MIRA INFORM REPORT

 

 

Report Date :

26th February, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

WADESBORO ENTERPRISES LTD

 

 

Registered Office :

75 Tobarrie Road, Downview, Ontario M31 1G5, Canada

 

 

Country :

Canada

 

 

Date of Incorporation :

01.03.1977

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer and Importer of jewelry.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name : WADESBORO ENTERPRISES LTD.

Trade Name(s)               : FINECRAFT JEWELLERY

Address                        : 75 TOBARRIE ROAD

City                              : DOWNVIEW

State/Province               : ONTARIO                              

Zip Code                       : M31 1G5                     

Country                         : CANADA                       

Telephone                     : 416 240-8898                

Facsimile                      : 416 240-8905

Legal Form                    : Limited Company

Website                        : N/A

@rating Opinion :

Business Activity           : Wadesboro Enterprises LTD., is reported to be a jewelry manufacturer and importer.

As of                             :

Sales / Revenue :

Net Income                    :

Total Equity                   :

 

 

NOTE TO CLIENT

 

Contact Person:  Mr. Alan Gozlan

Position:        President

Mr. Alan Gozlan declined all general and financial information about the Company; thus, we cannot subtantiate any of the information contained in this report that were retrieved from outside sources.

 

 

LEGAL

 

Legal Form                                            : Limited Company                          

Since (D/M/Y)                                        :  01/03/1977

State/Province of Incorporation                :  Canada

Status                                                   : ACTIVE

Previous Legal Form:

Company is NOT required to publish an annual financial report.

The Company is incorporated in Ontario under the following registration:

 

Entity Name      : Wadesboro Enterprises Ltd.

Date                 : 03/01/1977

Corporation ID    : 000353420

Juridiction          : Ontario

Status               : Active

 

 

Managers/Key Personnel

 

Mr. Alan Gozlan                        President

 

 

AFFILIATED ENTITIES

 

Outside sources did not provided an insight into any related businesses or subsidiaries.

 

 

BANKS

 

Telephone:

Facsimile:

Account Number:

Account Manager:

Management declined to provide the name of the Firm's primary bank and outside sources provided no additional information.

 

 

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

 ------------------------------------------------------------------------------

 KTS TOOLING SUPPLY:    416-675-9411

 

 *Feb                0            1,873   1,873     556     729     588       0

 Whlsl-Ind Mach Sppls:

 *Feb                0            4,628   4,628       0       0       0   4,628

 Transportation Serv:

 *Feb                0            2,645   2,645   1,588   1,057       0       0

 CITI COMMERCE SOLUTI:  800-233-8619 DLA-2007/01/22 945, Merged accts         #

 *Feb Oct/1994   5,000            2,664   2,664   2,383       0       0     281

 WASTE MANAGEMENT:      905-595-3330

 *Jan                0            2,322   2,322     570     855     897       0

 Transportation Serv:

 *Dec                0               77      77       0       0      77       0

 Transportation Serv:

 *Dec                0           67,658  67,658  48,189   7,715       0  11,754

                                ------- ------- ------- ------- ------- -------

 P.I. =  27           90 Days    81,867  81,867  53,286  10,356   1,562  16,663

                      Reported  ------- ------- ------- ------- ------- -------

 

 Wholesales-Home Furn:

 *Nov                0           10,000   1,452       0   1,452       0       0

 Utility Systems:

 *Oct                0            4,052   4,052   4,052       0       0       0

 SHELL CANADA CARD:     403-691-2025

 *Aug                0            2,275   2,275   2,275       0       0       0

 Retail-Establishment:

 *Aug                0            8,000      38      38       0       0       0

 Mfr-Audio/TV Equip:

 *Jul                0              200       1       1       0       0       0

 Trucking:

 *May                0              633     633     330     303       0       0

 Wholesale-Elec Equip:

 *Jan                0              634     634       0     634       0       0

                                ------- ------- ------- ------- ------- -------

 P.I. =  25           Total        107K  90,952  59,982  12,745   1,562  16,663

                      Reported  ------- ------- ------- ------- ------- -------

 

 PAYMENT TRENDS

 ------------------------------------------------------------------------------

           Payment  C.I.  Number of  Total   Current             Overdue

 Quarters   Index  Score  Suppliers  Owing      $         1st      2nd      3rd

 ------------------------------------------------------------------------------

 4 Qtr/2006  25      28         8   81,927    54,967   10,220       77   16,663

 3 Qtr/2006  26      27        10  128,573    71,292   28,118   14,175   14,988

 2 Qtr/2006  12      20         9  238,130   175,620   49,311    2,152   11,047

 1 Qtr/2006  57      38         7    9,841     3,097    1,422      330    4,992

 4 Qtr/2005   9      23         9  129,677   103,711   19,760      836    5,370

 3 Qtr/2005  16      30         9   76,747    54,172   14,565      704    7,306

 2 Qtr/2005  15      24         9  115,106    77,380   30,807       19    6,900

 1 Qtr/2005  65      29         8   16,267     2,969    2,726    2,386    8,186

 4 Qtr/2004  24      33         7    6,932     3,613    1,193    1,845      281

 

 

FINANCIAL INFORMATION

 

Financial information could not be obtained from management and outside sources failed to add any insight into the current financial situation for the firm.

 

 

CURRENT OPERATIONS

 

NAICS Code                  :   339911    Jewelry (except Costume) Manufacturing

SIC Code                      :     3911

NAICS Code                  :   42        Wholesale Trade

 

 

Business Activity

 

Wadesboro Enterprises LTD., is reported to be a jewelry manufacturer and importer.

 

The above address is the headquarters and only known location for the firm.

 

 

PUBLIC RECORD

 

Statement of Claim:

Defendant          FINECRAFT FINE JEWELLERY                          Date                 Jun 09, 2006

Plaintiff              STEPHEN STEFLIK                                           Court                General Division

Amount             50,000                                                              Location            Toronto-Scarbor

Reason             Employment                                                      File #                            SU312987-0

 

 

Statement of Claim:

Defendant          FINECRAFT FINE JEWELLERY                          Date                 an 06, 2006

Plaintiff              MARIA GOMES                                                             Court                General Division

Amount             75,000                                                              Location            York University

Reason             Employment                                                      File #                            06CV303600

 

Statement of Claim:

Defendant          FINECRAFT FINE JEWELLERY                          Date                 Aug 05, 2005

Plaintiff              MABEL VERON                                                            Court                General Division

Amount             170,000                                                             Location            York University

Reason             Employment                                                      File #                            05CV294661

 

Statement of Claim:

Defendant          FINECRAFT FINE JEWELLERY/ETAL                 Date                 Oct 08, 2003

Plaintiff              HARVEY ALLEN SOBEL                                   Court                General Division

Amount             171,493                                                             Location            York University

Reason             Employment                                                      File #                            03CV256602

==

A search of bankruptcy courts accross Canada did not reveal any petitions filed under Wadesboro Enterprises Ltd. or under the name Finecraft Fine Jewelry.

 

 

GENERAL COMMENTS

 

Wadesboro Enterprises Ltd., is reported to be an importer and manufacturer of fine jewelry operating since 1977.  The payment record reflects some slowness and public records showed some rather large legal actions filed against the Firm, the status is uncertain as no further information is currently available at this time.

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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