MIRA INFORM REPORT

 

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

CROCODILE, LTD

 

 

Registered Office :

350 South Main St., Ann Arbor, Michigan 48109

 

 

Country :

United States               

 

 

Date of Incorporation :

30/10/1973

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Retailer of men's and women's clothing.

 

 

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 :

Slow but correct

 

 

Litigation :

Clear

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name : CROCODILE, LTD

Address                        : 350 SOUTH MAIN ST.

City                              : ANN ARBOR

State/Province               : MICHIGAN                             

Zip Code                       : 48109                       

Country                         : UNITED STATES               

Telephone                     : 734-769-8511                

Facsimile                      : 734-769-9927                

As of                             : 31/10/2006

Sales / Revenue : 1,250,000  

Net Income                    : 56,000  

Total Equity                   : 520,593  

Number of Employees    : 4  

Legal Form                    : Limited Company

Website                        : www.renaissanceannarbor.com

Business Activity           : The Company is engaged as a retailer of men's and women's clothing.

 

 

NOTE TO CLIENT

 

PLEASE NOTE: The provided name, RENAISSANCE, is a trade name for CROCODILE, LTD., located at the provided address and for which the subsequent report follows.

 

Mr. Roger Popus, President, provided the following information contained in this report.

 

 

LEGAL

 

Legal Form                                : Limited Company                          

Since (D/M/Y)                            : 30/10/1973

State/Province of Incorporation    : MI

Status                                       : ACTIVE

Previous Legal Form                   :

 

Company is NOT required to publish an annual financial report.

 

The Company is registered in Michigan:

 

Entity Name                                          : CROCODILE, LTD

ID Num                                                 : 008475

Type of Entity                                        : Domestic Profit Corporation

Resident Agent                                      : ADRIAN R. POTHUS

Registered Office Address                      : 350 S MAIN ST  ANN ARBOR   MI  481042131

Formed Under Act Number(s)                  : 284-1972

Incorporation/Qualification Date               : 10-30-1973

Jurisdiction of Origin                               : MICHIGAN

Year of Most Recent Annual Report         : 06

Status                                                   : ACTIVE

 

 

 

 

Managers/Key Personnel

 

Mr. Roger Popus                        President

 

 

AFFILIATED ENTITIES

 

Management reports no affiliates or subsidiaries.

 

 

BANKS

 

MI

Telephone:

Facsimile:

Account Number:

Account Manager:

 

We could not obtain any bank information.

 

 

PAYMENT HISTORY

 

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

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

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

 FACTOR     06-12 00-00 VARIED  27200    8300     0   0   75  25  0

 NEWSPAPERS 07-02 00-00 NET 30  2300     800      100 0   0   0   0

 

 FACTOR     05-05 05-05 VARIED  44100    31600    0   46  38  0   16

 FACTOR     05-03 04-04 NET 30  2600     0        0   0   0   0   0

 PAPER PROD 05-06 00-00 NET 30  0        0        0   0   0   0   0

 CURRENT QUARTER                29500    9100     8   0   69  23  0

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

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

 20070200  0      11        53           8300     0   0   75  25  0

 20070100  0      9         42           10600    21  0   59  20  0

 20061200  0      8         15           17300    3   97  0   0   0

 20061100  0      7         0            19000    100 0   0   0   0

 20061000  0      7         0            16700    100 0   0   0   0

 20060900  0      7         67           14600    36  0   0   0   64

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

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

 Fourth   2006              14           15600    47  36  13  4   0

 Third    2006              49           14600    51  0   0   7   42

 Second   2006              47           14500    17  8   41  28  6

 First    2006              43           11600    47  10  1   9   33

 Fourth   2005              20           18600    43  33  11  13  0

 

FINANCIAL INFORMATION

 

FINANCIAL FIGURES

 

 Year-End (D/M/Y):               31/10/2006         31/10/2006         31/10/2006

                                 Consolidated

 Sales / Revenues                1,250,000              -                -    

 

 RESULTS

 Net Income                         56,000              -                -    

 

 ASSETS

 Total Current Assets              726,000              -                -    

 Total Assets                      760,593              -                -    

 

 LIABILITIES

 Total Current Liab                208,000              -                -    

 Total Liabilities                 240,000              -                -    

 

 EQUITY

 Total Equity                      520,593              -                -    

 

 FINANCIAL ANALYSIS

 

                           Actual           Previous    Percentage of total assets

                           31/10/2006      31/10/2006    31/10/2006  31/10/2006

 Total Current Assets       726,000                0        95.45     95.45

 Total Assets               760,593                0       100.00    100.00

 Total Current Liab         208,000                0        27.35     27.35

 Total Liabilities          240,000                0        31.55     31.55

 Total Equity               520,593                0        68.45     68.45

 

The above financial figures were provided over the phone by Management and are in actual USD.

 

 

CURRENT OPERATIONS

 

NAICS Code:   448       Clothing and Clothing Accessories Stores

 

Number of Employees:               4  

 

Business Activity:

The Company is engaged as a retailer of men's and women's clothing.

 

The headquarters are at the above-noted address and is the sole location of the Subject.

 

 

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

 

Since 1971, the Subject has been engaged as a well-established retailer of men's and women's clothing. Payment records are slow and a search of public records and bankruptcy courts returned no derogatory information or record of the Company filing a bankruptcy petition. Financial figures indicate that the Subject was profitable this past year.

 

 

 

 

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%)