MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
FAR EAST IMPORT
SERVICES, INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
21/07/2005 |
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Legal Form : |
Corporation -
Private |
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Line of Business : |
Wholesaler plastic
wear. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: FAR
EAST IMPORT SERVICES, INC.
Address:
City:
State/Province:
Zip Code: 91352
Country: UNITED
STATES
Telephone: 818
896-1101
Facsimile: 818
897-0180
In KUSD As of:
31/12/2006
Sales /
Revenue: 50,500
Net Income:
Total Equity:
Number of Employees:
3
Legal Form: Corporation
- Private
Website: www.pmcglobalinc.com
Business Activity: The Firm is a wholesaler plastic wear.
NOTE TO CLIENT
Person Contacted:
Mr. T.C. Cheong, President
LEGAL
Legal Form: Corporation –
Private
Since (D/M/Y): 21/07/2005
State/Province of
Incorporation: DE
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Firm is
incorporated in
File Number: 4002048
Incorporation Date:
07/21/2005
Entity Name: FAR
EAST IMPORT SERVICES, INC.
Entity Kind:
CORPORATION
Entity Type: GENERAL
Residency: DOMESTIC
State:
REGISTERED AGENT INFORMATION
Name: CORPORATION
SERVICE COMPANY
Address:
City:
County: NEW CASTLE
State:
Postal Code: 19808
Phone: (302)636-5401
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The Firm is
qualified in
Corporation: FAR EAST IMPORT SERVICES, INC.
Number: C2759095
Date Filed: 7/25/2005
Status: Active
Jurisdiction:
Address:
Agent for Service of Process
CORPORATION SERVICE
COMPANY
WHICH WILL DO
BUSINESS IN CALIFORNIA AS
CSC - LAWYERS
INCORPORATING SERVICE
Managers/Key
Personnel
Mr. T.C. Cheong President
AFFILIATED ENTITIES
AFFILIATES:
PMC, Inc.
PMC Financial
Services Group, LLC
P.L.I.C.
PLIC, Inc.
PMC Science-Tech
Industries (
ASC Group, Inc
Secure Communication
Systems, Inc.
Cosrich Group, Inc.
PLASTIC SERVICES
& PRODUCTS, INC.
Parent Companies
Parent Company: PMC GLOBAL, INC.
CA
UNITED STATES
BANKS
Bank Of
CA
Telephone:
Facsimile: 415
343-9301
Account Number:
Account Manager:
The bank requires account
numbers and signatures which could not be obtained from management at this
time.
PAYMENT HISTORY
The payment record
is of the Firm's affiliate company; PLASTIC SERVICES & PRODUCTS, INC., which has similar operations
as the Firm:
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
BLDG MATRL 07-01 04-11 CREDIT 7500
2200 100 0 0
0 0 ACCTCLOSED
BUS SERVCS 07-04 00-00 NET 7 4300
4300 13 0
33 13 41
EQUIPMENT
07-04 00-00 ROI 0 0
0 0 0
0 0
EQUIPMENT
07-04 00-00 NET 30 100 0
0 0 0
0 0
FACTOR
07-03 00-00 NET 30 0 0
0 0 0
0 0
FACTOR
07-05 03-03 VARIED 0 0
0 0 0
0 0
FREIGHT
07-04 06-12 VARIED 3000 300
0 0 0
100 0
OFFC SUPPL 07-01 99-05 CREDIT 0
0 0 0 0 0
0 ACCTCLOSED
OFFC SUPPL 07-01 98-11 CREDIT 1000
0 0 0
0 0 0
PIPE
07-03 00-00 N10PRXO 0
0 0 0
0 0 0
PLUMBING
07-01 00-00 NET30 0 0
0 0 0
0 0 CUST
8 YR
PLUMBING
07-01 06-12 NET 10 34200 2300
1 77 0
22 0
TRUCK DLR
07-04 07-03 NET PRX 5200
1900 27 40
32 0 1
AIR TRANS
06-11 00-00 NET 30 0 0
0 0 0
0 0 CUST
2 YR
CHEMICALS
05-07 05-05 NET 30 2600 700
0 100 0 0 0
CRED CARD
07-05 07-04 REVOLVE 3500
1300 100 0 0
0 0 CUST 14 YR
ELEC SUPLR 04-08 04-06 2/10N30 0 0
0 0 0
0 0
FACTOR
06-12 03-12 0000000 0
0 0 0
0 0 0
FREIGHT
04-09 00-00 NET30 2300 2300
33 67 0
0 0 CUST
9 YR
HEATNG& A/C 05-07 00-00 NET 30 700
700 0 100 0
0 0
LEASING
04-10 00-00 VARIED 123200 123200
0 61 38
1 0
MANUFCTRNG 05-07 00-00 NET 30 1100
200 1 99
0 0 0
MED SUPPLY 06-04 00-00 VARIED 0 0
0 0 0
0 0
METAL DIST 05-02 03-11 1/10N30 0 0
0 0 0
0 0 CUST
8 YR
NURSRY SUP 04-11 04-09 NET 30 35900
35900 0 100 0
0 0
PACKAGING
04-09 00-00 NET 30 400 400
100 0 0 0
0 CUST 19 YR
SAFTY PROD 06-03 00-00 NET 30 700
0 0 0
0 0 0
CUST 1 YR
SERVICES
05-07 05-03 VARIED 109200 0
0 0 0
0 0
TELECOM
05-03 00-00 NET 30 0 0
0 0 0
0 0 CUST 23 YR
TRANSPORTN 06-07 00-00 NET 15 0
0 0 0 0 0
0 ACCTCLOSED
UTILITY
05-09 00-00 NET 30 75000 75000
100 0 0 0
0 CUST 4 YR
WHLSE TRAD 06-09 00-00 NET 30 0
0 0 0
0 0 0
CURRENT QUARTER 55300 11000
30 23 19
12 16
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
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--- --- --- -------- --- --- --- --- ---
20070400
0 10 36 12500 35
19 16 17 13
20070300
0 11 33 11600 30
26 26 4 14
20070200
0 9 27 12800 36
36 9 7 12
20070100
0 6 30 9900 42
16 25 4 13
20061200
0 6 32 9400 33
22 29 3 13
20061100
0 5 27 7800 39
32 13 0 16
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
First
2007 33 12300 33
27 17 10 13
Fourth
2006 30 9000
39 22 23
2 14
Third
2006 21 8100 70
6 8 0 16
Second
2006 35 4700 59
2 9 2 28
First
2006 16 6000 77
0 12 2 9
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End
(D/M/Y): 31/12/2006 31/12/2006 31/12/2006
Consolidated
Sales /
Revenues 50,500 - -
Mr. Cheong declined
to provide financial statements, however stated that the Firm had sales in 2006
of approximately US$50.5 million.
CURRENT OPERATIONS
NAICS Code: 42
Wholesale Trade
Number of
Employees: 3
Business Activity:
The Firm is a
wholesaler plastic wear.
The Firm imports
from,
The heading address
is the Firm's sole location, which is owned by its' parent company; PMC GLOBAL,
INC
PUBLIC RECORD
No Uniform
Commercial Codes, tax liens or bankruptcy petitions were traced to the Firm.
GENERAL COMMENTS
The Firm is a well established
wholesaler plastic wear. The presented payment record is generally
satisfactory. No Uniform Commercial Codes, tax liens or bankruptcy petitions
were traced to the Firm, however previous quarters reviewed showed some mixed
payments. The Firm is considered responsible for normal trade relations.
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%)