MIRA INFORM REPORT

 

 

Report Date :

26.07.2012

 

IDENTIFICATION DETAILS

 

Name :

NORTHWAY TEXTILE INC

 

 

Registered Office :

4382 Lakeshore Rd Burlington L7L 1B2 Ontario

 

 

Country :

Canada

 

 

Date of Incorporation :

25.03.1991

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Linens importer

 

 

No. of Employees :

less than 20

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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:Medium

 

 

IDENTIFICATION

 

Legal Name:

NORTHWAY TEXTILE INC

 

 

Legal Address

4382 Lakeshore Rd Burlington L7L 1B2 Ontario

Operative Address

4382 Lakeshore Rd Burlington L7L 1B2 Ontario

Telephone:

+1 - 9056357514 / 905-815-9800

Business Number :

129414843RC0001

Fax:

+1 - 905 635 1397

Legal Form:

Corporation for Profit

Email:

contactus@northwaytextle.com

Registered in:

Canada

Website:

N.A.

Date Created:

1991

Manager:

Mr. jean torn  operations manager.

Date Incorporated:

March 25th 1991

Staff:

less than 20

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Linens importer.

 

 

BANKS

 

Name of the Bank

Royal Bank of Canada

 

BUSINESS

 

HISTORY

 

NORTHWAY TEXTILE INC was created in 1991

PRINCIPAL ACTIVITY

 

NORTHWAY TEXTILE INC is a Linens importer.

Products/Services description:

 

Their products are related to the linens manufacture, such as:

 

Bed articles

Linen Woven

Textil dómesticos

Sales are:

 

Wholesale

Clients:

 

Companies related to the linen businesses.

Suppliers:

 

AMERICAN PACIFIC ENT.(CHINA)LTD.

2F(WEST)BLDG 1,1300 JUNGONG RD SHANGHAI CHINA

 

M/S, KAM INTERNATIONAL

F-152, S.I.T.E.,KARACHI-PAKSITAN.92-212564579 TELEX 92-21256458

 

LOFTEX INDUSTRIES LTD.

NO.89 WUTONG 6 RD BINBEI BINCHENG

DISTRICT

BINZHOU SHANDONG CN

Operations area:

 

National, Local

The company imports from China, Pakistan.

The company does not export

The subject employs less than 20 employees

Comments on staff:

 

We could not confirm the number of employees with the company.

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company has their headquarters located at:

 

4382 Lakeshore Rd Burlington L7L 1B2 Ontario

Branches:

 

The company has another location at:

 

1360 Speers Rd, Oakville ON, L6L 5V3

Phone: 905-815-9800

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

Northway Textile Inc is a private company where Mr. Arthur Hartley would be the company's main shareholder.

Management:

 

Mr. Jean Thorn, Manager

Mr. Arthur Hartley, Manager

Mr. Wayne Hartley, President

Mr. Joseph Iacobaccio, Controller

Financials - COMMERCIAL TRENDS AND FORECAST

 

 

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

 

We have contacted Mr. Jean Thorn, Operations Manager, who refused to provide us any financial data on grounds of confidentiality.

 

Comments on the financial data: We could not get financial information from or about the company for 2011.

 

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

 

NORTHWAY TEXTILE INC has 21 years of experience in the linens makert as importer, this company has two locations one operates as headquarters. The company import most of their products from China and Pakistan. The company operates with about 20 employees. We did not find legal against the company.

 

After our research and the chat with the company we believe a credit line could be considered for USD 30,000

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

N.A.

Public Records

NO

 

Indebtedness

N.A.

Payments

N.A.

 

Cash

N.A.

 

 

 

 



APPENDIX

 

Person Interviewed

 

Mr. Jean Thorn

Position

 

Manager

Comments

 

Mr. Thorn, confirmed locations, activity and creation date, but refused to provide or confirm  further information and hanged up the phone.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.37

UK Pound

1

Rs.87.44

Euro

1

Rs.68.04

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.