Part Deux

[LWeber]

Anyone else thinking Hobbyfarmer's risk management skills are exemplary?

Producer advisory: Bissma Pacific Inc. no longer licensed
As of November 21, 2012, Bissma Pacific Inc. of Pickering, Ontario, is no longer licensed by the Canadian Grain Commission.

If you are owed money, contact the Canadian Grain Commission.

Contact
•Email: contact@grainscanada.gc.ca
•Telephone: 204-983-2770
•Toll free: 1-800-853-6705
•Teletypewriter (TTY, toll free): 1-866-317-4289

[dave4441]

Yup, that's why i called him a 1 percenter!

[bucket]

My attention span is short, can you connect the dots a little, where this goes back to.

[LWeber]

They had a trading office in Winnipeg

Suite 201-2621 Portage Ave Winnipeg, MB R3J 0P7

How many pulse growers have o/s grain receipts?

Bucket: Hobbyfarmer takes out insurance on grain sales.

[hobbyfrmr]

Just to throw a little humor into,something I think
is very important, ZZTop has a new song and it
says something like "I gots to get paaaaid".

[hobbyfrmr]

http://www.youtube.com/watch?
v=9FStoVhn9Mo&feature=youtube_gdata_player

Mid January I will have a couple extra beers in
shop and play this song.

Risk management...businesses use a/r insurance.
Farming is a business.

[bucket]

hobby

Where do you get this type of insurance?

[hobbyfrmr]

Saskatchewan - http://mpa.fna.ca/

Alberta -
http://www.directagsales.com/riskmanagement.ht
m

[oneoff]

We need a simple solution; and not individual business risk analysis; deductables; paying insurance premiums, charges, setup fees; applying for losses; waiting for bonds; collecting on insurance or bonds, investigating individual financial status of businesses, credit checks, applying for insurance; doing due diligence; going into the credit application business, and being satisfied with partial payments and costs incurred; ad infinitum.

WHAT WE NEED IS TO BE PAID UPON EXCHANGING A FARMERS PRODUCTION FOR SOME VALID FORM OF "COIN OF THE REALM."

Farmers should not be responsible for generating the cash that a buyer should have already had access to, or had financed before he accepted his end of the contract or agreement.

Farmers have taken on risks that is none of their business. That buyer never lets you in on the rest of their operation; why do you want to be their banker?

Don't continue to be a part of poor business practices that evolve into being accepted as "normal practice"

Shake your heads hard.

[oneoff]

In regards http://mpa.fna.ca/
At the site they say

"Notes & News
The sale-coverage process
Posted by Market Power Assurance on June 29, 2012 in Notes for Sellers | 0 comments

NOTE: THIS IS A DRAFT DOCUMENT, IS NOT YET OFFICIAL AND SHOULD NOT BE RELIED ON"
and they apparenttly won't even let you see what the deal is unless you start filling cover pages in and accepting their terms before you have any idea of what the costs are and what they are offering.

Sure didn't strike me as a site that doesn't open you up to who knows what.

Give me some moments to take a qick lok at the Alberta link

[oneoff]

Sincere apologies to Tom....but OH MY GOD!!!!!!!

Under risk Management.....the first site says:
Atradius (which sure as "XXXX" is who the Federal Gov't has chosen as your new insurance company for replacement of the CGC bonding system)....

"Remove the risk of non-payment. Guaranteed 90% minimum, on time payment wherever your marketing takes you... Learn More"


So farmers should wish to pay someone else's premiums and get in the order of 90% owed to you. WOW!!!!

Don't like that....Then sign up with Western Union. You know what eBay says about Western Union payments (of course taking into account that Paypal is closely linked to eBay).
Anyway Paypal does work and Western Union just strikes me a very poor choice for any farmer to get into bed with. Personally I won't waste a second investigating that supposed alternative. You know it can sometimes costs more than any long term benefits are worth...

Those are the options so far; and I for one am not impressed. But hobby I do sincerely thank you for the post; and these may very well be the "viable" options available at this time. Clearly Puritone's example; and Larry's ne news and Newco creditors that weren't covered by the bond and dozens of other ripped off farmers and businessmen are put in unacceptable poitions that will continue as long as farmers TOLERATE not being IMMEDIATELY paid.
Still seems better for all to get paid upfront. Those who can't pay... then why do you insist on doing business with those who are in effect plainly saying they can't/won't pay up at this time.

What part of can't/won't isn't understood?

