MIRA INFORM REPORT
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Report No. : |
331306 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SPINRITE YARNS LP |
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Registered Office : |
320 Livingstone Avenue South, Listowel, Ontario N4W 1P7 |
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Country : |
Canada |
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Date of Incorporation : |
01.12.2011 |
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Legal Form : |
LP |
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Line of Business : |
Sells Craft Yarn Products in the U.S. |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Not Registered in USA |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, and electric power, and
a top source of US uranium imports. 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 early intervention by the Bank
of Canada and the financial sector's tradition of conservative lending
practices and strong capitalization. Canada achieved marginal growth in 2010-14
and plans to balance the budget by 2015 despite the recent drop in oil prices.
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 and is the world’s fifth-largest oil producer.
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Source
: CIA |
Company
Name & address
Company name: SPINRITE YARNS LP
Address: 320 Livingstone Avenue South,
Listowel, Ontario N4W 1P7 – Canada
Telephone: +1
519-291-3780
Fax: +1
519-291-3232
Website: www.sprinriteyearns.com
Corporate ID#: ON-0211251514
State: Ontario
Judicial form: LP
Date incorporated: December
1, 2011
Stock: -
Value: -
Name of manager: RYAN NEWELL
ACTIVITIES & OPERATIONS
Business:
Spinrite Yarns LP sells craft yarn products in the U.S.
Products are manufactured by SPINRITE LP, Listowel, Ontario.
Staff: 60
Operations & branches:
At the headquarters, we find
the corporate headquarters of the group.
The Company maintains a sales office located:
1481 W. 2nd
Street
Washington, NC 27889 - USA
Ph: +1 252833-4970
SHAREHOLDERS
& MANAGERS
Shareholders:
SPINRITE GP INC.
320 Livingstone Avenue South
Listowel, Ontario N4W 1P7 – Canada
Incorporated in Nova Scotia on 12-23-2003
ID# NS-003084302
The ultimate parent company is:
SENTINEL CAPITAL PARTNERS L.P.
Incorporated in Delaware on 12-27-1995
ID# 2556264
Management:
Ryan NEWELL is the President and CFO.
He serves as CFO and Secretary of Spinrite Income Fund.
Mr. Newell has been the CFO of Spinrite GP Inc. of Spinrite Income Fund
since January 2004 and serves as its Secretary. Mr. Newell joined Spinrite in
2002. From 2000 to 2002, Mr. Newell served as Partner with the accounting firm
Ward & Uptigrove LLP.
From 1996 to 2000 he was an Audit Senior at Ernst & Young LLP.
Mr. Newell received a Bachelor of Business Administration degree from
Wilfrid Laurier University in Waterloo, Ontario and is a Chartered Accountant
Gordon MOFFAT is Vice President of Sales.
As far as we know, they are involved in other corporations, including:
- SPINRITE YARNS &
DYERS LIMITED
- SPINRITE GP INC.
- SPINRITE INC.
...
FINANCIALS
In Canada, privately held corporations
are not required to publish any financials.
On a direct call, a sales
assistant controlled the present report but deferred any financials.
We sent a fax but no answer
received.
However, sales estimate for
year 2014 is in the range of CAD 20,000,000=
The business is said to be
profitable.
Banks: HSBC Bank
…
LEGAL
FILINGS
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
COMPANY CREDIT HISTORY
Trade references:
Date reported: June 2015
High credit: CAD 12,000
Now owing: 0
Past due: 0
Last purchase: May 2015
Line of business: Office supply
Paying status: On terms
Date reported: June 2015
High credit: CAD 80,000
Now owing: 0
Past due: 0
Last purchase: May 2015
Line of business: Payroll
Paying status: As agreed
Date reported: June 2015
High credit: CAD 320
Now owing: 0
Past due: 0
Last purchase: May 2015
Line of business: Telecommunications
Paying status: On terms
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.63.49 |
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|
1 |
Rs.99.43 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI / 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.