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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
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Name : |
RAJVI INC |
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Registered Office : |
55 Queen Street East, Suite 506, Toronto,
ON, M5C1R6 |
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Country : |
Canada |
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Date of Incorporation : |
15.12.1999 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesales diamonds and precious stones |
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No. of Employees : |
73 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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.
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Source : CIA |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: CAD |
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Ordered as: |
RAJVI INC |
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Address in the order: |
55 Queen Street East Suite 506 Toronto
Ontario M5C 1R6 |
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Legal Name: |
RAJVI INC |
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Legal Address |
55 Queen Street East, Suite 506, Toronto ON, M5C1R6, CANADA |
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Operative Address |
55 Queen Street East, Suite 506, Toronto ON, M5C1R6, CANADA |
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Telephone: |
+1 (416) 366-4666 |
Document Number : |
ON-0001391405 |
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Fax: |
+1 (416) 366-4660 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
Ontario |
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Website: |
(UNDERCONSTRUCTION |
Date Created: |
1999 |
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Manager: |
Nilesh Parikh, Director |
Date Incorporated: |
December15th 1999 |
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Staff: |
73 |
Stock: |
NA |
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|
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Value: |
NA |
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Activity: |
Wholesales diamonds and precious stones |
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Name of the Bank |
HSBC |
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HISTORY |
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RAJVI INC was created in 1999 |
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PRINCIPAL ACTIVITY |
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Rajvi Inc's line of business is wholesaler of diamonds and precious
stones. |
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Products/Services description: |
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Rajvi Inc. has strong Indian ties. |
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Sales are: |
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Retail |
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Clients: |
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Due the nature of its business this company has as main clients the
general public. |
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Operations area: |
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Local |
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The company does not export |
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Trade References: |
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The person contacted refused to provide information about the trade
references. |
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The subject employs 73 employees |
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Comments on staff: |
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The number of employees was not verified by the company. |
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PAYMENTS |
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|
regular |
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LOCATION |
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Headquarters |
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The company has the headquarters located at: 55 Queen Street East, Suite 506, Toronto ON, M5C1R6, CANADA |
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Comments on location: |
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At their only location, the company has the headquarters and the
showroom. |
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Branches: |
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The company does not have any other location or branch. |
- Manager - Related
Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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RAJVI INC is a private company where Mr. Nilesh Parikh would be one of
the main shareholders. |
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Management: |
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Nilesh Parikh, Director Aniruddh Raol, Director Hitesh Shah, Director |
- COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted Ms. Gemma who refused to provide us any financial
data on grounds of confidentiality. |
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Currency |
DATE |
|
USD |
2008 |
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Turnover |
103,600,000 |
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Operating Income |
6,500,000 |
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Net Income |
5,200,000 |
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Net worth |
15,000,000 |
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Liabilities |
3,300,000 |
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The cash flow is |
NIL |
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Currency |
DATE |
|
USD |
2007 |
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Turnover |
101,000,000 |
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Operating Income |
7,000,000 |
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Net Income |
6,400,000 |
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Net worth |
11,000,000 |
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Liabilities |
4,000,000 |
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The cash flow is |
Normal |
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Comments on the financial data: Despite our
research we could not get specific financial information about the company. |
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Legal Filings |
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The
sources consulted record no detrimental legal or labor court information. |
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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. |
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Final Opinion |
|
|
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RAJVI INC is a private company that
operates as wholesaler of diamonds and
precious stones, this company operates with about 73 employees and 13 years of
experience in the market. This company operates with only one location where
they have the headquarters and the show room. After our research we did not find
negative information or legal against the company and based on the
information collected |
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Profitability |
N.A. |
Public Records |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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Person Interviewed |
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Ms. Gemma |
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Position |
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Administrative |
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Comments |
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Ms. Gemma refused to confirm or provide information for this report,
however we left a message indicating the call purpose. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
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.