MIRA INFORM REPORT

 

 

Report Date :

29.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

SABINSA CORP

 

 

Registered Office :

121 Ethel Rd W Ste 6 Piscataway, NJ 08854-5952

 

 

Country :

United States

 

 

Date of Incorporation :

06/1994

 

 

Com. Reg. No.:

706920263

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Health and Allied Services

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow by 16 days

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

 

 

Company Information

 

 

SABINSA CORP
121 ETHEL RD W STE 6
PISCATAWAY, NJ 08854-5952
(732) 777-1111

Business Identification Number:

706920263

File Established:

06/1994

SIC code: 

HEALTH AND ALLIED SERVICES, NEC - 8099

 

Executive Summary

 

 

  Intelliscore for SABINSA CORP

 

 

44.23

 

 

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

0

 

100

 

High risk

Low risk


MEDIUM TO HIGH RISK
26% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

NUMBER OF TRADES WITH A HIGH BALANCE TO HIGH CREDIT RATIO

NUMBER OF DEROGATORY PUBLIC RECORD ACCOUNTS

PRESENCE OF A DECLINING PAYMENT TREND

NUMBER OF DELINQUENT OR DEROGATORY ACCOUNTS



  Current DBT range compared to all industries*

16 DBT
($45,800 Balance)

 

 

 

 

 

0-15

16-50

51+

80%

11%

9%

% of US businesses falling within DBT range

DBT Norms:
All industries: 6 DBT        Same industry: 7 DBT

 

Legal Filings and Collections

Bankruptcy filings:

0

Tax lien filings: details (FILED 06/07)

1

Judgment filings:

0

Total collections: details (PLACED 02/06)

1

Sum of legal filings:

$1,100

UCC filings: details (FILED 09/03-05/07)

5

Cautionary UCC filings present?

Yes**



Trade Information

Monthly average DBT:

2

Highest DBT previous 6 months:

16

Highest DBT previous 5 quarters:

16

Total continuous trades:

7

Current continuous trade balance:

$45,800

Trade balance of all trades (19):

$53,400

Average balance previous 5 quarters:

$24,280

Highest credit amount extended: details

$22,800

6 month balance range:

$15,000 - $45,900

* Days Beyond Terms (DBT) is a dollar weighted calculation of the average number of days that payment was made beyond the invoice due date based on trades on file that have been updated in the previous 3 months.

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

  7 month DBT trends

 

90+

60

30

 


2

 


1

 


5

 


2

 


2

 


3

 


16

 

0

Oct07

Nov07

Dec07

Jan08

Feb08

Mar08

Current

 

 

  Quarterly DBT trends (previous 5 quarters)

 

90+

60

30

 


7

 


2

 


3

 


3

 


2

 

0

 

1Q07

 

2Q07

 

3Q07

 

4Q07

 

1Q08

 

 

Performance Analysis

 

Predicted DBT for 06/25/2008: 15 DBT

Payment Trend Indication:
Show No Identifiable Trend

Industry payment comparison:
Has paid sooner than 50% of similar firms

Most Frequent Industry Purchasing Terms:
NET 30, CREDIT, and 0000000

 

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Legal Filings and Collections

 

 

  Collections

Date
Placed

Status

Original
Balance

Outstanding
Balance

Date
Closed

Agency

Agency
Phone

02/2006

Paid in Full

$172

 

$0

 

03/2006

RECEIVABLE MANAGEMENT SERVICES

(000) 000-0000

 

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  Tax Liens

File
Date

Filing
Type

Status

Amount

Filing
Number

Jurisdiction

12/17/2007

State Tax Lien

Released

$1,100

 

076915093

SALT LAKE DISTRICT C

06/18/2007

State Tax Lien

Filed

$1,100

 

076915093

SALT LAKE DISTRICT C

 

Trade Payment Information

 

 

Trade Payment Experiences
(Trade Lines With an (*) after date are newly reported)

Account Status
Days Beyond Terms

 

Business
Category

Date
Reported

Last
Sale

 

Payment
Terms

 

Recent
High
Credit

 

Balance

Cur

1-30

31-60

61-90

91+

Comments

+AIR TRANS

03/2008

03/2008

 

 

$10,100

$6,600

51%

49%

 

 

 

CUST 17 YR

 AIR TRANS

03/2008

 

