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MIRA INFORM REPORT
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Report No. : |
493454 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
EXFO INC. |
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Registered Office : |
400 AV. Godin, Québec (Québec) G1M2K2 |
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Country : |
Canada |
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Financials (as on) : |
31.08.2017 |
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Date of Incorporation : |
1985 |
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Legal Form : |
Société Par Actions Ou Compagnie |
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Line of Business : |
Subject develops, manufactures, and markets smarter network test, monitoring,
and analytics solutions for communications service providers, network
equipment manufacturers, and Webscale companies. |
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No. of Employees : |
1577 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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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 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: |
EXFO INC. |
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TradeName: |
EXFO INC. |
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ID: |
1144343382 |
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Date Created: |
1985 |
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Date Incorporated: |
1995-03-30 |
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Legal Address: |
400 AV. Godin Québec (Québec) G1M2K2 Canada |
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Operative Address: |
400 av. Godin Québec (Québec) G1M2K2 Canada |
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Telephone: |
418-683-0211 |
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Fax: |
418-683-2170 |
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Legal Form: |
Société Par Actions Ou Compagnie |
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Email: |
- |
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Registered in: |
CANADA |
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Website: |
www.exfo.com |
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Contact: |
GERMAIN LAMONDE – Founder and President |
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Staff: |
1577 |
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Activity: |
NAICS 1: Optical Instrument and Lens Manufacturing SIC 1: Optical Instruments And Lenses |
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History: |
EXFO Inc. was founded in 1985 and is headquartered
in Quebec, Canada. |
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Key
Develeopments
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EXFO Inc. Partners with China Mobile Communications
Corporation to Prepare Network for IoT Jan 22 18 EXFO Inc. announced that China Mobile Communications
Corporation (CMCC), with the support of EXFO's test solution–the only one
that covered all the test requirements–successfully concluded a performance
verification test for the core networks from 4 major vendors, confirming
whether these NFV-based networks can individually support 5 million
narrowband IoT (NB-IoT) devices. Since NB-IoT specification got ratified in
June 2016, communication service providers have been preparing to roll out
this service in their network. They are upgrading their network by deploying
additional features to handle the tremendous capacity that the millions of
Internet of Things (IoT) devices will need. Handling the IoT traffic is
fundamentally different from the traditional mobile broadband or VoLTE
traffic. Validating the equipment and the network is crucial to ensure that
they deliver the quality of experience expected by end users while avoiding
costly post-deployment faults. EXFO's comprehensive test solution was
preferred for three main reasons: Powerful performance: capacity to simulate
millions of IoT devices on one single server, keeping network configuration
simple Unique flexibility: ability to adapt to rapidly evolving
specifications and specific requirements Extensive test coverage: covers the
network from end to end, including focus on individual nodes EXFO delivers
comprehensive solutions for the validation of 2G/3G/4G/5G networks and
equipment for all kinds of services. These test solutions are also
future-proofed to verify unique services for upcoming 5G networks. EXFO Inc. Unveils SkyRAN Jan 16 18 EXFO Inc. unveiled SkyRAN, a scalable remote access and
monitoring solution for fiber-based fronthaul networks. Developed in
collaboration with SkyRAN provides real-time, on-demand testing and 24/7
monitoring of fiber optic networks and radio frequency (RF) spectrum. The
SkyRAN solution is currently being showcased at VZTUF-XII in Austin, TX.
