MIRA INFORM REPORT

 

 

Report Date :

13.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SCHIFF FOOD PRODUCTS CO INC

 

 

Registered Office :

7401 W Side Ave, North Bergen, NJ, 07047-6430

 

 

Country :

United States

 

 

Date of Incorporation :

15.12.1976

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Importers, exporters, and processors of spices, seeds and herbs

 

 

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

 

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 – 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

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Legal Name:

SCHIFF FOOD PRODUCTS CO INC

 

 

Legal Address

7401 W Side Ave, North Bergen, NJ, 07047-6430, USA.

 

 

Telephone:

(201) 868-6800

ID :

417740

Fax:

(201) 861-2503

Legal Form:

Corporation for Profit

Email:

Sales@schifffoods.com

Registered in:

New York

Website:

http://www.schifffoods.com

Date Created:

1949

Manager:

David Deutscher, Owner

Date Incorporated:

December 15th, 1976

Staff:

40

Stock:

200

 

 

Value:

No par value

Activity:

Importers, exporters, and processors of spices, seeds and herbs.

 

 

 

BANKS

 

Name of the Bank

ISRAEL DISCOUNT BANK OF NEW YORK

Name of the Bank

THE CHASE MANHATTAN BANK

 

BUSINESS

 

HISTORY

 

The company was founded in 1949.

PRINCIPAL ACTIVITY

 

Importers, exporters, and processors of spices, seeds and herbs.

 

 

Products/Services description:

 

The products include:

 

Cassia

Celery

Chervil

Chili Powder

Chilies

 

Among others

Sales are:

 

Wholesale

Operations area:

 

National

The company imports from worldwide, depending on the demand

The company export to worldwide, depending on the demand

The subject employs 40 employee(s)

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

 

 

 

LOCATION

Headquarters

 

The company is headquartered in: 7401 W Side Ave, North Bergen, NJ, 07047-6430, USA.

 

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company, David Deutscher is the main shareholder.

Management:

 

David Deutscher, Owner

Dan Ross, Bookkeeper



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Mr. Avy, Manager, who provided us with the following data:

 

Currency

DATE

USD

2010

Turnover

25,000,000

The cash flow is

NORMAL

 




Currency

DATE

USD

2008

Turnover

20,000,000

The cash flow is

NORMAL



Legal Fillings

 There are 13 UCC files listed with the Secretary of State of New York.

 

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 is a small sized American company. It employs 40 people and has been in business for 61 years.

 

 

 



 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public Records

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 



APPENDIX

 

Person Interviewed

 

Mr. Avy

Position

 

Manager

Comments

 

The person contacted provided the following information:

 

Address

Creation date

Activity

Number of employees

Contact person

Shareholder

Exports

Imports

Payment to suppliers

Estimated Annual Revenue

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.97

UK Pound

1

Rs.74.22

Euro

1

Rs.63.66

 

 

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.