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Report No. : |
309487 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
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Name : |
QUALITY NATURAL FOODS CANADA INC. |
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Registered Office : |
420 Nugget Avenue, Scarborough, Ontario M1S 4A4 |
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Country : |
Canada |
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Date of Incorporation : |
01.12.2011 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Importer and Wholesaler of Indian Food Products and Spices. |
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No. of Employees : |
20 |
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 – 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 |
QUALITY NATURAL
FOODS CANADA INC.
420 Nugget Avenue, Scarborough, Ontario M1S 4A4 - Canada
Telephone: +1
416-261-8700
Fax: +1 416-261-8760
Website: www.qualitynaturalfood.com
Corporate ID#: ON-001862950
State: Ontario
Judicial form: Corporation – Profit
Date incorporated: December
1, 2011
Stock: -
Value: -
Name of manager: Sheila
SINGH
Business:
Importer and wholesaler Indian food products and spices.
The Company imports mainly from India.
Brands include Devaaya, Rasm, Frooti, Parampara…
Staff: 20
Operations & branches:
At the headquarters, we
find the corporate office and warehouse, on lease.
Shareholders:
This is a SINGH family
owned and managed company.
Management:
Jarnail SINGH is the President and Director
Ms. Sheila SINGH is the Managing Director
As far as we know, they are involved in other corporations, including:
QUALITY NATURAL FOODS LTD.
420 Nugget Avenue, Scarborough, Ontario M1S 4A4
Incorporated in Ontario on 08-29-1995
ID# ON-001145050
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
Secretary controlled the present report but deferred any financials.
We sent a fax but no answer
received.
Outside sources (bank) gave
estimate sales for year 2013 in the range of
CAD 23,000,000= verse CAD
22,000,000= in 2012.
The business is profitable.
Banks: Bank of Montreal
HSBC Bank
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary:
None
Trade references:
Date reported: August 2014
High credit: CAD 6,000=
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 50,000=
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Payroll
Paying status: As agreed
Date reported: August 2014
High credit: USD 600=
Now owing: 0
Past due: 0
Last purchase: July 2014
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
Domestic credit history
appears as follow:
|
Monthly Payment Trends - Recent
Activity |
|
National Credit Bureaus
gave a satisfying credit rating.
International
credit history:
Payments of imports are currently made terms.
Other comments:
The Company maintains a
strong 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.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
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UK Pound |
1 |
Rs.96.21 |
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Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.