORK, NEW YORK, 10036

Telephone:

+1 (212) 382-1122

Document Number :

2193357

Fax:

+1 (212) 382-1122

Legal Form:

Corporation for Profit

Email:

NA

Registered in:

New York

Website:

NA

Date Created:

1997

Manager:

Deepak Sheth, Owner

Date Incorporated:

October 27th, 1997

Staff:

12 employees

Stock:

200

 

 

Value:

No par value

Activity:

Jewelry supplier

 

 

BANKS

 

Name of the Bank

HSBC BANK

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

EXCELLENT FACETS, INC is working as Jewelry supplier and Manufacturer.

Products/Services description:

 

The company offers products like:

 

Earrings

Rings

Necklaces

Bracelets

Sales are:

 

Wholesale

Clients:

 

Retailers and distributors.

Operations area:

 

National, International

The company imports from China, India and Belgium

The company does not export

Trade References:

 

Despite our searches we were not able to find any company's trade references.

The subject employs 12 employee(s)

PAYMENTS

 

made on a 60 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at:

 

576 FIFTH AVENUE, NEW YORK, NEW YORK, 10036

 




Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

This is a private company and DEEPAK SHETH is one of the major shareholder

Management:

 

DEEPAK SHETH; Owner

NEENA SHETH, Treasurer

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted the accounting department, we spoke to Ms Neena Sheth the company's treasurer and she was able to provide us an estimation of the company's turnover for 2010.

 

Currency

DATE

USD

2010

Turnover

22,800,000

The cash flow is

Normal

 

 

Currency

DATE

USD

2009

Turnover

22,000,000

The cash flow is

Normal

 

Legal Fillings

 There are 3 UCC files listed with the Secretary of State of New York.

 

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

 

This is a small sized company with 12 employees.

 

Looking at the company's financials, we can see that the company's turnover has slightly increased in 2010.

 

Moreover, the profitability is correct; the lenght of payment remains regular.

 

The debt level is controlled

 

At this time, we believe that the company can bear a credit line in the range of 350,000 USD

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public Records

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 

 

APPENDIX

 

Position

 

Treasurer

Comments

 

She was able to confirm some information in the report and provided us an estimation of the company's turnover for 2010.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.71.64

Euro

1

Rs.62.96

 

 

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

 

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.