NET 30

 

$600

$0

 

 

 

 

 

CUST 13 YR

=CHEMICALS

04/2008

 

CREDIT

 

$2,700

$1,300

47%

53%

 

 

 

 

-CHEMICALS

04/2008

02/2008

NET 30

 

$22,800

$16,700

 

47%

53%

 

 

 

+DAIRY PROD

03/2008*

 

NET 30

 

$100

$100

100%

 

 

 

 

 

+FACTOR

04/2008

03/2008

NET 45

 

$7,800

$6,600

80%

20%

 

 

 

 

 INDUS SUPL

04/2008

08/2006

NET 30

 

$1,600

$0

 

 

 

 

 

CUST 12 YR

=PACKAGING

04/2008

 

NET 30

 

$14,800

$14,600

34%

66%

 

 

 

CUST 8 YR

 

Trade Payment Totals

 

 

Trade Payment Experiences

Account Status
Days Beyond Terms

 

Type

Lines
Reported

 

 

 

Recent
High
Credit

 

Balance

Cur

1-30

31-60

61-90

91+

Comments

Continuously Reported

7

 

 

$60,400

$45,800

31%

50%

19%

 

 

DBT: 16

Newly Reported

1

 

 

$100

$100

100%

 

 

 

 

DBT: 0

Trade Lines Totals

8

 

 

$60,500

$45,900

31%

50%

19%

 

 

DBT: 16

 

Additional Payment Experiences

 

 

Trade Payment Experiences
(Trade Lines With an (*) after date are newly reported)

Account Status
Days Beyond Terms

 

Business
Category

Date
Reported

Last
Sale

 

Payment
Terms

 

Recent
High
Credit

 

Balance

Cur

1-30

31-60

61-90

91+

Comments

+BUS SERVCS

10/2007

 

VARIED

 

$100

$100

100%

 

 

 

 

 

 COMPUTERS

05/2005

 

CREDIT

 

 

$0

 

 

 

 

 

CUST 37 YR

-COMPUTERS

06/2006

05/2006

 

 

$6,900

$6,900

 

1%

99%

 

 

 

 CRED CARD

04/2008

03/2000

CREDIT

 

 

$0

 

 

 

 

 

ACCTCLOSED

 FINCL SVCS

04/2007

 

VARIED

 

$42,000

$0

 

 

 

 

 

ACCTCLOSED

 FREIGHT

01/2006

 

NET30

 

$4,800

$0

 

 

 

 

 

CUST 6 YR

+LEASING

02/2008

 

CONTRCT

 

$400

$400

100%

 

 

 

 

 

 OFFC SUPPL

11/2005

10/1999

CREDIT

 

 

$0

 

 

 

 

 

CUST 8 YR

+TELECOM

10/2007

 

NET 30

 

$600

$100

100%

 

 

 

 

 

 TELECOM

06/2005

 

NET 30

 

 

$0

 

 

 

 

 

 

 TRUCK DLR

10/2007

 

CONTRCT

 

$800

$0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monthly Payment Trends

 

 

Payment Trends Analysis
HEALTH AND ALLIED SERVICES, NEC INDUSTRY SIC: 8099

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

N/A

16

$45,800

 

31%

50%

19%

 

 

MAR08

81%

7

3

$28,100

 

81%

19%

 

 

 

FEB08

81%

7

2

$15,200

 

85%

15%

 

 

 

JAN08

81%

7

2

$15,000

 

87%

13%

 

 

 

DEC07

79%

9

5

$29,200

 

69%

31%

 

 

 

NOV07

79%

8

1

$26,500

 

91%

9%

 

 

 

OCT07

80%

7

2

$18,200

 

88%

12%

 

 

 

 

Quarterly Payment Trends

 

 

Payment History - Quarterly Averages

Account Status
Days Beyond Terms

Quarter

Months

DBT

Balance

Cur

1-30

31-60

61-90

91+

Q1 - 08

JAN-MAR

2

$22,100

 

85%

15%

 

 

 

Q4 - 07

OCT-DEC

3

$24,600

 

82%

18%

 

 

 

Q3 - 07

JUL-SEP

3

$22,600

 

81%

18%

1%

 

 

Q2 - 07

APR-JUN

2

$30,000

 

87%

12%

1%

 

 

Q1 - 07

JAN-MAR

7

$22,100

 

64%

34%

1%

 

1%

 

Inquiries

 

 

  Summary of Inquiries

Business
Category

APR08

MAR08

FEB08

JAN08

DEC07

NOV07

OCT07

SEP07

AUG07

SERV ASSOC

 

 

1

 

 

 

 

 

 

Totals

 

 

1

 

 

 

 

 

 

 

UCC Profile

 

The UCC Filings are summarized and listed below.

