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Report Date : |
31.07.2014 |
IDENTIFICATION DETAILS
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Name : |
WESLIN INDUSTRIES INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
07.09.1999 |
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Legal Form : |
Corporation –
Profit |
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Line of Business : |
Design, Sale and Manufacture of Exhaust Manifolds, Turbo Charger
Housings and Integrated Turbo Manifolds. |
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No. of Employees : |
2000 [For The Group] |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Canada |
A1 |
A1 |
|
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 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 |
WESLIN INDUSTRIES
INC.
Address:
Telephone: +1
519-750-0000
Fax: +1 519-720-1629
Website: www.westcast.com
Corporate ID#: ON-001373011
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: September
7, 1999
Stock: -
Value: -
Name of manager: EDWARD
G. FRACKOWIAK
HISTORY:
On 08-24-2004, Linamar Corporation and Westcast
Industries Inc. signed an agreement whereby Westcast
will acquire all of Linamar’s interest in Weslin Industries Inc.
The price of the
transaction was CAD 53,750,000=
BUSINESS:
Design, sale and manufacture of exhaust manifolds, turbo charger
housings and integrated turbo manifolds.
Staff: 2,000 (for the group)
OPERATIONS & BRANCHES:
At the headquarters, we
find a factory, warehouse and office, owned.
The group maintains 13
factories/subsidiaries worldwide.
SHAREHOLDERS:
WESTCAST INDUSTRIES INC.
150 Savannah Oak Drive, Brantford, Ontario N3V 1E7
WHICH IS A SUBSIDIARY
OF:
SICHUAN BOHONG INDUSTRY CO. LTD.
206 Airport East Road, Fucheng,
Mianyang, 621051 China
Edward G. FRACKOWIAK is the President and CEO.
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 is Director.
He 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.
James W. McNAUGHTON is Director.
Teresa H. FOTNEY is the Secretary and Treasurer.
Subsidiaries
And partnership: n/a
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.
No financials available.
However, other sources
consolidate sale s2013 for Westcast Industries Inc.
up to CAD 3 billion.
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
Haut du formulaire
TRADE REFERENCES:
Date reported: June 2014
High credit: CAD 50,000+
Now owing: 0
Past due: 0
Last purchase: May 2014
Line of business: Office supply
Paying status: 3 days beyond terms
Date reported: June 2014
High credit: CAD 2,900,000
Now owing: 0
Past due: 0
Last purchase: May 2014
Line of business: Payroll
Paying status: As agreed
Date reported: June 2014
High credit: CAD 1,500
Now owing: 0
Past due: 0
Last purchase: May 2014
Line of business: Telecommunications
Paying status: 2 days beyond terms
National Credit Bureaus
gave a correct credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 2 to 5 days beyond terms.
Payments of imports are currently made with an average of 2 to 5 days
beyond terms.
The Company is improving
its payments, but the cash is low, due to high inventories and bad conditions
of the market.
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 remains low.
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.15 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.