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Report No. : |
306917 |
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Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
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Name : |
KARNALYTE RESOURCES INC. |
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Registered Office : |
11410 27th Street SE, Ste 14, Calgary, Alberta T2Z 3R6 |
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Country : |
Canada |
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Date of Incorporation : |
16.11.2007 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject is explores and develops agricultural and industrial potash,
and magnesium products. |
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No. of Employee : |
19 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
KARNALYTE
RESOURCES INC.
Address: 11410 27th Street SE, Ste 14,
Calgary, Alberta T2Z 3R6 –
Canada
Telephone: +1
403-995-6560
Fax: +1 403-995-1678
Website: www.karnalyte.com
Corporate ID#: AB-2013635137
State: Alberta
Judicial form: Public Company
Date incorporated: 11-16-2007
Stock: 27,479,010
shares issued and outstanding
Market value: CAD
22,532,788=
Name of manager: Stephen
GOODMAN
Business:
Karnalyte Resources Inc. explores and develops agricultural and
industrial potash, and magnesium products.
It intends to develop and extract a carnallite - sylvite mineral
deposit.
The company owns a 100% interest in subsurface Permit KP 360A comprising
68,301 acres; and subsurface mineral lease KLSA-010 consisting of 16,825 acres
located near Wynyard, Saskatchewan.
Karnalyte Resources Inc. was incorporated in 2007 and is headquartered
in Calgary, Canada.
Staff: 19
Operations & branches:
At the headquarters, we
find the corporate office.
The Company maintains an
office located:
3150B Faithfull Avenue
Saskatoon, SK S7K 8H3
Telephone (306) 986-1486
Fax (306) 986-1495
Shareholders:
The Company is listed with
the TSX under symbol KRN.
Management:
Stephen GOODMAN is the President and CEO.
Effective since November 14, 2014, Stephen Goodman has been appointed as
the President and Chief Executive Officer, and a Director of the Corporation.
Prior to joining Karnalyte, Mr. Goodman held increasingly senior positions in
the banking sector. He has worked at Canaccord Genuity, KCG Holdings Inc. and
most recently KGS-Alpha Capital Markets L.P. In addition, Gerald Offet was
appointed a director of the corporation, also effective November 14, 2014.
Ronald LOVE, Executive Vice-President and Chief Financial Officer.
Subsidiaries And
partnership: None
On attachment:
- 10K 2013
On November 14, 2014, the company reported unaudited earnings results
for the third quarter and nine months ended September 30, 2014.
For the quarter, the company reported net loss and comprehensive loss of
CAD 1,480,000 or CAD 0.05 per basic and diluted share compared to CAD 2,006,000
or CAD 0.07 per basic and diluted share reported a year ago.
For the nine months, the company reported net loss and comprehensive
loss of CAD 4,081,000 or CAD 0.15 per basic and diluted share compared to CAD
5,332,000 or CAD 0.20 per basic and diluted share reported a year ago.
Cash used in operating activities was CAD 2,674,000 compared to CAD
3,944,000 reported a year ago. Additions to intangible assets were CAD 219,000
compared to CAD 765,000 reported a year ago. Additions to capital assets were
CAD 1,544,000 compared to CAD 10,835,000 reported a year ago.
Banks: Bank of Montreal
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: Yes