MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MIDLAND FOOD
PRODUCTS INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13/02/2004 |
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Legal Form : |
Provincially
Chartered Corporation – Private |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Undetermined |
IDENTIFICATION & EXECUTIVE
SUMMARY
Company Name: MIDLAND
FOOD PRODUCTS INC.
Address:
City:
State/Province:
Zip Code: M6H
4A1
Country:
Telephone: 416
536-5050
Facsimile: 416
536-7808
As of:
Sales / Revenue:
Net Income:
Total Equity:
Legal Form: Provincially
Chartered Corporation - Private
Website: No
Website
Business Activity:
NOTE TO CLIENT
Amount
Requested: 300,000
The amounts
requested and advised are expressed in:
USD
IMPERATIVES
Attempts to learn
about the Subject were minimally successful. The following registration
information was found for the Company:
Name: Midland Food
Products, Inc.
Reg #: 001607266
Reg date: 2/13/2004
Status: Active
Jurisdiction:
The heading address
could not be confirmed as a location of the Subject. The following listing was
found for the Company:
Midland Food
Products Inc
Phone: 416-536-5050
FAX: 416-536-7808
This address, phone,
and fax are also those of Midland Seafoods, Inc. Numerous attempts to reach management
were made. On each attempt we reached different representatives who, in each
case, asked us to call back or took a message. On our last attempt we reached
Ms. Kitty, Office Manager. Kitty took our information and soon after a director
contacted our office. This director, name withheld, declined to confirm or
discuss information on the Company.
Some representatives
of the Company stated that the name Midland Seafoods, Inc. was changed to
Midland Food Products, Inc. several years ago. We found the above active
registration, as well as a registration for Midland Seafoods, Inc. which show
them both to be active, and with separate registration numbers. We could not
determine if Midland Seafoods, Inc. is simply no longer used, or if we have
been misinformed by representatives of the Subject. The registration
information for Midland Seafoods, Inc. follows:
Midland Seafoods,
Inc.
Reg #: 001554478
Reg date: December
31, 2002
Status: Active
Jurisdiction:
--------------------------------------------------------------------------------
The following
payment history was found for the Company:
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
------------------------------------------------------------------------------
WASTE MANAGEMENT: 905-595-3330
*Apr 0 262 262
262 0 0
0
Business Services:
*Mar 0 3,334 3,334
3,334 0 0
0
------- -------
------- ------- ------- -------
P.I. =
0 90 Days 3,596
3,596 3,596 0
0 0
Reported ------- ------- ------- ------- -------
-------
Mfr-Paper Box:
*Jun 0 713 713
713 0 0
0
------- -------
------- ------- ------- -------
P.I. =
0 Total 4,309
4,309 4,309 0
0 0
Reported ------- ------- ------- ------- -------
-------
Payment C.I.
Number of Total Current Overdue
Quarters
Index Score Suppliers
Owing $ 1st 2nd
3rd
------------------------------------------------------------------------------
1 Qtr/2007
0 16 2
3,595 3,595 0
0 0
4 Qtr/2006
0 16 2
1,020 1,020 0
0 0
3 Qtr/2006
0 18 1
244 244 0
0 0
2 Qtr/2006
0 16 2
959 959 0
0 0
1 Qtr/2006
0 18 2
2,076 2,076 0
0 0
4 Qtr/2005
0 20 1
229 229 0
0 0
3 Qtr/2005
0 20 1
224 224 0
0 0
2 Qtr/2005
0 20 1
261 261 0
0 0
Outside sources such
as: telephone directories, information services, internet search engines and
others could not offer any further insight into the Subject's operational or
financial condition.
There were no
filings found against the Company.
A search of
bankruptcy courts revealed no record of a Company by this name filing for
bankruptcy.
Due to a lack of
information on the Subject, and in the absence of cooperation from management,
we are unable to form an opinion of the Subject's overall condition at this
time.
LEGAL
Legal Form: Provincially
Chartered Corporation – Private
Since (D/M/Y): 13/02/2004
State/Province of
Incorporation: ON
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
FINANCIAL INFORMATION
Financial details
were not available.
CURRENT OPERATIONS
NAICS Code: 99
Unclassified Establishments
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%)