MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ALTERNATIVE FUEL
SYSTEMS (2004) INC. |
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Registered Office : |
No. 1 4231-14
Street Northeast, |
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Country : |
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Date of Incorporation : |
1983 |
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Legal Form : |
Provincially
Chartered Corporation – Public |
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Line of Business : |
Designs and manufactures
components for the international automotive sector, specializing in the
alternative fuel marketplace. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Moderate |
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Payment Behaviour : |
Poor |
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Litigation : |
Exist |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: ALTERNATIVE
FUEL SYSTEMS (2004) INC.
Trade Name(s): AFS
Address: NO.
1 4231-14 STREET NORTHEAST
City:
State/Province:
Zip Code: T2E
7A9
Country:
Telephone: 403-262-1833
Facsimile: 403-237-7441
Founded
(D/M/Y): / /1983
As of: 31/12/2006
Sales / Revenue: 2,394,401
Net Income: -
100,393
Total Equity: 2,365,181
Number of Employees:
11
Legal Form: Provincially
Chartered Corporation - Public
Website: www.afsglobal.com
Business Activity: The Subject designs and manufactures
components for the international automotive
sector,
specializing in the alternative fuel marketplace.
LEGAL
Legal Form: Provincially
Chartered Corporation – Public
Since (D/M/Y): 19/10/2000
State/Province of
Incorporation:
Status: ACTIVE
Previous Legal Form:
Company is required
to publish an annual financial report.
The Subject is
incorporated in the
Legal Entity Name:
ALTERNATIVE FUEL SYSTEMS (2004) INC.
Status: Active
Registration Date:
10/19/2000
Registered Office:
1600,
Managers/Key
Personnel
Mr. Jim Perry President & CEO
Mr. Harvie
Andre Chairman Of The Board Of Directors
Mr. Bo Dhaliwal Sales Manager
AFFILIATED ENTITIES
There are no
affiliates or subsidiaries.
BANKS
HSBC Bank
Telephone:
403-261-8910
Facsimile:
403-261-9410
Account Number:
Account Manager:
We have contacted
the above-mentioned bank. In the event a response is received, we will forward
the information immediately.
PAYMENT HISTORY
TRADE ITEMS
------------------------------------------------------------------------------
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-Ind Mach Sppls:
*Aug 0 410 410
108 302 0
0
Transportation Serv:
*Aug 0 968 968
968 0 0
0
Trucking:
*Aug 0 1,012 1,012
1,012 0 0
0
Transportation Serv:
*Jul 0 4,152 4,152
38 0
0 4,114
Transportation Serv:
*Jul 0 74 74
74 0 0
0
Whlsl-Paper & Paper:
*Jul 0 256 256
256 0 0
0
------- ------- ------- -------
------- -------
P.I. =
61 90 Days 6,872
6,872 2,456 302
0 4,114
Reported ------- ------- ------- ------- -------
-------
Whlsl-Ind Mach Sppls:
*Sep
0 6 6
6 0 0
0
Services-Advertising:
*Sep 0 50 50
25 25 0
0
------- -------
------- ------- ------- -------
P.I. =
61 Total 6,928
6,928 2,487 327
0 4,114
Reported ------- ------- ------- ------- -------
-------
PAYMENT TRENDS
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Payment C.I.
Number of Total Current Overdue
Quarters
Index Score Suppliers
Owing $ 1st 2nd
3rd
------------------------------------------------------------------------------
2 Qtr/2007
65 15 5
6,819 2,058 240
407 4,114
1 Qtr/2007
4 8 2
696 606 90
0 0
4 Qtr/2006
54 15 5
7,996 3,249 633
0 4,114
3 Qtr/2006
67 21 5
7,255 905 2,236
0 4,114
2 Qtr/2006
98 18 2
4,200 86 0
0 4,114
1 Qtr/2006
NA 16 0 0 0
0 0
0
4 Qtr/2005
96 23 4
5,468 169 73
54 5,172
3 Qtr/2005
97 28 3
5,246 129 54
0 5,063
2 Qtr/2005
86 15 5
5,666 713 54
54 4,840
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 30/06/2007 31/12/2006 31/12/2005
Quarterly Consolidated Consolidated
Sales / Revenues 481,298 2,394,401 2,081,671
Gross Margin 191,558 1,094,027 986,468
RESULTS
Net Income -159,919 -100,393 -194,114
ASSETS
Cash and Equivalents 1,240,148 1,465,238 1,655,287
Inventory 706,719 664,611 486,941
Accounts Receivables 205,670 270,366 307,352
Total Current Assets 2,201,941 2,432,392 2,595,484
Property Plant & Equip 204,589 209,015 215,297
Total Fixed Assets 250,102 264,320 334,477
Intangibles 45,513 55,305 119,180
Total Assets 2,452,043 2,696,712 2,929,961
LIABILITIES
Trade Creditors 307,222 205,095 271,210
Deposits 38,396 108,328 212,663
Other Current Liab 16,556 18,108 18,102
Total Current Liab 362,174 331,531 501,975
Total Liabilities 362,174 331,531 501,975
EQUITY
Total Equity 2,089,869 2,365,181 2,427,986
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
30/06/2007 31/12/2006 30/06/2007
31/12/2006
Cash and Equivalents 1,240,148 1,465,238 50.58 54.33
Inventory 706,719 664,611 28.82 24.65
Total Current Assets 2,201,941 2,432,392 89.80 90.20
Intangibles 45,513 55,305 1.86 2.05
Total Assets 2,452,043 2,696,712 100.00
100.00
Total Current Liab 362,174 331,531 14.77 12.29
Total Liabilities 362,174 331,531 14.77 12.29
Total Equity 2,089,869 2,365,181 85.23 87.71
The Subject is
publicly traded on the Toronto Stock Exchange Venture market under the symbol
AFX. The 52-week range for the Company is $0.06 / $0.14 CDN. A recent closing
price for AFX was $0.11. There are approximately 6.9 million shares of common
stock outstanding.
The Firm's financial
statements are expressed in actual figures of Canadian Dollars.
HISTORY
Previous Names: H2
FUEL INC.
ALTERNATIVE FUEL
SYSTEMS INC.
CURRENT OPERATIONS
NAICS Code: 32511
Petrochemical Manufacturing
SIC Code: 2865
Number of
Employees: 11
Business Activity:
The Subject designs
and manufactures components for the international automotive sector,
specializing in the alternative fuel marketplace.
The Company
manufactures the following types of products: Electronic Ignition Systems,
Gaseous Fuel Injectors, Engine Control Modules, Natural Gas Pressure
Regulators, and Interfacing Tools.
The heading address
is the sole location for the Company.
PUBLIC RECORD
A search of
bankruptcy courts revealed no record of the Subject filing for bankruptcy.
The following
statements of claim were found against the Company:
Debtor
AFS INTL INC
ALTERNATI,01031810207 Date Placed
Jun 30, 2003
Creditor
3rd Party Collection
Amount Placed 3,569
Agency
CBV COLLECTION SERVICES LTD
Closed
Apr 05, 2004
Comment
Close out Letter Snt
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Defendant ALTERNATIVE FUEL SYSTEMS INC. Date
Feb 28, 2003
Plaintiff CARLSON,
Amount 143,383 Location
Reason Damages File # 0301 03376
GENERAL COMMENTS
The Subject designs
and manufactures components for the international automotive sector, specializing
in the alternative fuel marketplace since 2000. The Company has a poor payment
record. There were two statements of claim found against the Firm, however, the
current status of the claims could not be determined at this time.
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%)