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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
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Name : |
VIRTUTONE NETWORKS INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.02.2009 |
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Legal Form : |
Public Company (TMX = VFX) |
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Line of Business : |
Provides voice over Internet protocol (VoIP), fax over Internet protocol (FOIP), and related phone services to business and residential customers |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
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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.
Source
: CIA
Company name: VIRTUTONE NETWORKS INC.
Address: 2181 Premier Way, Ste 240, Sherwood Park,
Alberta T8H 2V1
Canada
Telephone: +1
780-702-5777
Fax: +1 780-702-5775
Website: www.virtutone.com
Corporate ID#: AB-2014498063
State: Alberta
Judicial form: Public Company (TMX = VFX)
Date incorporated: February
1, 2009
Stock: 14,903,208
shares issued and outstanding (as of 01-31-2013)
Market Value: CAD
4,153,751=
Name of manager: Jason
ALLEN
Business:
Virtutone Networks Inc. provides voice over Internet protocol (VoIP),
fax over Internet protocol (FOIP), and related phone services to business and residential
customers in North America, Australia, and the United Kingdom.
The company offers various products and services, including managed
voice lines, managed fax lines, hosted PBX systems, analog phone lines, calling
cards, hosted exchange and BEZ solutions, wholesale VoIP, Internet, and analog
line management.
It also provides hardware, including IP phones, wireless conference
phones, phone adapter with router, 8-port IP telephony gateway, and fax/voice
adapters.
The company serves oil and gas exploration companies, forestry and fire
fighting departments, and other businesses/organizations.
Virtutone Networks Inc. is headquartered in Sherwood Park, Canada.
Staff: 10
Operations & branches:
At the headquarters, we
find the corporate office, on lease.
The Company maintains a
branch located:
13327 Larkhill Gardens Lane,
Sugar Land, TX 77478 - USA
Shareholders:
The Company is listed with
the Toronto Stock Exchange under symbol VFX.
Management:
Jason Allen has been Chief Executive Officer and President at Virtutone
Networks Inc. since June 30, 2008. Mr. Allen founded MobileSat Communications
Inc., and has been its President since November 2005. He is the Founder of
Oricomm Inc. He co-founded SatFax and served as its President since January
2007. Mr. Allen served as Vice-President at Oricomm Inc., and Iroc Systems
Corp., from March 2000 to October 2004. He served as Chief Operating Officer at
Ziracom Communications Inc. He was recruited to run operations and to develop
European markets for Ziracom, an Internet startup in 1998.
Mr. Allen has been a Director of Virtutone Networks Inc. since June 30,
2008. He served as Director of SatFax since January 2007. Mr. Allen holds a
diploma in Financial Management (Major: Corporate Finance) from British
Columbia Institute of Technology, completed the Canadian Securities Course, and
holds a Diploma in Forest Technology.
Colin Campbell has been Chief Financial Officer of Virtutone Networks
Inc. since April 2010. Mr. Campbell is a Chartered Accountant with public
company experience, who for the past 9 years has worked in Bermuda, mainly in
the captive insurance management industry. Previous to that, Mr. Campbell
worked for Deloitte &Touche LLP in Edmonton as an Audit manager.
Subsidiaries
And partnership: None
-10K 2013 on attachment
(year ending 01-2013)
Banks: Scotia Bank
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.64 |
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|
1 |
Rs.86.68 |
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Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
-- |
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.