MIRA INFORM REPORT

 

 

Report Date :

16.10.2013

 

IDENTIFICATION DETAILS

 

Name :

FLEXMASTER CANADA LIMITED

 

 

Registered Office :

20 E. Pearce Street, Richmond Hill, Ontario L4B 1B7

 

 

Country :

Canada

 

 

Date of Incorporation :

29.10.2006

 

 

Legal Form :

Corporation – Profit 

 

 

Line of Business :

supplier of  superior HVAC products including flexible aluminum, fabric and stainless steel ducting, spiral, flat oval duct, rectangular duct and fittings, welded duct and PVS products to the Industrial, Commercial and Institutional Construction Industry

 

 

No. of Employees :

130

 

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 – 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 & address

 

Company name:            FLEXMASTER CANADA LIMITED

Address:                       20 E. Pearce Street, Richmond Hill, Ontario L4B 1B7 –

Canada

Telephone:                    +1 905-731-9411

Fax:                              +1 905-731-7086

Website:                       www.novaflex.com

 

 

Company summary

 

Corporate ID#:               ON-0001876832

State:                           Ontario

Judicial form:                 Corporation – Profit 

Date incorporated:          July 1, 2012

Date founded:                October 29, 2006

Stock:                           -

Value:                           -

Name of manager:          John DONNELLY

 

 

ACTIVITIES & OPERATIONS

 

History:

The Company is issued from the merger of

- FLEXMASTER CANADA LIMITED

- TECHNOSE LIMITED

on October 29, 2006

with

- ALPHA FREE-FLOW INDUSTRIES LIMITED

on July 1, 2012.

 

IST

 

Business:

Flexmaster Canada Limited supplies superior HVAC products to the Industrial, Commercial and Institutional Construction Industry.


Its extensive range of products include: flexible aluminum, fabric and stainless steel ducting, spiral, flat oval duct, rectangular duct and fittings, welded duct and PVS products.


Flexmaster Canada flexible ducting products are ULC approved as Class1, have a

Flame Spread Rating of not over 25 without evidence of continued progressive

combustion and a smoked developed rating of not over 50.

The Company exports worldwide.

 

FLEXMASTER CANADA is using the following business names:

- ALPHA CONDUIT D’AIR

- ALPHA FREE-FLOW

- FLEXMASTER CANADA

- NOVAFLEX HOSE

- NOVAFLEX PLASTICS

- PLASTIQUES NOVAFLEX

- PRODUITS DE CHEMINEE Z-FLEX

- Z-FLEX

 

Staff:     130

 

Operations & branches:

At the headquarters, we find the corporate office, on lease.

 

The Company maintains branches located:

 

2750 Sheffield Rd. #3

Ottawa, ON K1B 3V9

 

555 Beck Crescent

Ajax, ON L1Z 1C9

 

158 Brunswick Blvd

Pointe Claire QC  H9R 5P9

 

452 Attwell Dr.

Etobicoke, ON M9W 5C3

 

7350 72nd St. #124

Delta, BC V4G 1H9

 

1000 rue Neveu

St. Cesaire, QC J0L 1T0

 

1080 Meyerside Drive
Mississauga, ON L5T 1J4

 

#1 1329 45 Ave NE

Calgary, AB T2E 2P3

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

1st shareholder (+50%):

DONFLEX HOLDINGS INC.

20 East Pearce Street, Richmond Hill, Ontario L4B 1B7

 

 

Management:

 

John DONNELLY, President and CEO

Melinda DONNELLY, Director

Kevin DONNELLY, Secretary

 

Subsidiaries And partnership:

 

Z-Flex U.S. Inc
20 Commerce Park N., Bedford, NH 03110 - USA

 

Novaflex Industries
1024 industrial Dr., West Berlin, NJ 08091 – USA

 

Novaflex Limited
18 Candy Park, 2 Power Road
Bromborough, Wirral CH62 3QT - UK

 

 

FINANCIALS

 

In Canada, privately held corporations are not required to publish any financials.

 

On a direct call, a financial assistant controlled the present report but deferred any financials.

We sent a fax but no answer received.

 

However, sales estimate for year 2012 is in the range of CAD 14,000,000=

 

The business is said to be profitable.

 

Banks:  HSBC Bank

 

 

LEGAL FILINGS

 

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

 

Secured debts summary:   None

 

 

COMPANY CREDIT HISTORY

 

Trade references:

Date reported:                August 2013

High credit:                    CAD 30,000

Now owing:                    0

Past due:                      0

Last purchase:               July 2013

Line of business:            Office supply

Paying status:               On terms

 

Date reported:                August 2013

High credit:                    CAD 150,000+

Now owing:                    0

Past due:                      0

Last purchase:               July 2013

Line of business:            Payroll

Paying status:               As agreed

 

Date reported:                August 2013

High credit:                    CAD 1,200

Now owing:                    0

Past due:                      0

Last purchase:               July 2013

Line of business:            Telecommunications

Paying status:               On terms

 

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.

 

Other comments:

The Company maintains a regular business.

The bank confirmed an account on 5 figures high.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on August 2, 2013

The risk is low.

 

Our opinion:

A business connection may be conducted.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.98.59

Euro

1

Rs.83.67

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.