|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DYNAMIC GEMS GROUP INC. |
|
|
|
|
Registered Office : |
27 Queen Street East, Ste 806, Toronto, Ontario M5C 2M6 |
|
|
|
|
Country : |
Canada |
|
|
|
|
Date of Incorporation : |
08.05.2002 |
|
|
|
|
Legal Form : |
Corporation Profit |
|
|
|
|
Line of Business : |
Importer and Wholesaler of Diamonds. |
|
|
|
|
No. of Employees : |
3 |
RATING & COMMENTS
|
MIRAs 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 March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Canada |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
Company name: DYNAMIC GEMS GROUP INC.
Address: 27 Queen Street East, Ste 806,
Toronto, Ontario M5C 2M6 Canada
Telephone: +1
416-777-0010
Fax: +1 416-777-0021
Website: www.dynamicgems.com
Corporate ID#: ON-15220764
State: Ontario
Judicial form: Corporation Profit
Date incorporated: May 8,
2002
Stock: -
Value: -
Name of manager: Sam
SALEHI
Business:
The Company is importer and wholesaler of diamonds.
Imports from Asia and sells to jewelry stores and retailers in Ontario.
Staff: 3
Operations & branches:
At the headquarters, we find
the corporate office and showroom, on lease.
Shareholders:
This is a private Company..
Management:
Sam SALEHI is the President, Director and CEO
Paras Kumar SHAH is Director.
As far as we know, they are 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, Sam SALEHI
controlled the present report but deferred any financials.
However, sales estimate for
year 2012 is in the range of CAD 300,000=
The business is said to be
profitable.
Banks: Royal Bank of Canada
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Haut du formulaire
Trade references:
Date reported: March 2013
High credit: CAD 4,000+
Now owing: 0
Past due: 0
Last purchase: February 2013
Line of business Payroll
Paying status: As agreed
Date reported: March 2013
High credit: CAD 400
Now owing: 0
Past due: 0
Last purchase: February 2013
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
Domestic credit history
appears as follow:
|
Monthly Payment Trends - Recent Activity |
|
Date |
Up to 30 DBT |
31-60 DBT |
61-90 DBT |
>90 DBT |
||
|
10/12 |
$800 |
100% |
0% |
0% |
0% |
0% |
|
11/12 |
$800 |
100% |
0% |
0% |
0% |
0% |
|
12/12 |
$800 |
100% |
0% |
0% |
0% |
0% |
|
01/13 |
$800 |
100% |
0% |
0% |
0% |
0% |
|
02/13 |
$800 |
100% |
0% |
0% |
0% |
0% |
|
03/13 |
$800 |
100% |
0% |
0% |
0% |
0% |
National Credit Bureaus gave
a satisfying credit rating.
International
credit history:
Payments of imports are currently made on terms.
Other comments:
The Company maintains a
regular business.
The Company is in good
standing.
This means that all local and
federal taxes were paid on due date.
The risk is low.
Our opinion:
A business connection may
be conducted.
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.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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
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.