MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SANDBAR
INTERNATIONAL CORP. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
21/05/2002 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacture and
retail of leather handbags. |
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 : |
Slow but correct |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: SANDBAR
INTERNATIONAL CORP.
Address:
City:
State/Province:
Zip Code: 33445
Country: UNITED
STATES
Telephone: 561
278-8825
Facsimile: 561
278-8827
As of: 31/12/2006
Sales /
Revenue: 980,000
Net Income: 50,000
Total Equity: 73,000
Number of Employees:
3
Legal Form: Private
Company
Website: www.sandbarcorp.com
Maj.
Shareholder: Mr. Guillermo E. Monroy
Business Activity: The Subjects is engaged in the
manufacture and retail of leather handbags.
NOTE TO CLIENT
Person Contacted:
Mr. Bill Monroy, President.
Mr. Monroy verified
all the information in this report.
******************************************UPDATE**********************
Mr. Monroy provided
selected financial figures which have
been added to the report.
*******************************************UPDATE*********************
LEGAL
Legal Form: Private Company
Since (D/M/Y): 21/05/2002
State/Province of
Incorporation: FL
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
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Florida Profit
Corporation
SANDBAR
INTERNATIONAL CORPORATION
Filing Information
Document Number
P02000056600
FEI Number 900059588
Date Filed
05/21/2002
Status ACTIVE
Effective Date NONE
Principal Address
Changed 04/27/2005
Mailing Address
Changed 04/27/2005
Registered Agent Name & Address
MONROY, GUILLERMO E
Address Changed:
04/27/2005
Officer/Director
Detail
Annual Reports
Report Year Filed
Date
2005 04/27/2005
2006 04/27/2006
2007 04/26/2007
Managers/Key
Personnel
Mr. Guillermo E.
Monroy President
Mr. Kelly
Taggart Vice President
OWNERS
Mr. Guillermo E.
Monroy % Majority
AFFILIATED ENTITIES
There are no
affiliated companies, businesses, divisions or subsidiaries.
BANKS
Wachovia
FL
Telephone: 561
533-7750
Facsimile:
Account Number:
2000015438296
Account Manager:
We have not yet received
a response from the bank.
Bank United
FL
Telephone: 561
369-4688
Facsimile: 561
369-3529
Account Number:
Account Manager:
The Company did not
provide us with an account number. The Bank requires an account number for a
reference.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
AIR TRANS
07-03 07-02 0000000 2600
1700 27 5
4 22 42
CUST 2 YR
FRGHT FWRD 07-06 07-06 NET 30 2300
2300 100 0 0
0 0
PACKAGING
07-06 00-00 NET 30 900 400
0 100 0 0
0 CUST 4 YR
AIR TRANS
06-11 00-00 NET 30 200 0 0
0 0 0
0 CUST 3 YR
BUS SERVCS 07-02 07-02 NET 30 0
0 0 0
0 0 0
FACTOR
07-02 06-03 NET 90 400 0
0 0 0
0 0
CURRENT QUARTER 3500 2100
23 21 3
18 35
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070600
0 6 52
2100 40
4 3 18 35
20070500
0 7 57 2000 32
4 9 19 36
20070400
0 6 47 2600 30
18 9 15 28
20070300
0 7 13 3500 21
74 5 0 0
20070200
0 7
13 3500 21
74 5 0 0
20070100
0 6 11 3200 26
74 0 0 0
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Second
2007 54 2100 32
10 5 18 35
First
2007 23 3200 23
59 6 4 8
Fourth 2006 7 2300 54
45 1 0 0
Third
2006 7 1700 54
46 0 0 0
Second
2006 17 1600 55
12 33 0 0
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/12/2006 31/12/2005 31/12/2004
Consolidated
Consolidated Consolidated
Sales / Revenues 980,000 982,103 943,969
Gross Margin 460,000 461,286 441,517
RESULTS
Income Tax - 2,300 -
Net Income 50,000 48,208 47,896
ASSETS
Cash and Equivalents 20,000 18,619 22,371
Inventory 45,000 43,300 52,700
Accounts Receivables 45,000 46,300 41,924
Total Current Assets 110,000 108,219 116,995
Property Plant & Equip 4,000 4,000 4,000
Other Fixed Assets - -
Total Fixed Assets 49,000 50,300 45,924
Intangibles
- -
Total Assets 159,000 112,219 162,919
LIABILITIES
Trade Creditors 25,000 31,620 24,690
Other Current Liab 16,000 18,760 19,950
Total Current Liab 41,000 50,380 44,640
Total Liabilities 41,000 50,380 44,640
EQUITY
Total Equity 73,000 61,839 76,355
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
31/12/2006 31/12/2005 31/12/2006
31/12/2005
Cash and Equivalents 20,000 18,619 12.58 16.59
Inventory 45,000 43,300 28.30 38.59
Total Current Assets 110,000 108,219 69.18
96.44
Total Assets 159,000 112,219 100.00
100.00
Total Current Liab 41,000 50,380 25.79 44.89
Total Liabilities 41,000 50,380 25.79 44.89
Total Equity 73,000 61,839 45.91 55.11
The above sales
figure is reported to be " consolidated" , however should be viewed
as individual for just the Subject.
CURRENT OPERATIONS
NAICS Code: 44832
Luggage and Leather Goods Stores
SIC Code: 5948
NAICS Code: 811
Repair and Maintenance
Number of Employees
: 3
Business Activity:
The Subjects is
engaged in the manufacture and retail of leather handbags.
The Company features
" Totes" products. In addition
to its retail sales, the Subject also provides repair services for leather
goods.
Target Market:
Promotional products, retail, mail order, internet.
The heading address is
the Company's headquarters and sole location with 3,000 square feet of rented
space where it oversees day-to-day operations.
TRADE REFERENCES
Name: A Custom
Brokers
Address:
Tel:305 805-6797
Fax:305 805-6798
Contact: Gabriel
Rodriguez
Notes: We have been
requested by the above to fax for a credit reference. We have not yet received
a response.
Name: Kwik Print Co,
Inc.
Address:
Tel: 904 737-3755
Fax: 904 730-3755
Contact: Jay Cann
Notes: We have been
requested by the above to fax for a credit reference. We have not yet received
a response.
PUBLIC RECORD
Name Searched:
SANDBAR INTERNATIONAL CORP.
Debtor Address:
SANDBAR INTERNATIONAL CORPORATION
1499 SW 30 AVENUE
Secured Parties: BANKUNITED,
FSB
Filing Date:
10/12/2004
Filing Number:
200408068203
Filing Type: INITIAL
FILING
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Legal records
indicate no litigation taken against the Subject. No bankruptcy petitions were
filed under the Subject's name.
GENERAL COMMENTS
Sandbar International
Corp. was incorporated in 2002. The company manufactures its leather products,
is a retailer of "Totes" products and provides repair of leather
goods. The payment record reflects some slowness. A search of public records
and bankruptcy courts returned 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%)