MIRA INFORM REPORT

 

 

Report Date :

11.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ELTE CARPETS LIMITED

 

 

Registered Office :

80 Ronald Ave Toronto, Ontario M6E 5A2

 

 

Country :

Canada

 

 

Year of Establishment :

1919

 

 

Legal Form :

Limited Company

 

 

LINE OF BUSINESS :

RETAILING HOME FURNISHINGS AND RUGS.

 

 

No. of Employees :

180

 

 

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 :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Canada

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

GEOPOLITICS – CANADA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation:Stable

 

 

IDENTIFICATION

 

Legal Name:

ELTE CARPETS LIMITED

 

 

Legal Address

80 Ronald Ave Toronto, Ontario M6E 5A2

Operative Address

80 Ronald Ave Toronto, Ontario M6E 5A2

Telephone:

+1 (416) 785-7885

 :

N/A

Fax:

+1 (416) 785-9157

Legal Form:

Limited Company

Email:

eltemail@elte.com

Registered in:

Canada

Website:

www.elte.com

Date Created:

1919

Manager:

Ken Metrick - CEO

Date Incorporated:

N/A

Staff:

180

Stock:

N/A

 

 

Value:

N/A

Activity:

Retailing home furnishings and rugs.

 

 

BANKS

 

Name of the Bank

Royal Bank of Canada

 

BUSINESS

 

HISTORY

 

The subject is a family - owned privetly held company, which was founded in 1919 by Léon Tenenbaum, in Paris France.

In 1944 the company moved to Canada.

 

In 1953 Elte moved to Wellington Street now the Toronto Dominion centre. In 1964 to Kendal Avenue just south of Casa Loma and in 1978 to Eastern Avenue just north of the Distillery District.

At present time, Elte stands at the corner of Castlefield and Ronald.

 

PRINCIPAL ACTIVITY

 

Retailing home furnishings, rugs and decorative items.

Products/Services description:

 

Products:

 

1.Accessories like: solid bronze accent pieces, picture frames, pillows, candles, planters, dishes and serving trays, wicker baskets, seasonal items

 

2.Linens and mattresses

 

3.Furnitures

 

4.Rug and broadlooms

 

Sales are:

 

Retail

Clients:

 

-Ritz Carlton Hotels - Chicago, New York, Boston, Jamaica, Dallas, Charlotte North Carolina & Grand Cayman Islands in the Caribbean

 

-Mandarin Oriental Hotel - Boston

 

-Taj Hotel - Boston & New York

Operations area:

 

National, International

The company imports from Europe, Asia

The company exports to Worldwide (depending on the demand)

The subject employs 180 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

80 Ronald Ave Toronto, Ontario

M6E 5A2

Surface area:

 

Over 200,000 square feet.

The property is:

 

Owned

Comments on location:

 

Eltes location stands at the corner of Castlefield and Ronald.

Branches:

 

Ginger's & Summerhill

95 Ronald Ave

Toronto, Ontario

M6B 4L9

Tel. (416) 787-1787

Tel. (888) 444-3292

Ginger's Fax: (416) 787-1748

Summerhill Fax: (416) 785-1067

           

ELTE Warehouse

Merchandise Pickup

100 Miranda Ave. Unit 12

Toronto, M6B 3W7




 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The Tenenbaum family is the company´s shareholder.

Management:

 

Ken Metrick - CEO



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Mrs. Dori from the Accounts Payable who refused to provide us any financial data without knowing the name of the inquiring party.

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.

Comments on the financial data: The company would be operating with a range of $20 to $50 Million as current turnover.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.



Rating

 

Local credit bureau gave a Normal credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

ELTE is a family - owned privetly held company

It was  founded in 1919 by Léon Tenenbaum, in Paris, France.

In 1944 the company moved to Canada.

 

It is a retail company that supplies home furnishings, rugs and decorative items.

Some of them, are imported from Europe and Asia. Moreover, it exports worldwide depending on the demand.

 

The company has woked with worldwide known clients as Ritz Carlton Hotels.



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public

NO

 

Indebtedness

N.A.

Payments

REGULAR

 

Cash

N.A.

 

 

 

 

 

APPENDIX

 

Person Interviewed

 

Mrs. Dori

Position

 

Accounts payables.

Comments

 

The person contacted refused to provide us any information without knowing the name of the inquiring party.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.