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Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
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Name : |
VIRTUTONE NETWORKS INC. |
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Registered Office : |
2181 Premier Way, Ste 240, Sherwood Park, Alberta T8H 2V1 |
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Country : |
Canada |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.2009 |
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Legal Form : |
Public Company |
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Line of Business : |
· Subject provides voice over Internet protocol (VoIP), fax over Internet protocol (FOIP), and related phone services to business and residential customers in North America, Australia, and the United Kingdom. · Subject offers various products and services, including managed voice lines, managed fax lines, hosted PBX systems, analog phone lines, calling cards, hosted exchange and BEZ solutions, wholesale VoIP, Internet, and analog line management. |
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No. of Employees : |
15 |
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 : |
Moderate |
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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 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 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: VIRTUTONE NETWORKS INC.
Address: 2181 Premier Way, Ste 240, Sherwood Park, Alberta T8H 2V1
Canada
Telephone: +1 780-702-5777
Fax: +1 780-702-5775
Website: www.virtutone.com
Corporate ID#: AB-2014498063
State: Alberta
Judicial form: Public Company (TMX = VFX)
Date incorporated: February 1, 2009
Stock: 40,546,830
shares
Market
Value: CAD 21,084,352= (as of 03-14-2014)
Name of
manager: Jason ALLEN
Business:
Virtutone Networks Inc. provides voice over Internet protocol (VoIP), fax over Internet protocol (FOIP), and related phone services to business and residential customers in North America, Australia, and the United Kingdom.
The company offers various products and services, including managed voice lines, managed fax lines, hosted PBX systems, analog phone lines, calling cards, hosted exchange and BEZ solutions, wholesale VoIP, Internet, and analog line management.
It also provides hardware, including IP phones, wireless conference phones, phone adapter with router, 8-port IP telephony gateway, and fax/voice adapters.
The company serves oil and gas exploration companies, forestry and fire fighting departments, and other businesses/organizations.
Virtutone Networks Inc. is headquartered in Sherwood Park, Canada.
Staff: 15
Operations
& branches:
At the
headquarters, we find the corporate office, on lease.
The Company
maintains a branch located:
13327 Larkhill Gardens
Lane
Sugar Land, TX 77478 - USA
Shareholders:
The Company
is listed with the Toronto Stock Exchange under symbol VFX.
Management:
Jason Allen has been Chief Executive Officer and President at Virtutone Networks Inc. since June 30, 2008. Mr. Allen founded MobileSat Communications Inc., and has been its President since November 2005. He is the Founder of Oricomm Inc. He co-founded SatFax and served as its President since January 2007. Mr. Allen served as Vice-President at Oricomm Inc., and Iroc Systems Corp., from March 2000 to October 2004. He served as Chief Operating Officer at Ziracom Communications Inc. He was recruited to run operations and to develop European markets for Ziracom, an Internet startup in 1998.
Mr. Allen has been a Director of Virtutone Networks Inc. since June 30, 2008. He served as Director of SatFax since January 2007. Mr. Allen holds a diploma in Financial Management (Major: Corporate Finance) from British Columbia Institute of Technology, completed the Canadian Securities Course, and holds a Diploma in Forest Technology.
Sergio VALCCO is the CFO
Present here since March 1, 2014
Mr. Valacco has over 20 years experience with international financial reporting in telecom, utilities and construction industries, with TELUS, EPCOR and Laird Electrical respectively.
Subsidiaries
And partnership: None
-10K 2013
on attachment (year ending 01-2013)
- 3rd 10Q
2013-2014
Banks: Scotia Bank
...
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Haut du formulaire
Trade
references:
Date
reported: January 2014
High
credit: CAD 15,000
Now owing: 0
Past due: 0
Last
purchase: December 2013
Line of
business: Office supply
Paying
status: 6 days beyond terms
Date
reported: January 2014
High
credit: CAD 35,000+
Now owing: 0
Past due: 0
Last
purchase : December 2013
Line of
business: Payroll
Paying
status: As agreed
Domestic
credit history:
Domestic
credit history appears as follow:
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Monthly
Payment Trends - Recent Activity |
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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 5 days beyond terms.
Other
comments:
The cash is
developing a strong business but the cash remains low.
The bank
confirmed some late payments.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
The risk is
medium.
Our
opinion:
A business
connection may be conducted but we suggest you to check regularly the terms of
payment.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.52 |
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|
1 |
Rs.102.22 |
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Euro |
1 |
Rs.85.23 |
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 |
-- |
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.