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Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
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Name : |
VELAN INC. |
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Registered Office : |
7007 Chemin de la Côte-de-Liesse, Montreal, Quebec H4T 1G2 |
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Country : |
Canada |
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Date of Incorporation : |
12.12.1952 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject engages in designing, manufacturing, and marketing various
industrial valves worldwide. |
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No. of Employees : |
2,032 |
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 : |
Good |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Canada |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 high 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 merchandise exports each year. Canada
is the US's largest foreign supplier of energy, including oil, gas, uranium,
and electric power. Given its abundant 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 2010-13
and plans to balance the budget by 2015. In addition, the country's petroleum
sector is rapidly expanding, because Alberta's oil sands significantly boosted
Canada's proven oil reserves. Canada now ranks third in the world in proved oil
reserves behind Saudi Arabia and Venezuela.
|
Source
: CIA |
Your order on: VELAN INCL
The correct name is:
Company name: VELAN INC.
Address: 7007 Chemin de la Côte-de-Liesse,
Montreal, Quebec H4T 1G2
Canada
Telephone: +1
514-748-7743
Fax: +1 514-748-8635
Website: www.velan.com
Corporate ID#: 146145
State: Federal
Judicial form: Public Company (TSX = VLN)
Date incorporated: 12-12-1952
Stock: 6,392,201
shares issued and outstanding
Value: No
par value
Name of manager: Thomas
C. VELAN
Business:
Velan Inc. engages in designing, manufacturing, and marketing various
industrial valves worldwide.
It offers gate, globe, and check valves, including cast steel valves for
use in process and power industries; stainless steel valves for corrosive applications;
small forged valves for industrial applications; forged high pressure valves
for use in nuclear and fossil power generation industries, the U.S. Navy, and
high pressure/temperature steam applications; Y-pattern valves for use in power
plants; knife gate valves to handle slurries; and proquip dual-plate check
valves for use in oil and gas industries.
The company also provides quarter-turn valves comprising
resilient-seated ball valves; metal-seated ball valves for high temperature,
high corrosive, and/or media applications; ball valves for delayed cokers in
oil refineries; power ball valves to handle steam isolation applications;
trunnion-mounted pipeline ball valves for cryogenic, offshore, sub sea, and
underground applications; torqseal triple-offset butterfly valves for use in
offshore oil platforms, fossil and nuclear power plants, and petroleum
refineries; and cryogenic butterfly valves for use in liquid natural gas
industry.
In addition, it offers bimetallic steam traps for steam applications in
thermal and nuclear power plants, or aboard ships; Adareg control valves for
cryogenic applications; emergency shut-down valves, high integrity pressure
protection systems, subsea ball valves, control ball valves, diverter valves,
modular double block and bleed valves, slab gate valves, choke valves, and
nozzle check valves; and pneumatic and hydraulic actuators, including
gas-over-oil actuators. Velan Inc. sells its products directly or through a
network of distributors and agents.
The company was formerly known as Velan Engineering Ltd. and changed its
name to Velan Inc. in February 1981.
The company was founded in 1950 and is headquartered in Montreal,
Canada. Velan Inc. is a subsidiary of Velan Holding Co. Ltd.
The Company exports worldwide.
Staff: 2,032
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, owned.
The Company maintains
several branches in Canada.
Shareholders:
SOCIETE HOLDING VELAN HOLDING LTEE (in French)
VELAN HOLDING LTD. (in English)
7007 Chemin de la Côte-de-Liesse, Montreal, Quebec H4T 1G2 – Canada
Management:
Thomas C. VELAN is the President and CEO
He has been the President of Velan Inc. since May 14, 2003 and serves as
its Chief Executive Officer. He served as the Corporate Secretary and Executive
Vice President of Export Sales Overseas Operations at Velan, Inc. until May 14,
2003. He has been a Director of Velan, Inc. since 1976.
John D. BALL is the CFO
Adolf K. VELAN is the Founder and Executive Chairman
Directors include Kenneth MACKINNON, Peter VELAN, William SHEFFIELD,
Robert VELAN, Cheryl HOOPER, and Jacques LATENDRESSE.
Sabine BRUCKERT is Secretary.
As far as we know, they are involved in other corporations, including:
SOCIETE HOLDING VELAN HOLDING LTEE (in French)
VELAN HOLDING LTD. (in English)
7007 Chemin de la Côte-de-Liesse, Montreal, Quebec H4T 1G2 – Canada
GESTION VELAN CHINA INC.
7007 Chemin de la Côte-de-Liesse, Montreal, Quebec H4T 1G2 – Canada
VELAN S.A.S
France
VELAN VALVES LTD
England
and others.
On January 9, 2014, Velan, Inc. reported unaudited consolidated earnings
results for the third quarter and nine months ended November 30, 2013.
For the quarter, the company reported sales of $115,611,000 compared to
$134,203,000 a year ago. Operating profit was $11,814,000 compared to
$9,637,000 a year ago. Income before income tax was $11,527,000 compared to
$8,549,000 a year ago. Net income was $8,839,000 or $0.38 basic and diluted per
share compared to $6,128,000 or $0.26 basic and diluted per share a year ago.
Cash provided by operating activities was $38,629,000 compared to $15,261,000 a
year ago. Additions to property, plant and equipment was $6,493,000 compared to
$11,559,000 a year ago. Additions to intangible assets were $60,000 compared to
$139,000 a year ago. For the nine months period, the company reported sales of
$368,541,000 compared to $358,504,000 a year ago. Operating profit was
$28,459,000 compared to $15,647,000 a year ago.
Income before income tax was $27,375,000 compared to $13,570,000 a year
ago. Net income was $20,349,000 or $0.87 basic and diluted per share compared to
$10,253,000 or $0.44 basic and diluted per share a year ago. Cash provided by
operating activities was $62,074,000 compared to cash used in operating
activities of $8,638,000 a year ago. Additions to property, plant and equipment
was $14,691,000 compared to $22,641,000 a year ago. Additions to intangible
assets were $265,000 compared to $405,000 a year ago.
The Board declared an eligible quarterly dividend of CAD 0.08 per share,
payable on March 31, 2014, to all shareholders of record as at March 17, 2014.
On attachment:
- 10K 2012/2013 (fiscal year ending February 2013)
- 3rd 10Q 2013/2014
Banks: CIBC Canadian Imperial Bank of Commerce
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: Several
Trade references:
Date reported: March 2014
High credit: CAD 100,000
Now owing: 0
Past due: 0
Last purchase: February 2014
Line of business: Office supply
Paying status: On terms
Date reported: March 2014
High credit: CAD 3,000,000
Now owing: 0
Past due: 0
Last purchase: February 2014
Line of business: Payroll
Paying status: As agreed
Date reported: March 2014
High credit: CAD 4,000
Now owing: 0
Past due: 0
Last purchase: February 2014
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 is developing a
strong business.
The bank confirmed a
regular account.
The Company is in good
standing.
This means that all local and
federal taxes were paid on due date.
Last report was filed on
02-28-2014.
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.60.71 |
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1 |
Rs.102.04 |
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Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NNA |
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.