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MIRA INFORM REPORT
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Report No. : |
501734 |
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Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SARATOGA POTATO CHIP COMPANY INC |
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Registered Office : |
7 Clovercrest Road, North York, Toronto, CA-ON M2J 1Z5 |
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Country : |
Canada |
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Financials (as on) : |
2016 (Summarized) |
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Year of Establishment : |
1987 |
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Legal Form : |
Corporation |
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Line of Business : |
Manufactures and markets of snack food items including potato chips,
popcorns, and kettle chips. |
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No. of Employees : |
228 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
CANADA - ECONOMIC OVERVIEW
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. Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Canada now ranks third in the world in proved oil reserves behind Venezuela and Saudi Arabia and is the worlds sixth-largest oil producer.
The 1989 Canada-US Free Trade Agreement and the 1994 North American Free Trade Agreement (which includes Mexico) dramatically increased trade and economic integration between the US and Canada. Canada and the US enjoy the worlds most comprehensive and highly balanced bilateral trade and investment relationship, with merchandise trade of $544 billion in 2016, services trade of over $80 billion, and two-way investment stocks of nearly $700 billion. Over three-fourths of Canadas exports are destined for the US each year. Canada is the largest foreign supplier of energy to the US, including oil, natural gas, and electric power, and a top source of US uranium imports.
Given its abundant natural resources, highly skilled labor force, and modern capital stock, Canada enjoyed solid economic growth from 1993 through 2007. The global economic crisis of 2007-08 moved the Canadian economy into sharp recession by late 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks 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. Since the fall in world oil prices in 2014, Canada has achieved modest economic growth.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
SARATOGA POTATO CHIP COMPANY INC |
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Trade Names: |
OLDE YORK POTATO CHIPS |
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ID: |
NA |
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Date Created: |
1987 |
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Date Incorporated: |
2015-02-12 |
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Legal Address: |
7 Clovercrest Road, North York, Toronto, CA-ON M2J 1Z5, Canada |
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Operative Address: |
230 Deerhurst Drive Brampton, ON L6T5R8 Canada |
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Telephone: |
+1 (905) 458-4100 |
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Fax: |
+1 (905) 458-1780 |
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Legal Form: |
CORPORATION |
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Email: |
- |
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Registered in: |
CANADA |
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Website: |
The company does not have a website. |
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Contact: |
Mr. Peter Margie - President and Chief Executive Officer |
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Staff: |
228 |
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Activity: |
SIC Code 2096, Potato Chips, Corn
Chips, and Similar Snacks NAICS Code 311919, Other Snack
Food Manufacturing |
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Banks
The company does not disclose its banking details. |
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History
Olde York Potato Chips is a Canadian based organization that has been manufacturing
potato chips since 1987 with production facilities in Brampton, Ontario and
Fort Wayne, Indiana. |
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Key Developments: |
Snack food
manufacturer Saratoga Potato Chips LLC plans expansion in Fort Wayne June 14, 2017 Snack Food manufacturer Saratoga Potato Chips LLC is planning a 2.5
million expansion of its production facilities in Fort Wayne, Indiana. The Canadian company established its US headquarters in Fort Wayne in 2010,
as the company announced it would occupy a vacant 138,000-square-foot
facility at 6923 Lincoln Parkway in a $4.9 million investment. At the time, its annual sales were about $27 million. Saratoga's sales
have been growing steadily since then, reaching about $85.74 million in 2016
after $71.62 million in 2015 and $55 million in 2014. The company's products
include kettle-cooked potato chips, flavored potato chips and a line of
bagged organic popcorn snacks. Products are sold in Save-A-Lot, Walmart and Kroger
supermarkets. Currently employing 228 people, Saratoga Potato Chips plans to spend
$2 million on a building addition and $500,000 on new manufacturing
equipment, creating an expected 25 processing jobs paying between $30,000 and
$40,000 annually, according to an application for incentives filed with the
Allen County Department of Planning Services. The building addition would expand the company's current 138,000
