MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUMIT DIAMOND CORPORATION |
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Registered Office : |
592 5th Avenue,New York, NY
10036 |
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Country : |
United States |
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Date of Incorporation : |
13.05.1983 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesales of Diamonds |
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 : |
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: |
SUMIT DIAMOND
CORPORATION |
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Address: |
592 5th Avenue, New York,
NY 10036, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (212) 221-8030 + 1 (212) 921-8638 841581 New
York Kumar Javeri, President |
Date founded: |
May 13, 1983
Corporation for Profit N.A. N.A. 9 employees |
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Legal form: |
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Stock: Value: |
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Staff: |
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Business: |
Wholesales diamonds |
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BANKS
Leumi Bank
Chase Bank
BUSINESS
Business & Operations:
Sumit Diamond Corporation is a private company located in New York, NY. Sumit
Diamond Corporation’s line of business is wholesaler of diamonds.
Industry overview:
The US jewelry retail 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:
Kumar Javeri, President.
He is also one of the main
shareholders.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
Sumit Diamond Corporation 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 |
3,600,000 |
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Operating Profit |
965,000 |
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Net Income |
898,000 |
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Net Worth |
2,000,000 |
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Liabilities |
20,000 |
LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
0 UCC Filings
RATING
Local credit bureau gave a satisfying 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 30
days basis (monitored during the past 12 months).
The cash is very large.
Our final opinion:
This is a small company
working in the US.
A credit line may be
considered without reserve.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Very Large Controlled Very Large |
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.42.47 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.66.14 |
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%)