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Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
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Name : |
CHARM JEWELRY LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.09.1972 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject operates a chain of jewelry retail stores in It offers diamond, gemstone, gold, silver, and pearl jewelry products,
which include Canadian diamonds, rings, earrings, necklaces, bracelets,
collections, watches, and gifts and products for various occasions; and
bridal and anniversary jewelry, pendants, and custom products. The company also provides corporate gift products, such as rings and
pins, watches, clocks, insignia jewelry, mugs, key-chains, pens, luggage
products, and electronics products. It also offers its products online. |
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No of Employees : |
700 |
RATING & COMMENTS
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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 : |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 a high-tech industrial
society in the trillion-dollar class, Canada resembles the US in its
market-oriented economic system, pattern of production, and high 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 merchandise
exports each year. Canada is the US's largest foreign supplier of energy,
including oil, gas, uranium, and electric power. Given its abundant 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 2010-13 and plans to balance the budget by 2015. In
addition, the country's petroleum sector is rapidly expanding, because
Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada
now ranks third in the world in proved oil reserves behind Saudi Arabia and
Venezuela.
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Source
: CIA |
Your order on: CHARMS
That business does not exist.
As same address, we find:
Company name: CHARM
JEWELRY LIMITED
Address: 140 Portland Street, Dartmouth,
Nova Scotia B2Y 1J1 –
Canada
Telephone: +1
902-463-711
Fax: +1 902-466-5472
Website: www.charmdiamondcentres.com
Corporate ID#: 1049708
State: Nova Scotia
Judicial form: Corporation – Profit
Date incorporated: September
1, 1972
Stock: -
Value: -
Name of manager: Richard
D. CALDER
Business:
Charm Jewelry Ltd. operates a chain of jewelry retail stores in Canada.
It offers diamond, gemstone, gold, silver, and pearl jewelry products,
which include Canadian diamonds, rings, earrings, necklaces, bracelets,
collections, watches, and gifts and products for various occasions; and bridal
and anniversary jewelry, pendants, and custom products.
The company also provides corporate gift products, such as rings and
pins, watches, clocks, insignia jewelry, mugs, key-chains, pens, luggage
products, and electronics products. It also offers its products online.
Charm Jewelry Ltd. was founded in 1972 and is based in Dartmouth,
Canada.
It has locations in Alberta, New Brunswick, Newfoundland, Nova Scotia,
Ontario, Prince Edward Island, and Saskatchewan.
The Company is doing business as:
- CHARM DIAMOND CENTRES
- CROWN JEWELLRY COLLECTION
- CROWN JEWELS
- CARAT COLLECTION
Staff: 700
Operations & branches:
At the headquarters, we
find the corporate office and a large store.
The Company maintains 60
direct stores or partners in Alberta, New Brunswick, Newfoundland, Nova Scotia,
Ontario, Prince Edward Island, and Saskatchewan.
Shareholders:
This is a CALDER family owned and managed company.
Management:
Richard D. CALDER is the Founder of Charm Jewelry Limited and serves as
its Director and CEO.
Mr. Calder was honored for his high levels of achievement and success
with the Entrepreneur of the Year Special Citation Award for Retailing
Excellence in the Category of Business-to-Consumer Products & Services at
the 2007 Ernst and Young Entrepreneur of the Year.
Troy CALDER is the President
Sharon K. CALDER is Director, Secretary and Treasurer.
Subsidiaries
And partnership: None
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report but deferred any financials.
We sent a fax but no answer
received.
However, sales estimate for
year 2013 is in the range of CAD 40,000,000=
The business 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: November 2014
High credit: CAD 80,000
Now owing: 0
Past due: 0
Last purchase: October 2014
Line of business: Office supply
Paying status: On terms
Date reported: November 2014
High credit: USD 800,000+
Now owing: 0
Past due: 0
Last purchase: October 2014
Line of business: Payroll
Paying status: As agreed
Date reported: November 2014
High credit: USD 12,000
Now owing: 0
Past due: 0
Last purchase: October 2014
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
National Credit Bureaus
gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made on due date.
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.
Last report was filed on
September 5, 2014.
The risk is low.
Our opinion:
A business connection may
be conducted.
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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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 –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.85 |
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1 |
Rs.96.73 |
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Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SMN |
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.