MIRA
INFORM REPORT
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Report Date : |
26.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLOWSERVE CANADA CORP. |
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Registered Office : |
15 Worthington Drive, Brantford, ON
N3T 5M5 |
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Country : |
Canada |
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Date of Incorporation : |
01.10.2002 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Manufactures Pumping
Equipment. |
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 800,000 |
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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 |
800,000 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 |
100 USD = 101.52 CAD Satisfying |
IDENTIFICATION
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Company Name: |
Flowserve Canada Corp. |
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Address: |
15 Worthington
Drive, Brantford,
ON N3T 5M5, Canada |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (519) 753-7381 + 1 (519) 753-0845 0001577778 NS Ontario Fred Koch, General Manager |
Date founded: |
Oct 1, 2002
Corporation for Profit N.A. 320 employees |
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Legal form: |
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Stock: |
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Staff: |
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Business: |
Manufactures pumping equipment. |
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BANKS
T D Canada Trust
BUSINESS
Business:
Flowserve Canada Corp. Is a
private company located in Ontario, Canada. The company’s line of business is
manufacturer of pumping equipment.
Industry Overview:
The wholesale distribution of hardware, plumbing, heating, and electrical
supplies is a $200 billion industry with about 30,000 outlets. Big distributors
include Graybar, True Value, and WESCO. The industry is fragmented: the 50
largest companies hold less than 40 percent of the market.
Sales are driven by demand from the construction, electrical
distribution, telecommunications, and hardware retailing industries.
Profitability depends largely on merchandising and efficient inventory
management. Small operators can compete successfully by stocking specialty
products, stocking all the parts their particular customers need, or delivering
superior service. The industry is highly automated: average annual revenue per
employee is around $450,000.
Distributors are middlemen between manufacturers and end-users. The
companies in this industry buy large quantities from hundreds of manufacturers,
then "break bulk" and resell them to thousands of customers, thereby
allowing customers to buy small quantities of products from many different
manufacturers. In addition to selling products, many distributors provide
technical knowledge and support and some provide maintenance and repair. A
specialty distributor of fasteners (screws, nuts, bolts) may buy some 100,000
items (stockkeeping units, or SKUs) from 1,000 manufacturers and sell to around
6,000 customers. Electrical supplier WESCO buys some 200,000 items from around
6,000 suppliers and sells to about 130,000 customers.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The
director of the company is:
Fred
Koch, General Manager.
The
parent company is Flowserve Corporation.
Flowserve Corporation
5215 N Oconnor Blvd 2300 Connor,
Irving, TX 75039,
United States
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Flowserve Canada 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 CAD |
12/31/2007 |
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Turnover |
40,800,000 |
LEGALS
1 Suit in 2004 by Mario
Storagato for Employment Termination.
Amount: $ 1,334,999
0 Judgements
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
1 PPSA Filing in 2006 by
Mazak Corp Canada securing Equipment.
Amount: NA
1 PPSA Filing in 2006 by
Ricoh Canada securing Equipment.
Amount: NA
All previous PPSA Filings
have been cleared
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.
Payments are made on a
regular basis (monitored during the past 12 months).
The cash is correct.
Our final opinion:
This is a medium company
working worldwide.
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 above Regular |
ADVISED
CREDIT
800,000 USD
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.23 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.66.41 |
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%)