MIRA
INFORM REPORT
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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
NEEDLEWORKS INC. |
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Registered Office : |
165 Matheson Blvd E. Unit 12, Mississauga, Ontario L4Z 3K2, |
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Country : |
Canada |
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Date of Incorporation : |
31.10.2003 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is involved in melco embroidery, custom logo embroidery, national embroidery services, silk ribbon embroidery and japanese embroidery. |
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No. of Employees : |
30 |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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Source
: CIA |
Company name and address
Company name: NEEDLEWORKS INC.
Address: 165 Matheson Blvd E. Unit 12, Mississauga, Ontario L4Z 3K2,
Canada
Telephone: +1 905-501-1033
Fax: +1 905-501-0398
Website: www.westapparel.com
Corporate ID#: 001594211
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: 10-31-2003
Stock: -
Value: -
Name of
manager: Gabriel PALUMBO
ACTIVITIES
& OPERATIONS
History:
A former
NEEDLEWORKS INC. was incorporated in Ontario on 10-22-1993 under
ID#
001049162, merged into the new business on 10-31-2003.
Business:
NEEDLEWORKS
INC. is doing business as WESTHALL
APPAREL.
The Company is involved in melco embroidery, custom logo embroidery, national embroidery services, silk ribbon embroidery and japanese embroidery.
It features a wide variety of Hoodies, Zips, Pants and Tees that are available in a wide variety of colours and styles. With a long history of decoration and premium apparel, Westhall Apparel holds the leadership role in custom decorated apparel in Canada.
Suppliers include:
Hangzhou Rongchang Garment Co.
Ningbei Village, Second Bridge Village, Ningwei Town, Xiaoshan District, HangZhou, Zhejiang, China
Staff: 30
Operations
& branches:
At the
headquarters, we find the corporate office and warehouse, on lease.
The Company
moved from 5520 Timberlea Blvd, Mississauga, Ontario.
SHAREHOLDERS & MANAGERS
Shareholders:
Gabriel PALUMBO is a major shareholder.
Management:
Gabriel PALUMBO is the President and CEO
Dennis GOODWIN is a Manager.
As far as we know, they are not involved in other local corporations.
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.
We sent a
fax but no answer received.
Outside
sources (bank) gave estimate sales for year 2013 in the range of
CAD
2,500,000=
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
Haut du formulaire
COMPANY
CREDIT HISTORY
Trade
references:
Date
reported: December 2013
High
credit: CAD 5,000
Now owing: 0
Past due: 0
Last
purchase: November 2013
Line of
business: Office supply
Paying
status: On terms
Date
reported: December 2013
High
credit: CAD 35,000
Now owing: 0
Past due: 0
Last
purchase: November 2013
Line of
business: Payroll
Paying
status: As agreed
Date
reported: December 2013
High
credit: CAD 400
Now owing: 0
Past due: 0
Last
purchase: November 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 terms.
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.62.27 |
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|
1 |
Rs.103.47 |
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Euro |
1 |
Rs.84.87 |
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.