SkyRAN combines the resolution RF spectrum analysis over CPRI with the fiber
monitoring capabilities on the market. As SkyRAN reveals RF issues that were
previously either undetectable or difficult to identify, mobile network
operators (MNOs) will have the capacity to proactively identify and resolve
RF interference, PIM and fiber-related issues before they could impact
subscribers. In order to continue delivering superior quality of experience,
MNOs will need full visibility into their RF spectrum and fiber fronthaul
networks. |
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PRINCIPAL
ACTIVITY
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EXFO Inc. develops,
manufactures, and markets smarter network test, monitoring, and analytics
solutions for communications service providers, network equipment manufacturers,
and Webscale companies. |
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Products/Services description: |
It offers lab and
manufacturing testing systems, including lab platforms; network simulation
and load testing tools to meet the mobile telecom and VOIP/IMS network test challenges;
transport and datacom solutions, such as Ethernet testing, fiber channel
testing, DSn/PDH and SONET/SDH testing, synchronization testing, and
SONET/SDH, OTN, and multiservice testing solutions; and optical products
comprising power meters, light sources and amplifiers, variable attenuators,
switch and utility modules, polarization analysis, optical communication
analyzers, spectral testing products, bit-error-rate testing products,
optical benchtop kits, osics multifunction platform, optical component
testers, and tunable filters. The company also provides field network testing
products, including FTB Ecosystem test tools; FTB platforms; test function
virtualization solutions; transport and datacom solutions designed to address
DSn/PDH and SONET/SDH, carrier Ethernet, testing needs; optical instruments;
copper access/triple-play handheld instruments to assess the quality of
access network physical layer and performance of multiplay services; mobile
broadband tools to meet mobile telecom network test challenges; and wireless
network testing solutions. In addition, it offers service assurance
platforms, fiber network monitoring and management solutions, and remote
network monitoring solutions; and solutions for FTTx access networks and
metro/core networks, as well as technical support, instrument, and system
services. The company sells products through its direct sales force, sales
representatives, and distributors in the United States, Canada, and others. |
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Brands: |
Exfo |
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Sales are: |
Wholesale |
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Clients: |
Telefonos De Mexico SA De Cv Renta de Equipo SA de CV Grupo Cormac SA De Cv Triohmtec de Mexico Sa de Cv Bios Group Srl . Instrumentacion SA |
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Suppliers: |
Ahead Legend Ltd. Guangzhou Xiangyu Computer Cases Co.,Ltd |
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Operations area: |
National and International |
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The company imports from |
TAIWAN CHINA |
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The company exports to |
MEXICO PARAGUAY COLOMBIA |
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The subject employs |
1,577 Employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
400 av. Godin Québec (Québec) G1M2K2 Canada |
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Branches: |
2500 RUE Alfred-Nobel Montréal Québec H4S0A9 Canada 436 rue Nolin Québec (Québec) G1M1E7 Canada |
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Related Companies: |
ASTELLIA SA – FRANCE EXFO ASIA PACIFIC PTE LTD – Singapore EXFO Europe Limited – UK EXFO FINANCIAL LLC – USA EXFO FINLAND OY – FINLAND EXFO GERMANY GMBH – GERMANY EXFO NETHERLANDS B.S – NETHERLANDS EXFO SERVICE ASSURANCE INC – USA EXFO SWEDEN – SWEDEN EXFO USA INC. – USA EXFO AMERICAS INC - USA EXFO LATIN AMERICA-
MEXICO ONTOLOGY PARTNERS LIMITED – UK YENISTA OPTICS SAS – FRANCE YENISTA OPTICS INC – USA YENISTA SHANGHAI TRADING LTD – CHINA EXFO AUSTRALIA PTY LTD – AUSTRALIA EXFO CHINA LIMITED- CHINA EXFO ELECTRO OPTICAL ENGINEERING INDIA PRIVATE
LIMITED – INDIA EXFO SALES AND SERVICES PRIVATE LIMITED – INDIA EXFO INDIA LLP -
INDIA EXFO JAPAN PTE LTD – JAPAN EXFO TELECOM EQUIPMENT CO LTD – CHINA EXFO TELECOM TECHNOLOGIES BEIJING CO LTD – CHINA EXFO OY – FINLAND KASKI GROUP OY – FINLAND EXFO FRANCE S.A.R.L – FRANCE NETHAWK NETWORKS INDIA – INDIA NETHAWK SOLUTIONS PVT LTD - INDIA |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
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Market Capital: |
YES: EXFO Inc (EXFO) |
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Outstanding Shares: |
247.44M |
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Shareholders: |
54.71M |
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Management: |
GERMAIN LAMONDE – Founder and President PHILIPPE MORIN – Chief Executive Officer RANDY TORNES – Administrator CLAUDE SEGUIN – Administrator FRANCOIS COTE – Administrator ANGELA LOGOTHETIS – Administrator Mr. Pierre Plamondon CPA, CA – Chief Financial Officer & VP of
Finance Mr. Dana Yearian - Vice-President of Sales - Americas Mr. Willem Jan te Niet-
Vice-President of Sales - Europe, Middle East & Africa |
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FINANCIAL
INFORMATION
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We attach company’s
last financial statements. EXFO Inc. reported unaudited
consolidated earnings results for the first quarter ended November 30, 2017. For the quarter,
the company reported sales of USD 63,391,000 against USD 61,785,000 a year
ago. Earnings before income taxes were USD 4,419,000 against USD 5,265,000 a
year ago. Net earnings for the period were USD 2,679,000 against USD
3,303,000 a year ago. Basic and diluted
net earnings per share were USD 0.05 against USD 0.06 a year ago. Cash flows
from operating activities were USD 2,386,000 against USD 879,000 a year ago.
