MIRA
INFORM REPORT
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Report Date : |
11.08.2007 |
IDENTIFICATION DETAILS
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Name : |
FANCISOURCE INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1998 |
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Legal Form : |
Corporation -
Private |
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Line of Business : |
Diamond, jewelry,
and precious stones wholesaler. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: FANCISOURCE
INC.
Address:
City:
State/Province:
Zip Code: 10036
Country: UNITED
STATES
Telephone: 212-719-4562
Facsimile: 212-719-4773
Founded
(D/M/Y): / /1998
As of:
Sales / Revenue:
Net Income:
Total Equity:
Number of Employees:
5
Legal Form: Corporation
- Private
Website: Web
Site Under Construction
Business Activity: The Company is a diamond, jewelry, and precious
stones wholesaler.
NOTE TO CLIENT
We contacted the
company and spoke to Mr. Viren Shah, President, who provided information about
the company.
Please note that we
did send a written request to his attention via facsimile. An update will be provided
accordingly should we receive a response at a later time.
LEGAL
Legal Form: Corporation -
Private
Since (D/M/Y): 21/01/1998
State/Province of
Incorporation: NY
Status: ACTIVE
Previous Legal
Form: None
Company is NOT
required to publish an annual financial report.
The Subject was
incorporated in
Current Entity Name:
FANCISOURCE INC.
Initial DOS Filing
Date: JANUARY 21, 1998
County:
Jurisdiction:
Entity Type: DOMESTIC
BUSINESS CORPORATION
Current Entity
Status: ACTIVE
Selected Entity
Address Information DOS Process (Address to which DOS will mail process if
accepted on behalf of the entity)
C/O DIALUSTRE
580
Registered Agent:
None
Managers/Key
Personnel
Mr. Viren Shah President
Mr. Dushyant
Choudry Vice President
AFFILIATED ENTITIES
There are no known
affiliates or subsidiaries.
BANKS
Telephone:
Facsimile:
Account Number:
Account Manager:
We could not obtain
any banking information.
PAYMENT HISTORY
The firm is not a
large seeker of local trade credit as a significant payment record could not be
developed.
FINANCIAL INFORMATION
The Company was forwarded
a fax requesting financial information. Currently we have not received a
response.
According to the
President, Mr. Viren Shah, the Subject has annual sales in the $10 million USD
range.
CURRENT OPERATIONS
NAICS Code: 42194
Jewelry, Watch, Precious Stone and Precious Metal
SIC Code: 5094
Number of Employees
: 5
Business Activity:
The Company is a
diamond, jewelry, and precious stones wholesaler. The address:
The facility is
leased.
TRADE REFERENCES
We faxed a request
for a list of trade references. Currently, we are waiting for a response.
PUBLIC RECORD
No legal findings could
be found against the Company.
A search of
bankruptcy courts revealed no record of a Company by this name filing for
bankruptcy.
The following UCC
filing has been made by the Subject:
Name Searched:
FANCISOURCE INC.
Debtor Address:
FANCISOURCE INC.
576
FANCISOURCE INC.
576
Secured Parties:
HSBC BANK
Filing Date:
7/20/2006
Filing Number:
0607205722067
Filing Type: INITIAL
FILING
GENERAL COMMENTS
The Company is a
diamond, jewelry, and precious stones wholesaler since 1998. It is unknown how
efficient the Subject is with payments, as a significant payment history could
not be found. There are no known derogatory legal against the Company and no bankruptcy
filings were found.
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. |
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%)