MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
STAR GEMS INC. |
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Registered Office : |
29 E Madison Street, Suite
1109, Chicago, IL 60602 |
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Country : |
United States |
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Date of Incorporation : |
29.01.1993 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesales Jewellery and
Precious Stones. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD Satisfying |
IDENTIFICATION
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Company Name: |
STAR GEMS INC. |
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Address: |
29 E Madison
Street, Suite 1109, Chicago, IL
60602, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (312) 443-1590 NA 57163925 Illinois Vilas Jain, President |
Date founded: |
Jan 29, 1993
Corporation for Profit N.A. N.A. 4 employees |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Wholesales jewellery and precious stones. |
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BANKS
Charter One Bank
Bank Leumi
BUSINESS
Business & Operations:
Star Gems Inc. is a private company located in Chicago, Illinois. Star
Gems Inc's line of business is wholesaler of
jewellery and precious stones.
Industry overview:
The US jewelry industry generates annual revenues of about $25 billion
from 30,000 specialty stores. Large companies include Zale, Tiffany, and
Sterling Jewelers. The industry is fragmented: the top 50 jewelry chains hold
less than half of the market.
Jewelry sales depend partly on consumer income. Small jewelers can
effectively compete with large chains because price isn't the main factor
determining sales. Profitability depends on merchandising and effective
marketing. Average industry revenue per worker is about $160,000.
Jewelry is also sold in department and discount stores, and by mass
merchants. Because regular gross margins are very high, often 50 percent, mass
merchants have been able to cut prices and take market share. Wal-Mart is the
largest jewelry retailer in the US.
Jewelry is often classified as bridal merchandise (engagement, bridal
and anniversary rings - about 35 percent of the market); fashion jewelry
(rings, bracelets, earrings, pins, gold chains); and watches, silver flatware,
and other giftware. Diamond jewelry and loose diamonds account for the largest
share of total jewelry store sales (46 percent); gold jewelry for 11 percent;
colored gemstone jewelry (rubies, sapphires, emeralds, etc.) 9 percent; and
watches 4 percent.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The director of the company
is:
Vilas Jain, President.
He is also one of the main
shareholders.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Star Gems Inc. does not publish
any financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
580,000 |
LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
1 UCC Filing in 2007 by
Bank Leumi. Security & Amount
Undisclosed
1 UCC Filing in 2006 by Charter
One Bank securing All Assets. Amount:
NA
All previous UCC Filings
have been cleared
RATING
Local credit bureau gave a correct credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
Payments are made on a
regular basis (monitored during the past 12 months).
The cash is correct.
Our final opinion:
This is a small company
working in the US.
A credit line may be
considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Correct Controlled Correct |
PUBLIC PAYMENTS |
None Regular |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.23 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.66.41 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)