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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ECOSYNTHETIX CORPORATION |
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Registered Office : |
3365 Mainway, Burlington, Ontario L7M 1A6 |
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Country : |
Canada |
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Date of Incorporation : |
26.10.2001 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is engages in the development and commercialization of
bio-based products that are used as inputs in industrial manufacturing for a
range of consumer and industrial products worldwide. |
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No. of Employees : |
45 (for the group) |
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 : |
Slow but Correct |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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.
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Source : CIA |
Company name: ECOSYNTHETIX CORPORATION
Address: 3365 Mainway, Burlington, Ontario
L7M 1A6 - Canada
Telephone: +1
289-878-0286
Fax: +1 289-288-5011
Website: www.ecosynthetix.com
Corporate ID#: ON-001499605
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: 10-26-2001
Stock: -
Value: -
Name of manager: John
VAN LEEUWEN
Business:
EcoSynthetix engages in the development and commercialization of
bio-based products that are used as inputs in Industrial manufacturing for a
range of consumer and industrial products worldwide.
Its lead product, ECOSPHERE BIOLATEX binders, is used commercially by
manufacturers in the coated paper and paperboard industry as replacement for
petroleum based emulsion polymers, such as styrene butadiene latex.
The company also provides EcoMer, a family of sugar-based macromers that
help polymer manufacturers in creating new waterborne sugar-acrylic polymers
and resins; and EcoStix products, which are uses in the development of
waterborne pressure sensitive adhesives for a range of label, film, and
specialty applications, such as recyclable packaging, fruit labeling,
re-pulpable tapes, paper labels and postage stamps, and high temperature
resistant labels for automotive applications.
Suppliers
include:
CHEMIGATE OY
SIMPSIONTIE 682 LAPUA 62100 FINLAND
Staff: 45 (for the group)
Operations & branches:
At the headquarters, we
find a laboratory and office, on lease.
Shareholders:
ECOSYNTHETIX INC.
3365 Mainway, Burlington, Ontario L7M 1A6 - Canada
Public Company incorporated
in Ontario on 05-20-2011 under ID# ON-02285780
Management:
John VAN LEEUWEN is the President and CEO.
He served as the CEO of Tech Inspirations from 1996 to 2004. From 1990
to 1996, he was responsible for the start up of the North American operations
of the software company Baan Company N.V. and as part of that group's senior
management team led it to a successful initial public offering on the NASDAQ in
May 1995. In addition, he has significant management, technology & product
marketing and chemical research & development experience acquired during
his time with Strohn CIM Systems, Inc., Monsanto Chemical Company and Shell
Chemicals. Mr. van Leeuwen has been the Chairman at Ecosynthetix Inc, since
2004. He has been a Director of Ecosynthetix Inc. since 1996.
In May 2011, he received the Canadian Innovator of the Year award on
behalf of Ecosynthetix from PricewaterhouseCoopers.
Mr. van Leeuwen holds a BASc. in Chemistry with honours from the
University of Waterloo.
Robert Martin HAIRE is the CFO.
As far as we know,
they are involved in other corporations, including:
ECOSYNTHETIX ADHESIVES INC.
ECOSYNTHETIX CANADA CORPORATION
ECOSYNTHETIX INC.
ECOSYNTHETIX TECHNOLOGIES INC.
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a financial
assistant controlled the present report and confirmed that all financials are
consolidated into the parent company which reported the following:
|
Currency in |
|
Dec
31 |
Dec
31 |
Dec
31 |
Dec
31 |
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TOTAL REVENUES |
2.4 |
15.9 |
20.8 |
19.6 |
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NET INCOME |
-14.0 |
-49.2 |
-252.7 |
-11.4 |
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Banks: Scotia Bank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: Several
Trade references:
Date reported: November 2013
High credit: USD 15,000
Now owing: 0
Past due: 0
Last purchase: October 2013
Line of business: Office supply
Paying status: 3+ days beyond terms
Date reported: November 2013
High credit: USD 50,000
Now owing: 0
Past due: 0
Last purchase: October 2013
Line of business: Payroll
Paying status: As agreed
Date reported: November 2013
High credit: USD 600
Now owing: 0
Past due: 0
Last purchase: October 2013
Line of business: Telecommunications
Paying status: 5 days terms
Domestic credit history:
National Credit Bureaus
gave a medium credit rating.
According to our credit analysts, during the last 6 months, domestic payments
were made with an average of 5 to 10 days beyond terms.
Other comments:
The bank confirmed a low
cash flow.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is medium/high.
Our opinion:
We suggest you to be
careful.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
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UK Pound |
1 |
Rs.101.37 |
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Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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.