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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
JOHNVINCE FOODS LTD |
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Registered Office : |
555 Steeprock Drive, Toronto, Ontario M3J 2Z6 |
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Country : |
Canada |
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Date of Incorporation : |
1973 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
The Subject is importer and wholesaler of foods. |
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No. of Employees : |
600 |
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 |
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Litigation : |
Exists |
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 a 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 |
Your order on: JOHN VINCE FOODS LTD
The correct name is:
Company name: JOHNVINCE FOODS LTD
Address: 555 Steeprock Drive,
Toronto, Ontario M3J 2Z6 - Canada
Telephone: +1
416-636-6146
Fax: +1 416-636-6177
Website: www.johnvince.com
Corporate ID#: ON-0001399467
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: February
1, 2000
Date founded: 1973
Stock: -
Value: -
Name of manager: Vincent
PULLA
History:
Business founded in 1973,
incorporated under the name of JOHNVINCE FOODS (CANADA) LIMITED on May 8th,
1981, as a Federal Corporation under
ID# 1128426 and dissolved
on August 31st, 1989.
Corporate business changed
several times as to reach the actual one.
Business:
The Company is importer and wholesaler of foods.
Johnvince Foods Limited supplies and exports bulk foods.
It offers nuts in shell, almonds, other nut items, cashews, peanuts,
coated nuts, coconut, raisins, glazed and dried fruits, dates and figs, ginger,
mixed nuts, fruit and nut mixes, other snacks, snack packs, soya nuts, candies,
chocolates, toppings, bread crumbs, corn, hot and cold drinks, pie fillings,
jelly powders, hot and cold cereals, sugar, baking soda and powder, fresh
roasted coffee beans, and flavored coffee. The company also provides bouillon
cubes, soup and gravy bases, potatoes, yeast, bakery items, macaroni cheese
mixes, baking mixes and crumbs, marshmallows, wheat, barley, oats and cereals,
flour, rice, seeds, beans, peas, tapioca, pasta, spices, salt, artificial
extracts, food colors, spreads and fillings, peanut butters, honey, oils, condiments,
canisters, and seasonal items and gift packs.
Customers include Major Grocery Chains, Independent Grocery Stores,
Grocery Produce, Grocery Wholesale, Club, Department Chains, Mass, Drug Retail,
Major C-Stores, Independent C-Stores, Bulk Retailers, Wholesale Distributors.
In addition to domestic distribution, Johnvince Foods, out of its
current 350,000 sq. ft. facility, has been exporting globally for the past
decade to three different continents and several countries, including Japan,
Singapore, Brazil, Caribbean Islands, Italy, France and England.
Brands include Cottage Farm, Country Bake, Reddi
Snack, Wasco and much more.
Subject Company is not
doing business with countries registered under the US OFAC.
Staff: 600
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, on
350,000 sq. ft. owned.
The Company maintains a branch located:
1630 Eiffel, Boucherville, Quebec J4B 7W1, Canada
Ph: +1 450-655-4764
Shareholders:
J. PULLA LIMITED
555 Steeprock Drive, Toronto, Ontario M3J 2Z6 - Canada
V. PULLA LIMITED
555 Steeprock Drive, Toronto, Ontario M3J 2Z6 - Canada
R. PULLA LIMITED
555 Steeprock Drive, Toronto, Ontario M3J 2Z6 - Canada
Management:
Vincent PULLA is the President, Director and CEO
He is the founder of the group
Joseph PULLA is Vice President and General Manager.
As far as we know, they are involved in other corporations, including:
JOHNVINCE FOODS (MISSISSAUGA) LTD
JOHNVINCE FOODS DISTRIBUTION
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report.
Sales declared for fiscal
year ending June 2013 is in the range of
CAD 180,000,000= (CAD
160,000,000= in 2006)
The business is profitable.
Banks: Royal Bank of Canada
Legal filings
& complaints:
We noted several complaints for late payments.
Secured debts summary: Several
Haut du formulaire
Trade references:
Date reported: October 2013
High credit: CAD 50,000+
Now owing: 0
Past due: CAD 20,000+
Last purchase: September 2013
Line of business: Office supply
Paying status: 8 days beyond terms
Date reported: October 2013
High credit: CAD 600,000
Now owing: 0
Past due: 0
Last purchase: September 2013
Line of business: Payroll
Paying status: As agreed
Date reported: October 2013
High credit: CAD 3,000
Now owing: 0
Past due: 0
Last purchase: September 2013
Line of business: Telecommunications
Paying status: 8 days beyond 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 long delays of payments.
International
credit history:
Payments of imports are currently made with an average of 15 days beyond
terms.
Other comments:
The bank confirmed late
payments.
The Company is in good
standing.
This means that all local and
federal taxes were paid on due date.
Last report was filed on
June 12, 2013.
The risk is medium/high.
Our opinion:
We suggest you to be
careful.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.