MIRA INFORM REPORT

 

 

Report Date :

10.06.2011

 

IDENTIFICATION DETAILS

 

Name :

AQUA STAR (USA) CORP

 

 

Registered Office :

1420 Fifth Ave Ste 4100, Seattle, Wa 981102338

 

 

Country :

United States

 

 

Date of Incorporation :

24.08.1998

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Food and Staples Retailing

 

 

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

 

Maximum Credit Limit :

USD 1,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Comments on data supplied:

Dear Client, we did not find any company in the USA operating with the name Aqva Star Foods USA. There was no address provided in the order so we could not search for the company by its address. Nevertheless, we found the company Aqua Star (USA) Corp that is involved in the Food industry. Therefore, we did the report on Aqua Star (USA) Corp.

Legal Name:

AQUA STAR (USA) CORP

Legal Address

1420 FIFTH AVE STE 4100, SEATTLE, WA 981102338, USA

Operative Address

2025 1ST AVENUE, SUITE 200, SEATTLE, WA 98121, USA

Telephone:

(800) 232-6280 / (206) 448-5400

ID :

601896883

Fax:

(206) 448-2818

Legal Form:

Corporation for Profit

Email:

info@aquastar.com

Registered in:

Washington

Website:

http://www.aquastar.com

Date Created:

1990

Manager:

Michael Girton, President

Date Incorporated:

August 24, 1998

Staff:

150

Stock:

NA

 

 

Value:

NA

Activity:

Food and Staples Retailing

 

 

BANKS

 

Name of the Bank

BANK OF AMERICA, N.A.,

Name of the Bank

SUNTRUST BANK

 

BUSINESS

 

HISTORY

 

The company was established in 1990.

PRINCIPAL ACTIVITY

 

The company engages in distribution of frozen seafood.

Products/Services description:

 

Its products include shrimp, fish, squid, crab meat, crab in-shell, and shellfish.

Sales are:

 

Wholesale, Retail

Clients:

 

Professionals of the industry, it serves food service customers, such as restaurant chains; and broadline, protein, and seafood distributors, as well as retail customers, including food retailers, retail wholesalers, and club warehouses.

Operations area:

 

National, International

The company imports from Asia, mostly Japan.

The company export to North America and Europe

Trade References:

 

We could not contact any representative of the subject company that could provide us the names of their suppliers for us to check trade references.

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at:

2025 1st Avenue, Suite 200, Seattle, WA 98121, USA

Branches:

 

The company has other locations:

 

Eastern Division - Parsippany, NJ

Tel: 800.331.3440 / 973.227.0121

 

Mid-Western Division - Wichita, KS

Tel: 316.315.0700



Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

This is a private company. Despite our long searches we could not establish the main shareholders and we could not contact any representative that could provide us this information.

Management:

 

Mike Girton, President and Chief Executive Officer

Andrew Pickering, Chief Financial Officer

Dirk Leuenberger, President of US Retail

Larry Taylor, President of Canadian Operations

Bob Hooey, Senior Executive Vice President

Related Companies:

 

AQUA STAR CANADA, CORP.

AQUA STAR (EUROPE), LLP



Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted the Accounts Payable Department but we were transferred into its General Voicemail. We left a message but nobody has called us back yet.

 

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

 

USD

2006

 

Turnover

456,000,000

 

Operating Income

12,000,000

 

Net Income

10,000,000

 

Current Assets

101,000,000

 

Fixed Assets

29,000,000

 

Net worth

34,000,000

 

Liabilities

29,000,000

 

The cash flow is

Normal

 

 

Comments on the financial data:

The revenue of the company remains in the range of USD 500 million

Legal Fillings

 There are 57 UCC** files listed with the Secretary of State of Washington

 

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 correct 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 medium sized company, with 150 employees and 21 years of experience in the frozen seafood distribution.

 

It has other locations in the USA and international presence through its affiliated companies.

 

We could not contact any representative that could provide us the financial data. Nevertheless, through our sources we could gather the estimated range of revenue for 2010. We suggest a credit line for USD 1,000,000



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public Records

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 




 

APPENDIX

 

Position

 

Accounts Payable

Comments

 

We were transferred into the General Voicemail of the Accounting Department. We left a message explaining the reason for our calling and providing our contact information but nobody has called us back yet.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.73.47

Euro

1

Rs.65.38

 

 

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.