MIRA INFORM REPORT

 

 

Report No. :

313137

Report Date :

21.03.2015

 

IDENTIFICATION DETAILS

 

Name :

IDEALTEX INC.

 

 

Registered Office :

2601 Matheson Blvd East, Ste 203, Mississauga, Ontario L4W 5A8

 

 

Country :

Canada

 

 

Date of Incorporation :

23.06.2005

 

 

Legal Form :

Federal Corporation – Profit

 

 

Line of Business :

Engaged as importer and wholesaler of fabrics and Related Products

 

[NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

 

 

No of Employees :

Not Available

 

[NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

Company name & address

 

Company name:            IDEALTEX INC.

Address:                                   2601 Matheson Blvd East, Ste 203

                                    Mississauga, Ontario L4W 5A8 - Canada

Telephone:                    +1 905-306-8150 (not that business)

Fax:                              +1 905-306-8358 (not that business)

Website:                                   -

 

 

Registration data

 

Corporate ID#:              6410243

State:                           Federal

Judicial form:                Federal Corporation – Profit

Date incorporated:        06-23-2005

Name of manager:         Shahzad Ahmed SHEIKH

 

 

ACTIVITIES & OPERATIONS

 

Business:

The Company is importer and wholesaler of fabrics and related products.

 

Suppliers include:

Arshad Corporation Pvt Ltd

1088/2 Jail Road, Faisalabad, 38000 Pakistan

 

Staff:                            -

 

Operations & branches:

At the headquarters, we find the office of FINLINX LIMITED, a business consulting company.

Bilal SHEIKH, President

Telephone:        +1 905-306-8150

Fax:        +1 905-306-8358

 

 

SHAREHOLDERS & MANAGERS

 

Shareholders:

- Muhammad ARSHAD

- Shahzad Ahmed SHEIKH

- Uzma NADEEM

 

Management:

The Board of Members includes:

- Muhammad ARSHAD

- Shahzad Ahmed SHEIKH

- Uzma NADEEM

 

As far as we know, they are not involved in other local corporations.

 

 

FINANCIALS

 

In Canada, privately held corporations are not required to publish any financials.

 

On a direct call, a Secretary deferred any information.

 

We sent a fax but no answer received.

 

 

LEGAL FILINGS

 

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

 

 

COMPANY CREDIT HISTORY

 

No recent trade reference.

 

No domestic credit history.

 

The Company is in good standing.

 

Last report was filed on 07-16-2014.

 

 

Other comments

 

Due to the lack of information, we are unable to estimate a risk.

 

 

Our opinion

 

We suggest you to be careful.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.49

UK Pound

1

Rs.92.26

Euro

1

Rs.66.80

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.