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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
WAJAX CORPORATION |
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|
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Registered Office : |
3280 Wharton Way, Mississauga, Ontario L4X 2C5 - |
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Country : |
Canada |
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Date of Incorporation : |
01.01.2006 |
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Legal Form : |
Federal Corporation – Profit |
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Line of Business : |
Subject is engaged in the sale, rental, and after-sale parts and
service support of mobile equipment, power systems, and industrial components |
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No. of Employees : |
2,766 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
CAD
5,000,000+ |
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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) |
|
Canada |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 |
Your order on: WAJAX EQUIPMENT
26313 Township Road 531A, Ste 30, Acheson, Alberta T7X 5A3
Canada
The corporate name is:
WAJAX CORPORATION (CORRECT NAME)
Company name: WAJAX CORPORATION
Address: 3280 Wharton Way, Mississauga, Ontario L4X 2C5 - Canada
Telephone: +1 905-212-3300
Fax: +1 905-212-3350
Website: www.wajax.com
Corporate ID#: 4342062
State: Federal
Judicial form: Federal Corporation – Profit
Date incorporated: 01-01-2006
Date founded: 1858
Stock: 16,778,883
shares issued and oustanding
Market
cap.: CAD 592,294,570=
Name of
manager: A. Mark FOOTE
Business:
Wajax Corporation, through its subsidiaries, is engaged in the sale, rental, and after-sale parts and service support of mobile equipment, power systems, and industrial components.
The company operates through three businesses: Equipment, Industrial Components, and Power Systems.
The Equipment business is involved in the distribution, rental, modification, and servicing of excavators, lift trucks, mining trucks and shovels, forest harvesting equipment, utility equipment, loader backhoes, container handlers, crawler and rough terrain cranes, skid steer loaders, wheel loaders, articulated dump trucks, shuttle cars, and continuous miners for construction, materials handling, forestry, mining, government, oil and gas, utilities, and manufacturing markets.
The Power Systems business is engaged in the distribution, rental, and servicing diesel and natural gas engines, power generators, and transmission products for agriculture, military, construction, mining, forestry, oil and gas, industrial/commercial, transportation, utilities, and marine markets.
The Industrial Components business is involved in the custom design, assembly, distribution, and servicing of bearings, power transmission parts, hydraulic components and systems, process pumps and equipment, motors, cylinders, valves, hoses and fittings, hoists, filters, and safety supplies for agriculture, metal processing, construction, mining, food processing, oil and gas, forestry, resellers/distributors, transportation, and industrial/manufacturing markets.
Wajax Corporation operates through a network of 125 branches in Canada.
The company was formerly known as Wajax Income Fund and changed its name to Wajax Corporation in January, 2011.
The Company was founded in 1858 and is based in Mississauga, Canada.
Staff: 2,766
Operations & branches:
At the
headquarters, we find the corporate headquarters, owned.
The company
maintains several branches.
Shareholders:
The Company
is listed with the Toronto Stock Exchange under symbol WJX.
Management:
A. Mark FOOTE is the President, Director and CEO.
He has been the Chief Executive Officer and President of Wajax Corporation since March 05, 2012. Mr. Foote served as President and Chief Executive Officer (Canada) of Zellers Inc. since August 2008. He served as President and Chief Merchandising Officer (Canada) of Loblaw Companies Limited from September 20, 2006 to April 2008 and served as its Executive Vice-President of General Merchandise since May 2006 and was responsible for all procurement and merchandising activities in the general merchandise business.
Mr. Foote has been a Director of Wajax Corporation since March 05, 2012.
John J. HAMILTON is Sr. Vice President and CFO.
Mr. Brian M. DYCK has been Senior Vice President of Equipment at Wajax Corporation since September 16, 2010 and also served as its General Manager of General Equipment - Western Region until 2010.
He has been with Wajax for 17 years.
Subsidiaries
And partnership: Several
On August 6, 2014, Wajax Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014.
For the quarter, the company announced revenue of $374.4 million compared to $362.0 million for the same period a year ago. Net earnings were $12.3 million compared to $13.5 million for the same period a year ago. The lower earnings were mainly attributable to higher finance costs resulting from the increased cost of debt related to the issuance of long-term senior notes in the fourth quarter of last year, as well as a slightly higher income tax rate. Earnings before finance costs and income taxes was $20.1 million compared to $20.3 million for the same period a year ago. Earnings before income taxes were $16.9 million compared to $18.3 million for the same period a year ago. Diluted earnings per share were $0.72 compared to $0.80 for the same period a year ago.
For the six months, the company announced revenue of $705.8 million compared to $698.3 million for the same period a year ago. Net earnings were $19.0 million compared to $23.9 million for the same period a year ago. Funded net debt of $218.2 million at June 30, 2014 was relatively unchanged compared to $217.8 million at March 31, 2014. Earnings before finance costs and income taxes was $32.5 million compared to $36.2 million for the same period a year ago. Earnings before income taxes were $26.0 million compared to $32.4 million for the same period a year ago. Diluted earnings per share were $1.11 compared to $1.41 for the same period a year ago.
On
attachment:
- 10K 2013
- 2nd
10Q 2014
Banks: Scotia Bank
…
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: September 2014
High
credit: CAD 30,000
Now owing: 0
Past due: 0
Last
purchase: August 2014
Line of
business: Office supply
Paying
status: 5 days beyond terms
Date
reported: September 2014
High
credit: CAD 3,500,000
Now owing: 0
Past due: 0
Last
purchase: August 2014
Line of
business: Payroll
Paying
status As agreed
Date
reported: September 2014
High
credit: CAD 6,000
Now owing: 0
Past due: 0
Last
purchase: August 2014
Line of
business: Telecommunications
Paying
status: 3 days beyond terms
Domestic
credit history:
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.
International credit history:
Payments of imports are currently made on terms.
Other
comments:
The Company
maintains its business.
The bank
confirmed some late payments but remains confident.
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.
Credit
limit: CAD 5,000,000+
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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 |
|
|
<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.