MIRA INFORM REPORT

 

 

Report Date :

30.07.2011

 

IDENTIFICATION DETAILS

 

Name :

LES BIJOUTIERS DOUCET 1993 INC.

 

 

Registered Office :

Bureau 2900 1000, Rue De La Gauchetière Ouest Montréal (Québec) H3B4W5

 

 

Country :

Canada

 

 

Date of Incorporation :

01.02.2008

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Jewelry Stores

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

2 000 000 USD

Status :

Satisfactory

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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


Economic Risk: Nil

Currency: USD

Branch Situation:Competitive


 IDENTIFICATION

 

Ordered as:

Doucet 1993 Inc

Address in the order:

9250 Meilleur #201 Montreal, QC H2N 2A5

 

 

Legal Name:

LES BIJOUTIERS DOUCET 1993 INC.

Trade Name:

Doucet Latendresse

Legal Address

BUREAU 2900

1000, RUE DE LA GAUCHETIÈRE OUEST

MONTRÉAL (QUÉBEC) H3B4W5

Operative Address

9250 Meilleur, Suite #201,

Montreal, QC, CA,

H2N 2A5

Telephone:

(514) 381-8714

Document Number :

1165051617

Fax:

N.A.

Legal Form:

Corporation for Profit

Email:

N.A.

Registered in:

Quebec

Website:

http://www.doucetlatendresse.com

Date Created:

1946

Manager:

Jacques Mamane

Date Incorporated:

February 1, 2008

Staff:

250

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Jewelry Stores

 

BANKS

 

Name of the Bank

Scotia Bank

 

 

 

 

 

 

 

BUSINESS

 

HISTORY

 

Jean-Paul & Madeleine Latendresse open their first jewellery store in Verdun,Qc  in 1946.

Jean-Paul Doucet  follows  in 1960 with the opening, in Place Laurier in Québec City, of the first jewellery store bearing his name.

Doucet & Latendresse merge in 1992.

PRINCIPAL ACTIVITY

 

The company is the largest chain of jewellers in Quebec with 36 jewellery stores.

Sales are:

 

Retail

Clients:

 

General clientele

Operations area:

 

National, International, Local

The company imports from worldwide

The company export to USA

Trade References:

 

The person contacted refused to provide the names of their suppliers for us to check the trade references.

Competitors:

 

Birks & Mayors Inc.

Tadros & Tadros Limited

The subject employs 250 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at the above operative address. The legal address is the one of the registered agent.

Branches:

 

There are 36 regional boutiques in Canada.

Business Overview:

 

Jewelry sales depend partly on consumer income. Small jewelers can effectively compete with large chains because price isn't the main factor determining sales. Profitability depends on merchandising and effective marketing. Jewelry is sold not only by specialized jewelry retailers, but also by department stores and mass merchants. Because regular gross margins are very high, often 50 percent, mass merchants have been able to cut prices and take market share.

 

 

Shareholders - Manager - Related

Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

MAMANE, JACQUES and FIDUCIE JM are the main shareholders.

 

Management:

 

MAMANE, JACQUES President

 



 

 

Financials - COMMERCIAL TRENDS AND

FORECAST

 

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Comments on the financial data: The turnover for 2010 is estimated to be between 150 and 200 million USD

.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

The last annual report was filed on 2011-07-12.


Rating

 

Local credit bureau gave a correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 65 years in the business.

It is a medium sized American company, evolving in a competitive sector.

Profitability is correct, indebtedness is controlled, cash is normal and payments are regular.

We did not find a specific adverse record against the subject.

A credit line may be considered for 2 000 000 USD.

 

 

 

 

 

 

 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public

NO

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

NORMAL

 

 


APPENDIX

 

Person Interviewed

 

Carlo Benezra 

Position

 

Controller

Comments

 

He refused to provide us any information by phone on grounds of confidentiality without knowing the name of the inquiring party.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.15

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.