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Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
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Name : |
WESCAST
INDUSTRIES INC. |
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Registered Office : |
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Country : |
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Year of Incorporation : |
1901 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
· Engaged in designs, engineers, casts, machines, and assembles exhaust system components for automotive original equipment manufacturers and other customers of the car and light truck markets in North America, Europe, Asia, Africa, South America, and Australia. Subject offers exhaust
manifolds, turbocharger housings, catalytic converter containers, integrated
turbo manifolds, and other components. |
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No of Employees : |
2,000 |
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 : |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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.
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Source
: CIA |
Company name: WESCAST INDUSTRIES INC.
Address: 150 Savannah Oak Drive,
Brantford, Ontario N3V 1E7 - Canada
Telephone: +1
519-750-0000
Fax: +1 519-720-1629
Website: www.westcast.com
Corporate ID#: ON-001102475
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: 10-31-1994
Name of manager: Edward
G. FRACKOWIAK
History:
Business started in 1901
A former WESCAST INDUSTRIES
INC. was incorporated in Ontario on 11-20-1946 under ID# ON-000054210, merged
into the new WESCAST INDUSTRIES INC. on 10-31-1994.
The Company was formerly listed with the Toronto Stock Exchange and
became private in September 2012.
Business:
Wescast Industries Inc. designs, engineers, casts, machines, and
assembles exhaust system components for automotive original equipment
manufacturers and other customers of the car and light truck markets in North America,
Europe, Asia, Africa, South America, and Australia.
It offers exhaust manifolds, turbocharger housings, catalytic converter
containers, integrated turbo manifolds, and other components.
The company was founded in 1901 and is headquartered in Brantford,
Canada.
As of March 27, 2013, Wescast Industries Inc. operates as a subsidiary
of Sichuan Bohong Industry Co. Ltd.
Staff: 2,000
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, owned.
The Company maintains 13
factories/subsidiaries worldwide.
Shareholders:
Sichuan Bohong Industry Co. Ltd.
206 Airport East
Road, Fucheng, Mianyang, 621051 China
Management:
Edward G. FRACKOWIAK is the CEO since May 27, 2004 and also been its
Chairman since May 2004.
Mr. Frackowiak served as an Interim Chief Executive Officer of Wescast
Industries Inc. since May 27, 2004 and also served as its Executive Chairman
from May 1, 2003 to 2004. Prior to Wescast Industries Inc. that, he served as a
Vice President and General Counsel and Canada of First American Title Insurance
Company (title insurance company).
Prior to that, he was a Partner at a Toronto based law firm.
He called to the Ontario Bar in 1984.
He has been a Director of Wescast Industries Inc. since 1992.
Mr. Frackowiak is a Member of the Canadian Bar Association and the
Ontario Bar Association.
Richard E. LEGATE has been Chief Operating Officer of Wescast Industries
Inc., since January 21, 2008 and serves as Chief Executive Officer of private
and public auto parts companies.
Mr. Legate serves as the President of Active Burgess Mould & Design
Ltd.
He served as a Vice President of Dofasco's tubular products group.
Prior to Wescast, he held numerous operational and executive positions
in the automotive industry such as Dofasco Tubular Products Inc., Tiercon
Holdings Limited, Active and Ventra Group Inc. He has been a Director of
Wescast Industries Inc., since 2008. He served as a Director of the Automotive
Parts Manufacturers Association.
Mr. Legate is a graduate of the University of Waterloo and of the
Executive Program at Queen's University.
Teresa H. FOTNEY is the CFO.
Subsidiaries
And Partnership:
Weslin industries Inc.
Incorporated in Ontario on
September 7, 1999
ID# ON-001373011
Purchased from Linamar
Corporation (TSX = LNR).
Price: CAD 53.75 million
This purchase in set to
close on August 31, 2014.
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, nobody
was available to answer our questions.
We sent a fax but no answer
received.
However, sales estimate for
year 2013 is in the range of CAD 3,000,000,000=
The Company reported losses
in 2012 and 2013.
Banks: Royal Bank of Canada
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: Several