MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	EDGAR Fabrics Inc
Registered Office :	50, Commerce Drive, Hauppauge, NY 11788

Country :	United States

Date of Incorporation :	02.04.1948

Legal Form :	Corporation – Profit

Line of Business :	Manufacturer and Supplier of Woven Fabrics for the Home Furnishings Market.

No. of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

United States - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

Source : CIA

Company name

EDGAR FABRICS, INC.

Address

50 Commerce Drive, Hauppauge, NY 11788 - USA

Telephone: +1 631-435-8989

Fax: +1 631-435-9151

Website: www.edgarfabricsinc.com

Corporate ID#: 81943

State: New York State

Judicial form: Corporation – Profit

Date incorporated: April 2, 1948

Stock: 1,000 shares common

Value: No par value

Name of manager: Jeff RUBIN

ACTIVITIES & OPERATIONS

IST

Business

Edgar Fabrics, Inc. manufactures and supplies woven fabrics for the home furnishings market.

Suppliers include

TAIWAN JING MIH TEXTILE CO LTD
No 210 Gong 1st Rd Longtan Township Taoyuan County 32560 Taiwan

EIN: 13-5570332

Staff: 35

Operations & branches

At the headquarters, we find a factory, warehouse and office, on 85,000 sq. feet, on lease.

The Company maintains showrooms located

230 5^thAvenue

New York, NY 10001

317 W. High Avenue

High Point, NC 27260

SHAREHOLDERS & MANAGERS

Shareholders

This is a RUBIN family owned and managed company.

Management

Albert RUBIN is the President

Born in 1926

Jeff RUBIN is Vice President and Secretary

Born in 1955. He is one son of Albert.

Brett RUBIN is Vice President and Treasurer

Born in 1960. He is one son of Albert.

As far as we know, they are involved in other corporations, including

AJB REALTY LLC

50 Commerce Drive, Hauppauge, NY 11788

Incorporated in New York State on 04-27-1995

ID# 1916801

AJB REALTY LLC is the owner of the headquarters rented to EDGAR FABRICS.

FINANCIALS

In United States, privately held corporations are not required to publish any financials.

On a direct call, nobody accepted to answer our questions.

We sent a fax but no answer received.

However, sales estimate for year 2011 is in the range of USD 6,000,000=

The business is said to be profitable.

Banks: Wells Fargo Bank

100 Park Avenue, New York, NY 10017

Ph: 212-883-3260

LEGAL FILINGS

Legal filings & complaints

As of today date, there is no legal filing pending with the Courts.

Secured debts summary (UCC)

1.	Debtor Names:	EDGAR FABRICS, INC.	295 FIFTH AVENUE, NEW YORK, NY 00000-0000, USA
		EDGAR FABRICS INC	Not Available
	Secured Party Names:	BNY FINANCIAL CORPORATION	Not Available
		GMAC COMMERCIAL CREDIT LLC	1290 AVENUE OF THE AMERICAS, NEW YORK, NY 10104-0000, USA
		GMAC COMMERCIAL FINANCE LLC	1290 AVENUE OF THE AMERICAS, NEW YORK, NY 10104, USA
		WELLS FARGO BANK, NATIONAL ASSOCIATION	100 PARK AVENUE, 3RD FLOOR, NEW YORK, NY 10017, USA

File No.	File Date	Lapse Date	Filing Type
050131	09/28/1964	09/28/1969	Financing Statement
107298	02/17/1965	09/28/1969	Financing Statement Amendment
108547	04/18/1966	09/28/1969	Financing Statement Amendment
160211	05/01/1968	09/28/1969	Assignment
096199	09/12/1969	09/28/1974	Continuation
072419	08/19/1974	09/28/1979	Continuation
041471	05/19/1975	09/28/1979	Financing Statement Amendment
098954	07/12/1979	09/28/1984	Continuation
020585	02/10/1981	09/28/1984	Financing Statement Amendment
131794	06/11/1984	09/28/1989	Continuation
138686	05/31/1989	09/28/1994	Continuation
115085	05/30/1990	09/28/1994	Assignment
091405	05/06/1994	09/28/1999	Continuation
079588	04/22/1999	09/28/2004	Continuation
194126	09/27/1999	09/28/2004	Assignment
200408025643641	08/02/2004	09/28/2009	Continuation
200711016065306	11/01/2007	09/28/2009	Financing Statement Amendment
200905265481475	05/26/2009	09/28/2014	Continuation
201006105558379	06/10/2010	09/28/2014	Assignment

2.	Debtor Names:	EDGAR FABRICS INC	Not Available
		EDGAR FABRICS, INC.	1030 GRAND BOULEVARD, DEER PARK, NY 11729-0000, USA
		EDGAR FABRICS, INC.	50 COMMERCE DRIVE, HAUPPAUGE, NY 11788-0000, USA
		EDGAR FABRICS, INC.	50 COMMERCE DRIVE, HAUPPAUGE, NY 11788, USA
	Secured Party Names:	BNY FINANCIAL CORPORATION	Not Available
		GMAC COMMERCIAL CREDIT LLC	1290 AVENUE OF THE AMERICAS, NEW YORK, NY 10104-0000, USA
		GMAC COMMERCIAL FINANCE LLC	1290 AVENUE OF THE AMERICAS, NEW YORK, NY 10104, USA
		WELLS FARGO BANK, NATIONAL ASSOCIATION	100 PARK AVENUE, 3RD FLOOR, NEW YORK, NY 10017, USA

File No.	File Date	Lapse Date	Filing Type
127136	07/05/1983	07/05/1988	Financing Statement
121077	05/11/1988	07/05/1993	Continuation
115084	05/30/1990	07/05/1993	Assignment
035967	02/18/1993	07/05/1998	Continuation
036647	02/20/1998	07/05/2003	Continuation
194125	09/27/1999	07/05/2003	Assignment
172655	07/26/2002	07/05/2003	Financing Statement Amendment
200305201028756	05/20/2003	07/05/2008	Continuation
200606130493638	06/13/2006	07/05/2008	Financing Statement Amendment
200711016065293	11/01/2007	07/05/2008	Financing Statement Amendment
200801305085587	01/30/2008	07/05/2013	Continuation
201006105558406	06/10/2010	07/05/2013	Assignment

COMPANY CREDIT HISTORY

Trade references

Date reported: October 2012

High credit: USD 6,000

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Office supply

Paying status: 2 days beyond terms

Date reported: October 2012

High credit: USD 60,000+

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Payroll

Paying status: As agreed

Date reported: October 2012

High credit: USD 1,200

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Telecommunications

Paying status: On terms

Domestic Credit History

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
05/12	$6,900	100%	0%	0%	0%	0%
06/12	$6,600	100%	0%	0%	0%	0%
07/12	$2,000	43%	57%	0%	0%	0%
08/12	$2,000	43%	57%	0%	0%	0%
09/12	$4,000	100%	0%	0%	0%	0%
10/12	$4,000	100%	0%	0%	0%	0%

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, payments are regular.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company maintains a regular business.

The bank confirmed a regular account on 5 figures high.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

The risk is low.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

NIT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.