%20LIMITED%2007-Feb-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHARLES TENNANT & COMPANY (CANADA) LIMITED |
|
|
|
|
Registered Office : |
34 Clayson Road, Weston |
|
|
|
|
Country : |
Canada |
|
|
|
|
Date of Incorporation : |
1797 |
|
|
|
|
Legal Form : |
Federally Chartered Corp. - Private |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of a Variety of Chemicals |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION & EXECUTIVE
SUMMARY
Company Name: CHARLES TENNANT & COMPANY (CANADA) LIMITED
Trade Name: PROSPEC CHEMICALS T.R.T.A. CHARLES TENNANT
Address: 34 CLAYSON ROAD
City: WESTON
Founded (D/M/Y): 1797
State/Province: ON
Zip Code: M9M 2G8
Sales / Revenue: -
Country: CANADA
Net Income:
Telephone: 416 741-9264
Total Equity:
Facsimile: 416 741-6642
Number of Employees: 50
URL www.ctc.ca/www.prospecchemicals.com
Legal Form: Federally
Chartered Corp. - Private
Shareholder:
Business Activity: The
Firm is a manufacturer and distributor of a variety of chemicals.
NOTE TO
CLIENT
Person contacted:
Mr. Marcelo Yalot, Chief Financial Officer.
NOTE: The provided
name; PROSPEC CHEMICALS is a division of the Firm known as CHARLES TENNANT & COMPANY (CANADA) LIMITED.
NOTE: The name;
SASOL SOLVENTS was released to the Firm.
LEGAL
Legal Form: Federally
Chartered Corp. - Private
Status: ACTIVE
Since (D/M/Y): 24/03/1995
The company is NOT required to publish an annual financial report.
Corporate Access Number: 216492413
Legal Entity Name: CHARLES TENNANT & COMPANY (CANADA) LIMITED
French Equivalent Name: CHARLES TENNANT & COMPAGNIE (CANADA) LIMITEE
Legal Entity Status: Active
Extra-Provincial Type: Federal Corporation
Registration Date: 1995/03/24 YYYY/MM/DD
Date of Last Status Change: 2005/06/21 YYYY/MM/DD
Date Of Formation in Home Jurisdiction:
1995/03/24 YYYY/MM/DD
Home Jurisdiction: CANADA
Home Jurisdiction CAN: PRE-CORES
---
The following fictitious names are registered by the Subject:
Trade Partner Name
Registration Number
PROSPEC CHEMICALS TN6480594
T.R.T.A. TN6480495
MANAGERS / KEY PERSONNEL
Mr. W. P. Alexander Director
Mr. Andrew Gingell Director
Mr. Robert S. MacPhail President & CEO
Mr. Marcelo Yalot Chief Financial Officer
Parent Companies
Parent Company: Tennant Consolidated Limited
Address:
City:
State/Province:
Zip Code:
Country: UNITED
KINGDOM
SUBSIDIARIES
TC USA,
Inc.
State/Province: MI
Country: UNITED STATES
TC
China, Ltd.
Country: CHINA
Charles
Tennant & Company S.A.
Country: CHILE
BANKS
THE BANK OF NOVA
SCOTIA
Address: 7000 PINE
VALLEY DRIVE
City: WOODBRIDGE
State/Province: ON
Zip Code: L4L 4Y8
Country: CANADA
Telephone: 905 850-6444
Facsimile: 905 850-6425
The bank requires
account numbers and signatures which could not be obtained from management at
this time.
PAYMENT HISTORY
|
|
Supplier's Name/Industry Terms Amount/Pay Habits/Comments |
|
|
Rptd Open Credit Credit High Total Current Past Due/Pay Period |
|
|
Date Date Limit Limit Dt. Credit Owing $ 1st 2nd 3rd |
|
|
------------------------------------------------------------------------------ |
|
|
GENERAL MOTORS CORP: DLA-2007/12/20 629, Net 30 Days # |
|
|
*Feb Sep/2007 0 22,869 17,831 17,831 0 0 0 |
|
|
WASTE MANAGEMENT: 905-595-3330 |
|
|
*Jan 0 738 738 738 0 0 0 |
|
|
Trucking: |
|
|
*Jan 0 564 564 0 564 0 0 |
|
|
DE LAGE LANDEN FIN: 905-465-3160 |
|
|
*Jan 0 15,171 351 351 0 0 0 |
|
|
Transportation Serv: |
|
|
*Dec 0 582 582 465 0 0 117 |
|
|
Retail-Establishment: |
|
|
*Dec 0 891 891 891 0 0 0 |
|
|
Wholesale-Chemicals: |
|
|
*Nov 0 18,889 18,889 18,889 0 0 0 |
|
|
------- ------- ------- ------- ------- ------- |
|
|
P.I. = 2 90 Days 59,704 39,846 39,165 564 0 117 |
|
|
Reported ------- ------- ------- ------- ------- ------- |
|
|
|
|
|
Utility Systems: |
|
|
*Oct 0 1,929 1,929 1,929 0 0 0 |
|
|
Mfr - Chemical Produ: |
|
|
*Oct 0 176K 176K 87,564 0 0 88,617 |
|
|
Services-Advertising: |
|
|
*Sep 0 150 150 0 0 0 150 |
|
|
Wholesale-Chemicals: |
|
|
*Sep 0 670 530 530 0 0 0 |
|
|
Transportation Serv: |
