MIRA INFORM REPORT

 

 

Report Date :

05.02.2008

 

IDENTIFICATION DETAILS

 

Name :

FARINART INC

 

 

Registered Office :

180 Rue Saint-Jean-Baptiste, Saint-Guillaume, QC J0C1L0

 

 

Country :

Canada

 

 

Date of Incorporation :

01/2006

 

 

Com. Reg. No.:

0076354529

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Dealing in Agriculture, Rice, Wheat & Other Food Grains 

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

Company Information

 

 

FARINART INC
180 RUE SAINT-JEAN-BAPTISTE
SAINT-GUILLAUME, QC J0C1L0
(819) 396-2361

File Number:

0076354529

Subject Number:

YZ5440

File Established:

01/2006

 

 

Executive Summary

 

 

Composite Index and Trend

 

90

60

30

16
Average risk

 

 


25

 


25

 


20

 


20

 


18

 


16

 


23

 


24

 

0

 

1Q06

 

2Q06

 

3Q06

 

4Q06

 

1Q07

 

2Q07

 

3Q07

 

4Q07

 

 


Composite Index Risk Indicators:

0-9:

Lowest risk

31-40:

High risk

10-20:

Average risk

41-69:

Highest risk

21-30:

Above average risk

70:

Bankruptcy reported

Payment Index and Trend

 

90

60

30

0
0 days past due

 

 


33

 


33

 


12

 


N/A

 


0

 


0

 


33

 


0

 

0

 

1Q06

 

2Q06

 

3Q06

 

4Q06

 

1Q07

 

2Q07

 

3Q07

 

4Q07

 

 

Legal and Derogatory Items

Bankruptcy filings:

0

Most recent

N/A

Judgments:

0

Amount

N/A

Most recent

N/A

Suits:

0

Amount

N/A

Most recent

N/A

Collection claims:

0

Amount

N/A

Most recent

N/A

Returned checks:

0

Amount

N/A

Most recent

N/A

 

Credit Information

Number of lines:

Financial

0

Trade

4

Total balance:

Financial

$0

Trade

$1,257

High credit limit:

Financial

$0

Trade

$1,257

Average balance:

Financial

0

Trade

$314

Inquiries:

9

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Payment Information

 

 

Quarterly Payment Trends

Quarters

Composite
Index

Payment
Index

Total
Trade
Lines

Total
Balance

Current

30

60

90

Q4 - 2007

24

0

2

$876

 

100%

 

0%

 

0%

 

0%

 

Q3 - 2007

23

33

1

$87

 

0%

 

100%

 

0%

 

0%

 

Q2 - 2007

16

0

2

$390

 

100%

 

0%

 

0%

 

0%

 

Q1 - 2007

18

0

1

$533

 

100%

 

0%

 

0%

 

0%

 

Q4 - 2006

20

N/A

0

$0

 

N/A

 

N/A

 

N/A

 

N/A

 

Q3 - 2006

20

12

1

$1,038

 

65%

 

35%

 

0%

 

0%

 

Q2 - 2006

25

33

1

$97

 

0%

 

100%

 

0%

 

0%

 

Q1 - 2006

25

33

1

$481

 

0%

 

100%

 

0%

 

0%

 

 

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Trade Payment Experiences

Supplier

Date
Reported

High
Credit

Total
Balance

Current

30

60

90

 

Trucking

Nov 2007

$806

 

$806

 

$806

 

$0

 

$0

 

$0

 

 

Mfr-Pump & Pumping Equipment

Oct 2007

$70

 

$70

 

$70

 

$0

 

$0

 

$0

 

 

Transportation Serv

Aug 2007

$87

 

$87

 

$0

 

$87

 

$0

 

$0

 

 

Whlsl-Professnl Equp

Apr 2007

$294

 

$294

 

$294

 

$0

 

$0

 

$0

 

 

 

Total

 

$1,257

 

$1,257

 

$1,170

 

$87

 

$0

 

$0

 

 

 

# - Indicates Long Term Secured Debit, which is NOT included in the PI and CI calculation.

 

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Banking Information

 

 

Bank Relationships

This bank report was obtained on: Sep 21, 2007

Bank Name:

BANQUE NATIONALE DU CANADA

Address:

100 RUE PRINCIPALE
ST-GUILLAUME-D'UPTON, QC J0C1L0
Branch: 006, Transit: 12901

Reference:

CREDIT DEPARTMENT
Phone: (819) 396-2426
Fax: (450) 926-4028

Account Type(s):

Deposit account

Account Opened:

For more than 3 years

Account Balance:

Medium 4 figures

Returned Checks:

None In the last 30 days

Line of Credit Details

Credit Line Type(s):

Line of credit

Line of Credit Date:

Not available

Line of Credit Authorized:

Medium 6 figures

Rating on Line of Credit:

Paid as agreed

Secured? By What?:

Not available

Signing Officer(s):

Not available

 

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Company Background Information

 

 

Other Names or Addresses

Multiple names and/or addresses have been reported for this business. Validations are listed below. Regardless of which address you've chosen to pull this report for, the information is identical.

FARINART INC, 180 RUE SAINT-JEAN-BAPTISTE, SAINT-GUILLAUME, QC J0C1L0

FARINART INC., 180 RUE SAINT-JEAN-BAPTISTE, SAINT-GUILLAUME, QC J0C1L0

 

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Inquiries

 

 

Inquiries

Inquiry Date

Inquirer's Name/Industry

 

 

 

 

 

 

 

Jan 08, 2008

Agriculture Service

 

 

 

 

 

 

 

Oct 30, 2007

Whlsl-Industrl Paper

 

 

 

 

 

 

 

Oct 09, 2007

Trucking

 

 

 

 

 

 

 

Sep 28, 2007

Trucking

 

 

 

 

 

 

 

Sep 28, 2007

Trucking

 

 

 

 

 

 

 

Aug 31, 2007

Business Services

 

 

 

 

 

 

 

Aug 24, 2007

Transportation Serv

 

 

 

 

 

 

 

Mar 20, 2007

FARM CREDIT CORP

 

 

 

 

 

 

 

Mar 02, 2006

FARM CREDIT CORP

 

 

 

 

 

 

 

 

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Composite Index Calculation

 

 

Composite Index Factor Table

The Composite Index for THIS BUSINESS was determined based on the following:

SCORE

1. Active in credit database for 2 years

6

2. Current Payment Index is 0

0

3. Number of supplier references on file is 1

10

4. On Dec 31, 2007 the Payment Index was 0 points higher than Dec 31, 2006

0

5. Number of derogatory items on file in the past 2 years is 0

0

6. The most recent derogatory item was recorded 0 months ago

0

7. Derogatory item amounts as a % of dollars owed suppliers is 0%

0

TOTAL Current Composite Index ->

16

 

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Composite Index Risk Indicators

Composite Index

Risk Indicator

Composite Index

Risk Indicator

0-9

Lowest risk

31-40

High risk

10-20

Average risk

41-69

Highest risk

21-30

Above average risk

70

Bankruptcy reported

 

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