MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CANADIAN STEEL
NETWORK INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
09/06/1998 |
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Legal Form : |
Provincially
Chartered Corporation |
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Line of Business : |
Engages as an
importer and exporter of Steel Products. |
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: CANADIAN
STEEL NETWORK INC.
Address:
City:
State/Province:
Zip Code: L5T
2W4
Country:
Telephone: 905
670-2900
Facsimile: 905
670-4341
As of: 30/06/2007
Sales /
Revenue: 34,217,053
Net Income: 112,838
Total Equity: 697,066
Number of Employees:
25
Legal Form: Provincially
Chartered Corporation
Website: www.canadiansteelnetwork.
Maj.
Shareholder: Mr. Gulzar Jessani
Business Activity: The Company engages as an importer and
exporter of Steel Products.
NOTE TO CLIENT
PERSON CONTACTED:
Mr. Gulzar Jessani,
President.
LEGAL
Legal Form: Provincially
Chartered Corporation
Since (D/M/Y): 09/06/1998
State/Province of
Incorporation:
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Company is
incorporated under the following registration:
--
Legal Name: CANADIAN
STEEL NETWORK INC.
Registration
Number: 001299432
Company
Jurisdiction: Domestic
Company Type: Provincially
Chartered Corporation
Place of
Jurisdiction:
Date of
Incorporation: 09-Jun-1998
Registration
Status: ACTIVE
Managers/Key
Personnel
Mr. Gulzar
Jessani President
Ms. Amin
Jessani Director
OWNERS
Mr. Gulzar
Jessani % Shareholder
Ms. Amin
Jessani Shareholder
AFFILIATED ENTITIES
The Subject does not
report any affiliated companies or subsidiaries.
BANKS
HSBC BANK
Telephone: 905
277-5300
Facsimile: 905
277-5311
Account Number:
Account Manager:
DATE ACCOUNT
OPENED: 3 years +
AVERAGE ACCOUNT
BALANCE: High 6 Figures
LINE OF CREDIT: Low
6 Figures (Secured and paid as agreed)
ANY NSF's/RETURNED
CHECKS?: No
PAYMENT HISTORY
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
Whlsl Ferrs Nonferrs:
*Oct 0 1,131K 1,131K
747K 356K 26,102
794
DE LAGE LANDEN FIN: 905-465-3160
*Oct 0 1,838 156
156 0
0 0
Mfr-Primary Metal: Merged accts
*Oct 0 813K 521K
381K 111K 27,796
0
Whlsl Ferrs Nonferrs: Pays in 60 d
*Oct 0 1,131K 1,131K
300K 826K 4,781
0
MAKSTEEL: 905-671-9000 Slow but OK, Pays
45/60 D
*Oct 0 40,000 13,700
0 13,700 0
0
Whlsl Ferrs Nonferrs: Hldng PsDt C, Satisfactory
*Sep 0 800K 695K
193K 235K 264K
0
Whlsl Ferrs Nonferrs: Pays 60/75 D
*Sep 0 663K 436K
200K 236K 0
0
Mfr-Primary Metal: Pays 45/60 D
*Aug 0 35,121 0
0 0 0
0
Whlsl Ferrs Nonferrs: DLA-2007/06/29
*Aug May/2007
50,000 May/2007 35,121 6,452
6,452 0 0
0
TMT: 905-794-9845 DLA-2007/08/10
Net 30 Days, Within Terms
Aug Jan/2002
80,000 75,000 60,000
60,000 0 0
0
ALIGN METAL PROCESSI: 905-670-3404 DLA-2007/08/03 Net 60 Days,
Within Terms
Aug Oct/2003 200K 1,500K 720K
720K 0 0
0
EVEREST STEEL LTD: 905-670-7373 DLA-2007/07/31 Net 30 Days,
Pays in 45 d
Aug Jan/1999 0 250K 122K
122K 0 0
0
Whlsl-Ind Mach Sppls:
*Aug 0 220 220
0 0 220
0
Transportation Serv:
*Aug 0 100 25
25 0
0 0
------- -------
------- ------- ------- -------
P.I. =
17 90 Days 6,476K
4,837K 2,731K 1,780K
323K 794
Reported ------- ------- ------- ------- ------- -------
Transportation Serv:
*Jul 0 39 39
39 0 0
0
Mfr-Wood Products:
*May 0 7,326 6,503
3,802 2,701 0
0
------- -------
------- ------- ------- -------
P.I. =
17 Total 6,483K
4,844K 2,735K 1,782K
323K 794
Reported ------- ------- ------- ------- -------
-------
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Payment C.I.
Number of Total Current Overdue
Quarters
Index Score Suppliers
Owing $ 1st 2nd
3rd
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3 Qtr/2007
14 7 15
4,668K 2,932K 1,468K
264,553 0
2 Qtr/2007
17 12 5
1,333K 701,859 585,436
46,453 143
1 Qtr/2007
19 16 3
724,050 310,191 413,234
0 625
4 Qtr/2006
11 24
3 49,984 33,077
16,907 0 0
3 Qtr/2006
33 19 1
125 0 125
0 0
2 Qtr/2006
15 20 3
889,655 495,164 394,491
0 0
1 Qtr/2006
47 23 3
442,406 56,978 148,254
236,856 318
4 Qtr/2005
20 17 6
428,578 175,490 248,369
4,401 318
3 Qtr/2005
54 19 6
947,213 202,070 134,096
420,368 190,679
FINANCIAL
INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 30/06/2008 30/06/2007 30/06/2007
Projected Consolidated
Sales / Revenues 40,000,000 34,217,053 -
Gross Margin -
1,398,543 -
RESULTS
Income Tax - 23,089 -
Net Income - 112,838 -
ASSETS
Cash and Equivalents - 3,011,473 -
Inventory - 4,291,543 -
Accounts Receivables - 3,220,885 -
Total Current Assets - 10,523,901 -
Property Plant & Equip - 85,593 -
Total Fixed Assets - 85,593 -
Total Assets - 10,609,494 -
LIABILITIES
Total Current Liab - 7,512,428 -
Long Term Debt - 2,400,000 -
Total Long Term Liab - 2,400,000 -
Total Liabilities - 9,912,428 -
EQUITY
Retained Earnings - 697,066 -
Total Equity - 697,066 -
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
30/06/2007 30/06/ 30/06/2007
Cash and Equivalents 0 3,011,473 28.38
Inventory 0 4,291,543 40.45
Total Current Assets 0 10,523,901 99.19
Total Assets 0 10,609,494 100.00
Total Current Liab 0 7,512,428 70.81
Long Term Debt 0 2,400,000 22.62
Total Liabilities 0 9,912,428 93.43
Total Equity 0 697,066 6.57
The financial
details listed above are expressed in ACTUAL FIGURES of CANADIAN DOLLARS (CAD)
and represent the consolidated financial statements of Canadian Steel Network
Inc.
CURRENT OPERATIONS
NAICS Code: 42151
SIC Code: 5051
Number of
Employees: 25
Business Activity:
The Company engages
as an importer and exporter of Steel Products.
The Company imports most of its products from the
The heading address
is the Company headquarters and sole location and serves as an administrative
office and a warehouse. The property is
a 30,000 square foot facility that is rented by the Company.
PUBLIC RECORD
A search of failed
to reveal any Uniform Commercial Codes, tax liens, legal actions, or bankruptcy
petitions at this time.
GENERAL COMMENTS
Canadian Steel
Network Inc., incorporated in 1998 in the
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. |
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%)