MIRA INFORM REPORT

 

 

Report Date :           

29.09.2011

 

IDENTIFICATION DETAILS

 

Name :

Z GALLERIE

 

 

Registered Office :

818 W Seventh St, Los Angeles, Ca 90017

 

 

Country :

Canada

 

 

Date of Incorporation :

01.07.1982

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Specialty Retail

 

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 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

---

 

 

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)

Canada

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:

Z Gallerie

Address in the order:

1855 W, 139th Street, Gardena Canada 90249

Comments on data supplied:

Dear Client, please take into consideration that the address provided does not belong to Canada but to the USA. This address is from California, as indicated below. In addition, the number provided in the order (310) 527-6811 is disconnected. We reached the coompany through the number listed below.

 

Legal Name:

Z GALLERIE

Legal Address

818 W SEVENTH ST, LOS ANGELES, CA 90017, USA (Registered Agent Address)

Operative Address

1855 W. 139TH STREET, GARDENA, CA 90249, USA

 

Telephone:

(310) 630-1200

ID :

C1151967

Fax:

(310) 630-1289

Legal Form:

Corporation for Profit

Email:

info@zgallerie.com

Registered in:

California

Website:

http://www.zgallerie.com

Date Created:

1979

Manager:

Joseph Zeiden, President

Date Incorporated:

July 1, 1982

Staff:

700

Stock:

NA

 

 

Value:

NA

Activity:

Specialty Retail.

 

 

BANKS

 

Name of the Bank

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

BUSINESS

 

HISTORY

 

The company was established in 1979 by Joe Zeiden, Carole Malfatti and Mike Zeiden.

 

In October 2009 the company emerged from Chapter 11 bankruptcy with a $22 million financing package from Wells Fargo Business Credit. The 54-store company had filed for Chapter 11 on April 10, 2009. Earlier in the year, it had closed 21 underperforming stores.

 

PRINCIPAL ACTIVITY

 

The company operates a lifestyle retailer, offers open edition posters and prints.

 

Products/Services description:

 

It features bedding and pillows, dinnerware, glassware, rugs, lamps, candleholders, clocks, frames and albums, games, and gifts, among others...

 

Sales are:

 

Retail

Clients:

 

The General Public.

Operations area:

 

National, International

Trade References:

 

We could not contact any representative that could provide us the names of their suppliers for us to check trade references.

PAYMENTS

 

Regular

 

 

LOCATION

Headquarters

 

The company is headquartered at:

1855 W. 139TH STREET, GARDENA, CA 90249, USA

Surface area:

 

10,000 square feet

Branches:

 

The company also operates 54 retail locations in 18 states plus an outlet in Gardena, California.



Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

This is a private company. Despite our long searches we could not establish the main shareholders and we could not contact any representative that could provide us this information.

Management:

 

Joseph Zeiden, President

Carole Malfatti, Vice President

Mike Zeiden, Vice President



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted the company but the operator transferred our call into the voicemail of the Accounts Payable Department. Nobody has returned our call yet.

 

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

 

Currency

DATE

USD

2010

Turnover

222,800,000

The cash flow is

Normal

 

 

Legal Fillings

There are several UCC** files listed with the Secretary of State of California.

 

There are no legal filings listed with the District Court.

 

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 big sized well established company, with 700 employees and 32 years of experience.

 

In 2009 the company filed and emerged from Chapter 11 bankruptcy protection.

 

As of today the company shows a good and recovered structure.

No adverse record was found against the subject or its legal representatives.

 

Through our sources we could gather the estimated range of revenue for 2010. Income is good for its size.

 

At this point, we suggest a credit line for USD 300,000 with a monitoring in 6 months to check on the evolution of the business.



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public Records

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

N.A.

 

 



APPENDIX

 

Comments

 

We have contacted the company but the operator transferred our call into the voicemail of the Accounts Payable Department. Nobody has returned our call yet.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.91

UK Pound

1

Rs.76.53

Euro

1

Rs.66.43

 

 

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.