square feet by 43,000 square feet. Construction is to begin July 1 and
continue through July 1, 2021, the company says. The design-build contract
has reported to be awarded to Felderman Design-Build. County Council is expected to consider the request Thursday. If
council approves the requested tax abatement, Saratoga would save $100,254 in
real estate taxes and $10,761 in equipment taxes over 10 years while paying
$233,926 in taxes on the building improvements and another $18,480 on the
equipment. |
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PRINCIPAL
ACTIVITY
Saratoga Potato Chip Company, Inc. manufactures and markets snack food
items including potato chips, popcorns, and kettle chips. |
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Products/Services description: |
The company supplies Private Label conventional, kettle cooked and
organic potato chips to grocery chains in North America. |
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Brands: |
Olde York Potato Chips |
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Sales are: |
Wholesale |
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Clients: |
Save-A-Lot, Walmart and Kroger |
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Suppliers: |
Uflex Limited |
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Operations area: |
National and International |
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The company imports from |
INDIA |
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The subject employs |
228 Employees |
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Payments: |
No Complaints |
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LOCATION
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Headquarters : |
230 Deerhurst Drive Brampton, ON L6T5R8 Canada |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
Saratoga Potato Chips LLC 6923 Lincoln Parkway Fort Wayne, IN 46804 United States |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose information on shareholders. We were not
able to confirm major holders. |
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Management: |
Mr. Peter Margie - President and Chief Executive Officer Julie Forkan - Board Member Janet Margie - Board Member |
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FINANCIAL
INFORMATION
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The company does not make its financial statements
public. The following information has been provided by private sources: |
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USD 2016 |
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Sales |
85.000.000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
No found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
1. United Food and Commercial Workers International Union, Local 175 v
Saratoga Potato Chip Company Inc (Olde York Potato Chips), 2012 CanLII 24695
(ON LRB) 2012-05-04 Ontario Labour Relations Board Ontario taking of the representation vote copies ballots cast employees
posted 2. Employees of Saratoga Potato Chip Company Inc. v. Milk and Bread
Drivers, Dairy Employees, Caterers & Allied Employees, Local Union 647,
2005 CanLII 33255 (ON LRB)
2005-09-13 Ontario Labour Relations Board Ontario interim certification bargaining application is untimely
purposes states 3. Employees of Saratoga Potato Chip Company Inc. v. Milk and Bread
Drivers, Dairy Employees, Caterers and Allied Employees, Local Union 647,
2005 CanLII 43486 (ON LRB)
2005-11-22 Ontario Labour Relations Board Ontario ballot sealed counted box vote 4. United Food and Commercial Workers International Union, Local 175 v.
Saratoga Potato Chip Company Inc. (Olde York Potato Chips), 2012 CanLII 20817
(ON LRB) 2012-04-24 Ontario Labour Relations Board Ontario vote application for certification employees of operating as
located constituency persons above the rank 5. Employees of Saratoga Potato Chip Company Inc. v. Milk and Bread
Drivers, Dairy Employees, Caterers & Allied Employees, Local Union 647,
2005 CanLII 34314 (ON LRB)
2005-09-16 Ontario Labour Relations Board Ontario timeliness untimely bargaining granting interim certification
application 6. The Saratoga Potato Chip Company Inc.(Olde York Potato Chips) v OPB,
2002 ONAFRAAT 8 (CanLII) 2002-02-18 Agriculture, Food & Rural Affairs Appeal Tribunal Ontario potatoes dockage producer processors marketing |
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TRADEMARKS |
No records found. |
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RENEWAL HISTORY |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
Founded in 1987, Saratoga Potato Chip Company Inc is an organization
in the Other Snack Food Manufacturing Industry. The company has 228 regular employees and generates an estimated $85
million USD in annual revenue. The company operates nationally and internationally, mainly importing
from India. It is ACTIVE in business with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Garvin |
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POSITION |
Plant Manager |
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COMMENTS |
He confirmed the name of the company, the address of the headquarters and
location, the date of creation of the company, the number of employees and
the name of the President. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.06 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.78 |
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CAD |
1 |
INR 50.89 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SCs 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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.