MIRA INFORM REPORT

 

 

Report Date :           

19.10.2011

 

IDENTIFICATION DETAILS

 

Name :

THE FURNACE BELT COMPANY LIMITED

 

 

Registered Office :

7-1874 Drew Rd., Mississauga, Ontario L5S 1J6

 

 

Country :

Canada

 

 

Year of Establishment :

1972

 

 

Legal Form :

Limited Company

 

 

Line of Business :

The company manufactures woven metal conveyor belting

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 30,000

Status :

Moderate

Payment Behaviour :

No Complaints

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Canada

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - CANADA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

Legal Name:

THE FURNACE BELT COMPANY LIMITED

 

 

Legal Address

7-1874 Drew Rd., MISSISSAUGA, Ontario L5S 1J6, Canada

Operative Address

1874 Drew Road, Mississauga, Ontario L5S 1J6, Canada (Headquarters)

Telephone:

+1 (905) 677-5068

ID :

NA

Fax:

+1 (905) 677-4550

Legal Form:

Limited Company

Email:

fbc@furnacebeltco.com

Registered in:

Canada

Website:

http://www.furnacebeltco.com/

Date Created:

1972

Manager:

Joseph L. Tatone, President

Date Incorporated:

NA

Staff:

30

Stock:

NA

 

 

Value:

NA

Activity:

The company manufactures woven metal conveyor belting.

 

 

BANKS

 

Name of the Bank

HSBC BANK

 

 

BUSINESS

 

HISTORY

 

The company was created in 1972.

PRINCIPAL ACTIVITY

 

Manufacture of woven metal conveyor belting.

Products/Services description:

 

The company's products are custom designed for a full range of low to high temperature processes including product heat treatment and powder metal sintering.

Its flat wire belting is in high demand for a wide variety of food processing, freezer tunnels, agriculture, marine and general conveying applications.

 

Sales are:

 

Wholesale

Clients:

 

Various Industries

Operations area:

 

National, International

The company export to Depending on demand.

The subject employs 30 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at 1874 Drew Road, Mississauga, Ontario L5S 1J6, Canada

 




Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company. The shareholders are Joseph L. Tatone and Tony Di Censo.

Management:

 

Joseph L. Tatone, President

Tony Di Censo, Vice President

Julien Tatone, Sales

Dante Di Censo, Production Manager

Mario Di Censo, Treasurer

Related Companies:

 

Furnace Belt Co.

2316 Delaware Ave., Suite 417

Buffalo, NY 14216

Phone: 1-800-354-7213     

Fax: 800.354.7215

 

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Sheila Heisterberg, Accountant, who refused to provide us any financial data on grounds of confidentiality.

Comments on the financial data: As of today, THE FURNACE BELT COMPANY LIMITED’s 2010 numerical financial figures were neither released nor revealed to our sources.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

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

 

The subject is a small sized Canadian company as it currently has a staff of 30 employees.

 

It started to operate in 1972. Therefore, it has more than 38 years of experience.

 

THE FURNACE BELT COMPANY LIMITED is considered to be a world leader in the superior manufacture of woven metal conveyor belting, including friction or positive (chain) drive applications.

 

Through the years the company has remained stable in the market.

 

There is current payment experience.

 

There were no legal filings found against the company or its legal representatives.

 

Credit line may be considered for USD 30,000-.

 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

N.A.

 

 

 

 




APPENDIX

 

Person Interviewed

 

Sheila Heisterberg

Position

 

Accountant

Comments

 

We have contacted this person at the company's and she provided us the following information:

 

Address

Phone

President

Shareholders

Banks

Employees

Payments to suppliers

Creation date

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.77.58

Euro

1

Rs.67.58

 

 

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.