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Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
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Correct Name : |
BIJOUTERIE JOSUE
IFRAH LTEE |
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Registered Office : |
1651 Rue Saint-Regis, |
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Country : |
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Date of Incorporation : |
26.07.1976 |
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Legal Form : |
Federal Corporation - Profit |
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Line of Business : |
Importer,
distributor and retailer of jewelry such as heart jewelry, jewelry designs,
bridesmaid jewelry, cartier jewelry & artisan jewelry as well as watches |
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No of Employees : |
14 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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.
|
Source
: CIA |
Company name: BIJOUTERIE JOSUE IFRAH LTEE (Correct Name)
Headquarters: 1651 Rue Saint-Regis,
Dollard-Des-Ormeaux, Quebec H9B
3H7 – Canada
Telephone: +1
514-684-4494
Fax: +1 514-845-0343
Corporate ID#: 992828
State: Federal
Judicial form: Federal Corporation - Profit
Date incorporated: 07-26-1976
Name of manager: Michel
IFRAH
Business:
Importer, distributor and retailer of jewelry
such as Heart Jewelry, Jewelry Designs, Bridesmaid Jewelry, Cartier Jewelry
& Artisan Jewelry as well as watches
Staff: 14
Operations & branches:
At above address, we find a
store, a small workshop and office, on lease.
Shareholders:
This is a family owned and managed company.
Michel IFRAH is the major shareholder (+50%)
Management:
Michel IFRAH is the President and CEO.
As far as we know, he is 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, a sales
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 2,000,000=
The business is profitable.
Banks: Banque de Montreal
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: None
Trade references:
Date reported: May 2014
High credit: CAD 5,000
Now owing: 0
Past due: 0
Last purchase: April 2014
Line of business: Office supply
Paying status: On terms
Date reported: May 2014
High credit: CAD 20,000
Now owing: 0
Past due: 0
Last purchase: April 2014
Line of business: Payroll
Paying status: As agreed
Date reported: May 2014
High credit: CAD 600
Now owing: 0
Past due: 0
Last purchase: April
2014
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
Domestic credit history
appears as follow:
|
Monthly Payment Trends - Recent Activity |
|
National Credit Bureaus
gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, domestic
payments were made on terms.
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
May 6, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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.