MIRA INFORM REPORT

 

 

Report Date :

27.02.2007

 

IDENTIFICATION DETAILS

 

Name :

TITAN METALS CORPORATION

 

 

Registered Office :

2626 South Loop West Suite 530, Houston, Texas 77054                       

 

 

Country :

United States               

 

 

Date of Incorporation :

29/05/2001

 

 

Legal Form :

Corporation – Private

 

 

Line of Business :

Exporter of non-ferrous metals.

 

 

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 : TITAN METALS CORPORATION

Address                        : 2626 SOUTH LOOP WEST SUITE 530

City                              : HOUSTON

State/Province               : TEXAS                               

Zip Code                       : 77054                       

Country                         : UNITED STATES               

Telephone                     : 713 432-9696                

Facsimile                      : 713 432-9797                   

As of                             : --

Sales / Revenue : --

Net Income                    : --

Total Equity                   : --

Number of Employees    : 4

Legal Form                    : Corporation - Private

Website                        : No website

Business Activity           : The Subject is a exporter of non-ferrous metals.

 

 

NOTE TO CLIENT

 

Contacted person; Ms. Nivhi (no last name provided).

 

Ms. Nivhi provided and confirmed general business information about the Company. She was unable to provide banking or financial information. She stated management is out of town on business until March 2nd, 2007. We sent a fax requesting information for this report.  If we receive a response, an update will be provided.

 

As a result, information in this report could not be confirmed by management.

 

 

LEGAL

 

Legal Form                                : Corporation - Private                    

Since (D/M/Y)                            : 29/05/2001

State/Province of Incorporation    : TX

Status                                       : ACTIVE

Previous Legal Form:

Company is NOT required to publish an annual financial report.

 

The Company is incorporated is in the State of Texas.

 

Company Information:

TITAN METALS CORPORATION

2626 SOUTH LOOP W STE 530

HOUSTON, TX 77054-5613

 

Status: IN GOOD STANDING

Registered Agent: MUKESH TURAKHIA

   1307 MEADOW LARK LANE

   SUGAR LAND, TX 77478

Registered Agent Resignation Date:

State of Incorporation: TX

File Number: 0163077000

Charter/COA Date: May 29, 2001

Charter/COA Type: Charter

Taxpayer Number: 17606814774

 

 

Managers/Key Personnel

 

MR. MUKESH TURAKHIA                    President

 

 

AFFILIATED ENTITIES

 

The Company has no affiliates or subsidiaries.

 

 

BANKS

 

TX

Telephone:

Facsimile:

Account Number:

Account Manager:

 

We sent a fax requesting banking information for this report. If we receive a response, an update will be provided.

 

 

PAYMENT HISTORY

 

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

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

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

 AIR TRANS  06-11 00-00 NET 30  600      300      0   8   0   0   92  COLLECTION

 FACTOR     07-01 00-00 NET 30  0        0        0   0   0   0   0

 

 FACTOR     05-09 00-00 NET 30  0        0        0   0   0   0   0

 LEASING    07-01 00-00 CONTRCT 0        0        0   0   0   0   0

 LEASING    06-03 00-00 CONTRCT 6300     0        0   0   0   0   0   CUST  1 YR

 OFFC SUPPL 04-08 02-11 CREDIT  4600     4600     66  4   0   0   30

 TELECOM    04-06 00-00 NET 30  0        0        0   0   0   0   0

 CURRENT QUARTER                600      300      0   8   0   0   92

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

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

 20070200  0      5         98           300      0   8   0   0   92

 20070100  0      4         98           300      0   8   0   0   92

 20061200  0      4         98           300      0   8   0   0   92

 20061100  0      4         0            0        0   0   0   0   0

 20061000  0      4         0            0        0   0   0   0   0

 20060900  0      5         0            0        0   0   0   0   0

 

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

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

 Fourth   2006              0            0        0   0   0   0   0

 Third    2006              0            0        0   0   0   0   0

 Second   2006              0            0        0   0   0   0   0

 First    2006              22           300      47  37  0   0   16

 Fourth   2005              16           400      77  9   0   0   14

 

 

FINANCIAL INFORMATION

 

We sent a fax requesting financial information for this report. If we receive a response, an update will be provided.

 

 

CURRENT OPERATIONS

 

NAICS Code:   42        Wholesale Trade

 

Number of Employees:               4  

 

Business Activity:

The Subject is a exporter of non-ferrous metals.

 

The heading address is the headquarters and sole location of the Subject.

 

 

PUBLIC RECORD

 

No liens, judgments or bankruptcy filings were found.

 

 

GENERAL COMMENTS

 

The Subject is an exporter of non-ferrous metals. The payment history shows the Company has been less than efficient with its payments. Legal indicate no negative litigation taken against the Subject. Thus, they are considered to be capable of handling 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