MIRA INFORM REPORT

Report No. :	313384
Report Date :	24.03.2015

IDENTIFICATION DETAILS

Name :	ELTE CARPETS LIMITED

Registered Office :	80 Ronald Avenue, Toronto, Ontario M6E 5A2

Country :	Canada

Date of Incorporation :	01.01.2004

Legal Form :	Corporation – Profit

Line of Business :	Importer, wholesaler and distributor of home furniture and related products.

No of Employees :	200

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 :	Slow But Correct

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, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Canada

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

CANADA ECONOMIC OVERVIEW

As a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its abundant natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-13 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela.

Source : CIA

Company name & address

Company name: ELTE CARPETS LIMITED

Address: 80 Ronald Avenue, Toronto, Ontario M6E 5A2 - Canada

Telephone: +1 416-785-7885

Fax: +1 416-785-9157

Website: www.elte.com

Company details

Corporate ID#: ON-0001601147

State: Ontario

Judicial form: Corporation – Profit

Date incorporated: 01-01-2004

Stock: -

Value: -

Name of manager: Ken METRICK

ACTIVITIES & OPERATIONS

History:

Formerly ELTE CARPETS LIMITED incorporated in Ontario on 04-20-1954, under

ID# ON-0000070701, it merged in the new business.

IST

Business:

The Company is importer, wholesaler and distributor of home furniture and related products.

Foreign suppliers include:

THEODORE ALEXANDER HCM LTD.

LINH TRUNG EPZ II, BINH CHIEU WARD, THU DUC DISTRICT, HO CHI MINH, VIETNAM

Staff: 200

Operations & branches:

At the headquarters, we find a showroom and office.

The Company maintains a branch located:

100 Miranda Avenue, Unit 12

Toronto, Ontario

SHAREHOLDERS & MANAGERS

Shareholders:

This is a private Company.

Management:

Ken METRICK is the General Manager.

As far as we know, he is not involved in other local corporations.

Subsidiaries

And partnership: None

FINANCIALS

In Canada, 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 2014 is in the range of CAD 20,000,000 to

CAD 50,000,000=

The business is said to be profitable.

Banks: Royal Bank of Canada

…

LEGAL FILINGS

Legal filings & complaints:

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

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: February 2015

High credit: CAD 15,000

Now owing: 0

Past due: 0

Last purchase: January 2015

Line of business: Office supply

Paying status: 8 days beyond terms

Date reported: February 2015

High credit: CAD 250,000

Now owing: 0

Past due: 0

Last purchase: January 2015

Line of business: Payroll

Paying status: As agreed

Date reported: February 2015

High credit: CAD 600

Now owing: 0

Past due: 0

Last purchase: January 2015

Line of business: Telecommunications

Paying status: 5 days beyond terms

Domestic credit history:

According to our credit analysts, during the last 6 months, domestic payments were made with an average of 8 days beyond terms.

Other comments:

The Company maintains its business.

The Company is in good standing.

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

The risk is medium/low.

Our opinion:

A business connection may be conducted but we suggest you to check regularly the way of payments.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.28
UK Pound	1	Rs. 93.02
Euro	1	Rs. 67.36

INFORMATION DETAILS

Analysis Done by :	KRN

Report Prepared by :	DPT

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.