MIRA INFORM REPORT

 

 

Report Date :

05.11.2007

 

IDENTIFICATION DETAILS

 

Name :

MIDACO CORPORATION

 

 

Registered Office :

2000 Touhy Ave Elk Grove Vlg, Il 60007-5318

 

 

Country :

United States

 

 

Date of Incorporation :

01\1977

 

 

Com. Reg. No.:

762881961

 

 

Line of Business :

Automotive Repair Shops

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow by 1 day

 

 

Litigation :

Clear

 

 

 

Company Information

 

 

MIDACO CORP
2000 TOUHY AVE
ELK GROVE VLG, IL 60007-5318
(847) 593-8420

Business Identification Number:

762881961

File Established:

PRIOR TO 01/1977

SIC code: 

AUTOMOTIVE REPAIR SHOPS, NEC - 7539

Executive Summary

 

 

  Intelliscore for MIDACO CORP

 

 

54.64

 

 

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

 

100

 

High risk

Low risk


MEDIUM TO HIGH RISK
33% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

NUMBER OF ACTIVE ACCOUNTS

BALANCE ON DELINQUENT ACCOUNTS

NUMBER OF DELINQUENT OR DEROGATORY ACCOUNTS

NUMBER OF DELINQUENT ACCOUNTS



  Current DBT range compared to all industries*

1 DBT
($19,600 Balance)

 

 

 

 

 

 

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 6 DBT        Same industry: 9 DBT

 

 

 

 

 

 

 

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings:

0

Judgment filings:

0

Total collections:

0

Sum of legal filings:

$0

UCC filings: details (FILED 11/04-04/07)

2

Cautionary UCC filings present?

Yes**



Trade Information

Monthly average DBT:

4

Highest DBT previous 6 months:

22

Highest DBT previous 5 quarters:

22

Total continuous trades:

7

Current continuous trade balance:

$19,600

Trade balance of all trades (21):

$59,900

Average balance previous 5 quarters:

$10,280

Highest credit amount extended: details

$20,000

6 month balance range:

$900 - $22,100

* Days Beyond Terms (DBT) is a dollar weighted calculation of the average number of days that payment was made beyond the invoice due date based on trades on file that have been updated in the previous 3 months.

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

  7 month DBT trends

 

90+

60

30

 


0

 


22

 


0

 


1

 


5

 


1

 


1

 

0

Apr07

May07

Jun07

Jul07

Aug07

Sep07

Current

 

  Quarterly DBT trends (previous 5 quarters)

 

90+

60

30

 


3

 


2

 


5

 


1

 


3

 

0

 

3Q06

 

4Q06

 

1Q07

 

2Q07

 

3Q07

 

 

Performance Analysis

 

Predicted DBT for 01/02/2008: 1 DBT

Payment Trend Indication:
Show No Identifiable Trend

Industry payment comparison:
Has paid sooner than 50% of similar firms

Most Frequent Industry Purchasing Terms:
NET 30, CREDIT, and CONTRCT

 

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Trade Payment Information

 

 

Trade Payment Experiences
(Trade Lines With an (*) after date are newly reported)

Account Status
Days Beyond Terms

 

Business
Category

Date
Reported

Last
Sale

 

Payment
Terms

 

Recent
High
Credit

 

Balance

Cur

1-30

31-60

61-90

91+

Comments

=BUS SERVCS

10/2007

 

NET 7

 

$1,600

$900

56%

 

44%

 

 

 

+COMPUTERS

10/2007

08/2007

CREDIT

 

$20,000

$12,700

100%

 

 

 

 

 

+OFFC SUPPL

10/2007

09/2007

CREDIT

 

$8,700

$6,000

100%

 

 

 

 

 

 PACKAGING

10/2007

 

NET 30

 

 

$0

 

 

 

 

 

CUST 7 YR

 SAFTY PROD

09/2007

 

NET 30

 

 

$0

 

 

 

 

 

CUST 1 YR

 TRUCK DLR

10/2007

 

CONTRCT

 

