MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MEMOTEC INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10/05/2004 |
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Legal Form : |
Provincially
Chartered Corporation – Private |
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Line of Business : |
The Company develops and installs high speed broadband telecommunications networks. |
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 : |
Usually correct |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: MEMOTEC
INC.
Address:
City:
State/Province:
Zip Code: H4S
1P7
Country:
Telephone: 514-738-4781
Facsimile: 514-738-4436
As of:
Sales / Revenue:
Net Income:
Total Equity:
Number of Employees:
55
Legal Form: Provincially
Chartered Corporation - Private
Website: www.memotec.com
Business Activity: The Company develops and installs high speed
broadband telecommunications
networks.
NOTE TO CLIENT
Person
Contacted: Mr. Francois St-Pierre,
CFO. He verified and updated the
information presented to him.
LEGAL
Legal Form: Provincially
Chartered Corporation – Private
Since (D/M/Y): 10/05/2004
State/Province of
Incorporation: NB
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Company
provincially chartered in
Legal Name: MEMOTEC
INC.
Previous Name: MAC
Business Inc.
Reference Number:
611411
Incorporation Date:
5/10/2004
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The Company
provincially qualified in
Incorporation
Number: 1162165402
Legal Name: MEMOTEC
INC.
Incorporation Date:
3/10/2004
Last Annual Report:
6/1/2007
Location:
Address: 44 CHIPMAN
HILL
SAINT-JOHN (NOUVEAU-BRUNSWICK)
E2L 4S6
Managers/Key
Personnel
Mr. Yves Hupe President & CEO
Mr. François
St-Pierre Vice President - Finance
Mr. Philippe
Roy Vice President
AFFILIATED ENTITIES
The Company has the
following affiliates:
Comtech Antenna
Systems, Inc.
Comtech Systems,
Inc.
Comtech AHA
Corporation
Comtech Vipersat
Networks, Inc.
Comtech PST
Corp.
Comtech Mobile
Datacom Corporation
Comtech Tolt
Technologies, Inc.
Parent Companies
Parent Company: COMTECH EF DATA CORP.
UNITED STATES
Ultimate Parent: COMTECH TELECOMMUNICATIONS CORP.
MELVILLE NY 11747
UNITED STATES
The following are selected stock price and
financial statement information for the ultimate parent company, COMTECH
TELECOMMUNICATIONS CORP., which trades on the Nasdaq stock exchange under the
symbol CMTL.
As of 8/14/2007 in
US Dollars
Stock Price: $
41.77
52 Week High: $
48.94
52 Week Low: $
28.00
Shares
Outstanding: 23,212,000
Fiscal Year End:
7/31/2006 in Thousands of US Dollars:
Total Assets: $455,266
Total
Liabilities: $201,024
Total Equity: $254,242
Net Sales: $391,511
Net Income: $
45,269
The Company has no
subsidiaries.
BANKS
Bank of
NY
Telephone: 803
765-4882
Facsimile: 415
343-9301
Account Number:
Account Manager:
Mr. St-Pierre
declined to provide an account number for this report.
Bank of
PQ
Telephone: 514
877-1456
Facsimile:
Account Number:
Account Manager:
This bank only
provides credit information to other banks.
PAYMENT HISTORY
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
Transportation Serv:
*Jul 0 59 59
59 0 0
0
Whlsl-Durable Goods:
*Jul 0 350 350
350 0 0
0
------- -------
------- ------- ------- -------
P.I. =
0 90 Days 409
409 409 0
0 0
Reported ------- ------- ------- ------- -------
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Retail-Establishment:
*Jan 0 1,000 107
107 0 0
0
Mfr Electronic Compu:
*Dec 0 473 473
380 93 0
0
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------- ------- ------- -------
P.I. =
3 Total 1,882
989 896 93
0 0
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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2 Qtr/2007
NA 10 0 0 0 0
0 0
1 Qtr/2007
0 8 2
819 819 0
0 0
4 Qtr/2006
2 14 3
1,325 1,232 93
0 0
3 Qtr/2006
18 18 1
848 393 455
0 0
2 Qtr/2006
30 14 1
287 33 254
0 0
1 Qtr/2006
0 10
1 423 423 0
0 0
4 Qtr/2005
6 8 2
406 336 70
0 0
3 Qtr/2005
0 10 1
629 629 0
0 0
2 Qtr/2005
0 10 1
498 498 0
0 0
FINANCIAL INFORMATION
Mr. St-Pierre
declined to provide any financial statement information for this report, citing
company policy. He did state that the
Company is consolidated within its ultimate parent company, COMTECH
TELECOMMUNICATIONS CORP.
CURRENT OPERATIONS
NAICS Code: 5133
Telecommunications
Number of Employees
: 55
Business Activity:
The Company develops
and installs high speed broadband telecommunications networks. The Subject supplies optimization solutions
for cellular backhaul networks. Its flagship product, the CX Series, enables
GSM operators to dramatically reduce network operating expenses by cutting
transmission costs, and extending the service capabilities for evolving networks.
The Company deploys
equipment globally.
The heading address
is the headquarters for the Subject. The
facility consists of leased administrative office space.
The Company has
additional international offices located in
PUBLIC RECORD
A search of public
revealed no derogatory information, bankruptcy petitions or Uniform Commercial
Codes.
GENERAL COMMENTS
The Subject, founded
in 1983 in
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%)