MIRA INFORM REPORT

 

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

CLEO FOODS INC.

 

 

Registered Office :

9580 L'Acadie Suite 290, Montreal, Quebec, H4N EL8                     

 

 

Country :

Canada                       

 

 

Date of Incorporation :

25/05/1987

 

 

Legal Form :

Federally Chartered Corporation - Private

 

 

Line of Business :

Distributes dry products, dry fruits, nuts and spices.

 

 

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 : CLEO FOODS INC.

Address                        : 9580 L'Acadie Suite 290

City                              : MONTREAL                    

State/Province               : QUEBEC                      

Zip Code                       : H4N EL8                      

Country                         : CANADA                      

Telephone                     : 514 383-6081                

Facsimile                      : 514 383-0625                

Founded (D/M/Y)           : /  /1987

In KCAD  As of              : 31/12/2006

Sales / Revenue : 3,000  

Net Income                    :

Total Equity                   :

Number of Employees    : 4  

Legal Form                    : Federally Chartered Corp. - Private

Website                        : N/A

Maj. Shareholder            : Mr. Samir Katcho

Rating Opinion               : up to $20,000

Business Activity           : The Company distributes dry products, dry fruits, nuts and spices.

 

 

NOTE TO CLIENT

 

NOTE:: LEGAL NAME:   CLEO FOODS INC.

ORDERED NAME: ALIMUTO CLEO FOODS INC.

 

PLEASE NOTE THAT THE ORDERED NAME IS INCORRECT.

 

Please note that the ordered address, 7750 RUE MAURICE UNPLISSIS, MONTREAL, QC, is an incorrect spelling of 7750 RUE MAURICE DUPLESSIS, the Owner's home address.  The heading address is the correct address.

 

Person Contacted: Mr. Samir Katcho, President and Owner.  Mr. Katcho verified and updated the information presented to him.

 

Rating:  Credit can be reasonably accepted up to $20,000.

 

Amount Requested:         300,000  

 

The amounts requested and advised are expressed in:   EUR

 

 

LEGAL

 

Legal Form                                : Federally Chartered Corp. - Private     

Since (D/M/Y)                            : 25/05/1987

State/Province of Incorporation    : Canada

Status                                       : ACTIVE

Previous Legal Form                   :

 

Company is NOT required to publish an annual financial report.

 

The Company federally Chartered in Canada under the following registration:

 

Corporation #2191644

BN #100137462RC0001

Corporation Name(s): ALIMENTS CLEO INC. / CLEO FOODS INC.

Old Name(s) and Change Date(s)

155767 CANADA INC. - 1987/09/23

Mailing Address: [Latest address on file]

Care of:

Street: 9580 L'ACADIE #290

City: MONTREAL

Province: Quebec

Postal Code: H4N1L8

Country: Canada

Registered Office Address: [Latest address on file]

Care of:

Street: 9580 L'ACADIE #290

City: MONTREAL

Province: Quebec

Postal Code: H4N1L8

Country: Canada

Reg. Off. Eff: 2006/08/29

Status                                       Date

Active                                       1996/10/10

Dissolution in Progress               1996/09/01

Incorporation                              1987/05/25

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

The Company provincially qualified in Quebec under the following registration:

 

File Number: 1143307099

Legal Name: ALIMENTS CLEO INC. (French Version)

Incorporation Date: 5/25/1987

Last Annual Report: 2/8/2006

Location: Canada

Address: 9580, ACADIE SUITE 290

               MONTRÉAL QC H4N 1L8

 

 

Managers/Key Personnel

 

Mr. Samir Katcho                       President

 

 

OWNERS

 

Mr. Samir Katcho                            100.00%        Majority

 

The Company has no subsidiaries or affiliates.

 

 

BANKS

 

Toronto Dominion Bank

1201 BD LAIRD

MOUNT-ROYAL PQ  H3P 2S9

Telephone: 514-289-0352

Facsimile: 514-289-1202

Account Number:

Account Manager:

Account Opened: Less Than One Year

No Returned Checks

Line of Credit: Low 6 Figures

Utilized: Low 6 Figures

 

 

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:

 *Feb                0            1,105   1,105       0       0       0   1,105

 Transportation Serv:

 *Dec                0              342     342     223      84      35       0

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

 P.I. =  79           90 Days     1,447   1,447     223      84      35   1,105

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

 

 Trucking:

 *Mar                0              577     577       0       0     577       0

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

 P.I. =  76           Total       2,024   2,024     223      84     612   1,105

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

 

 PAYMENT TRENDS

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

           Payment  C.I.  Number of  Total   Current             Overdue

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

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

 4 Qtr/2006  80      29         2    1,447       223       84       35    1,105

 3 Qtr/2006  65      37         2    1,712       573       34        0    1,105

 2 Qtr/2006  86      43         2    1,409        40      207       57    1,105

 1 Qtr/2006  67      48         1      577         0        0      577        0

 4 Qtr/2005  90      26         2    1,262        75       82        0    1,105

 3 Qtr/2005  72      24         2      786        36      200      144      406

 2 Qtr/2005  49      22         4    2,739       849      718      232      940

 1 Qtr/2005   1      26         2      436       429        7        0        0

 4 Qtr/2004  65      36         2      732        15        5      712        0

 

 

FINANCIAL INFORMATION

 

FINANCIAL FIGURES

 

 Year-End (D/M/Y):               31/12/2006         31/12/2006         31/12/2006

                                 Consolidated

 Sales / Revenues                    3,000              -                -    

 

Mr. Katcho declined to provide financial statement information over the phone.  He did state net sales for 2006 were CAD 3 Million.  He accepted a fax request to provide additional financial statement information.  If we receive a response we will amend the report accordingly.

 

 

CURRENT OPERATIONS

 

NAICS Code:   42249     Other Grocery and Related Products Wholesalers

SIC Code:     5149

 

Number of Employees:               4  

 

Business Activity:

The Company distributes dry products, dry fruits, nuts and spices.

 

The Company imports mainly from Morocco, Turkey, China, Spain, and Portugal, with some minor exportation to the United States.

  

The heading address is the sole location for the Subject.  The facility consists of 1,200 square feet of leased office space.

 

 

PUBLIC RECORD

 

A search of public revealed no derogatory information, Uniform Commercial Codes, or bankruptcy petitions.

 

 

GENERAL COMMENTS

 

The Subject, founded in Canada in 1987, is engaged as an importer and wholesaler of foods and spices.  The payment record is limited, however, generally satisfactory and the operating history is clear.  No derogatory information or bankruptcy petitions were reported or noted.  The Company is responsible for normal business transactions.

 


 

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