MIRA INFORM REPORT

 

 

Report Date :

10.05.2012

 

IDENTIFICATION DETAILS

 

Name :

WEAVERS ART INC

 

 

Registered Office :

348 Davenport Road, Toronto, Ontario M5R 1K6

 

 

Country :

Canada

 

 

Date of Incorporation :

2003

 

 

Legal Form :

Corporation for Profit

 

 

LINE OF BUSINESS :

SUPPLIER OF FINE HAND-WOVEN AREA CARPETS.

 

 

No. of Employees :

49

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 30, 2011

 

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: Stable

 

 

IDENTIFICATION

 

Legal Name:

WEAVERS ART INC

 

 

Legal Address

348 Davenport Road, Toronto, Ontario M5R 1K6, Canada.

 

Operative Address

348 Davenport Road, Toronto, Ontario M5R 1K6, Canada.

 

Telephone:

+1 (416) 929-7929

Registration Number :

N/A

Fax:

+1 (416) 929-5929

Legal Form:

Corporation for Profit

Email:

info@weaversart.com

Registered in:

Canada

Website:

www.weaversart.com

Date Created:

2003

Manager:

Michael Pourvakil, President

Date Incorporated:

-

Staff:

49

Stock:

N/A

 

 

Value:

N/A

Activity:

Supplier of fine hand-woven area carpets.

 

 

BANKS

 

Name of the Bank

Nova Scotia Art Bank

 

 

BUSINESS

 

HISTORY

 

This company was created in the year 2003.

PRINCIPAL ACTIVITY

 

The subject company operates as a supplier of fine hand-woven area carpets to Architects and Interior Designers; Most of the products are showed through exposition Trade Shows and Fairs.

 

Products/Services description:

 

The company offers:

Rug

Carpets

Custom Rug

hand-woven carpets

Sales are:

 

Wholesale, Retail

Brands:

 

Tibetan Collection

Classic collection

Aubusson collection

Clients:

 

Architects, Interior Designers and General Customers.

Operations area:

 

International

The company imports from Iran, Pakistan, Nepal, India, China, and Turkey.

The company exports to Worldwide, depending on the demand.

The subject employs 49 employee(s)

PAYMENTS

 

Regular.

 

 

LOCATION

Headquarters

 

This company is headquartered at: 348 Davenport Road, Toronto, Ontario M5R 1K6, Canada.

Comments on location:

 

Headquarters and Showroom.

Branches:

 

The company manages other 2 showrooms located at:

 

*1400 Castlefield Avenue.

Toronto, Ontario M6B 4N4, Canada.

 

*162 Bedford Road.

Toronto, Ontario M5R 2K9, Canada.

 

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a privately held company. It is owned by Mr. Michael Pourvakil.

Management:

 

Michael Pourvakil, President & Board Member.

Wayne Tulotsang, Accounting.

Denise Rogers, Executive Assistant.

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

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

We have contacted Mr. Michael Pourvakil, President and CEO, who refused to provide us any financial data on grounds of confidentiality.

 

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

 

USD

2011

 

Turnover

4,500,000

 

The cash flow is

NORMAL

 

 

Currency

DATE

USD

2010

Turnover

3,410,000

The cash flow is

NORMAL

 

 

Legal Fillings

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

 

 

Rating

 

Local credit bureau gave a NORMAL credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

This is a small sized Canadian company which has been operating since 2003.

 

The company is active and doing business.

 

The company's structure is solid and established. It comprises three locations in Canada and an estimated workforce of 49 employees.

 

Weavers Art has one of the largest inventories of fine rugs in Canada. Ranging from contemporary and modern Tibetan rugs to Old World vegetable dyes rugs.

 

The financial information for 2011 indicates that the company has improved its performance in the market.

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

NORMAL

 

 

 

 

APPENDIX

 

Person Interviewed

 

Michael Pourvakil.

Position

 

President & Board Member.

Comments

 

Refused to provide us with information without knowing the name of the inquiring party.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.46

UK Pound

1

Rs.86.27

Euro

1

Rs.69.40

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.