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Report No. : |
310772 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
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Name : |
RICHARDS PACKAGING INC. |
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Registered Office : |
6095 Ordan Drive, Mississauga, Ontario L5T 2M7 |
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Country : |
Canada |
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Date of Incorporation : |
29.07.2005 |
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Legal Form : |
Federal Corporation – Profit |
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Line of Business : |
Manufacturer and distributor of glass containers for the retail drug trade and pharmaceutical industries. |
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No of Employees : |
200+ |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Canada |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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: RICHARDS PACKAGING INC. (in
English)
EMBALLAGES
RICHARDS INC. (in French)
Address: 6095 Ordan
Drive, Mississauga, Ontario L5T 2M7 - Canada
Telephone: +1
905-670-7760
Fax: +1 905-670-1961
Website: www.richardspackaging.com
Corporate ID#: 4319133
State: Federal
Judicial form: Federal Corporation –
Profit
Date incorporated: 07-29-2005
Stock: -
Value: -
Name of manager: Gerry
GLYNN
History:
The company was formed in 1912 as Richards Glass Co. Ltd., a
manufacturer and distributor of glass containers for the retail drug trade and
pharmaceutical industries.
Business:
Richards Packaging, Inc. manufactures and distributes plastic and glass
containers for retail drug trade and pharmaceutical industries in North
America.
Its products include glass bottles, plastic bottles, cosmetic jars,
metal caps, plastic caps, maple syrup bottles, food jars, sauce bottles,
vinegars/olive oil bottles, pails and lids, plastic jars, plastic caps, pails
and lids, plastic drums, steel drums, IBC totes, ointment jars, and vials.
The company also distributes various injection molded containers and
packaging systems; and metal and plastic closures.
It offers its products through distributors.
Foreign suppliers
include:
GUANGDONG HUAXING GLASS CO., LTD.
WUZHUANG, LUOCUN, NANHAI,G UANGDONG, CHINA
Staff: 200+
Operations & branches:
At the headquarters, we
find a factory, warehouse and office, owned.
The Company maintains
several manufacturing plants in Canada and the U.S. including
REXPLAS
500 Barmac Drive, Unit 1,
North York, Ontario M9L 2X8
Ph: +1 416-745-6643
Fx: +1 416-745-6139
Shareholders:
RICHARDS PACKAGING INCOME FUND
6095 Ordan Drive, Mississauga, Ontario L5T 2M7
Public Company listed with
the TSX under symbol RPI.
On March 5, 2015, Richards Packaging Income Fund reported earnings
results for the year ended December 31, 2014.
For the year, the company reported revenue growth of 3% and EBITDA as a
percentage of sales at 11%. The dollar depreciation of 6.5 cents to U.S./CAD
0.91 added an additional 4% to revenue and $1.2 million to EBITDA.
Net income was $8.0 million, or $0.75 per Unit, up $3.1 million from the
same period in 2013 which mainly reflects the expiry of intangible amortization
and the absence of patent defense legal costs in 2014. The $4.2 million in free
cash flow for the year was utilized to pay down $3.0 million in debt.
Management:
Gerry GLYNN has been the Chief Executive Officer at Richards Packaging
Income Fund. and Richards Packaging, Inc. since November 2002.
Mr. Glynn served as the Chief Financial Officer of Data Business Forms
Ltd. from 1994 to 2000, and Director for Finance of Wang Canada Limited from
1991 to 1994. He has been a Director of Richards Packaging Inc., since November
2002. Mr. Glynn has been a Trustee of Richards Packaging Income Fund since
April 7, 2004. Mr. Glynn is a Chartered Accountant and holds a Master of
Science in Engineering from Queen's University and an Honours Business
Administration degree from the University of Western Ontario.
David PRUPAS has been the Chief Operating Officer at Richards Packaging
Income Fund since April 2004 and also serves as its President. Mr. Prupas
serves as the Chief Operating Officer and President at Richards Packaging Inc.
Mr. Prupas has been with the Richards Packaging Inc., since 1977.
Mr. Prupas is an original owner who sold the Richards Packaging Inc., to
the Existing Security holders in 2002. Mr. Prupas holds a Bachelor of Arts from
Concordia University.
Enzio DI GENNARO is the CFO.
The Board of Directors includes Gerry GLYNN, Wayne McLEOD, Derek RIDOUT,
Donald WRIGHT, and Rami YOUNES.
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report and confirmed that all
financials are consolidate into the parent company.
(10K on attachment)
Banks: Scotia Bank
…
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.61 |
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|
1 |
Rs. 94.39 |
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Euro |
1 |
Rs. 67.96 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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|
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Report Prepared
by : |
DPT |
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 |
-- |
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.