$2,000

$0

 

 

 

 

 

 

 WAREHOUSE

10/2007

 

VARIED

 

 

$0

 

 

 

 

 

CUST 3 YR

Trade Payment Totals

 

 

Trade Payment Experiences

Account Status
Days Beyond Terms

 

Type

Lines
Reported

 

 

 

Recent
High
Credit

 

Balance

Cur

1-30

31-60

61-90

91+

Comments

Continuously Reported

7

 

 

$32,300

$19,600

98%

 

2%

 

 

DBT: 1

Newly Reported

0

 

 

 

 

 

 

 

 

 

DBT:  

Trade Lines Totals

7

 

 

$32,300

$19,600

98%

 

2%

 

 

DBT: 1

Additional Payment Experiences

 

 

Trade Payment Experiences
(Trade Lines With an (*) after date are newly reported)

Account Status
Days Beyond Terms

 

Business
Category

Date
Reported

Last
Sale

 

Payment
Terms

 

Recent
High
Credit

 

Balance

Cur

1-30

31-60

61-90

91+

Comments

 AIR TRANS

09/2005

09/2005

 

 

<$100

$0

 

 

 

 

 

 

 AIR TRANS

11/2006

 

NET 30

 

$500

$0

 

 

 

 

 

CUST 10 YR

 BUS SERVCS

10/2006

10/2006

NET 30

 

 

$0

 

 

 

 

 

 

 COMMUNICTN

09/2006

05/2000

NET 20

 

 

$0

 

 

 

 

 

CUST 14 YR

+CRED CARD

06/2007

04/2007

REVOLVE

 

$500

$400

100%

 

 

 

 

CUST 35 YR

+ELEC SUPLR

04/2005

 

VARIED

 

$400

$300

66%

34%

 

 

 

 

-FINCL SVCS

01/2007

08/2006

NET30

 

$2,800

$2,800

 

 

 

100%

 

 

=FINCL SVCS

12/2005

 

VARIED

 

$39,500

$19,800

100%

 

 

 

 

SATSFTRY

 FREIGHT

06/2007

 

VARIED

 

$100

$0

 

 

 

 

 

 

+IRON&STEEL

07/2006

 

NET 30

 

$1,100

$400

100%

 

 

 

 

 

+LEASING

01/2005

01/2005

NOTE

 

$17,100

$16,300

100%

 

 

 

 

 

 PAINTS

12/2004

 

VARIED

 

 

$0

 

 

 

 

 

 

+PETROLEUM

02/2007

02/2007

VARIED

 

$700

$300

100%

 

 

 

 

CUST 17 YR

 PRNTG&PUBL

06/2007

 

VARIED

 

 

$0

 

 

 

 

 

 

Monthly Payment Trends

 

 

Payment Trends Analysis
AUTOMOTIVE REPAIR SHOPS, NEC INDUSTRY SIC: 7539

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

N/A

1

$19,600

 

98%

 

2%

 

 

SEP07

85%

9

1

$19,500

 

97%

 

3%

 

 

AUG07

86%

9

5

$22,100

 

89%

 

11%

 

 

JUL07

91%

5

1

$20,300

 

98%

 

2%

 

 

JUN07

91%

5

0

$19,800

 

100%

 

 

 

 

MAY07

91%

5

22

$900

 

51%

 

49%

 

 

APR07

89%

5

0

$5,500

 

99%

 

1%

 

 

Quarterly Payment Trends

 

 

Payment History - Quarterly Averages

Account Status
Days Beyond Terms

Quarter

Months

DBT

Balance

Cur

1-30

31-60

61-90

91+

Q3 - 07

JUL-SEP

3

$20,600

 

94%

 

6%

 

 

Q2 - 07

APR-JUN

1

$8,700

 

98%

 

2%

 

 

Q1 - 07

JAN-MAR

5

$7,100

 

87%

4%

9%

 

 

Q4 - 06

OCT-DEC

2

$7,700

 

96%

 

4%

 

 

Q3 - 06

JUL-SEP

3

$7,300

 

93%

 

7%

 

 

UCC Profile

 

The UCC Filings are summarized and listed below.

