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Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
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Name : |
LEGGETT & PLATT CANADA CO. |
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Registered Office : |
6595 Ordan Drive, Mississauga, Ontario L5T 1X2 |
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Country : |
Canada |
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Date of Incorporation : |
22.06.1994 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is engages in the design and production of a range of
engineered components and products. |
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No. of Employees : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Canada |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
CANADA - ECONOMIC OVERVIEW
As an affluent, high-tech industrial society in the
trillion-dollar class, Canada resembles the US in its market-oriented economic system,
pattern of production, and affluent living standards. Since World War II, the
impressive growth of the manufacturing, mining, and service sectors has
transformed the nation from a largely rural economy into one primarily
industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the
1994 North American Free Trade Agreement (NAFTA) (which includes Mexico)
touched off a dramatic increase in trade and economic integration with the US
its principal trading partner. Canada enjoys a substantial trade surplus with
the US, which absorbs about three-fourths of Canadian exports each year. Canada
is the US's largest foreign supplier of energy, including oil, gas, uranium,
and electric power. Given its great natural resources, highly skilled labor force,
and modern capital plant, Canada enjoyed solid economic growth from 1993
through 2007. Buffeted by the global economic crisis, the economy dropped into
a sharp recession in the final months of 2008, and Ottawa posted its first
fiscal deficit in 2009 after 12 years of surplus. Canada's major banks,
however, emerged from the financial crisis of 2008-09 among the strongest in
the world, owing to the financial sector''s tradition of conservative lending
practices and strong capitalization. Canada achieved marginal growth in 2010-12
and plans to balance the budget by 2015. In addition, the country''s petroleum
sector is rapidly becoming an even larger economic driver with Alberta''s oil
sands significantly boosting Canada''s proven oil reserves, ranking the country
third in the world behind Saudi Arabia and Venezuela.
|
Source
: CIA |
WESTEX INTERNATIONAL
This is a business name registered in Ontario on 03-16-2006, under ID#
ON-160309670, and owned by:
Company name: LEGGETT & PLATT CANADA CO. (in
English)
SOCIETE
LEGETT & PLATT CANADA (in French)
Address: 6595 Ordan Drive, Mississauga,
Ontario L5T 1X2 - Canada
Telephone: +1 905-501-1997
Fax: +1 905-501-7339
Website: www.westex-intl.com
Corporate ID#: 3268807
State: Nova Scotia
Judicial form: Corporation – Profit
Date incorporated: 01-01-2013
Date founded: 06-22-1994
Stock: -
Value: -
Name of manager: David
S. HAFFNER
Business:
Leggett & Platt Canada Co. engages in the design and production of a
range of engineered components and products. It offers bedding products,
furniture and consumer products.
The company is based in Halifax, Canada.
Leggett & Platt Canada Co. operates as a subsidiary of Leggett &
Platt, Incorporated.
The Company is using several business names, including:
Canadian Furniture
Lenrod Industries
Leggettwood
Schukra of North America
Westex International
and others.
Westex International designs, manufactures, imports, and sells bedding
products. It offers down and down-alternative duvets, pillows, mattress pads,
pillow protectors, fiber beds, and featherbeds; duvet covers, duvet cover sets,
sheet sets, and decorative cushions; and laundry solutions, such as ironing
board covers and pad sets, ironing boards, indoor and outdoor dryers,
clotheslines, and related accessories, as well as laundry/storage hampers, nest
sets, and individual boxes. The company also specializes in private label
product categories for retailers. It sells its products to wholesale, retail,
and hospitality customers in North America and internationally.
Staff: 600
Operations & branches:
At the headquarters, we
find a factory, warehouse and office.
The Company maintains
several branches in Canada.
Shareholders:
LEGGETT & PLATT, INCORPORATED
1 Leggett Road, Carthage, MO 64836 - USA
Leggett & Platt, Incorporated designs and produces various
engineered components and products worldwide. The company’s Residential
Furnishings segment offers innersprings and wire forms; steel mechanisms and
hardware, springs, seat suspensions, steel tubular seat frames, bed frames, ornamental
beds, and adjustable beds, as well as top-of-bed accessories; and structural
fabrics, carpet underlay materials, and geo components. This segment serves
manufacturers of finished bedding products or upholstered furniture. Its
Commercial Fixturing & Components segment provides shelving, counters,
showcases, and garment racks; standardized shelving; and bases, columns, back
rests, casters, and frames for office chairs, as well as control devices. This
segment serves retail chains and specialty shops; and institutional, office,
and commercial furniture manufacturers. The company’s Industrial Materials
segment offers steel rods, drawn wires, steel billets, fabricated wire
products, welded steel tubing, fabricated tube components, and titanium and nickel
tubing products. This segment serves bedding and furniture, and mechanical
spring makers; automotive seating, and lawn and garden equipment manufacturers;
waste recyclers and waste removal, and medical supply businesses; and aerospace
suppliers and OEMs.
Its Specialized Products segment provides manual and power lumbar
support and massage systems; seat suspension systems; automotive control
cables; low voltage motors and motion assemblies; formed metal and wire
components; quilting machines; machines for shaping wire into springs;
industrial sewing/finishing machines; and van interiors. This segment primarily
serves automobile seating and bedding manufacturers; and telecommunication,
cable, home service, and delivery companies.
The company sells its products through sales representatives and
distributors. Leggett & Platt, Incorporated was founded in 1883 and is
based in Carthage, Missouri.
The Company is listed with
the NYSE under symbol LEG, and report the following figures:
|
Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
TOTAL REVENUES |
3,055.1 |
3,359.1 |
3,636.0 |
3,720.8 |
|
|
NET INCOME |
111.8 |
176.6 |
153.3 |
248.2 |
|
Management:
David S. HAFFNER is the President
of the group.
He has been Chief Executive Officer of Leggett & Platt Inc., since
May 10, 2006 and served as also its President since 2002. Mr. Haffner serves as
Head of Commercial Fixturing & Components of Leggett & Platt Inc. and
has been in other capacities since 1983. Mr. Haffner served as Chief Operating
Officer of Leggett & Platt Inc. from 1999 to May 10, 2006. He served as
Leggett & Platt Inc.'s Executive Vice President from 1995 to 2002. He has
been Chairman of the Board at Leggett & Platt, Incorporated since May 2013.
He serves as Chairman of the Board of Hanes Dye and Finishing Co. He has been a
Director of Leggett & Platt Inc. since 1995.
He has been an Independent Director of Bemis Company, Inc., since May
2004.
He holds a bachelor's degree in engineering from the University of
Missouri and a master's degree in business administration from the University
of Wisconsin.
Ellis CHITIZ is the President of the Westex International division.
Subsidiaries
And partnership: None
In Canada, privately held
corporations are not required to publish any financials.
However, from the annual
report of the parent company, it appears that the Canadian sales was USD
217,700,000= in 2012, verse USD 216,300,000= in 2010.
Banks: Royal Bank of Canada
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Haut du formulaire
Domestic credit history:
National Credit Bureaus gave
a satisfying credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made on due date.
International
credit history:
Payments of imports are currently made on terms.
Other comments:
The Company is developing a
strong business.
The bank confirmed a
regular company.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.