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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
WORLD SHINER CANADA INC |
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Registered Office : |
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Country : |
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Year of Establishment : |
2005 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
importer and wholesaler of diamond and jewelry |
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No. of Employees : |
02 employees |
RATING & COMMENTS
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MIRA’s 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 : |
Slow but 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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 economic crisis, 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: 100.00 CAD = 102.239 USD |
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Legal Name: |
WORLD SHINER CANADA INC |
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Legal Address |
80 Richmond Street West, Suite 808,
Toronto M5H 2A4, Ontario, Canada. |
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Operative Address |
80 Richmond Street West, Suite 808,
Toronto M5H 2A4, Ontario, Canada. |
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Telephone: |
+1 (416) 368-5955 |
ID : |
NA |
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Fax: |
+1 (416) 368-5855 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
Canada |
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Website: |
Date Created: |
2005 |
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Manager: |
Dhar Mesh, President |
Date Incorporated: |
NA |
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Staff: |
2 |
Stock: |
NA |
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Value: |
NA |
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Activity: |
Jewellery importer and wholesaler. |
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Name of the Bank |
Royal Bank Of Canada |
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HISTORY |
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The company was created in 2005. |
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PRINCIPAL ACTIVITY |
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The company engages as a diamond and jewelry importer and wholesaler. |
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Products/Services description: |
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The company provides diamonds to retailers, offering an inventory list
and internet services. |
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Sales are: |
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Wholesale |
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Clients: |
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Jewelry Retailers. |
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Operations area: |
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National, Local |
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The company imports from India and Australia. |
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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 the names of their suppliers
on grounds of confidentiality. |
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Competitors: |
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Orko Design Corp Fantasia Fashion Jewellery Mercantile Trading M-C Gems Limited Bijouterie Arig-Or Inc |
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The subject employs 2 employee(s) |
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Comments on staff: |
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This information was not verified by the company. |
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PAYMENTS |
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made on a 60 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
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The company is headquartered at: 80 Richmond Street West, Suite 808,
Toronto M5H 2A4, Ontario, Canada. |
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Comments on location: |
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Headquarters and operative location. |
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Branches: |
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No additional locations were found for this company. The mentioned information could not be verified. |
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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This is a private company. DHAR MESH would be one of the main
shareholders. However, we couldn’t confirm the mentioned information during the
interview due to its lack of cooperation. |
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Management: |
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Dhar Mesh, President & Board Member Krunal Jain, Vice President |
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Related Companies: |
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The company has the following international affiliated companies: -World Shiner Pty Ltd - NSW Suite 4 Level 3, Dymocks Building, 428 George Street, Sydney
2000, Australia. -World Shiner Pty Ltd - VIC Suite 1103, Wales Corner, 227 Collins Street, Melbourne 3000, Australia -World Shiner Pty Ltd - QLD Suite 306-307, National Bank Building, 180, Queen Street, Brisbane
4000, Australia. -World Shiner Pty Ltd - WA Suite 1 Level 6, Carillon City Tower, 207, Murray Street, Perth
6000, Australia. -World Shiner B.V.B.A Hovenierstraat, 30, Bus No. 122 Room No. 127 Antwerpen 2018, Belgium -Diamantra GmbH HirschstraBe 29 70173 Stuttgart Deutschland , Germany. Among others. |
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 Dhar Mesh, President & Board Member who refused to
provide us any financial data without knowing the name of the inquiring
party. |
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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. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
1,220,000 |
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The cash flow is |
NORMAL |
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Currency |
DATE |
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CAD |
2009 |
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Turnover |
1,619,800 |
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The cash flow is |
NORMAL |
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Comments on the financial data: There was no
recent financial information provided or released to our sources. |
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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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World Shiner Canada Inc is a small sized structure
with a staff of about 2 employees. The structure has over 7 years of
experience and it not only has international suppliers, but also,
international affiliated companies. There were no legal filings found against
the company or its legal representatives. Regarding the financial information, there
was no recent data provided or released to our sources. However, taking in consideration the
company’s general features. |
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Profitability |
N.A. |
Public |
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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Dhar Mesh |
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Position |
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President & Board Member |
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Comments |
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The receptionist kindly transferred us to the company’s owner. Once we spoke with him, he had us explain the reason of our call three
times and disconnected the call. We called back and talked to him once again, he asked us the name of
the supplier but as we were unable to release that information, he
disconnected the call again without confirming any information about the
company. |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.