MIRA INFORM REPORT
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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
WARP & WEFT INC. |
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Registered Office : |
7330 Aspen Avenue, Mississauga, Ontario L5N 6P2 |
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Country : |
Canada |
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Date of Incorporation : |
02-17-2000 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is engaged in selling of upholstery, notions, fabrics,
embroidery, and related products. |
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No of Employees : |
4 |
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 |
Company
name & ADDRESS
WARP & WEFT
INC.
Address: 7330 Aspen Avenue,
Mississauga, Ontario L5N 6P2, Canada
Telephone: +1
905-785-1954
Fax: -
Website: www.warpandweft.ca
Corporate ID#: ON-001402192
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: 02-17-2000
Stock: -
Value: -
Name of manager: Pankaj
JAIN
ACTIVITIES & OPERATIONS
Business:
The Company sells upholstery, notions, fabrics, embroidery, and related
products.
No name of foreign suppliers available.
Staff: 4
Operations & branches:
At the headquarters, we
find a store, corporate office and showroom, on lease.
SHAREHOLDERS
& MANAGERS
Shareholders:
Pankaj JAIN is a major shareholder.
Management:
Pankaj JAIN is the President, Director and CEO.
Graduate from Indian Institute of Management, Calcutta, in 1986, with a
MBA in Marketing and Management.
Former Vice President at Atlantic Yarns, Inc., Canada, from June 1999 to
July 2002.
Present here since August 2002.
As far as we know, he is not involved in other local corporations.
Subsidiaries
And partnership: None
FINANCIALS
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 an email but no
answer received.
Outside sources (bank) gave
estimate sales for year 2013 in the range of
CAD 1,000,000= verse CAD
900,000= in 2012.
The business is said to be
profitable.
Banks: Scotia Bank
…
LEGAL
FILINGS
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Haut du formulaire
COMPANY CREDIT HISTORY
Trade references:
Date reported: Octobre 2014
High credit: USD 3,000
Now owing: 0
Past due: 0
Last purchase: September 2014
Line of business: Office supply
Paying status: On terms
Date reported: Octobre 2014
High credit: USD 6,000
Now owing: 0
Past due: 0
Last purchase: September 2014
Line of business: Payroll
Paying status: As agreed
Date reported: Octobre 2014
High credit: USD 300
Now owing: 0
Past due: 0
Last purchase: September 2014
Line of business: Telecommunications
Paying status: On terms
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 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 bank confirmed an
account on 5 figures low.
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.61.24 |
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1 |
Rs.98.67 |
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Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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 |
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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.