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MIRA
INFORM REPORT
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Report No. : |
496288 |
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Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CANADA FORTUNE
GROUP INC |
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Registered Office : |
5315,
Tomken Road, Unit 8, Mississauga, On L4W 1P5 |
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Country : |
Canada |
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Date of Incorporation : |
20.10.2006 |
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Legal Form : |
Corporation |
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Line of Business : |
Distributor,
Supplier and Exporter of second hand clothes, purses, belts and shoes. |
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No. of Employees : |
9 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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: |
CANADA FORTUNE
GROUP INC. |
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Trade Names: |
USED CLOTHING EXPORTS |
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ID: |
NA |
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Date Created: |
2006 |
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Date
Incorporated: |
20/10/2006 |
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Legal Address: |
5315,
Tomken Road, Unit 8, Mississauga, ON
L4W 1P5 Canada. |
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Operative
Address: |
5315,
Tomken Road, Unit 8, Mississauga, ON
L4W 1P5 Canada. |
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Telephone: |
+1-905-206-1002 |
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Fax: |
+1 905-206-1004 |
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Legal Form: |
CORPORATION |
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Email: |
support@usedclothingexports.com |
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Registered in:
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CANADA |
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Website: |
www.usedclothingexports.com |
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Contact: |
Mr. Mohammad
Faisal Moledina - Director |
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Staff: |
9 |
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Activity: |
NAICS 1: Used
Merchandise Stores SIC 1: Clothing,
Secondhand |
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Banks: |
The company does
not disclose its banking details. |
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History: |
The company was
founded in 2006. |
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PRINCIPAL ACTIVITY |
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Canada Fortune
Group Inc. O/A Used Clothing Exports is a Distributor, Supplier and Exporter
of second hand clothes, purses, belts and shoes. |
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Products/Services
description: |
The company
offers Bric Brac, Credentials Baled, Credentials Cap Sacs, Credentials Loose,
Institutional Mixed Rags, Paired Shoes Purses, Summer
Tropical Mix and Store Return Black Bags. |
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Brands: |
The company does
not have any brands of its own. |
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Sales are: |
Wholesale |
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Clients: |
Pakistan Japan
Petrochemical Trade Wings
International Bennatex Exp. MYU
(Pvt) Ltd. |
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Suppliers: |
NA |
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Operations
area: |
National and
International |
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The company
imports from |
No import records
found. |
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The company
exports to |
PAKISTAN |
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The subject
employs |
9 employees |
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Payments: |
Slow |
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LOCATION |
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Headquarters :
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5315,
Tomken Road, Unit 8, Mississauga, ON
L4W 1P5 Canada. |
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Comments on
Address: |
- |
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Branches: |
No other branches
were found. |
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Related
Companies: |
No related
companies were found. |
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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. Mohammad
Faisal Moledina – Director Vipal Dutta -
Accountant Simrit Kaur -
Financial Coordinator Iman Kaur -
Administration Manager Mr. Adbul Majid
Moledina - Director |
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 |
786.000 |
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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 |
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 |
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Founded in 2006,
Canada Fortune Group Inc is a small organization in the used merchandise
stores industry located in Mississauga, Canada. It has
approximately 9 full-time employees and generates an estimated $786.000 USD
in annual revenue. The company
operates nationally and internationally, mainly exporting to Pakistan. It is
ACTIVE in business with a high credit risk. |
RISK INFORMATION |
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DEBTS |
Controlled |
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PAYMENTS |
Slow |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
- |
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POSITION |
- |
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COMMENTS |
We called number
+1-905-206-1002 several times and received no answer. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.08 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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CAD |
1 |
INR 0.78 |
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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VAR |
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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
·
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.