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MIRA INFORM REPORT
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Report No. : |
507139 |
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Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ZALE CANADA CO. |
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Registered Office : |
900-1959 Upper Water Street, Halifax, Nova Scotia, B3J 2X2 |
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Country : |
Canada |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
3265471 |
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Legal Form : |
Company Limited by Shares |
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Line of Business : |
Retail Sale of Watches and Jewelry in Specialized Stores. |
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No. of Employees : |
10,001 (as of February 3rd, 2018) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
CANADA - ECONOMIC OVERVIEW
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.
Canada has a large oil and natural gas sector with the majority of crude oil
production derived from oil sands in the western provinces, especially Alberta.
Canada now ranks third in the world in proved oil reserves behind Venezuela and
Saudi Arabia and is the world’s sixth-largest oil producer.
The 1989 Canada-US Free Trade Agreement and the 1994 North American Free
Trade Agreement (which includes Mexico) dramatically increased trade and
economic integration between the US and Canada. Canada and the US enjoy the
world’s most comprehensive and highly balanced bilateral trade and investment
relationship, with merchandise trade of $544 billion in 2016, services trade of
over $80 billion, and two-way investment stocks of nearly $700 billion. Over
three-fourths of Canada’s exports are destined for the US each year. Canada is
the largest foreign supplier of energy to the US, including oil, natural gas,
and electric power, and a top source of US uranium imports.
Given its abundant natural resources, highly skilled labor force, and
modern capital stock, Canada enjoyed solid economic growth from 1993 through
2007. The global economic crisis of 2007-08 moved the Canadian economy into
sharp recession by late 2008, and Ottawa posted its first fiscal deficit in
2009 after 12 years of surplus. Canada's major banks 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.
Since the fall in world oil prices in 2014, Canada has achieved modest economic
growth.
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Source
: CIA |
CONFIDENTIAL
REPORT
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COMPANY NAME |
ZALE CANADA CO. |
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TRADE NAME |
ZALE CANADA CO. |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
900-1959 Upper Water Street |
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CITY/PROVINCE/STATE |
Halifax, Nova Scotia, B3J 2X2 |
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PHONE NUMBER(S) |
(1-416) 391.7739/(1-905) 470.7573 |
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FAX NUMBER(S) |
(1-416) 391.7870 |
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WEBSITE |
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REMARKS OF
IDENTIFICATION |
Please note that it was not possible to obtain the Tax ID number from
direct nor outside sources. No e-mail addresses were found. This report was requested with address: 61, Mcpherson Street, Markham L3R,
3L3, Canada. Please notice that the correct address is shown above. |
CREDIT
OPINION
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Trading company with 15 years of activity in the market. It seems to
operate normally. No detrimental were found. |
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PAYMENT RECORDS |
No Complaints |
LEGAL
INFORMATION
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TYPE OF COMPANY |
Company Limited by Shares |
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INCORPORATION
DATE |
2003 |
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REGISTRY NUMBER |
Reg. No. 3265471 |
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TERM |
Unlimited |
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LISTED AT STOCK
EXCHANGE |
NO |
LEGAL ASPECTS.-
The company was registered in the Business Registry in 2003.
On August 2nd, 2012 it was re-registered in the Commercial
Registry under No. 3265471. On that date, the company was incorporated as a
result of an amalgamation of ZALE CANADA CO., ZALE CANADA FINCO 1 INC., ZALE
CANADA FINCO 2 INC. and ZALE CANADA DIAMOND SOURCING INC.
COMMENTS ON
RELATED COMPANIES.-
ZALE CANADA DIAMOND SOURCING INC. is 100% owned by the company. It has
the following related firms:
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RELATED
COMPANIES |
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COMPANY NAME |
TAX ID. NUMBER |
COUNTRY |
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SIGNET JEWELERS LIMITED (ULTIMATE PARENT COMPANY) |
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BERMUDA |
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ZC PARTNERSHIP LP |
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CANADA |
BOARD
OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS
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NAME |
JOB TITLE |
STAKE |
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SANTANA, MICHELE |
Chief Financial Officer/President/Director |
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BRUMFIELD, KEN |
Vice President |
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GARLISH, JAMES |
Vice President |
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O’DONNELL, RORY |
Chief Controlling Officer/Vice President |
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GOLDBERG, KENNETH |
Vice President/Treasurer |
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PTAK, STASH |
Vice President/Secretary |
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KRUEGER, LAUREL |
Vice President/Secretary/Director |
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DENNISON, J. LYNN |
Chief Legal Officer/Director |
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KMPG LLP |
Auditor |
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FINCO HOLDING LP |
Shareholder |
100% |
DATA
OF BOARD OF DIRECTORS, EXECUTIVES AND SHAREHOLDERS
KMPG LLP
Representative: Charles S. Reagh.
