MIRA INFORM REPORT

 

 

Report Date :

10.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DECOKING DESCALING TECHNOLOGY INC.

 

 

Registered Office :

4873 46th Street, Lacombe, Alberta T4L 2B2

 

 

Country :

Canada

 

 

Date of Incorporation :

12.05.1995

 

 

Legal Form :

Federal Corporation – Profit 

 

 

Line of Business :

·         Subject develops systems for off-line decoking of fired heaters for oil refineries and bitumen upgraders.

·         Subject also provides hardware products, including coke-removal devices and mobile hydraulic pumping units; as well as deposit removal services.

 

 

No of Employees :

20

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

Company name & address

 

Company name:            DECOKING DESCALING TECHNOLOGY INC.

Address:                                   4873 46th Street, Lacombe, Alberta T4L 2B2 - Canada

Telephone:                    +1 403-346-7444

Fax:                              +1 403-342-7447

Website:                                   www.decoking.com

 

 

Registration data

 

Corporate ID#:              3136221

State:                           Federal

Judicial form:                Federal Corporation – Profit 

Date incorporated:        May 12, 1995

Name of manager:         Orlande SIVACOE

 

 

ACTIVITIES & OPERATIONS

 

Business:

Decoking Descaling Technology Inc. develops systems for off-line decoking of fired heaters for oil refineries and bitumen upgraders.

 

Its technology can remove the hardest coke and scale that forms in commercial fired heaters or pipelines using a set of patented cleaning tools called DDT PIGGS.

 

The company also provides hardware products, including coke-removal devices and mobile hydraulic pumping units; and deposit removal services. It serves customers in Canada and internationally.

 

The company was founded in 1991 and is based in Lacombe, Canada.

 

Decoking Descaling Technology maintains more than 200 clients in 52 countries.

 

Maintains global licensees in Australia, Austria, India, Kingdom of Saudi Arabia, Singapore, Thailand, United Kingdom and Crimea - Russia

 

No name of foreign suppliers available.

 

Staff:    20

 

Operations & branches:

At the headquarters, we find a factory, warehouse and office.

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

Orlande SIVACOE is a major shareholder.

 

Management:

Orlande SIVACOE is the President, Director and CEO.

 

Subsidiaries and partnership:

 

D.D. TECHNOLOGY, INC.

1204 Cleveland Avenue, Mount Vernon, WA 98273 - USA

Incorporated in Washington on June 1, 1992

ID# 601392327

 

Descoque Descostre Technologia C.A
Centro Comercial Los Pirineos, Local No. 10
Av. San Martin (3Y) C/Calle 82b y 83
Maracaibo, Edo. Zulia, Venezuela 4002

 

 

FINANCIALS

 

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

 

On a direct call, nobody accepted to answer our questions.

 

We sent a fax but no answer received.

 

However, sales estimate for year 2013 is in excess of CAD 10,000,000+

 

The business is said to be 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

 

 

COMPANY CREDIT HISTORY

 

Trade references:

Date reported:               November 2014

High credit:                   CAD 25,000

Now owing:                   0

Past due:                      0

Last purchase:              October 2014

Line of business:           Office supply

Paying status:               On terms

 

Date reported:               November 2014

High credit:                   CAD 40,000

Now owing:                   0

Past due:                      0

Last purchase:              October 2014

Line of business:           Payroll

Paying status:               As agreed

 

Date reported:               November 2014

High credit:                   CAD 1,000

Now owing:                   0

Past due:                      0

Last purchase:              October 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.

 

Other comments:

The Company is developing a strong business WORLDWIDE.

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.88

UK Pound

1

Rs.96.90

Euro

1

Rs.76.29

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.