MIRA
INFORM REPORT
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Report Date : |
30.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TREE ISLAND WIRE ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27/07/1989 |
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Legal Form : |
Corporation -
Private |
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Line of Business : |
Manufactures
stainless steel wire and related 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: TREE
ISLAND WIRE (
Address:
City:
State/Province:
Zip Code: 92337
Country: UNITED
STATES
Telephone: 951
360-8288
Facsimile: 951
360-6663
As of:
Sales / Revenue:
Net Income:
Total Equity:
Legal Form: Corporation - Private
Website: corp.treeisland.com
Business Activity: The Subject manufactures stainless
steel wire and related products.
NOTE TO CLIENT
Please note that the
provided name corresponds to a division of Tree Island Wire USA, Inc., for
which a report follows.
The provided address
corresponds to the location of the INDUSTRIAL ALLOYS division.
Person Contacted:
Kathy Shepard, Accounting Manager
Ms. Shepard provided
very general information for this report, however deferred all other
information to a fax request. Please note that we did send a written request to
her attention via facsimile. An update will be provided accordingly should we
receive a response at a later time, thus information in this report could not
be confirmed.
The Subject's number
of employees could not be obtained, however the Group of companies have 860
employees.
LEGAL
Legal Form: Corporation -
Private
Since (D/M/Y): 27/07/1989
State/Province of
Incorporation: DE
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Company is
incorporated in
File Number: 2194389
Incorporation Date /
Formation Date: 04/24/1989
Entity Name: TREE
ISLAND WIRE (
Entity Kind:
CORPORATION
Entity Type: GENERAL
Residency: DOMESTIC
State: DE
REGISTERED AGENT INFORMATION
Name: THE
CORPORATION TRUST COMPANY
Address: CORPORATION
TRUST CENTER
City:
State: DE Postal Code:
19801
Phone: (302)658-7581
The Subject
qualified in
Corporation
TREE ISLAND WIRE (
Number:
C1646497
Date Filed:
7/27/1989
Status: active
Jurisdiction:
Address
Agent for Service of
Process
BRUCE YOST
Managers/Key
Personnel
Mr. Daniel
McAtee President
& CEO
Ms. Rebecca
Kalis President
Mr. Garry
Flesher Vice President - Finance
Mr. Gerald
Gregoire Vice President - Sales
Mr. Stephen
Ogden Vice President and Controller
AFFILIATED ENTITIES
Halsteel Inc
Parent Companies
Parent Company: Tree Island Industries Ltd.
Ultimate
Parent:
BC
Figures are in
Thousands CAD $.
12/31/2006 12/31/2005
Sales 271,488 366,572
Net Income 16,018 19,406
Total Assets 240,791 261,421
Total Liabilities 85,038 88,537
Total Equity 155,753 172,884
As far as could be
determined, there are no subsidiaries.
BANKS
Telephone:
Facsimile:
Account Number:
Account Manager:
We could not obtain
any banking information.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
FREIGHT
07-04 07-03 VARIED 3100 300
100 0 0 0 0
GENERAL
07-05 00-00 CONTRCT 0
0 0 0
0 0 0
AIR TRANS
06-11 00-00 NET 30 0 0
0 0 0
0 0 CUST 11 YR
FACTOR
04-07 00-00 NET 30 0 0
0 0 0
0 0 CUST 29 YR
FINCL SVCS 04-11 04-08 NET30 0
0 0 0
0 0 0
LEASING
04-10 00-00 VARIED 2900 2700
0 100 0 0 0
TRANSPORTN 06-07 06-06 NET 15 7000
3600 100 0 0
0 0
CURRENT QUARTER 7900 900
100 0 0 0 0
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
BUS SERVCS 07-06 00-00 VARIED 700
700 100 0 0
0 0
COMPUTERS
07-06 00-00 0000000 100
100 100 0 0
0 0 CUST
2 YR
FINCL SVCS 07-05 07-04 CONTRCT 27400 23400
100 0 0 0
0 CUST 1 YR
FINCL SVCS 07-06 00-00 VARIED 40500
40500 100 0 0
0 0 CUST
2 YR
FREIGHT
07-04 05-09 VARIED 600 0 0
0 0 0 0
METAL
07-05 07-04 VARIED 279900 0
0 0 0
0 0 CUST
2 YR
COMPUTERS
05-12 05-03 UNK 200 0
0 0 0
0 0
LEASING
07-05 00-00 CONTRCT 8000
4600 100 0 0
0 0 CUST
1 YR
PROP MGMT
07-01 00-00 NET 30 3500 3500
4 96 0
0 0
TELECOM
05-07 00-00 NET 30 200 200
100 0 0 0 0
UTILITY
05-08 00-00 NET 15 600 300
100 0 0 0 0
CURRENT QUARTER 349200 64700
100 0 0 0 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
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--- --- --- -------- --- --- --- --- ---
20070600
0 10 0 67300 100 0
0 0 0
20070500
0 8 0 70200 100 0
0 0 0
20070400
0 5 0 57300 100 0
0 0 0
20070300
0 6 0 43400 100 0
0 0 0
20070200
0 4 0 44300 100 0
0 0 0
20070100
0 5 0 30000 100 0
0 0 0
Payment History - Quarterly Averages
BALANCE CUR 1-
31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
First
2007 0 48300 100 0
0 0 0
Fourth
2006 0 31600 100 0
0 0 0
Third
2006 0 150100 100 0
0 0 0
Second
2006 0 82600 100 0
0 0 0
First
2006 0 143600 98
2 0 0 0
FINANCIAL INFORMATION
The Company was
forwarded a fax requesting financial information. Currently we have not
received a response.
CURRENT OPERATIONS
NAICS Code: 331222
Steel Wire Drawing
SIC Code: 3315
Business Activity:
The Subject
manufactures stainless steel wire and related products.
Some of the
Company's products are listed below:
-SS Antenna Wire
-SS Bar/Straight
& Cut
-SS Shaped
& Shaping Wire
-SS Cold Heading
Wire
-SS Spring Wire
-SS Lashing Wire
-SS Nail Wire
-SS Rope Wire
-SS Weaving Wire
-SS Knitting Wire
-SS Forming Wire
-IA Pro Brochureduct
The headquarters are
at the heading address
The Subject has the
following divisions:
K-Lath
TI Wire
Industrial Alloys
PUBLIC RECORD
No derogatory legal
action was filed against the Subject nor were there any Uniform Commercial
Codes that were filed by the Subject.
A search of
bankruptcy courts revealed no record of a Company by this name filing for
bankruptcy.
GENERAL COMMENTS
The Subject
manufactures stainless steel wire and related products. The Company appears to
be well established being incorporated since 1989. No derogatory legal
information was found involving the Corporation. Also, a search of bankruptcy
courts revealed no record of a Company by this name filing for bankruptcy.
The operating
history appears to be satisfactory and no adverse information was traced. The
company is considered 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 |
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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%)