Purchases of capital assets were USD 1,991,000 against USD 1,237,000 a year
ago. Adjusted EBITDA for the period was USD 6,059,000 against USD 6,321,000 a
year ago. The company
forecasts sales between USD 59.0 million and USD 64.0 million for the second
quarter of fiscal 2018, while IFRS net loss is expected to range between USD
0.08 and USD 0.04 per share. IFRS net loss includes USD 0.02 per share in
after-tax amortization of intangible assets and stock-based compensation
costs, USD 0.03 per share for acquisition expenses related to the Astellia
transaction, USD 0.03 per share to account for the effects of the new US tax
reform on EXFO's deferred US tax assets, and an anticipated foreign exchange
loss of USD 0.02 per share. |
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LEGAL
FILINGS
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PATENTS |
METHOD AND SYSTEM
FOR DETERMINING IN-BAND OPTICAL NOISE Publication number:
20130163987 Abstract: There is
provided a method for determining the in-band noise in agile multichannel Dense
Wavelength Division Multiplexing (DWDM) optical systems, where the
interchannel noise is not representative of the in-band noise in the optical
channel. The method relies on the analysis of two observations of the same
input optical signal. In the two observations, the linear relationship
between the optical signal contribution and the optical noise contribution
(e.g. the observed OSNR) is different, which allows the discrimination of the
signal and noise contributions in the input optical signal. In a first
approach, the two observations are provided by polarization analysis of the
input optical signal. In a second, the input optical signal is obtained using
two different integration widths. Type: Application Filed: December 17,
2012 Publication date:
June 27, 2013 Applicant: EXFO
INC. Inventor: EXFO INC. Multiple-acquisition
OTDR method and device Patent number:
8576389 Abstract: An OTDR
device and method for characterizing one or more events in an optical fiber
link are provided. A plurality of light acquisitions is performed. For each
light acquisition, test light pulses are propagated in the optical fiber link
and the corresponding return light signals from the optical fiber link are
detected. The light acquisitions are performed under different acquisition
conditions, for example using different pulsewidths or wavelengths.
Parameters characterizing the event are derived using the detected return
signal from at least two of the plurality of light acquisitions. Type: Grant Filed: May 26, 2011 Date of Patent:
November 5, 2013 Assignee: Exfo Inc. Inventors: Stéphane
Perron, Michel Leblanc DETERMINING A
POLARIZATION-RELATED CHARACTERISTIC OF AN OPTICAL LINK Publication number:
20160161397 Abstract: A
polarization-related characteristic of an optical path is determined from a
predetermined function of the mean-square of a plurality of differences
between polarization-analyzed optical power parameters corresponding to pairs
of wavelengths mutually spaced about a midpoint wavelength by a small optical
frequency difference. At least some of the said differences correspond to
wavelength pairs measured under conditions where at least one of midpoint
wavelength, input state of polarization (I-SOP) or analyzed state of
polarization (A-SOP) of a pair is different. Type: Application Filed: February 14,
2013 Publication date:
June 9, 2016 Applicant: EXFO
Inc. Inventors: Normand
Cyr, Hongxin Chen, Gregory Walter Schinn Multiple-acquisition
OTDR method and device Patent number:
9571186 Abstract: An OTDR device
and method for characterizing one or more events in an optical fiber link are
provided. A plurality of light acquisitions is performed. For each light
acquisition, test light pulses are propagated in the optical fiber link and
the corresponding return light signals from the optical fiber link are
detected. The light acquisitions are performed under different acquisition
conditions, for example using different pulsewidths or wavelengths.
