MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
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Name : |
JIMMY'S QUALITY
TILES & STONES LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22/12/2003 |
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Legal Form : |
Provincially
Chartered Corporation – Private |
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Line of Business : |
Importer and
retailer of ceramic tile, marble and granite flooring. |
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 : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: JIMMY'S
QUALITY TILES & STONES LTD.
Trade Name(s): QUALITY
TILES
Address:
City:
State/Province:
Zip Code: V3X
3Y3
Country:
Telephone: 604-322-8777
Facsimile: 604-324-8700
As of: 31/12/2006
Sales /
Revenue: 1,223,112
Net Income: 186,432
Total Equity: 626,947
Number of Employees:
7
Legal Form: Provincially
Chartered Corporation - Private
Website: No
website.
Business Activity: Importer and retailer of ceramic tile,
marble, and granite flooring. Distribution is
throughout
NOTE TO CLIENT
***********************************************************UPDATE
***********************************************************
Please see entire
report for additional information obtained from Management.
*********************************************************************************************************************************
NOTE: The provided
name: QUALITY TILES, is a trade name for JIMMY'S QUALITY TILES & STONES LTD. located at
Ms. Daisy (last name
not provided), Office Manager, confirmed the name, address, President's name,
and business activity of the Subject but declined all additional information
requests over the telephone. Please note that we sent a written request for
information to her via fax but have yet to receive a response. Should we
receive additional information from Management at a later time, this report
will be updated accordingly.
NOTE: Number of
employees could not be ascertained via Management or all outside sources
consulted.
LEGAL
Legal Form: Provincially
Chartered Corporation – Private
Since (D/M/Y): 22/12/2003
State/Province of
Incorporation: BC
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
JIMMY'S QUALITY
TILES & STONES LTD.
INC. NUMBER:
BC0683874
INC. DATE:
12/22/2003
STATUS: ACTIVE
Managers/Key
Personnel
Mr. Jimmy Arora President
AFFILIATED ENTITIES
Management reports
no affiliates or subsidiaries.
BANKS
Bank of
Telephone:
604-665-2530
Facsimile:
Account Number:
1037301
Account Manager:
Requires a signed
authorization from the Company which we could not obtain at this time.
PAYMENT HISTORY
The firm does not
appear to be a seeker of local trade credit as a significant payment record
could not be developed.
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/12/2006 31/12/2005 31/12/2005
Consolidated Consolidated
Sales / Revenues 1,223,112 1,015,907 -
Gross Margin 515,962 484,465 -
Operating Income (Loss) 229,755 202,245 -
RESULTS
Income Tax 43,323 36,410 -
Net Income
186,432 165,889 -
ASSETS
Cash and Equivalents 61,595 21,786 -
Inventory 476,266 398,126 -
Accounts Receivables 48,234 9,603 -
Other Current Assets -38,905 2,672 -
Total Current Assets 547,190 432,187 -
Property Plant & Equip 597,190 538,480 -
Other Fixed Assets -517,433 -96,170 -
Total Fixed Assets 79,757 442,310 -
Total Assets 626,947 874,497 -
LIABILITIES
Trade Creditors 191,657 116,899 -
Other Current Liab 95,325 134,196 -
Total Current Liab 286,982 251,095 -
Long Term Debt 14,214 265,531 -
Other Long Term Liab 4,725 134,250 -
Total Long Term Liab 18,939 399,781 -
Total Liabilities 305,921 650,876 -
EQUITY
Total Equity 626,947 224,121 -
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
31/12/2006 31/12/2005 31/12/2006
31/12/2005
Cash and Equivalents 61,595 21,786 9.82 2.49
Inventory 476,266 398,126 75.97
45.53
Other Current Assets - 38,905 2,672 - 6.21 0.31
Total Current Assets 547,190 432,187 87.28 49.42
Total Assets 626,947 874,497 100.00
100.00
Total Current Liab 286,982 251,095 45.77 28.71
Long Term Debt 14,214 265,531 2.27 30.36
Other Long Term Liab 4,725 134,250 0.75 15.35
Total Liabilities 305,921 650,876 48.80 74.43
Total Equity 626,947 224,121 100.00 25.63
The above financial
figures were provided in actual CAD.
CURRENT OPERATIONS
NAICS Code: 44221
Floor Covering Stores
SIC Code: 5023
Number of Employees
: 7
Business Activity:
Importer and
retailer of ceramic tile, marble, and granite flooring.
Distribution is
throughout
The headquarters are
at the heading address. The 8,000 square foot space is leased. Management
reports no branch locations or divisions.
TRADE REFERENCES
Each company has
been contacted; however, it often takes a few days before a response is
received. Additional information received will be forwarded at that time.
DM TILES CONNECTION
INC.
TEL: 604-940-8595
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PHOENIX FLOORING
LTD.
TEL: 604721-8668
PUBLIC RECORD
A Nationwide search
of public records and bankruptcy courts revealed no Uniform Commercial Codes,
tax liens, legal actions or bankruptcy filings under the Subject's name.
GENERAL COMMENTS
The Subject is
engaged as an importer and retailer of ceramic tile, marble, and granite
flooring. No payment records were found and a search of public records and bankruptcy
courts revealed no derogatory information or record of the Company filing a
bankruptcy petition.
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)