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Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SYNNEX CANADA LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29.07.1990 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject distributes technology products. Its products include personal computers, servers, processors, flat panel LCD and CRT televisions, tabletop and portable DVD players, home theatre audio systems, ipod systems, clock radios, microwaves, water dispensers, compact fridges and freezers, shredders, radar detectors and power inverters, flash memory cards, and USB drives. |
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No. of Employees : |
700 |
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
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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: SYNNEX CANADA LIMITED (in English)
SYNNEX CANADA LIMITEE (in French)
Address:
Telephone: +1 416-243-7336
Fax: +1 416-240-0101
Website: www.synnex.ca
Corporate ID#: 001654712
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: April 1, 2005
Date founded: July 29, 1990
Stock: -
Value: -
Name of
manager: Mitchell P. MARTIN
Business:
SYNNEX Canada Limited distributes technology products. Its products include personal computers, servers, processors, flat panel LCD and CRT televisions, tabletop and portable DVD players, home theatre audio systems, ipod systems, clock radios, microwaves, water dispensers, compact fridges and freezers, shredders, radar detectors and power inverters, flash memory cards, and USB drives.
The company also offers storage, memory, communication, networking, home office and appliance, case logic automotive, auto-id, bar-coding, point of sale, RFID, physical security, card technology, health and mobility, home and garage, garden, mobile computing, photo video, portable electronic, GMRS/FRS, CBS, GPS, kiosk, digital signage, pro video and imaging, hardware and software, and telecommunication products.
In addition, SYNNEX Canada provides electronics manufacturing services.
It serves government, healthcare, logistics, retail, route accounting, transportation, and broadcasting markets. The company distributes its products to resellers and system builders. It also sells its products online.
The company is based in Toronto, Canada with additional offices and facilities in Toronto, Guelph, Vancouver, Montreal, Calgary, Winnipeg, and Halifax, Canada; and the United States.
The Company operates as a subsidiary of SYNNEX FINANCE HYBRID II, LLC.
Suppliers include:
HEISEI ELECTRONICS CO LTD
3F NO 5 ALLEY 8 LANE 45 PAO HSIN RD HSIN-TIEN CITY TAIPEI CITY 100 TAIWAN
ON REAL LIMITED
UNIT 1015, 10 F, TECHNOLOGY PARK, 18 ON LAI STREET, SHATIN, N.T., HONG KONG
Staff: 700
Operations & branches:
At the
headquarters, we find a store, warehouse and office.
Shareholders:
SYNNEX FINANCE HYBRID II, LLC
44201 Nobel Drive, Fremont, CA 94538
The ultimate parent company is:
SYNNEX CORPORATION
44201 Nobel Drive, Fremont, CA 94538
Listed with the Nasdaq under symbol SNX.
Management:
Mitchell P. Martin is the President and CEO
He served as President of Sales and Marketing for SYNNEX Canada Limited since September 2001 and also served as its President of Broadline Division.
He served as President and Chief Executive Officer of Merisel Canada from August 2000 until Synnex Information Technologies acquisition of Merisel Canada in July 2001.
Prior to this, he joined the Products department at Merisel in 1989.
Mr. Martin serves as a Director of EMJ Data Systems Ltd. He graduated from York University in Toronto with a Master's degree in Business Administration, with emphasis in the areas of product marketing and product management.
Simon Y. LEUNG is Secretary.
Subsidiaries
And partnership: None
SYNNEX Canada has a revolving line of credit arrangement, or the Canadian Revolving Arrangement, with a financial institution for a maximum commitment of CAD100.0 million and includes an accordion feature to increase the maximum commitment by an additional CAD25.0 million to CAD125.0 million, at SYNNEX Canada's request. The Canadian Revolving Arrangement also provides a sublimit of $5.0 million for the issuance of standby letters of credit. As of November 30, 2013, there were no letters of credit outstanding.
As of November 30, 2012, outstanding standby letters of credit totaled $3.4 million. SYNNEX Canada has granted a security interest in substantially all of its assets in favor of the lender under the Canadian Revolving Arrangement. In addition, we pledged our stock in SYNNEX Canada as collateral for the Canadian Revolving Arrangement. The Canadian Revolving Arrangement expires in May 2017. The interest rate applicable under the Canadian Revolving Arrangement is equal to (i) the Canadian base rate plus a margin of 0.75% for a Base Rate Loan in Canadian Dollars, (ii) the US base rate plus a margin of 0.75% for a Base Rate Loan in U.S. Dollars, and (iii) the Bankers' Acceptance rate, or BA, plus a margin of 2.00% for a BA Rate Loan. The Canadian base rate means the greater of (a) the prime rate determined by a major Canadian financial institution and (b) the one month Canadian Dealer Offered Rate, or CDOR, (the average rate applicable to Canadian dollar bankers' acceptances for the applicable period) plus 1.50%). The US base rate means the greater of (a) a reference rate determined by a major Canadian financial institution for US dollar loans made to Canadian borrowers and (b) the US federal funds rate plus 0.50%.
A fee of 0.25% per annum is payable with respect to the unused portion of the commitment. There were no borrowings outstanding under the Canadian Revolving Arrangement as of both November 30, 2013 and 2012.
SYNNEX Canada has a term loan associated with the purchase of its logistics facility in Guelph, Canada. The interest rate for the unpaid principal amount is a fixed rate of 5.374% per annum. The final maturity date for repayment of the unpaid principal is April 1, 2017. The balance outstanding on the term loan as of November 30, 2013 and 2012 was $7.4 million and $8.6 million, respectively.
On a direct
call, a financial assistant controlled the present report.
Sales
declared for year 2013 is in the range of CAD 130,000,000+
The
business is profitable.
Banks: HSBC 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: August 2014
High
credit: CAD 60,000
Now owing: 0
Past due: 0
Last
purchase July 2014
Line of
business: Office supply
Paying
status: On
terms
Date
reported: August 2014
High
credit: CAD 1,000,000
Now owing: 0
Past due: 0
Last
purchase: July 2014
Line of
business: Payroll
Paying
status: As agreed
Date
reported: August 2014
High
credit: CAD 800
Now owing: 0
Past due: 0
Last purchase:
July 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
is developing its business.
The bank
confirmed a regular account.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
Last report
was filed on 05-27-2014.
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.60.80 |
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1 |
Rs.100.06 |
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Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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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 |
-- |
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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.