MIRA INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CROSSWORKS MANUFACTURING LTD |
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Registered Office : |
2160-1066 West Hastings Street, Vancouver, B.C., V6E 3X1 |
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Country : |
Canada |
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Year of Establishment : |
2007 |
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Legal Form : |
Limited Company |
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Line of Business : |
Cutting and polishing manufacturer of diamonds |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - CANADA
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: CAD |
IDENTIFICATION
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Ordered as: |
Crossworks Manufacturing |
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Address in the order: |
Suite #2160 1066 West Hastings Street Vancouver BC V6E 3X1 |
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Legal Name: |
Crossworks Manufacturing Ltd |
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Trade Name: |
HRA Investments |
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Legal Address |
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2160-1066 West Hastings Street, Vancouver, B.C. V6E 3X1, Canada |
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Telephone: |
+ 1 (877) 669-9562 |
ID: |
NA |
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Fax: |
+ 1 (604) 669-5626 |
Legal Form: |
Limited Company |
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Email: |
Registered in: |
NA |
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Website: |
Date Created: |
2007 |
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Manager: |
Uri Ariel |
NA |
2007 |
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Staff: |
80 employees (estimated) |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Cutting and polishing manufacturer of diamonds |
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BANK
Name of the Bank ROYAL BANK OF CANADA
BUSINESS
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HISTORY |
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Crossworks Manufacturing Ltd. Was established 2007 headquartered in
Vancouver. It is part of HRA Group which has been in Canada since 1982, but opened
its first manufacturing facility in 2000 in Vancouver, B.C. On July 18, 2011, The Responsible Jewellery Council (RJC) today
announced that Crossworks Manufacturing Ltd., the Vancouver-based diamond
cutting and polishing manufacturer, has achieved certification against the
ethical, human rights, social and environmental standards established by the
RJC Member Certification System. |
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PRINCIPAL ACTIVITY |
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The company offers: Diamond polishing Diamond cutting Polished sales Jewellery manufacturing Jewellery sales Marketing services The company is a DTC Sightholder, Rio Tinto Select Diamantaire,
authorized partner for Argyle Pink Diamonds and a Forevermark Diamantaire. The Group operates in North America, Asia and Europe. |
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Products/Services description: |
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Products & Services: Loose diamonds: •Round diamonds from good to ideal makes. •Proprietary square-cut diamonds, including the Princess of Hearts. •Each diamond is accompanied by a certificate of origin that guarantees
its canadian pedigree. Diamond jewellery: •Traditional styling to avant-garde design utilizing both rough and
polished diamonds. Marketing Services: •Brand creation and management. •Development of brand collateral and production. •Retail merchandising strategies. •Program development. •Innovative business development. |
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Sales are: |
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Wholesale |
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Operations area: |
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National, International |
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Trade References: |
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Despite our efforts we were unable to confirm any trade reference for
this company. |
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The subject employs 80 employee(s) |
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PAYMENTS |
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regular |
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Comments on location: |
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Crossworks Manufacturing operates five diamond polishing facilities with
three in Canada that are located in Sudbury, Yellowknife and Vancouver. |
Shareholders - Manager - Related Companies
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Shareholders Parent Company(ies): |
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Crossworks Manufacturing, part of the HRA-SunDiamond Group, which belongs to the SunDiamond Group (SunDiamond BVBA) in Antwerp,
Belgium. |
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Management: |
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President Uri Ariel Marketing Director Dylan Dix Sales Force David Gavin |
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Related Companies: |
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Vancouver, B.C. HRA Seattle HRA USA Vancouver, B.C. Hyperion Industries Ltd. |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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As of today, Crossworks Manufacturing Ltd’s 2010 numerical financial figures
were neither released nor revealed to our sources. Nevertheless we were able to gather the financials figures at group
level (Listed below). Exceptionally in USD. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
53,470,000.(AT GROUP LEVEL) |
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Legal Fillings |
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The
sources consulted record no detrimental legal or labor court information. |
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Final Opinion |
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Crossworks Manufacturing Ltd. is a medium
company with approximately 80 employees. This company was established in 2007, and
is headquartered in Vancouver, Canada. Crossworks Manufacturing Ltd. is a member
of the HRA Group of Companies that is regarded as the pre-eminent
manufacturer of branded Canadian diamonds. HRA Group of Companies is itself
part of SUNDIAMOND BVBA a company with an annual turnover of 53,470,000 USD. The impact of the new certification may be
assessed on the company within a few months. We have to remember that the business is a
limited company. Its failure could not affect the owner’s personal assets. |
SUMMARY
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Profitability |
N.A. |
Public |
NO |
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Indebtedness |
N.A. |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Person Interviewed |
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Mrs Marisela |
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Position |
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Supervisor |
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Comments |
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The person contacted, was not willing to release information without
the final client. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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UK Pound |
1 |
Rs.73.53 |
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Euro |
1 |
Rs.64.37 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.