MIRA INFORM REPORT
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Report No. : |
303425 |
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Report Date : |
19.01.2015 |
IDENTIFICATION DETAILS
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Name : |
FOREMOST INDUSTRIES LP |
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Registered Office : |
1222 64th Avenue NE, Calgary, Alberta T2E 8P9 |
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Country : |
Canada |
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Date of Incorporation : |
01.08.1966 |
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Legal Form : |
Limited Partnership |
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Line of Business : |
Designs & manufactures high performance products and has become a world
leader of drilling rigs, drilling consumables, rod loaders, reverse
circulation pipe, and heavy-duty, all-terrain wheeled and tracked vehicles. |
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No. of Employee : |
220 + Part Time |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
Your order on: FOREMOST INDUSTRIES LT
The correct name is: FOREMOST
INDUSTRIES LP
Company name: FOREMOST INDUSTRIES LP
Address: 1222 64th Avenue NE,
Calgary, Alberta T2E 8P9 - Canada
Telephone: +1
403-295-5800
Fax: +1
403-295-5810
Website: www.foremost.ca
Corporate ID#: AB-LP12074647
State: Alberta
Judicial form: LP
Date incorporated: 11-29-2005
Date founded: 08-01-1966
Stock: -
Value: -
Name of manager: BEVAN
MAY
ACTIVITIES & OPERATIONS
Business:
In operation since 1965, Foremost designs & manufactures high
performance products and has become a world leader of drilling rigs, drilling
consumables, rod loaders, reverse circulation pipe, and heavy-duty, all-terrain
wheeled and tracked vehicles.
Its comprehensive product lines are well diversified with applications
in oil and gas, construction, mining and mineral exploration, environmental,
geo-technical and waterwell.
Foremost Industries LP is a subsidiary of TOM CAPITAL, INC.
Corporate headquarters are located in Calgary, Alberta, Canada with
sales offices in Indianapolis, USA, and Moscow, Russia.
The Company exports worldwide.
Staff: 220 + part time
Operations & branches:
At the headquarters, we
find a large factory, warehouse and office, owned.
SHAREHOLDERS
& MANAGERS
Shareholders:
TOM CAPITAL ASSOCIATES INC.
Suite 200, 1210 11th Avenue SW
Calgary, Alberta, Canada T3C 0M4
FOREMOST INCOME FUND
(no incorporated fund)
1225 64th Avenue NE
Calgary, Alberta T2E 8P9, Canada
Management:
Bevan MAY is the interim President and CEO since the departure of Pat
Breen.
Graduate from Queen’s University in 2001 with a MBA.
He is also a Manager at TOM CAPITAL ASSOCIATES.
He has been the Chief Executive Officer and Interim President of
Foremost Income Fund since April 4, 2014. Mr. May has been a Lead Trustee at
Foremost Income Fund since December 01, 2012.
Kathy SULLIVAN is one Manager.
Subsidiaries and
Partnership:
Foremost Universal LP
Calgary, Alberta
FINANCIALS
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report but deferred any financials.
We sent a fax but no answer
received.
However, sales estimate for
year 2013 is in the range of CAD 25,000,000+
The business is 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: Several
COMPANY CREDIT HISTORY
TRADE REFERENCES:
Date reported: December 2014
High credit: CAD 30,000
Now owing: 0
Past due: 0
Last purchase: November 2014
Line of business: Office supply
Paying status: On terms
Date reported: December 2014
High credit: CAD 1,000,000+
Now owing: 0
Past due: 0
Last purchase: November 2014
Line of business: Payroll
Paying status: As agreed
Date reported: December 2014
High credit: CAD 800
Now owing: 0
Past due: 0
Last purchase: November 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.
Other comments:
The company is developing
its business.
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.61.89 |
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1 |
Rs.93.92 |
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Euro |
1 |
Rs.72.00 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
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.