MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
I. MAGID DISTRIBUTION, L.P. |
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Registered Office : |
965 Rue Bergar Laval 147L 426 PQ |
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Country : |
Canada |
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Date of Incorporation : |
1966 |
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Legal Form : |
Provincially Chartered Corporation - Private |
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Line of Business : |
Wholesaler of Health and Beauty Products, Food Products,
and Cleaning 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 : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
& EXECUTIVE SUMMARY
Company Name: I. MAGID
DISTRIBUTION, L.P.
Trade Name: I.
MAGID
Address: 965
RUE BERGAR
City: LAVAL
Founded (D/M/Y): 1966
State/Province: PQ
Zip Code: 147L
426
Sales / Revenue: -
Country: CANADA
Net Income:
Telephone: 450
629-3737
Total Equity:
Facsimile: 450-629-1809
Number of Employees: 40
URL www.imagid.com
Legal Form: Provincially
Chartered Corporation - Private
Shareholder: MAGID
INVESTORS INC.
Business Activity: The Company is a wholesaler of health and beauty products, food products, and cleaning products.
NOTE TO
CLIENT
LEGAL NAME: I.
MAGID DISTRIBUTION, L.P.
ORDERED NAME: I
MAGID
PLEASE NOTE THAT
THE ORDERED NAME IS A TRADE NAME FOR THE SUBJECT
Person Contacted:
Receptionist. She verified the legal name, address, and fax number before
deferring all other information to an email request for Mr. Vincent Santoro,
Controller, who was not available at the time of this report. If we receive a
response to our email, we will amend the report accordingly..
The Receptionist
did not recognize Ron Rosen or Allen Magid.
No other information in this report was confirmed by management.
LEGAL
Legal Form: Provincially
Chartered Corporation - Private
Incorporation
State QC
Status: ACTIVE
Since (D/M/Y): 12/04/2005
The company is NOT
required to publish an annual financial report.
The Company is provincially chartered in Quebec under the following
registration.
Incorporation Number:
Legal Name: DISTRIBUTION I. MAGID, S.E.C. (French Version)
Incorporation Date: 4/12/2005
Last Annual Report: 6/28/2007
Location: Quebec
Address: 965, RUE BERGAR
LAVAL (QUEBEC) H7L 4Z6
Registered Agent: KUGLER KANDESTIN, L.L.P.
R/A Address: 1, PLACE VILLE-MARIE, BUR. 2101
MONTREAL (QUEBEC) H3B 2C6
MANAGERS
/ KEY PERSONNEL
Irwin Katz Managing
Director
Mr. Vincent
Santoro Controller
Owners
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MAGID INVESTORS INC. |
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Shareholder |
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I. MAGID DISTRIBUTION INC. |
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Shareholder |
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SUBSIDIARIES
The Company has no
known subsidiaries or affiliates.
BANKS
Toronto Dominion
Bank
Address: 2105
DANIEL-JOHNSON BLVD
City: LAVAL
State/Province: PQ
Zip Code: H7T 1H8
Country: CANADA
Telephone: (450) 973-5400
Facsimile: (450)
973-5429
A fax was sent to
the Company for a signed authorization for credit information.
PAYMENT HISTORY
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------------------------------------------------------------------------------ |
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Supplier's Name/Industry Terms Amount/Pay Habits/Comments |
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Rptd Open Credit Credit High Total Current Past Due/Pay Period |
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Date Date Limit Limit Dt. Credit Owing $ 1st 2nd 3rd |
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------------------------------------------------------------------------------ |
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Trucking: |
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*Apr 0 39,940 39,940 8,771 4,920 9,101 17,148 |
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Mfr-Inorganic Chemcl: |
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*Apr 90,000M 35,923 35,923 0 34,489 1,281 153 |
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Trucking: |
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*Apr 0 30,861 30,861 24,204 6,657 0 0 |
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CDN ROAD LEASING CO: 800-567-0064 Satisfactory # |
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*Mar 0 36,000 213 213 0 0 0 |
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HONDA CANADA FINANCE: 416-754-2323 DLA-2008/02/01 381, Net 30 Days # |
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*Mar Jun/2005 0 27,000 17,549 17,549 0 0 0 |
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Transportation Serv: |
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*Mar 0 105K 105K 81,427 21,731 0 2,272 |
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Mfr-Pharmaceutical: |
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*Jan 0 20,000 2,377 2,377 0 0 0 |
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------- ------- ------- ------- ------- ------- |
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P.I. = 23 90 Days 295K 232K 134K 67,797 10,382 19,573 |
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Reported ------- ------- ------- ------- ------- ------- |
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Trucking (APTA): |
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*Jan 0 1,500 1,372 582 300 0 490 |
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Transportation Serv: |
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*Dec 0 282 282 282 0 0 0 |
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Transportation Serv: Merged accts |
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*Aug 0 88 88 71 0 17 0 |
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Wholesale-Grocery: |
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*May 0 18,481 18,481 18,481 0 0 0 |
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Transportation Serv: |
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*Mar 0 968 968 934 0 34 0 |
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------- ------- ------- ------- ------- ------- |
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P.I. = 21 Total 316K 253K 154K 68,097 10,433 20,063 |
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Reported ------- ------- ------- ------- ------- ------- |
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PAYMENT TRENDS |
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Payment C.I. Number of Total Current Overdue |
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Quarters Index Score Suppliers Owing $ 1st 2nd 3rd |
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1 Qtr/2008 22 11 8 241,118 147,638 58,657 16,602 18,221 |
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4 Qtr/2007 3 14 5 157,716 146,394 9,236 1,031 1,055 |
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3 Qtr/2007 25 12 8 191,847 110,743 50,912 11,521 18,671 |
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2 Qtr/2007 8 12 8 152,034 129,094 19,225 668 3,047 |
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1 Qtr/2007 5 15 10 173,395 155,449 14,862 37 3,047 |
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4 Qtr/2006 18 3 10 170,158 119,351 30,071 10,254 10,482 |
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3 Qtr/2006 19 3 9 238,328 139,164 76,067 19,828 3,269 |
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2 Qtr/2006 15 9 11 197,354 147,585 29,178 15,339 5,252 |
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1 Qtr/2006 25 7 8 85,238 50,597 26,357 6,458 1,826 |
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FINANCIAL
INFORMATION
Due to our
inabilty to speak with Mr. Santoro, we could not obtain financial statement
information at this time. If we receive a response to our email request, we
will amend the report accordingly.
An outside source
report net sales to be US$29.3 Million, however, this could not be confirmed by
management.
CURRENT OPERATIONS
SIC Code:
NAICS Code:
42
Wholesale Trade
Number of Employees: 40
Business Activity:
The Company is a
wholesaler of health and beauty products, food products, and cleaning products.
The Company sells
over 600 products under brand names including SöLEN chocolates, LADY SARAH
cookies, CLUB SUPREME grocery products and UNISPA beauty products.
The heading address is believed to be the sole location for the Subject.
COMMENTS
The Subject, founded in 1966 in Quebec, is engaged as a wholesaler of general
health and beauty, cleaning, and food products. The payment record is
generally satisfactory and the operating history is clear. No derogatory
information or bankruptcy petitions were reported or noted. The Company is
responsible for normal business transactions.
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%)