MIRA
INFORM REPORT
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Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SIMPSON SEEDS INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
13.08.1979 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is engaged in processing and exporting company which has grown to become a world renown exporter of lentils and peas. |
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No. of Employees : |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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
Company name and address
SIMPSON SEEDS INC.
Address:
Canada
Telephone: +1 306-693-2132
Fax: +1 306-693-4489
Website: www.simpsonseeds.com
Corporate ID#: SK-0000549676
State: Saskatchewan
Judicial form: Corporation – Profit
Date incorporated: 08-13-1979
Stock: -
Value: -
Name of
manager: Gregory SIMPSON
ACTIVITIES
& OPERATIONS
Business:
Incorporated in 1979, Simpson Seeds Inc. is a family owned processing and exporting company which has grown to become a world renown exporter of lentils and peas.
Simpson Seeds Inc. has been recognized and awarded for its involvement of pedigree seed by the Canadian Western Agribition.
Simpson Seeds Inc. is a member of the Canadian Special Crops Association, Chamber of Commerce, Canadian Federation of Independent Business and Canterra Seeds Ltd.
The Company exports worldwide.
Suppliers include:
VIRGO POLYMERS (INDIA)
LTD
A-1-A, MMDA INDUSTRIAL COMPLEX MARAIMALAI NAGAR, KANCHEEPURAM DIST TAMIL NADU
603 209, INDIA
Staff: 70
Operations
& branches:
At the
headquarters, we find the corporate office.
The Company
maintains factories located:
2 miles south on Petrolia Road
Moose Jaw, Saskatchewan
717 South Railway Street West
Current, Saskatchewan
405 Railway
Avenue W.
Kyle,
Saskatechewan
SHAREHOLDERS & MANAGERS
Shareholders:
This is a SIMPSON family owned and managed company.
Management:
Gregory SIMPSON is the President, Director and CEO.
Graduate from the University of Saskatchewan in Agronomy and Crop Science
Former Primary Product Inspector from 1976 to 1979 with Agri-Food Canada
Present here since August 1979.
Subsidiaries
And partnership: None
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 50,000,000=
The
business is profitable.
Banks: Scotia Bank
…
LEGAL FILINGS
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Haut du formulaire
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 80,000+
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 800
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.
International credit history:
Payments of imports are currently made on terms.
Other
comments:
The Company
maintains a regular business.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
The risk is
low.
Our opinion:
A business
connection may be conducted.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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1 |
Rs.98.59 |
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Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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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 |
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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.