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Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
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Name : |
CAMBRIDGE TOWEL COMPANY INC. |
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Registered Office : |
450 Dobbie Drive, Cambridge, Ontario N1R 5X9 |
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Country : |
Canada |
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Date of Incorporation : |
01.04.1979 |
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Legal Form : |
Federal Corporation – Profit |
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Line of Business : |
Subject designs, markets, and manufactures woven and printed terry towels.
It also provides bath accessories, shower curtains, embroidered towels, and
rugs to the retail, hospitality, healthcare, premium, and incentive channels |
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No of Employees : |
375 |
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 : |
No Complaints |
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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) |
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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 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 |
CAMBRIDGE TOWEL
COMPANY INC.
Address: 450 Dobbie Drive,
Cambridge, Ontario N1R 5X9 - Canada
Telephone: +1
519-623-5520
Fax: +1 519-623-5881
Website: www.cambridgetowel.com
Corporate ID#: 7786239
State: Federal
Judicial form: Federal Corporation – Profit
Date incorporated: 02-23-2011
Date founded: 01-04-1979
Stock: -
Value: -
Name of manager: Hugh
THOMPSON
History:
A former THE CAMBRIDGE
TOWEL CORPORATION was incorporated in Ontario on January 4, 1979, under ID#
000404955, merged several times in other corporations, and in fine into
CAMBRIDGE TOWEL COMPANY INC. on February 23, 2011.
Business:
Cambridge Towel Corporation designs, markets, and manufactures woven and
printed terry towels. It also provides bath accessories, shower curtains,
embroidered towels, and rugs to the retail, hospitality, healthcare, premium,
and incentive channels in Canada and the United States.
The company was founded in 1979 and is based in Cambridge, Canada.
Foreign suppliers include:
SUNVIM HOMETEXTILES CO., LTD
No.1 Furi Road Gaomi China
NOMAN TERRY TOWEL MILLS LTD
ADAMJEE COURT MAIN BUILDING (4TH FLOOR), 115-120 DHAKA
Staff: 375
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office, owned.
Shareholders:
This is a private Company.
Management:
Hugh THOMPSON is the President and Director.
Present here since 1983.
Other Directors include Michael COUREY, Ronald
COUREY, Gerald COUREY, and
Daniel S. TAMKIN.
As far as we know, they are not involved in other local corporations.
Subsidiaries
And partnership: None
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report and gave sales for year 2013
in the range of CAD 30,000,000=
The business is profitable.
Banks: Scotia Bank
…
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
Several
Haut du formulaire
Trade references:
Date reported: September 2014
High credit: CAD 30,000
Now owing: 0
Past due: 0
Last purchase: August 2014
Line of business: Office supply
Paying status: On terms
Date reported: September 2014
High credit: USD 500,000
Now owing: 0
Past due: 0
Last purchase: August 2014
Line of business: Payroll
Paying status: As agreed
Date reported: September 2014
High credit: USD 800
Now owing: 0
Past due: 0
Last purchase: August 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.
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.61.16 |
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1 |
Rs.98.63 |
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Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
SMN |
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.