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Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
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Name : |
HARI STONES LTD |
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Registered Office : |
13042 84th Avenue, Surrey, British Columbia V3W 1L2 |
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Country : |
Canada |
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Date of Incorporation : |
28.03.1998 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importers and distributors of natural stones |
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No. of Employees : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 : |
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 – 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 |
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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 a 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 2010-12 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: HARI
STONES LTD.
Address: 13042 84th Avenue,
Surrey, British Columbia V3W 1L2 Canada
Telephone: +1 604-599-4274
Fax: +1 604-502-8478
Website: www.haristoneslimited.com
Corporate ID#: BC-0000565357
State: British Columbia
Judicial form: Limited Company
Date incorporated: 03-28-1998
Stock: -
Value: -
Name of manager: Krishan
SHARMA
Business:
Hari Stones Limited is one of Western Canada’s leading importers and
distributors of natural stones.
The selections in tiles and slabs for granite, marble, slate, onyx,
travertine, limestone & sandstone are sourced from one of the best quarries
in the world.
Some of them are imported from Asia, Brazil, Europe, North America,
South America, Portugal, Middle East, etc.
Suppliers include:
XIAMEN UNITED GLOBAL IMPORT & EXPORT CO., LIMITED
ROOM 501, TOWER C3, WANDA PLAZA, XIAMEN, CHINA
THOR NORDESTE GRANITOS LTDA
E TDR NORTE SN STO AGOSTINHO CABO STO AGOSTINHO, BRAZIL
Staff: 40
Operations & branches:
At the headquarters, we
find a large showroom, warehouse and office, Oon 35,000 sq. feet, owned.
The Company maintains
branches located:
14269 Hawkstream Drive
Surrey, British Columbia V3W 0V1
Ph: 604-598-1450
Unit#8 - 920 Leathead Road
Kelowna, British Columbia V1X 2J8
Ph: 250 491 4274
Fx: 250 807 4274
Since November 9, 2009, the
Company is also allowed to do business in Alberta, under ID# AB-2114944277BC
The Alberta branch is
located:
10439 176 Street
Edmonton, Alberta T5S 2E4
Ph: 780 455 4274
Fx: 780 481 4274
Shareholders:
This is a privately held
and managed company.
Management:
Krishan SHARMA is the President, Director and CEO
Alok and Atul KANSAL are Vice President and Directors.
As far as we know, they are
not involved in other local business.
Subsidiaries &
Partnership: None
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, nobody
accepted to answer our questions.
We sent a fax but no answer
received.
Outside sources (bank) gave
estimate sales for year 2012 in the range of
CAD 10,000,000=
The business said to be is
profitable.
Banks: Scotia Bank
...
Legal filings & complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Trade references:
Date reported: July 2013
High credit: CAD 35,000
Now owing: 0
Past due: 0
Last purchase: June 2013
Line of business: Office supply
Paying status: 6 days beyond terms
Date reported: July 2013
High credit: USD 40,000+
Now owing: 0
Past due: 0
Last purchase: June 2013
Line of business: Payroll
Paying status: As agreed
Date reported: July 2013
High credit: USD 800
Now owing: 0
Past due: 0
Last purchase: June 2013
Line of business: Telecommunications
Paying status: 3 days beyond terms
Domestic credit history:
National Credit Bureaus
gave a satisfying correct medium credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made with an average of 5 days beyond terms.
International credit history:
Payments of imports are currently made with an average of 2 days beyond
terms.
The Company is improving
its payments, but the cash is low, due to high inventories and a flat market.
Other comments:
The bank confirmed some
late payments.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
The risk is medium.
Our opinion:
A business
connection may be conducted but we suggest you to check regularly the way of
payments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.52 |
|
UK Pound |
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.