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MIRA
INFORM REPORT
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Report Date : |
9th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN
TO OCEAN SEAFOOD SALES (CANADA) COMPANY |
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Registered Office: |
160 King Street, Montreal Quebec,
H3c 2p3, Canada |
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Country: |
Canada |
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Date of Incorporation: |
21/03/2001 |
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Legal Form: |
Provincially
Chartered Corporation - Private |
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Line of Business : |
Importers
and wholesalers of seafood products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
IDENTIFICATION & EXECUTIVE SUMMARY
Company Name: OCEAN
TO OCEAN SEAFOOD SALES (CANADA) COMPANY
Address: 160
KING STREET
City: MONTREAL
State/Province: QUEBEC
Zip Code: H3C
2P3
Country: CANADA
Telephone: 514
871-8774
Facsimile: 514
871-8001
Legal Form: Provincially
Chartered Corporation - Private
Website: www.oceantoocean.com
@rating Opinion:
In KCAD As of: 31/12/2005
Sales / Revenue: 50,000
Net Income:
Total Equity:
Number of Employees: 15
Business Activity:
The Company is an importer and
wholesaler of seafood products.
NOTE TO CLIENT
NOTE:: LEGAL NAME: OCEAN TO OCEAN SEAFOOD SALES (CANADA)
COMPANY
ORDERED NAME: OCEAN TO OCEAN
CANADA COMPANY
Person Contacted: Mr. Ronald Roy, Buyer and Sales
Manager. Mr. Roy verified and updated
the information presented to him.
Please note that all senior
officers for the Subject are currently located in the Norfolk, Virginia office
of the ulimate parent, OCEAN TO OCEAN SEAFOOD, LLC.
Please see "
Imperatives" for more information.
IMPERATIVES
Mr. Roy informed us that the
American ultimate parent company, OCEAN TO OCEAN SEAFOOD, LLC, plans to shut
down its Norfolk, Virginia offices and move its corporate offices to the 160
King Street, Montreal Quebec address by August or September of 2006.
LEGAL
Legal Form:– Provincially
Chartered Corporation Private
Since (D/M/Y):21/03/2001
State/Province of Incorporation: NS
Status: ACTIVE
Previous Legal Form:
Company is NOT required to
publish an annual financial report.
The Company provincially
chartered in Nova Scotia under the following registration:
Company/Society Name: OCEAN TO OCEAN SEAFOOD SALES (CANADA) COMPANY
Registry ID: 3054499
Type: N.S. Unlimited Liability
Status: Active
Jurisdiction: Nova Scotia
Registered Office: 800-1959 UPPER WATER ST.
HALIFAX NS B3J 2X2
Mailing Address: PO BOX 997
HALIFAX NS B3J 2X2
Incorporated and Registered: 2001-03-21
Managers/Key Personnel
Mr. George Stephens President
Mr. Joe Wineck Executive Vice President
Mr. Michael Thome Chief Financial Officer
Ms. Deborah Summers Controller
Parent Companies
Parent Company: Ocean
to Ocean Canadian Holdings In
5714
Curlew Drive
Norfolk
VA 23502
UNITED
STATES
Ultimate Parent: Ocean
To Ocean Seafood, LLC
5714
Curlew Drive
Norfolk
VA 23502
UNITED
STATES
Telephone: 757-893-9200
The Company has no subsidiaries
or affiliates.
BANKS
Bank of America
200 Front Street, Suite 2500
Toronto ON
Telephone: 416-599-4537
Facsimile:
Account Number: 46128229
Account Manager: Ms. Marian
D'Souza
A fax was sent to the bank for
credit information.
PAYMENT HISTORY
TRADE ITEMS
------------------------------------------------------------------------------
Supplier's Name/Industry Terms Amount/Pay Habits/Comments
Rptd
Open Credit Credit
High Total Current
Past Due/Pay Period
Date
Date Limit Limit Dt. Credit Owing $ 1st
2nd 3rd
------------------------------------------------------------------------------
Mfr-Paper Box:
*May 0
2,859 2,859 2,859
0 0 0
Whlsl-Ind Mach Sppls:
*May 0
202 202 202
0 0 0
Transportation Serv:
*May 0
964 964 964
0 0 0
Business Services:
*Mar 0
951 951 632
20 244 55
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------- ------- ------- ------- -------
P.I. =
4 90 Days 4,976
4,976 4,657 20
244 55
Reported -------
------- ------- ------- ------- -------
-------
------- ------- ------- ------- -------
P.I. =
4 Total 4,976
4,976 4,657 20
244 55
Reported ------- ------- ------- ------- ------- -------
PAYMENT TRENDS
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Payment
C.I. Number of Total
Current Overdue
Quarters Index Score Suppliers
Owing $ 1st 2nd 3rd
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1 Qtr/2006 15 20 2
49,836 29,159 19,441
1,006 230
4 Qtr/2005 0 25 2
1,240 1,240 0 0 0
3 Qtr/2005 0 25 2
5,787 5,787 0 0 0
2 Qtr/2005 0 32 2
1,902 1,902 0 0 0
1 Qtr/2005 1 35 3
2,907 2,852 55 0 0
4 Qtr/2004 0 24 1 62 62 0 0 0
3 Qtr/2004 NA 24 0 0 0 0 0 0
2 Qtr/2004 NA 27 0 0 0 0 0 0
1 Qtr/2004 NA 27 0 0 0 0 0 0
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/12/2005 31/12/2005
31/12/2005
Consolidated
Sales / Revenues 50,000 - -
Mr. Roy declined to provide
financial statement information for this report. He did provide a 2005 net sales figure of CAD 50 Million. The
Company.
CURRENT OPERATIONS
NAICS Code: 42246 Fish and Seafood Wholesalers
SIC Code: 5146
Number of Employees: 15
Business Activity:
The Company is an importer and
wholesaler of seafood products.
The Company sells shrimp,
scallops, and other seafood specialties.
The Subject imports from the
United States, Vietnam, China, and Indonesia.
Distribution is primarily
domestic throughout Canada, with 5% worldwide exportation.
The heading address is the
headquarters for the Subject. The
facility consists of office, warehouse, and some packaging plant space.
The Company has a sales office
located in Toronto, Ontario
PUBLIC RECORD
A search of public revealed the
following actions against the Company and no bankruptcy petitions. We cannot determine the current status of
the actions against the Company.
Writ of Summons:
Defendant OCEAN
TO OCEAN SEAFOOD SALES CANADA Date Feb 14, 2005
Plaintiff COMPAGNIE
POST & ASSOCIES Court Provincial Cour
Amount 27,606 Location Montreal
Reason Goods Sold
& Delivered File # 107207055
Writ of Summons:
Defendant OCEAN
TO OCEAN SEAFOOD SALES CANADA Date
Jul 09, 2003
Plaintiff MADISON
AVENUE RETAIL BRANDS INC Court
Quebec Court
Amount 328,967 Location Montreal
Reason Damages File # 016249032
GENERAL COMMENTS
The Subject, incorporated in Nova
Scotia in 2001, is engaged as a seafood wholesaler. The payment record is generally satisfactory and the operating
history is clear. Two actions were
found against the Company, however, no bankruptcy petitions were reported or
noted. The Company is responsible for
normal business transactions.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |