MIRA INFORM REPORT
|
Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
WORLD SHINER CANADA INC |
|
|
|
|
Registered Office : |
80 Richmond Street West, Suite 808, Toronto M5H 2A4, Ontario |
|
|
|
|
Country : |
Canada |
|
|
|
|
Year of Establishment : |
2005 |
|
|
|
|
Legal Form : |
Corporation for Profit |
|
|
|
|
Line of Business : |
Jewellery Wholesaler |
|
|
|
|
No. of Employees
: |
2 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Canada |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
GEOPOLITICS - CANADA
|
POLITICAL DATA |
ECONOMIC DATA |
|
Form of Government: Federal
|
Currency: 100.00 CAD =
97.9751 USD |
IDENTIFICATION
|
Ordered as: |
World Shiner Canada Inc |
||
|
Address in the order: |
Unit 808 80 Richmond Street West Toronto Ontario |
||
|
|
|
||
|
Legal Name: |
WORLD SHINER CANADA INC |
||
|
|
|
||
|
Legal Address |
80 Richmond Street West, Suite 808, Toronto M5H 2A4, Ontario, Canada. |
||
|
Operative Address |
80 Richmond Street West, Suite 808, Toronto M5H 2A4, Ontario, Canada. |
||
|
Telephone: |
1-416-3685955 |
ID : |
NA |
|
Fax: |
1-416-3685855 |
Legal Form: |
Corporation for Profit |
|
Email: |
Registered in: |
Canada |
|
|
Website: |
Date Created: |
2005 |
|
|
Manager: |
Dhar Mesh, President. |
Date Incorporated: |
NA |
|
Staff: |
2 |
Stock: |
NA |
|
|
|
Value: |
NA |
|
Activity: |
Jewellery wholesaler. |
||
BANKS
|
Name of the Bank |
ROYAL BANK OF CANADA |
BUSINESS
|
HISTORY |
|
|
|
The company was created in 2005 |
|
PRINCIPAL ACTIVITY |
|
|
|
The company engages as a diamond and jewelry wholesaler. |
|
Products/Services description: |
|
|
|
The company provides diamonds to retailers, offering an inventory list
and internet services. |
|
Sales are: |
|
|
|
Wholesale. |
|
Clients: |
|
|
|
Jewelry Retailers. |
|
Operations area: |
|
|
|
Local. |
|
The company imports from India and Australia. |
|
|
The company does not export. |
|
|
The subject employs 2 employees. |
|
|
Comments on staff: |
|
|
|
This information was not verified by the company. |
|
PAYMENTS |
|
|
|
Made on a 60 days basis - monitored over the last 12 months |
|
LOCATION |
|
|
Headquarters |
|
|
|
The company is headquartered at: 80 Richmond Street West, Suite 808, Toronto M5H 2A4, Ontario, Canada. |
|
Comments on location: |
|
|
|
Headquarters and operative location. |
Shareholders - Manager - Related Companies
|
Listed at the stock exchange: |
|
|
|
NO |
|
Shareholders Parent Company(ies): |
|
|
|
This is a private company. Dhar Mesh si one of the main shareholders. |
|
Management: |
|
|
|
Dhar Mesh, President and Board Member. Krunal Jain, Vice President. |
|
Related Companies: |
|
|
|
The company has locations in Australia, Belgium, Canada, India, Spain,
Taiwan and United Kingdom |
Financials - COMMERCIAL TRENDS AND FORECAST
|
As a private company the subject does not publish any financial
statements. |
|
We have contacted Krunal Jain, Vice President, who refused to
provide us any financial data without knowing the name of the inquiring
party. |
|
However our financial sources could provide us with the following data
(estimates exceptionally in USD for 2010) |
|
Currency |
DATE |
|
USD |
2010 |
|
Turnover |
1,220,000 |
|
The cash flow is |
NORMAL |
|
Currency |
DATE |
|
CAD |
2009 |
|
Turnover |
1,619,800 |
|
The cash flow is |
NORMAL |
|
Legal Fillings |
|
The sources consulted record no
detrimental legal or labor court information. |
Rating
|
Local credit bureau gave a NORMAL credit
rate. The company is in Good Standing. This means
that all local and federal taxes were paid on due date. |
|
|
Final Opinion |
|
|
|
This is a small sized Canadian company
that has been in business for 6 years. The company is active and doing business. It
is located in a commercial district in Toronto. No adverse record related to the company's
name has been gathered. The company claims to have presence in
Australia, Belgium, Canada, India, Spain, Taiwan and United Kingdom. The financial information for 2010 shows
that the company is declining its performance in the market. However, the
revenue still is good regarding the company's size and amount of employees. |
SUMMARY
|
|
|
||
|
Profitability |
N.A. |
Public |
NO |
|
Indebtedness |
N.A. |
Payments |
REGULAR |
|
Cash |
NORMAL |
|
|
APPENDIX
|
Person Interviewed |
|
|
|
The contacted person refused to provide his name. |
|
Position |
|
|
|
Male Representative. |
|
Comments |
|
|
|
The contacted person rudely refused to help us with our investigation.
The response was not professional. |
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.88 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.