MIRA
INFORM REPORT
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Report Date : |
05.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
STORCHEM INC |
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Registered Office : |
3425 Harvester Rd. Unit 213 Burlington |
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Country : |
Canada |
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Date of Incorporation : |
25.09.1992 |
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Legal Form : |
Provincially Chartered Corporation – Private |
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Line of Business : |
Wholesaler Of Speciality And Commodity Chemicals. |
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: STORCHEM INC.
Trade Name:
Address: 3425
HARVESTER RD. UNIT 213
City: BURLINGTON
Founded (D/M/Y):
State/Province: ON
Zip Code: L7N 3N1
Sales / Revenue: -
Country: CANADA
Net Income:
Telephone: 905 639-9700
Total Equity:
Facsimile: 905 639-5244
Number of
Employees: 20
URL www.storchem.com
Legal Form: Provincially
Chartered Corporation - Private
Shareholder:
Business Activity: The Firm is a wholesaler
of speciality and commodity chemicals.
NOTE TO CLIENT
Person Contacted:
Mrs. Natalie Korsh, Office Manager.
LEGAL
Legal Form: Provincially
Chartered Corporation - Private
Status: ACTIVE
Since (D/M/Y): 25/09/1992
The company is NOT required to publish an
annual financial report.
The Firm is registered in Canada under the following:
Name: STORCHEM INC.
Date: SEPTEMBER 25, 1992
Status: ACTIVE
Corp Id: 001002301
Jurisdiction: ONTARIO
MANAGERS / KEY PERSONNEL
Mr. Vadym Korsh President
Mrs. Natalie Korsh Office Manager
AFFILIATED COMPANIES
There are no affiliates or subsidiaries at
this time.
BANKS
ROYAL BANK OF
CANADA
State/Province: ON
Country: CANADA
Telephone: 800-769-2599
Facsimile: 416-974-0428
Account Manager: Bank
rating:
Account Number: 4003927 Open Since
(D/M/Y):
Credit Facility: - Overdraft
Limit: -
Outstanding
Amount: - Bank
Loans: -
Returned Checks: -
Average Account
Balance:
A request for
authorization was faxed to management, if they repond the authorization will be
forwarded to the bank immediately.
PAYMENT HISTORY
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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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HONDA CANADA FINANCE: 416-754-2323 DLA-2007/11/28 695, Net 30 Days # |
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*Dec Apr/2006 0 44,923 34,830 34,830 0 0 0 |
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Whlsl-Farm Supplies: |
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*Dec 0 138K 138K 138K 0 0 0 |
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Transportation Serv: |
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*Dec 0 601 601 601 0 0 0 |
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Mfr-Plastic: |
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*Dec 0 33,256 33,256 5,262 27,994 0 0 |
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------- ------- ------- ------- ------- ------- |
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P.I. = 5 90 Days 217K 206K 178K 27,994 0 0 |
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Reported ------- ------- ------- ------- ------- ------- |
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Arrg Transp of Freig: |
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*Oct 0 2,379 2,379 0 2,379 0 0 |
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------- ------- ------- ------- ------- ------- |
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P.I. = 6 Total 219K 209K 178K 30,373 0 0 |
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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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3 Qtr/2007 0 8 3 53,562 53,562 0 0 0 |
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2 Qtr/2007 5 5 5 272,946 236,817 33,602 2,527 0 |
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1 Qtr/2007 0 12 3 106,321 106,321 0 0 0 |
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4 Qtr/2006 8 8 4 160,399 130,615 29,784 0 0 |
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3 Qtr/2006 0 8 3 131,844 131,844 0 0 0 |
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2 Qtr/2006 0 8 2 950,549 950,252 297 0 0 |
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1 Qtr/2006 0 10 2 820,877 820,877 0 0 0 |
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4 Qtr/2005 0 7 4 572,636 572,636 0 0 0 |
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3 Qtr/2005 0 7 5 574,964 574,964 0 0 0 |
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FINANCIAL INFORMATION
Mrs. Korsh stated that
the Firm has sales in the 25-50 million CAD range. She also accepted a written
inquiry for further financial details. If further financial information is
recieved the report will be updated at that time.
CURRENT OPERATIONS
SIC Code:
NAICS Code: 4226
Chemical and Allied
Products Wholesalers
Number of Employees: 20
Business Activity:
The Firm is a
wholesaler of speciality and commodity chemicals.
The Firm offers
branded chemcial manfacturers such as: BP/Amoco, Caldic Chemie BV, Lithchem, Ocean
Chemicals, and Strategic Mineral Corp (US Vanadium). The
Firm inventory
includes: Acetonitrile, Bromine and Bromine derivatives (bromide), and Lithium
Hydroxide Monohydrate. The Firm targets the paint and coatings, plastics and
resins, adhesives and sealants, metal cleaning and finishing, lubricants and
greases, pharmaceuticals, and photographic chemicals industries.
The heading address is the Firm's headquarters and consists of leased
office space and warehouse space.
The Firm also leases two alternate warehouse locations.
PUBLIC RECORD
Statement of Claim:
Defendant
STORCHEM INC.
Date Apr 15, 2004
Plaintiff INERFLOW ( TANK CONTAINER SYSTEMS ) Court General Division
Amount 29,937
Location Halton
Reason Monies Due File # 1737-04
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Statement of Claim:
Defendant STORCHEM INC. Date Jul 24, 2003
Plaintiff SQM NORTH AMERICAN CORPORATION
Court General Division
Amount 295,830 Location York University
Reason Monies Due File # 03CV252856
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No bankruptcy petitions were traced to the Firm, however there are legal actions
filed against the Firm in public . The status is uncertain as no further
information is currently available.
COMMENTS
The Firm is a well established wholesaler of speciality and commodity chemicals.
The payment record is satisfactory. No bankruptcy petitions were traced to the
Firm, however there are legal actions filed against the Firm in public records.
The status is uncertain as no further information is currently available. The
Firm is considered responsible for normal trade relations.
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%)