MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
STERLING SEAFOOD CORP. |
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Registered Office : |
300 Nickerbocker Rd, Suite 3500 Cresskill, NJ 07626 |
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Country : |
United States |
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Date of Incorporation : |
1989 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesaler of Fish and
Seafood 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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Maximum Credit Limit : |
USD 60,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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MAXIMUM |
60,000 USD |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD Satisfying |
IDENTIFICATION
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Company Name: |
STERLING
SEAFOOD CORP. |
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Address: |
300 Nickerbocker
Rd, Suite 3500 Cresskill,
NJ 07626 United States |
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Phone: Facsimile: ID: State: Managers: |
+1 201-871-3004 +1 201-227-0935 0100432900 New Jersey Simon George, President |
Date founded: |
1989
Corporation for Profit N.A. 9 employees |
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Legal form: |
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Stock: |
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Staff: |
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Business: |
Wholesaler of fish and seafood products. |
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BANKS
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Bank Of America,
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Wells Fargo Bank.
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BUSINESS
Operations:
At the above address, we find the offices of the company STERLING
SEAFOOD CORP.
Activities:
Sterling Seafood Corp. imports and distributes seafood all over the
United States, as well as Canada and Puerto Rico.
The company is currently importing both fish and shrimp from all over
India, Indonesia, Myanmar, Sri Lanka, Vietnam, Thailand, Bangladesh, and
Malaysia; and now from areas of South America.
Business
Overview:
US personal consumption expenditures for fish and seafood are forecast
to grow at an annual compounded rate of 3.8 percent between 2007 and 2012.
Consumer demand and changing tastes drive the industry. The profitability of
individual operations depends on volume. Small companies can compete effectively
with large ones in specialty or local markets. Processing plants that produce
fresh and frozen products typically have between 50 and 250 workers and average
annual revenue of $160,000 per worker. Canning operations are usually smaller,
with fewer than 100 workers, but with higher throughput, about $200,000 of
annual revenue per worker.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The
directors of the company are:
- Simon George, President,
- Thomas George, Chief
Executive Officer,
- Christina George, Vice-President.
The
company is held by the George family.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
STERLING SEAFOOD CORP does not publish any
financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
2,500,000 |
LEGALS
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0 Suits
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0 Judgments
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0 Liens
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0 Collection Claims
Reported
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0 NSF Cheques Reported
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1 UCC Security Filing in 2006 by Bank of America securing
Accounts Receivable. Amount :NA
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1 UCC Security Filing in
2006 by Wells Fargo Bank securing Inventory. Amount :NA
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All previous UCC Security
Filings have been cleared.
PAYMENT REFERENCES
Date High Credit Now
Owing Past Due Terms Payment
Record
RATING
Local credit bureau gave a correct credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is correct.
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Payments are made on a regular basis.
Our final opinion:
This is a small company working
in the US market.
A credit line may be
considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Correct Controlled Correct |
PUBLIC PAYMENTS |
See Details Above Regular |
ADVISED
CREDIT
60,000 USD
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%)