Parameters characterizing the event are derived using the detected return
signal from at least two of the plurality of light acquisitions. Type: Grant Filed: September
21, 2015 Date of Patent:
February 14, 2017 Assignee: EXFO INC. Inventors: Stéphane
Perron, Michel Leblanc |
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GOVERNMENT CONTRACTS |
No found. |
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CASES |
EXFO Inc. et al v. Viavi Solutions, Inc. Plaintiff: EXFO Inc. and EXFO America Inc. Defendant: Viavi Solutions, Inc. Case Number: 2:2015cv01685 Filed: October 27, 2015 Court: Texas Eastern District Court Office: Marshall Office County: Anderson Presiding Judge: Robert W. Schroeder Nature of Suit: Patent Cause of Action: 35:271 Jury Demanded By: Plaintiff |
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TRADEMARKS |
EXFO fiberoptic test equipment, namely powermeters; intelligent
test systems primarily comprising computer hardware and software… Owned by: EXFO INC. Serial Number: 74268976 FASTEST optical time domain reflectometer; automated
attenuation test sets; automated optical return loss test sets; optical
power… Owned by: EXFO INC. Serial Number: 74282959 VISUAL IQ Computer software, namely, computer program for
instrumental testing and measuring of fiber-optic for power output,
stability… Owned by: EXFO INC. Serial Number: 75555099 VISUAL IQ COMPUTER SOFTWARE, NAMELY, COMPUTER PROGRAM FOR
INSTRUMENTAL TESTING AND MEASURING OF FIBER-OPTIC FOR POWER OUTPUT,
STABILITY… Owned by: EXFO INC. Serial Number: 75556301 FIBERVISOR electrically operated remote fiber test system
(RFTS( comprised of remote terminal units equipped with optical test
instruments… Owned by: EXFO INC. Serial Number: 75683879 LAN CREW Hand held electrical instruments, namely optical
power meters, optical loss test sets and light sources Owned by: EXFO INC. Serial Number: 75699509 |
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RENEWAL HISTORY: |
Type of document Date of filing 2017 ANNUAL UPDATE DECLARATION 2018-01-22 2016 ANNUAL UPDATE DECLARATION 2017-02-15 2015 ANNUAL UPDATE STATEMENT 2015-10-15 2014 ANNUAL UPDATE DECLARATION 2015-02-11 Current Update Statement 2015-01-09 2013 ANNUAL UPDATE STATEMENT 2014-01-24 Current Update Statement 2013-02-15 Current Update Statement 2013-02-04 Current Update Statement 2013-01-14 Current Update Statement 2012-11-19 2012 ANNUAL UPDATE DECLARATION 2012-11-14 Current Update Statement 2012-01-16 ANNUAL UPDATE STATEMENT 2011 2011-10-05 Annual Return 2010 2011-04-27 Amending Declaration 2011-01-28 Amending Declaration 2010-03-02 Statement and Information Return 2009 2010-02-09 Statement and Information Return 2008 2009-01-30 Amending Declaration 2008-09-25 Amending Declaration 2008-09-11 Statement and Information Return 2007 2008-05-02 Statement and Information Return 2006 2007-05-02 Amending Declaration 2007-03-30 Annual Return 2005 2006-01-24 Annual Return 2004 2005-02-11 Amending Declaration 2004-06-01 Amending Declaration 2004-03-09 Annual Return 2003 2004-01-16 Amending Declaration 2003-09-09 Annual Return 2002 2003-02-17 Annual Return 2001 2002-02-12 Amending Declaration 2001-11-08 Annual Return 2000 2001-02-07 Amending Declaration 2000-09-06 Amending Declaration 2000-07-04 Amending Declaration 2000-06-16 Amending Declaration 2000-03-20 Annual Return 1999 2000-01-20 Amending Declaration 1998-12-10 Annual Return 1998 1998-12-03 Annual Return 1997 1998-02-16 Annual Return 1996 1996-12-16 Amending Declaration 1996-08-22 Annual Return 1995 1995-11-24 Registration Statement 1995-03-30 |
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SUMMARY
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EXFO Inc. develops,
manufactures, and markets smarter network test, monitoring, and analytics solutions
for communications service providers, network equipment manufacturers, and
Webscale companies. The company has
1,577 Employees. Net earnings for the period were USD 2,679,000 against USD
3,303,000 a year ago. It operates
nationally and internationally, mainly importing from China and Taiwan. The company shows
positive profitability in its last financial figures. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
Louise |
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POSITION |
Operator |
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COMMENTS |
She 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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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CAD |
1 |
INR 51.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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
·
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.