[oneoff]

Her's what no other than Industry Caada (none other than a Federal Government web site has posted about Bissimda


Last Updated: 2011-03-14

Bissma Pacific Inc.
Company information



Legal Name: Bissma Pacific Inc.
Operating Name: Bissma Pacific Inc.

Mailing Address
440 Kingston Rd
PICKERING, Ontario
L1V 1A4
Location Address
440 Kingston Rd
PICKERING, Ontario
L1V 1A4


Telephone: (905) 839-1317
Fax: (905) 839-9331
Email: action@bissma.com
Website URL: http://www.bissma.com


Top
Contact information

Pauline Roadhouse
Title: Data Provider
Telephone: (905) 839-1317
Fax: (905) 839-9331
Email: action@bissma.com


Magdi Bissada
Title: President
Area of Responsibility: Management Executive
Telephone: (905) 839-1317
Fax: (905) 839-9331
Email: bissmapacific@home.com



Top
Company description

Country of Ownership: Canada
Year Established: 1985
Exporting: Yes
Primary Industry (NAICS): 418320 - Seed Wholesaler-Distributors
Alternate Industries (NAICS): 411120 - Oilseed and Grain Wholesaler-Distributors
418310 - Agricultural Feed Wholesaler-Distributors

Primary Business Activity: Trading House / Wholesaler / Agent and Distributor
Total Sales ($CDN): $5,000,000 to $9,999,999
Export Sales ($CDN): $5,000,000 to $9,999,999
Number of Employees: 10


Top
Product / Service / Licensing

Product Name: Pulses





Top
Market profile
Geographic markets:
Export experience:
•Algeria
•Australia
•Belgium
•Brazil
•China
•Cyprus
•Denmark
•Egypt
•Ethiopia
•France
•Germany
•Greece
•Hong Kong
•India
•Iran, Islamic Republic of
•Italy
•Japan
•Morocco
•Russian Federation
•Sudan
•Switzerland
•Tunisia
•Turkey
•United Kingdom
•United States
•Yemen


Top


[New Search]


Note: This document is presented in the language provided by the author/source. Most of the information contained in Canadian Company Capabilities (CCC) has been provided by sources external to Industry Canada. The accuracy, currency and reliability of the information contained in CCC are the sole responsibility of the registered companies and related organizations. Industry Canada assumes no responsibility in this respect. The registered businesses shall ensure the continued monitoring of the information contained in CCC and ask that it be modified when necessary.


IS IT NOT BECOMING EVIDENT THAT THE OVERSIGHT OF GOVERMENT AGENCIES SUCH AS CGC (AND ITS LICENCING AND BONDING PROGRAMS WE ARE ADVISED TO RELY ON) AND EVEN GOVERNMENT WEB SITES THAT ADVERTISE PRIVATE COMPANIES; DO NOT HAVE THE FIRST CLUE ABOUT WHETHER IT IS SAFE TO EXPECT WHTHER THEY ARE cURRENTLY FINANCIALLY SOLVENT.

[hobbyfrmr]

One off,

You can do an equifax search on buyers. The
accounts receivable insurance companies do a
credit check, fee for service and qualify the buyer
you want to sell to. If the company does not
qualify as a financially sound buyer, the insurance
company will not cover the trade.

I do agree with you the real fact of the matter is
the Canadian Grain Commission has failed to do
it's job, and following the trend of the times, no
CGC employees will be fired or reprimanded.
I have to know my sales are protected. My farm is
too small to lose money on someone else's
incompetence.

[oneoff]

But its that 10% deductible (cream off the top), plus the 1% plus premium that should have been all 100% profit(if there was any profit to be made)

Since few people's rates of return on investment is anywhere near that in the long haul; anyone could still get stung pretty hard; by a series of insolvent buyers (insured or not).


This is encouraging buyers to ignore their fundamentals; because someone else is covering their premiums.

And farmers are accepting any and all premium increases; and might as well budget in a 10% loss on those debts either through premiums or sucking it up as a cost of funding someone else's bad business.

You don't see buyers backing up a farmer's bad deal do you?

Don't be so desperate.

[hobbyfrmr]

The 10% loss is if the buyer defaults. Buyers
have to qualify for the insurance. If the buyer does
not qualify, then I do not sell to them. That is the
first line of defence. I guess you can say I am
over paying for peace of mind. I am satisfied with
my actions, I thought it would help other farmers
do the same.