MIRA INFORM REPORT

 

 

Report Date :           

01.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SPAREX INC

 

 

Registered Office :

1170 Lloyd Ave, Aurora   Ohio 44202

 

 

Country :

United States 

 

 

Date of Incorporation :

20.05.1985

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Distributor of tractor parts

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Sparex Inc

Address in the order:

190, Lena Drive, P.O. Box 510, Aurora, Ohio 44202

 

 

Legal Name:

SPAREX INC

 

 

Legal Address

1170 Lloyd Ave

Aurora   Ohio 44202

USA

Operative Address

190 Lena Drive

Aurora, OH 44202-9202

USA

Telephone:

+1 (330) 562-8150

ID :

655718

Fax:

+1 (330) 562-5784

Legal Form:

Corporation for Profit

Email:

sparex@sparexusa.com

Registered in:

Ohio

Website:

www.sparexusa.com

Date Created:

N.A.

Manager:

 Ralph Seymour, President

Date Incorporated:

May, 20th. 1985

Staff:

12

Stock:

NA

 

 

Value:

NA

Activity:

Distributor of tractor parts

 

 

BUSINESS

 

HISTORY

 

Sparex, Inc. was Incorporated in 1985 and is headquartered in Aurora, OH. 

PRINCIPAL ACTIVITY

 

Sparex, Inc. distributes tractor parts.

Products/Services description:

 

It sells only to tractor dealers and retail tractor repair shops.

 

Sales are:

 

Wholesale

Clients:

 

Tractor Industry

Operations area:

 

National, Local

The subject employs 12 employee(s)

LOCATION

Headquarters

 

The subject is headquartered at 190 Lena Drive

Aurora, OH 44202-9202 USA.

 

The legal address is that of registered agent.

Branches:

 

The company has no branch locations

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company. The Seymour family is the main shareholder.

Management:

 

Ralph Seymour, President

Kathleen Seymour, Vice President

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted Ms. Kathy who refused to provide us any financial data without knowing the name of the inquiring party.

Legal Fillings

 There is 1 UCC** file listed with the Secretary of State of Ohio.

 

There are no legal filings listed with the District Court.

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

 For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

 

 




Rating

 

Local credit bureau gave a Low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This is a small sized American company which employs 12 people and has 26 years of experience in the market.

 

There were no legal filings found against the company or its legal representatives.

 

At this point we were unable to confirm any financial information, nor do we have any payment experience.

 

We suggest working with GUARANTEES.-

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public Records

NO

Indebtedness

N.A.

Payments

N.A.

Cash

N.A.

 

 

 

 

APPENDIX

 

Person Interviewed

 

MS. KATHLEEN SEYMOUR

 

Position

 

Vice President and Treasurer

Comments

 

The person contacted refused to provide us any information on grounds of confidentiality.

 

She was uncooperative and rude.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.03

UK Pound

1

Rs.74.43

Euro

1

Rs.64.75

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.