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MIRA
INFORM REPORT
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Report No. : |
490851 |
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Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VARIS MINE TECHNOLOGY LTD. |
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Registered Office : |
122 Dell Street, Unit A, Sudbury, Ontario P3C 2Y1 |
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Country : |
Canada |
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Date of Incorporation : |
1996 |
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Legal Form : |
Corporation |
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Line of Business : |
Manufactures underground wireless communication, tracking systems, and
remote blasting devices to mining and tunneling companies worldwide. |
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No. of Employees : |
19 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s 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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 world’s 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 world’s 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 Canada’s 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: |
Varis Mine Technology Ltd. |
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Trade Names: |
Varis Mine Technology Ltd. Becker Varis - Smart Underground Communications |
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ID: |
NA |
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Date Created: |
1996 |
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Date Incorporated: |
1996 |
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Legal Address: |
122 Dell Street, Unit A Sudbury, Ontario P3C 2Y1 Canada |
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Operative Address: |
122 Dell Street, Unit A Sudbury, Ontario P3C 2Y1 Canada |
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Telephone: |
(705) 674-8111 |
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Fax: |
(705) 674-7834 |
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Legal Form: |
CORPORATION |
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Email: |
info@varismine.com |
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Registered in: |
CANADA |
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Website: |
www.varismine.com |
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Contact: |
Albert Bower – Chief Executive Officer |
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Staff: |
19 |
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Activity: |
NAICS 1: All Other Telecommunications NAICS 2: Construction and Mining (except Oil Well) Machinery and
Equipment Merchant Wholesalers SIC 1: Communication Services, Nec SIC 2: Mining Machinery And Equipment, Except Petroleum |
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Banks: |
The company does not disclose its banking details. |
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History: |
The company was founded in 1996 and is based in Sudbury, Canada. |
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Parent Company: |
As of November 1, 2006, Varis Mine Technology Ltd. operates as a
subsidiary of: Becker Mining Systems AG Barbarastrasse 3 Friedrichsthal, 66299 Germany |
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PRINCIPAL ACTIVITY |
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Varis Mine Technology Ltd. manufactures underground wireless
communication, tracking systems, and remote blasting devices to mining and
tunneling companies worldwide. |
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Products/Services description: |
The company offers remote firing devices for two-way blast control in
underground and surface applications; and leaky feeder and Ethernet
communications systems that utilize a cable modem technology to provide wired
and wireless Ethernet applications, such as computer networking, IP cameras,
tele-operation, and VoIP in underground hotspots. It also provides Smart Tag,
a long range radio frequency identification tagging technology that reliably
tracks the location and movement of resources, including personnel, vehicles,
and goods for underground mines and tunnels. |
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Brands: |
VARIS |
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Sales are: |
Wholesale |
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Clients: |
INCO Falconbridge Newmont BHP Billiton Potash Corp of Saskatchewan Placer Dome Penoles Monhorus International Co.Ltd Lasec Telecomunicaciones SA De Cv |
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Suppliers: |
China Cable Technology Co Ltd Shaoxing Shihang Electrical Cable China Cable Beijing Industrial & Trading Co., Ltd. |
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Operations area: |
National and International |
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The company imports from |
CHINA |
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The company exports to |
AUSTRALIA MONGOLIA MEXICO |
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The subject employs |
19 EMPLOYEES |
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Payments: |
No Complaints |
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LOCATION |
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Headquarters : |
122 Dell Street, Unit A Sudbury, Ontario P3C 2Y1 Canada |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
Becker Mining America 14660 Industrial Park Road Bristol, VA 24201, USA Becker South America S.A. Av. El Arrayán 1306 Parque Enea Pudahuel Santiago – Chile Becker Warkop Sp. z o.o. ul. Przemyslowa 11 44-266 Swierklany Polska Tianjin Becker Electronic Co. Ltd. No. 368 Zhong Huan Xi Lu Airport Economic Area 300308 Tianjin PR China Becker Mining Systems Rus 654010 Russia, Kemerovo region Novokuznetsk, pl. Pobed 1, Building 106, Russia Becker Mining South Africa (PTY) Ltd. 4 Clarke Street North Alrode, 1451 R.S.A. |
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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. The
following information has been obtained through private sources and could not
be confirmed: As of November 1, 2006, Varis Mine Technology Ltd. operates as a
subsidiary of: Becker Mining Systems AG Barbarastrasse 3 Friedrichsthal, 66299 Germany |
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Management: |
Albert Bower – Chief Executive Officer |
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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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Revenue |
1.378.000 |
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Cash flow |
Normal |
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LEGAL FILINGS |
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PATENTS |
No records found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
No records found. |
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TRADEMARKS |
SMARTLAMP SmartLamp is a communication device for use underground (mining) which
enables a two-way radio to be powered by a cap lamp… Owned by: Varis Mine Technology Ltd. Serial Number: 78029573 |
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RENEWAL HISTORY |
No records found. |
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UCC |
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 |
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Founded in 1996, Varis Mine Technology Ltd is a small organization in
the communication service companies industry located in Sudbury, Canada. It has approximately 19 full-time employees and generates an estimated
$1.3 million in annual revenue. The company operates nationally and internationally, mainly importing
from India. It is ACTIVE in business with no negative records. |
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 |
Matt |
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POSITION |
Sales |
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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 Chief Executive Officer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.37 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 78.89 |
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CAD |
1 |
INR 51.04 |
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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DIV |
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Report Prepared
by : |
KET |
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
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.