MIRA INFORM REPORT

Report Date :

04.05.2011

IDENTIFICATION DETAILS

Name :	HARRIS FREEMAN & CO INC (HARRIS FREEMAN )

Registered Office :	3110 E Miraloma Avenue, Anaheim, CA 92806-1906

Country :	United States

Date of Incorporation :	08.05.1981

Com. Reg. No.:	May 08, 1981

Legal Form :	Corporation for Profit

Line of Business :	Tea and Spices Distributor

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 500.000.
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

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:	Harris Freeman & Co Inc
Address in the order:	3110E Mira Loma Avenue, Anaheim CA 92806
Legal Name:	Harris Freeman & Co Inc (Harris Freeman )
Trade Name:	Harris Freeman
Legal Address	3110 E Miraloma Avenue, Anaheim, CA 92806-1906, U.S.
Operative Address	3110 E Miraloma Avenue, Anaheim, CA 92806-1906, U.S.
Telephone:	+1 (714) 765-1190	ID :	C1043697
Fax:	+1 (714) 765-1190	Legal Form:	Corporation for Profit
Email:	peter@harrisfreeman.com	Registered in:	California
Website:	http://www.harrisfreeman.com	Date Created:	1981
Manager:	Anil J Shah, President	Date Incorporated:	May 08, 1981
Staff:	300	Stock:	NA
		Value:	NA
Activity:	Tea and Spices Distributor.

BANKS

Name of the Bank	WELLS FARGO
Name of the Bank	BANK OF AMERICA

BUSINESS

HISTORY
	The company was founded in 1981 in Southern California.
PRINCIPAL ACTIVITY
	The company is into producing, importing and distributing Tea and Spices. It has production facilities located throughout the U.S. and Asia.
Products/Services description:
	Tea, mainly decaf, the company is still working on other varieties. The company has three productions facilities in the U.S. New Jersey, California and Georgia. Spices, Black Pepper, red chili, and Seed Spices like Cumin, Celery, Fennel, Dill and Sesame. Also they import Nutmeg, Cloves, Allspice, Turmeric, Paprika and Cassia. The different varieties of spices come from Vietnam and India.
Sales are:
	Wholesale
Brands:
	Harris Tea Harris Spice
Operations area:
	National, International
The company imports from India, Turkey, Indonesia and Vietnam.
The company export to Europe
The subject employs 300 employee(s)
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at 3110E Mira Loma Avenue, Anaheim California 92806, U.S.

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	This is a private company and the main shareholder is Anil J Shah.
Management:
	Anil J Shah, President Gilbert Zaris, Vp Kevin Shah, Manager Kishore Shah, Manager
Related Companies:
	As a division of Harris Freeman & Co, we found Harris Tea and Harris Spice, which are manufacturers of the products the company provides.

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.
We have contacted the company; however, after being transferred to the accountant department, nobody took the call. We left a voicemail, but we did not get an answer yet.
However our financial sources could provide us with the following data (estimates):

Currency	DATE
USD	2008
Turnover	120,000,000
The cash flow is	Normal

Legal Fillings

There are 32 UCCs files listed with the Secretary of State of California.

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 incorporated for business for

29 years; it has a staff of 300 employees which makes it a big sized company.

There were no legal fillings found against the company or its legal representatives.

However, the numerous UCC found demonstrate relative trust from the financial institutions.

Therefore, A credit line may be considered for USD 500.000.

Summary

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Comments
	We have contacted the company; however, after being transferred to the accountant department, nobody took the call. We left a voicemail, but we did not get an answer yet.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.34
UK Pound	1	Rs.73.70
Euro	1	Rs.65.75

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.