|
|
*Aug 0 4,022 4,022 2,790 0 0 1,232 |
|
|
Transportation Serv: Merged accts |
|
|
*Jul 0 593 593 514 79 0 0 |
|
|
Transportation Serv: |
|
|
*Jun 0 132 132 0 132 0 0 |
|
|
Mfr-Inorganic Chemcl: |
|
|
*Jan 0 10,240 10,240 10,240 0 0 0 |
|
|
------- ------- ------- ------- ------- ------- |
|
|
P.I. = 42 Total 253K 233K 142K 775 0 90,116 |
|
|
Reported ------- ------- ------- ------- ------- ------- |
|
|
PAYMENT TRENDS |
|
|
------------------------------------------------------------------------------ |
|
|
Payment C.I. Number of Total Current Overdue |
|
|
Quarters Index Score Suppliers Owing $ 1st 2nd 3rd |
|
|
------------------------------------------------------------------------------ |
|
|
4 Qtr/2007 44 16 8 200,163 111,429 0 0 88,734 |
|
|
3 Qtr/2007 17 9 9 9,088 7,483 79 144 1,382 |
|
|
2 Qtr/2007 19 13 8 129,737 54,255 75,482 0 0 |
|
|
1 Qtr/2007 47 12 6 190,149 101,238 221 0 88,690 |
|
|
4 Qtr/2006 0 5 5 3,533 3,533 0 0 0 |
|
|
3 Qtr/2006 1 5 6 211,446 203,800 7,646 0 0 |
|
|
2 Qtr/2006 1 3 7 8,360 8,244 30 86 0 |
|
|
1 Qtr/2006 3 11 6 46,788 42,716 4,072 0 0 |
|
|
4 Qtr/2005 24 9 6 140,819 41,461 99,358 0 0 |
FINANCIAL INFORMATION
Mr. Yalot stated
that the Firm has sales in the CAD$ 50-60 million range. He stated due to the
current business season he would be unable to send further financials at this
time. He accepted a written request for further details and if he responds the
report will be updated.
HISTORY
The Tennant name came into prominence in the
Chemical Industry in 1788 when Charles
Tennant developed the first controlled bleaching process for fabrics. In 1797,
Charles Tennant & Company Ltd. was established.
Charles Tennant & Company (Canada) Ltd.
was established in Toronto, Ontario in 1932. Charles Tennant Canada is a
founding member of the Canadian Association of Chemical Distributors (CACD) and
an active participant in several industry
focused professional associations - SCC, PSG, CIFST and TOSCOT to name a
few.
In 1984, Charles
Tennant & Company (Canada) Ltd. entered into the chemical manufacturing
industry with the inception of Prospec Chemicals in Fort Saskatchewan, Alberta. Prospec Chemicals
manufactures xanthates and xanthogen formates for the Mining Industry
worldwide. The operations of the business were
further enhanced in 1994 with the opening of our applied research and development division, TRTA in Edmonton, Alberta.
CURRENT OPERATIONS
SIC Code:
NAICS Code: 325
Chemical Manufacturing
Number of Employees: 50
Business Activity:
The Firm is a
manufacturer and distributor of a variety of chemicals.
The Firm is a process
manufacturer and distributor of specialty chemicals, ingredients and commodities. The Subject presently manufactures
7000 MT of Xanthates annually as well
as a growing number of Specialty Collectors at the heading address under the
division; Prospec Chemicals. They also produce Thionocarbamates and Xanthogen
Formates, however they out source these as required.
The Company serves
the coatings, food, industrial & institutional, mining, personal care/cosmetics, pharmaceutical, and
water treatment industries throughout
the world.
The heading address is the corporate headquarters for the Company. They
have other locations:
605 ave Lépine
Dorval, QC
CANADA H9P 2R2
Tel: (514) 631-8580
Fax: (514) 631-5007
--
176 Sturgeon Dr
176 Sturgeon Drive, 55202 SH825
Sturgeon County, Alberta T8L 2N9
Tel: (780) 992-1522
Fax: (780) 992-1302
---
2865 Wildwood Drive
Langley, BC
CANADA V2Y 1G2
Tel: (604) 532-3096
Fax: (604) 532-3097
PUBLIC RECORD
No judgements, tax liens or bankruptcy petitions were traced to the Firm.
COMMENTS
The Subject was incorporated in 1995 and has a history dating back to 1797. The
payment history of the Company is satisfactory and operating record clear. No
derogatory information was reported or noted. The Subject is considered
responsible for normal business transactions.
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%)