UCC Summary

Filings

Date Range

Year

Cautionary
UCCs**

Total
Filed

Released/
Term'd

Cont

Amended/
Assigned

JUL - PRESENT

 

2007

 

 

 

 

 

JAN - JUN

 

2007

1

1

 

 

 

JUL - DEC

 

2006

 

 

 

 

 

JAN - JUN

 

2006

 

 

 

 

 

JUL - DEC

 

2005

 

 

 

 

 

PRIOR TO JUL

 

2005

 

1

 

8

 

Total

 

1

2

 

8

 

 

** Cautionary UCC Filings include one or more of the following collateral:
Accounts, Accounts Receivable, Contracts, Hereafter Acquired Inventory, Leases, Notes Receivable or Proceeds.

 

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  UCC Filings

 

 

UCC FILED Date: 04/10/2007

Filing Number: 011985335

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: GENERAL ELECTRIC CAPITAL CORPORATION CT DANBURY 06810 10 RIV

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED


UCC FILED Date: 11/15/2004

Filing Number: 009265988

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: ARTHUR MACHINERY, INC. IL ELK GROVE VILLAGE 60007 2501 LANDM

Collateral: EQUIP


UCC CONTINUED Date: 03/11/2004

Filing Number: 008371318

Original Filing Date: 08/23/1994

Original Filing Number: 003297689

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60603 120 S LAS

Collateral:  


UCC CONTINUED Date: 06/12/1997

Filing Number: 003702291

Original Filing Date: 08/13/1992

Original Filing Number: 003019186

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60690 33 N LASA

Collateral:  


UCC CONTINUED Date: 08/27/2003

Filing Number: 007480296

Original Filing Date: 02/15/1989

Original Filing Number: 002535493

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60603 120 S LAS

Collateral:  


UCC CONTINUED Date: 02/05/1993

Filing Number: 003082107

Original Filing Date: 05/31/1988

Original Filing Number: 002432915

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60690 33 N LASA

Collateral:  


UCC CONTINUED Date: 12/12/2000

Filing Number: 004320549

Original Filing Date: 02/27/1986

Original Filing Number: 002109130

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO OF CHI IL CHICAGO 60603 12

Collateral:  


UCC CONTINUED Date: 07/07/2004

Filing Number: 008715103

Original Filing Date: 12/24/1984

Original Filing Number: 001946125

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60603 120 S LAS

Collateral:  


UCC CONTINUED Date: 03/31/2004

Filing Number: 008469555

Original Filing Date: 09/20/1984

Original Filing Number: 001914493

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60603 120 S LAS

Collateral:  


UCC CONTINUED Date: 02/02/2004

Filing Number: 008198330

Original Filing Date: 07/23/1979

Original Filing Number: 001329648

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: AMERICAN NATIONAL BANK & TRUST CO IL CHICAGO 60603 120 S LAS

Collateral:  

Commercial Finance Relationships

 

 

  Leasing Relationships

 

Leasing Company: NON-DISCLOSED

Origination Date: 01/2007

Original Lease Amount: $1,418

Lease Product Type: EQUIPMENT

Lease Close Date: 01/2008

Lease Term: 13 Months

Current Scheduled Amount Due: $109

Amount of Overdue Payments: $0

Remaining Balance: $1,064

Late Payments: 0

Company Background Information

 

 

  Additional Company Background Information

 

Key Personnel

Principal(s): 

MICHAEL P. CAYLEY, PRESIDENT

 

JON A. JOHNSON, SALES MANA

 

ROBERT DUNBAR, VICE PRESI


Primary SIC Code: AUTOMOTIVE REPAIR SHOPS, NEC - 7539

Secondary SIC Code: MACHINERY, EXCEPT ELECTRICAL, NEC - 3599

Additional SIC Code: 3544 - 3444


Number of Employees: 40

Sales: $3,000,000


 

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.

 

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