MIRA INFORM REPORT
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Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MORRIS NATIONAL INC |
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Registered Office : |
2235 Rue Lapierre, Lasalle,
Quebec, H8N1B7 |
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Country : |
Canada |
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Date of Incorporation : |
07.03.1995 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesaler of confectionery |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Canada |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - CANADA
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: 100 USD = 97 CAD |
IDENTIFICATION
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Ordered as: |
Morris National Inc |
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Address in the order: |
2235, Lapicrre Street, Lasalle Quebec 118N-1B7 |
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Legal Name: |
MORRIS NATIONAL INC |
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Legal Address |
2235 Rue Lapierre, Lasalle,
Quebec, H8N1B7, Canada |
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Telephone: |
+ 1 (514) 368-1000 |
Document Number : |
1143313048 |
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Fax: |
+ 1 (514) 368-3168 |
Legal Form: |
Corporation for Profit |
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Email: |
morristor@morrisnational.com |
Registered in: |
Quebec |
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Website: |
www.morrisnational.com |
Date Created: |
1950 |
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Manager: |
ZUBATOFF IRENE, President |
Date Incorporated: |
March 7, 1995 |
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Staff: |
200 employees |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Wholesaler of confectionery. |
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BANKS
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Name of the Bank |
ROYAL BANK OF CANADA |
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Name of the Bank |
HSBC |
BUSINESS
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HISTORY |
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Morris National, Inc. Canada is a privately held corporation that
imports and distributes confectionery, specialty food, and gift packs on an
exclusive basis throughout Canada. The company was founded in 1950. |
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PRINCIPAL ACTIVITY |
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Morris National, Inc. Canada is a private company with international
connections. The company imports and distributes confectionery, specialty food, and
gift packs in Canada. Morris National, Inc. USA is a wholly owned subsidiary of Morris
National Canada. The operation manufactures, imports, and distributes confectionery and
cookie products throughout the United States. Morris National, Inc. USA was
founded in 1974. Morris National (Pty Ltd) Australia is also part of the group. It is a
subsidiary that imports and distributes confectionary, specialty food and
gift packs on an exclusive basis throughout Australia and New Zealand. The
company was founded in 2008. Since its inception Morris National has expanded its operations. This is a well established business. The subject has recently launched a new range of chocolates. It is
called Nutffles. The receptionist called Lydia confirmed difficulties for the subject.
She did not give more explanation but indicate that the controller was not
available. |
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Sales are: |
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Wholesale |
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Operations area: |
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National, International, Local |
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The company imports from Worldwide |
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The company export to Worldwide |
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Trade References: |
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Gold Book |
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The subject employs 200 employee(s) |
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PAYMENTS |
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To Be Monitored |
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LOCATION |
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Headquarters |
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The company is headquartered at the above address |
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Comments on location: |
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The company has a branch at the following location: 100 Jacob Keffer Parkway, Concord,
L4K 4W3, Ontario, Canada Tel: + 1 (905) 879-7777 Fax: + 1 (905) 879-0400 |
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Business Overview: |
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Generally, the wholesale trade industry consists of two types of
firms. First, there are the wholesale merchants who are primarily engaged in
buying merchandise for resale to retailers, other businesses, trade
contractors, and other wholesalers. Other business may include industrial,
commercial, institutional, farm or professional firms. Second, there are firms
that act as agents and brokers in the buying or selling merchandise on a
commission basis. Wholesalers are a key link between manufacturers and the marketplace.
They anticipate customer needs and demands, buy merchandise, carry inventory,
assemble shipments, deliver merchandise, extend credit, provide knowledge on
various aspects of marketing products in Canada and abroad, and provide
consultation services. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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ZUBATOFF GERALD - Main
shareholder LEFEBVRE JEAN-PIERRE - Second Shareholder ZUBATOFF BRAHM MORRIS - Third Shareholder |
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Management: |
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ZUBATOFF IRENE, President ZUBATOFF ABE, Treasurer |
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Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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However our financial sources could provide us with the following data
(estimates): |
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Currency |
DATE |
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CAD |
2009 |
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Turnover |
51,200,000 |
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Operating Income |
(280,000) |
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Net Income |
(315,000) |
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Net worth |
6,200,000 |
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Bank liabilities |
10,000,000 |
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The cash flow is |
Tight |
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Currency |
DATE |
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CAD |
2008 |
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Turnover |
56,400,000 |
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Operating Income |
3,800,000 |
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Net Income |
2,100,000 |
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Net worth |
6,500,000 |
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Liabilities |
10,000,000 |
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Legal Fillings The company’s
recent financials was not yet available. |
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The
sources consulted record no recent detrimental legal or labor court
information. We did not find specific adverse record
against the company. |
Rating
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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. |
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Final Opinion |
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This is a medium company with
international related operations. The subject is established. The 2009 year had nevertheless been
difficult for the subject. The company’s income has decreased. The business was losing money. The company's debt level is already above
its net worth. The treasury is tight. Any credit line must require guarantees at
this time. A review within a few months is needed to
fully assess the company's recent evolution. The company's financial state was
confirmed by workers indicating that the subject is facing some hurdles. |
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SUMMARY
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Profitability |
NEGATIVE |
Public |
NO |
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Indebtedness |
MEDIUM |
Payments |
TO BE MONITORED |
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Cash |
MEDIUM |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.87 |
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UK Pound |
1 |
Rs.72.83 |
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Euro |
1 |
Rs.64.37 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.