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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ENCHANTED DESIGNS LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
23.02.2000 |
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Legal Form : |
Corporation Profit |
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LINE OF BUSINESS : |
IMPORTER, WHOLESALER AND RETAILER JEWELRY, FAIRY ART AND FANTASY
GIFTS PRODUCTS INCLUDE AMMOLITE LOOSE GEMSTONES, AMMOLITE GEMSTONES SET IN
GOLD & SILVER JEWELRY, AMMONITE FOSSILS & HAND SPECIMENS. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
CANADA - ECONOMIC OVERVIEW
As an affluent, high-tech
industrial society in the trillion-dollar class, Canada resembles the US in its
market-oriented economic system, pattern of production, and affluent 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. The 1989 US-Canada Free Trade
Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which
includes Mexico) touched off a dramatic increase in trade and economic
integration with the US its principal trading partner. Canada enjoys a
substantial trade surplus with the US, which absorbs about three-fourths of
Canadian exports each year. Canada is the US's largest foreign supplier of
energy, including oil, gas, uranium, and electric power. Given its great
natural resources, highly skilled labor force, and modern capital plant, Canada
enjoyed solid economic growth from 1993 through 2007. Buffeted by the global
economiccrisis, the economy dropped into a sharp recession in the final months
of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of
surplus. Canada''s major banks, however, 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. Canada achieved
marginal growth in 2010 and 2011 and plans to balance the budget by 2015. In
addition, the country''s petroleum sector is rapidly becoming an even larger
economic driver with Alberta''s oil sands significantly boosting Canada''s
proven oil reserves, ranking the country third in the world behind Saudi Arabia
and Venezuela.
Source
: CIA
Company name: ENCHANTED DESIGNS LTD
Address: 240 12th
Street, Ste B, North Lethbridge, Alberta T1H 2K7
Canada
Telephone: +1
403-328-5140
Fax: +1 403-394-2823
Website: www.ammolitestones.com
Corporate ID#: AB-0208671909
State: Alberta
Judicial form: Corporation Profit
Date incorporated: 02-23-2000
Stock: -
Value: -
Name of manager: Tom
CHANT
Business:
Importer, wholesaler and retailer jewelry, fairy art and fantasy gifts
Products include ammolite loose gemstones, ammolite gemstones set in
gold & silver jewelry, ammonite fossils & hand specimens.
The Company imports mainly from Hong Kong.
Staff: 10
Operations & branches:
At the headquarters, we
find the corporate office, warehouse and store/showroom, on lease.
Shareholders:
Tom CHANT is the owner.
Management:
Tom CHANT is the President and CEO.
No antecedents available.
As far as we know, he is not involved in other local corporations.
Subsidiaries
And partnership: None
In Canada, privately held corporations
are not required to publish any financials.
On a direct call, the
manager deferred any information.
We sent a fax but no answer
received.
Outside sources (bank) gave
estimate sales for year 2011 in the range of
CAD 600,000=
The business is said to be
profitable.
Banks: Royal Bank of Canada
33-1240 2A
Ave N, Lethbridge, Alberta T1H 0E4 Canada
Ph :
403-382-3860
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
DIAMOND INDUSTRY
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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
SCs 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.