FINCO HOLDING LP
New Brunswick, Canada.
OPERATIONS
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SECTOR |
G- Wholesale and Retail; Repair of Motor Vehicles and Motorcycles |
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ACTIVITY |
Sale of watches and jewelry |
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ISIC CATEGORY |
47- Retail, except for motor vehicles and motorcycles |
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ISIC CLASS |
4773- Retail of other new products in specialized businesses |
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MAIN ACTIVITY |
Retail sale of watches and jewelry in specialized stores. |
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N. OF EMPLOYEES |
10,001 (as of February 3rd, 2018) |
LOCATION.-
LEGAL ADDRESS & OFFICE: Located at the heading address, in easy
access zone of the city. Premises in good repair.
It does not own any real estate.
It has over 160 stores in Canada.
BRANCH: 61 Mcpherson
Street, Markham, Ontario, Canada.
COMMENTS AS TO
OPERATIONS.-
It operates as a retailer of traditional jewelry items.
Consolidated number of employees:
24,888 as of February 3rd, 2018
29,566 as of January 28th, 2017
29,057 as of January 30th, 2016
Payments of imports are currently made with an average of 30 days beyond
terms.
No foreign trade operations were reported.
FINANCIAL
INFORMATION
All the information comprised herein has been collected from outside
sources in view that the head executives refused to provide any data on grounds
of confidentiality.
For your reference, we herein include the Consolidated Balance Sheet of
SIGNET JEWELERS LIMITED (Ultimate Parent Company) as of 03/02/2018 (12 months),
expressed in Dollars as below:
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GENERAL BALANCE |
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Balance Date |
03/02/2018 |
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Currency |
Dollars |
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Exchange Rate |
1.00 |
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Current Total |
2,393,000,000.50 |
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Net Fixed |
3,446,000,000.10 |
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Total Assets |
5,839,000,000.60 |
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Current Liabilities |
1,037,000,000.20 |
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Non-current Liabilities |
1,689,000,000.00 |
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Total Liabilities |
2,726,000,000.20 |
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Total Equity |
3,113,000,000.40 |
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Total Liabilities and Equity |
5,839,000,000.60 |
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Balance Date |
03/02/2018 |
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Currency |
Dollars |
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Exchange Rate |
1.00 |
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Net Sales |
6,253,000,000.00 |
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Profit |
486,000,000.40 |
FINANCIAL
COMMENTS.-
It reports the following turnovers:
US$6,253,000,000.00 as of February 3rd, 2018
US$6,408,000,000.40 as of January 28th, 2017
INSURANCE.-
No insurance policies were reported.
PAYMENTS
REFERENCES
COMMENTS OF
SUPPLIERS.-
Possible consulted local suppliers do not register the company as client
paying on credit terms. Seemingly, its purchases are made in cash.
BANKS
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Bank Name |
Country |
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JPMORGAN CHASE BANK NATIONAL ASSOCIATION |
Canada |
BANK
REFERENCES
Consulted bank does not provide information of its clients on grounds of
confidentiality.
LITIGATIONS
The company reports the following suits:
Content – Claimant – Defendant – Role – Case Number – Court Hearing Date
Claims: Amount of US$215,000.00 – Carolyne Saliba – ZALE CANADA CO. –
Defendant - SU575829-1 – 25/05/2017
Employment: Amount of US$75,000.00 – Kim Aastles – ZALE CANADA CO. –
Defendant - SU574691-1 – 08/05/2017
The company has 13 liens for a total of US$733.00 Dollars.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.22 |
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1 |
INR 90.87 |
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Euro |
1 |
INR 80.09 |
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CAD |
1 |
INR 52.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.