MIRA INFORM REPORT

 

 

Report Date :

20.11.2007

 

IDENTIFICATION DETAILS

 

Name :

GLOPACK INC

 

 

Registered Office :

48 N 15th St, Brooklyn, NY 11222-2802

 

 

Country :

United States

 

 

Date of Incorporation :

09/19/1996

 

 

Legal Form :

Institutions

 

 

Line of Business :

Business Services.

Bags: Plastics, Laminated & Coate

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

Company Information

 

 

GLOPACK INC
48 N 15TH ST
BROOKLYN, NY 11222-2802
(718) 349-9813

Business Identification Number:

703023975

File Established:

06/1997

Date of Incorporation:

09/19/1996

SIC code: 

BUSINESS SERVICES, NEC - 7389

 

Executive Summary

 

 

  Intelliscore for GLOPACK INC

 

 

74.02

 

 

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

 

100

 

High risk

Low risk


LOW TO MEDIUM RISK
77% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

NUMBER OF ACTIVE ACCOUNTS

NUMBER OF DELINQUENT ACCOUNTS

PRESENCE OF AN INCONSISTENT PAYMENT TREND

NUMBER OF CURRENT ACCOUNTS



  Current DBT range compared to all industries*

0 DBT
($104,700 Balance)

 

 

 

 

 

 

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 6 DBT        Same industry: 5 DBT

 

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings:

0

Judgment filings:

0

Total collections: details (PLACED 10/03)

1

Sum of legal filings:

$0

UCC filings:

0

Cautionary UCC filings present?

No



Trade Information

Monthly average DBT:

4

Highest DBT previous 6 months:

14

Highest DBT previous 5 quarters:

37

Total continuous trades:

7

Current continuous trade balance:

$104,700

Trade balance of all trades (16):

$107,100

Average balance previous 5 quarters:

$4,040

Highest credit amount extended: details

$1,500,000

6 month balance range:

$3,100 - $206,800

* 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.

 

 

  7 month DBT trends

 

90+

60

30

 


6

 


14

 


8

 


0

 


0

 


0

 


0

 

0

May07

Jun07

Jul07

Aug07

Sep07

Oct07

Current

 

  Quarterly DBT trends (previous 5 quarters)

 

90+

60

30

 


24

 


37

 


8

 


7

 


7

 

0

 

3Q06

 

4Q06

 

1Q07

 

2Q07

 

3Q07

 

 

Performance Analysis

Predicted DBT for 01/16/2008: 1 DBT

Payment Trend Indication:
Are Improving Toward Term Requirements

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

Most Frequent Industry Purchasing Terms:
NET 30, CREDIT, and 0000000

 

 

 

 

Legal Filings and Collections

 

 

  Collections

Date
Placed

Status

Original
Balance

Outstanding
Balance

Date
Closed

Agency

Agency
Phone

10/2003

Open Account

$150

 

$150

 

 

ENVIRONMENTAL CONTROL BOARD

(212) 361-1400

 

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

+BANK

10/2007

10/2007

CONTRCT

 

$1,500,000

+$100,000

100%

 

 

 

 

 

+BUS SERVCS

11/2007

 

VARIED

 

$200

$200

100%

 

 

 

 

 

 MISC MANUF

10/2007

05/2007

NET 30

 

$400

$0

 

 

 

 

 

CUST 9 YR

=OFFC SUPPL

11/2007

09/2006

CREDIT

 

$4,000

$100

68%

32%

 

 

 

 

 OFFC SUPPL

11/2007

10/2007

CREDIT

 

$4,000

$0

 

 

 

 

 

 

=PACKAGING

11/2007

10/2007

NET 30

 

$800

$200

100%

 

 

 

 

CUST 7 YR

+TRUCK DLR

11/2007

 

CONTRCT

 

$6,500

$4,200

59%

41%

 

 

 

 

 

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

 

 

$1,515,900

+$104,700

100%

 

 

 

 

DBT: 0

Newly Reported

0

 

 

 

 

 

 

 

 

 

DBT:  

Trade Lines Totals

7

 

 

$1,515,900

$104,700

100%

 

 

 

 

DBT: 0

 

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

04/2006

04/2006

 

 

$1,500

$1,100

100%

 

 

 

 

CUST 9 YR

 AIR TRANS

11/2006

 

NET 30

 

 

$0

 

 

 

 

 

CUST 2 YR

 BUS SERVCS

10/2006

10/2006

NET 30

 

 

$0

 

 

 

 

 

 

 COMPUTERS

05/2005

 

CREDIT

 

 

$0

 

 

 

 

 

CUST 37 YR

 FACTOR

05/2005

 

VARIED

 

 

$0

 

 

 

 

 

 

=FREIGHT

06/2007

 

VARIED

 

$1,300

$1,300

 

100%

 

 

 

 

 GENERAL

02/2005

02/2003

NET 30

 

 

$0

 

 

 

 

 

CUST 5 YR

 PACKAGING

01/2006

04/2001

NET 30

 

 

$0

 

 

 

 

 

 

 TELECOM

06/2005

 

NET 30

 

 

$0

 

 

 

 

 

 

 

Monthly Payment Trends

 

 

Payment Trends Analysis
BUSINESS SERVICES, NEC INDUSTRY SIC: 7389

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

0

+$104,700

 

100%

 

 

 

 

OCT07

88%

5

0

+$206,800

 

100%

 

 

 

 

SEP07

88%

5

0

+$204,400

 

100%

 

 

 

 

AUG07

89%

5

0

+$103,400

 

99%

1%

 

 

 

JUL07

89%

4

8

$5,200

 

49%

51%

 

 

 

JUN07

89%

4

14

$3,100

 

4%

96%

 

 

 

MAY07

90%

4

6

$3,500

 

59%

41%

 

 

 

 

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

7

$4,300

 

52%

48%

 

 

 

Q2 - 07

APR-JUN

7

$3,600

 

51%

49%

 

 

 

Q1 - 07

JAN-MAR

8

$2,100

 

55%

40%

5%

 

 

Q4 - 06

OCT-DEC

37

$4,400

 

33%

30%

8%

5%

24%

Q3 - 06

JUL-SEP

24

$5,800

 

31%

46%

11%

3%

9%

 

Inquiries

 

 

  Summary of Inquiries

Business
Category

NOV07

OCT07

SEP07

AUG07

JUL07

JUN07

MAY07

APR07

MAR07

BANK

 

 

 

 

1

 

 

 

 

 

BUREAU

 

 

 

 

 

 

 

 

 

1

Totals

 

 

 

1

 

 

 

 

1

 

Company Background Information

 

 

  Corporate Registration

 

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF NEW YORK

State of Origin: NY

Date of Incorporation: 09/19/1996


Business Type: Institutions - Profit

Charter Number: 2067557


Agent: THE CORPORATION

Agent Address: 48 N 15TH ST BROOKLYN, NY

 

Back to top

 

  Additional Company Background Information

 

Key Personnel

Principal(s): 

ALAN YUEN, OWNER

 

ALLEN YUEN, OWNER


Operating Information

Business Type: Institutions


Primary SIC Code: BUSINESS SERVICES, NEC - 7389

Secondary SIC Code: BAGS: PLASTICS, LAMINATED & COATE - 2673

Additional SIC Code: 5113 - 2821


Number of Employees: 11


 

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