MIRA INFORM REPORT

 

 

Report Date :

19.06.2007

 

IDENTIFICATION DETAILS

 

Name :

SOONEST EXPRESS, INC.

 

 

Registered Office :

433 Airport Boulevard, Burlingame, California - 94010                       

 

 

Country :

United States               

 

 

Date of Incorporation :

20/02/1997

 

 

Legal Form :

Corporation – Private

 

 

Line of Business :

Engaged as an international freight forwarder.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name:            SOONEST EXPRESS, INC.

Address:                       433 AIRPORT BOULEVARD

City:                             BURLINGAME

State/Province:              CALIFORNIA                           

Zip Code:                      94010                       

Country:                                    UNITED STATES               

Telephone:                    650 342-3833                

Facsimile:                     650-342-0185                

As of:

Sales / Revenue:

Net Income:

Total Equity:

Number of Employees:   22  

Legal Form:                   Corporation - Private

Website:                       www.soonest.com

Business Activity:          The Company is engaged as an international freight forwarder.

 

 

NOTE TO CLIENT

 

NOTE: The provided address: 48 DOUGHTY BOULEVARD SUITE 225, INWOOD, NY 11096 is a branch location. The Subject is headquartered at the heading address.

 

NOTE: We reached Ms. Betty (last name declined)in the Accounting Dept. She declined to provide any information whatsoever. As such, general information in this report cannot be confirmed.

 

 

LEGAL

 

Legal Form:                               Corporation – Private

Since (D/M/Y):                           20/02/1997

State/Province of Incorporation:   NY

Status:                                                  ACTIVE

Previous Legal Form:

 

Company is NOT required to publish an annual financial report.

 

CALIFORNIA SECRETARY OF STATE:

 

SOONEST EXPRESS, INC.

Number:            C2002375

Date Filed:        2/20/1997

Status:              active

Jurisdiction:       California

Address

433 AIRPORT BLVD STE 501

BURLINGAME, CA 94010

Agent for Service of Process

KANG Y SUN

1113 230TH ST

CARSON, CA 90745

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

Selected Entity Status Information

Current Entity Name:      SOONEST EXPRESS INC.

Initial DOS Filing Date:   MAY 11, 2001

County:                         NEW YORK

Jurisdiction:                   NEW YORK

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)

SOONEST EXPRESS INC.

102-14 86TH STREET

OZONE PARK, NEW YORK, 11416

Registered Agent

NONE

 

NOTE: New York State does not issue organizational identification numbers.

 

 

Managers/Key Personnel

 

Mr. M.C. Ku                            President

 

 

AFFILIATED ENTITIES

 

The Company's website reports no affiliates or subsidiaries.

 

Parent Companies

 

Parent Company:    Soonest Express Co. Ltd.

                               JAPAN

 

 

BANKS

 

CA

Telephone:

Facsimile:

Account Number:

Account Manager:

 

Management declined to provide any bank information.

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

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

 AIR TRANS  07-03 00-00 0000000 1800     1400     100 0   0   0   0   CUST 10 YR

 BANK       07-05 06-02 CONTRCT 50000    0        0   0   0   0   0

 

 FACTOR     07-05 06-07 VARIED  5500     0        0   0   0   0   0

 FINCL SVCS 07-06 07-05 CONTRCT 0        0        0   0   0   0   0   SATSFTRY

 FREIGHT    07-05 00-00 NET 15  16100    16100    90  10  0   0   0

 FRGHT FWRD 07-04 03-11 NET 30  0        0        0   0   0   0   0

 FRGHT FWRD 07-05 07-05 VARIED  2700     600      14  86  0   0   0

 FRGHT FWRD 07-06 07-02 NET 30  100      0        0   0   0   0   0   CUST  8 YR

 TELECOM    07-05 00-00 NET 30  1800     400      100 0   0   0   0

 AIR TRANS  06-11 00-00 NET 30  0        0        0   0   0   0   0   CUST  3 YR

 AUTOMOTIVE 06-04 00-00 VARIED  20000    0        0   0   0   0   0   CUST  2 YR

 AUTO LEASE 04-08 00-00 VARIED  28400    0        0   0   0   0   0   CUST  4 YR

 FACTOR     06-09 00-00 NET 30  1800     300      100 0   0   0   0

 GENERAL    05-02 02-03 NET 30  0        0        0   0   0   0   0   CUST  7 YR

 LEASING    05-01 05-01 NOTE    11700    9900     100 0   0   0   0

 OFFC SUPPL 05-02 04-12 NET     600      0        0   0   0   0   0   CUST  1 YR

 OFFC SUPPL 07-01 01-05 CREDIT  4000     0        0   0   0   0   0   ACCTCLOSED

 OFFC SUPPL 07-01 00-00 CREDIT  5000     0        0   0   0   0   0

 PACKAGING  06-09 00-00 NET 30  0        0        0   0   0   0   0   CUST  3 YR

 TRANSPORTN 04-07 03-09 VARIED  500      500      0   0   0   0   100

 TRANSPORTN 06-07 00-00 NET 15  0        0        0   0   0   0   0   ACCTCLOSED

 CURRENT QUARTER                78000    18500    89  11  0   0   0

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

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

 20070600  0      7         2            19800    89  11  0   0   0

 20070500  0      6         0            12700    100 0   0   0   0

 20070400  0      12        0            2900     100 0   0   0   0

 20070300  0      12        0            1900     100 0   0   0   0

 20070200  0      12        0            4600     100 0   0   0   0

 20070100  0      9         0            1800     100 0   0   0   0

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

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

 First    2007              0            2900     100 0   0   0   0

 Fourth   2006              0            1700     100 0   0   0   0

 Third    2006              0            2900     100 0   0   0   0

 Second   2006              1            5100     93  7   0   0   0

 First    2006              1            3800     93  7   0   0   0

 

 

FINANCIAL INFORMATION

 

Management declined to provide any financial information. An outside source indicates an annual net sales figure of US$3.1 million.

 

 

CURRENT OPERATIONS

 

NAICS Code:   4885      Freight Transportation Arrangement

 

Number of Employees:              22  

 

 

Business Activity:

The Company is engaged as an international freight forwarder.

 

The headquarters are at the heading address. The Company's website reports additional locations worldwide.

 

 

PUBLIC RECORD

 

A Nationwide search of public and bankruptcy courts revealed no Uniform Commercial Codes, tax liens, legal actions or bankruptcy filings under the Subject's name.

 

 

GENERAL COMMENTS

 

The Company is engaged as an established international freight forwarder.  Payment records are considered to be generally satisfactory and a search of public records and bankruptcy courts returned no derogatory information or record of the Company filing a bankruptcy petition.

 

 

 

 

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