MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
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Name : |
CANAREN INC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
06.09.1989 |
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Com. Reg. No.: |
ON-0000856751 |
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Legal Form : |
Ontario Corporation – Profit |
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Line of Business : |
Importer and Wholesaler of Casual Wear, Fashion Wear, Towels, Linens, and
Related Products, Manufactured by the Egyptian Parent Company. |
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 : |
CAD 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company
Name
CANAREN INC
Contact Information
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Address |
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Telephone |
416-650-0309 |
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Fax |
416-650-0248 |
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Website |
www.canaren.com |
Registration Data
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Date of Registration |
September 6th, 1989 |
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Registration number |
ON-0000856751 |
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Legal address |
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Legal Form |
Ontario Corporation – Profit |
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Share Capital |
- |
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Other Registration Data |
- |
Shareholders
with Shares
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Shareholder Names |
Share% |
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Kazareen Textile Company (KTC) 4th Zone #93/1, 6th of October |
100 |
Board/Executive
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Name |
Sadek SAWAF |
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Position within the company |
President & CEO |
Changes in
Registration Data
None recorded
Activities
(realistic and officials)
Canareen Inc. is importer and wholesaler of casual wear, fashion wear,
towels, linens, and related products, manufactured by the Egyptian parent
Company.
Sells to retailers and departments stores in Ontario.
Staff
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Number of staff employed |
20 |
Export/Import
(Countries, goods and total values for the period)
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Imports From |
Egypt |
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Exports To |
None |
Facilities
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Owned |
Warehouse, showroom and office |
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Premises Size |
3,000 sq. feet |
Subsidiaries
and Participation
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Parent Company |
Karazeen Textile Company - Egypt Kazareen Textile Company (KTC), a member of Mimar Invest Group is a
leading global textile, apparel and fashion services company. |
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Subsidiaries |
- |
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Affiliates |
- |
Branches
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Address |
- |
Bankers
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Bank |
Royal Bank |
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Address |
Markham, Ontario |
Suppliers,
Partners
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Suppliers |
Karazeen Textile Company |
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Partners |
Not known |
Litigation,
Remarks on Payment
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Litigation |
None Recorded |
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Remarks on Payment |
No Complaints |
Financial
Information
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Source |
Royal Bank |
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Figures are |
Estimate |
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Currency |
CAD |
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Months |
Sales Figures |
Sales |
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12 |
31/12/2007 |
10,000,000+ |
Reporter Comments
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Comments |
On a direct call, nobody was available to answer
our questions. |
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Local Reputation |
The company being investigated is believed by local reporters to be a Low
Trade Risk and to be fair. According to our credit analysts, during the last 6 months, 92% of
trade experience indicates a regular payment. Payments of imports are currently made with an average of 5 to 10 days beyond terms. |
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MAX CREDIT |
CAD 300,000= |
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CREDIT REQUIRED |
MAXIMUM CREDIT |
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Maximum |
CAD 300,000 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.77 |
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UK Pound |
1 |
Rs.79.78 |
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Euro |
1 |
Rs.63.36 |
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%)