UCC Summary

Filings

Date Range

Year

Cautionary
UCCs**

Total
Filed

Released/
Term'd

Cont

Amended/
Assigned

JAN - PRESENT

 

2008

 

 

 

 

1

JUL - DEC

 

2007

 

 

 

 

1

JAN - JUN

 

2007

3

3

 

 

 

JUL - DEC

 

2006

 

 

 

 

 

JAN - JUN

 

2006

 

 

 

 

 

PRIOR TO JAN

 

2006

1

2

 

 

 

Total

 

4

5

 

 

2

 

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

 

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  UCC Filings

 

UCC FILED Date: 05/15/2007

Filing Number: 24165952

Jurisdiction: SEC OF STATE NEW JER

Secured Party: CALIFORNIA FIRST LEASING CORPORATION CA IRVINE 92612 18201 V

Collateral: EQUIP, FURN & FIX, INVENTORY, UNDEFINED


UCC FILED Date: 04/23/2007

Filing Number: 24130073

Jurisdiction: SEC OF STATE NEW JER

Secured Party: CALIFORNIA FIRST LEASING CORPORATION CA IRVINE 92612 18201 K

Collateral: FURN & FIX, INVENTORY, UNDEFINED


UCC AMENDED Date: 01/02/2008

Filing Number: 24130073

Original Filing Date: 04/23/2007

Original Filing Number: 24130073

Original Filing State: NJ

Jurisdiction: SEC OF STATE NEW JER

Secured Party: CALIFORNIA FIRST LEASING CORPORATION CA IRVINE 92612 18201 V

Collateral: FURN & FIX, INVENTORY, UNDEFINED


UCC FILED Date: 04/11/2007

Filing Number: 24111119

Jurisdiction: SEC OF STATE NEW JER

Secured Party: CALIFORNIA FIRST LEASING CORPORATION CA IRVINE 92612 18201 V

Collateral: EQUIP, FURN & FIX, INVENTORY, UNDEFINED


UCC AMENDED Date: 11/08/2007

Filing Number: 24111119

Original Filing Date: 04/11/2007

Original Filing Number: 24111119

Original Filing State: NJ

Jurisdiction: SEC OF STATE NEW JER

Secured Party: CALIFORNIA FIRST LEASING CORPORATION CA IRVINE 92612 18201 V

Collateral: EQUIP, FURN & FIX, INVENTORY, UNDEFINED


UCC FILED Date: 09/19/2003

Filing Number: 226624200330

Jurisdiction: 121 OF STATE UTAH

Secured Party: STATE BANK OF INDIA NE NEW YORK 10038 460 PARK AVENUE NEW YO

Collateral: UNDEFINED


UCC FILED Date: 09/16/2003

Filing Number: 21780967

Jurisdiction: SEC OF STATE NEW JER

Secured Party: STATE BANK OF INDIA NY NEW YORK 10038 460 PARK AVE

Collateral: ACCTS REC, EQUIP, INVENTORY, UNDEFINED

 

Company Background Information

 

 

  Corporate Registration

 

THE FOLLOWING INFORMATION WAS PROVIDED BY THE STATE OF UTAH

State of Origin: UT

Current Status: Active


Business Type: Institutions - Profit

 

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  Additional Company Background Information

 

Key Personnel

Principal(s): 

TODD NORTON, PRESIDENT

 

M MAJEED, PRESIDENT

 

MOHAMMAD MAJEED, PRESIDENT


Operating Information

Business Type: Institutions


Primary SIC Code: HEALTH AND ALLIED SERVICES, NEC - 8099

Secondary SIC Code: DRUGS & PROPRIETARIES WHLSNG - 5122

Additional SIC Code: 8733 - 8731


Number of Employees: 33

Sales: $15,000,000

 

 

 

 

 

 

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