MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
KIRAN JEWELS, INC. |
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Registered
Office : |
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Country : |
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Date of
Incorporation : |
15.12. 2003 |
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Legal Form : |
Corporation for Profit |
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Line of Business
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Wholesaler of Diamonds and Jewelry. |
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: |
Kiran Jewels, Inc. |
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Address: |
521 5th Avenue,
Suite 610, New York,
NY 10175, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (212)
819-0215 + 1 (212) 819-0443 2988734 New York Ahsish Lakahni, President |
Date founded: |
Dec. 15, 2003
Corporation for Profit N.A. N.A. 17 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 and jewelry. |
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BANKS
HSBC Bank
State Bank of India
BUSINESS
Business & Operations:
Kiran Jewels, Inc is a private company, located in New York.
Kiran Jewels, Inc's line of business is wholesaler of jewelry.
The parent company is Kiran Exports, located in India. Kiran Jewels has
strong business connections with India.
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.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The directors of the
company are:
Ahsish Lakahni, President,
Tejas Shah, Chief Executive
Officer.
The parent company is Kiran Exports (Mumbai, India).
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
As a private company Kiran Jewels, Inc. does not publish any financials.
However our source
provide us with the following information :
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Fiscal Year USD |
12/31/2007 |
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Turnover
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36,000,000 |
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Operating
Profit |
4,500,000 |
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Net
Income |
3,900,000 |
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Net
Worth |
10,000,000 |
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Liabilities |
2,600,000 |
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LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims Reported
0 NSF Cheques Reported
1 UCC Filing in 2007 by HSBC Bank securing inventory
& Equipment. Amount: NA
1 UCC Filing in 2007 by State Bank of India securing
Inventory & Equipment. Amount: NA
RATING
Local credit bureau gave a good credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
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The cash flow is good.
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Payments are made on a 40 days basis.
Our final opinion
This is a small Company working on the global market.
The company presents satisfying financial figures.
A credit line may be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Good Controlled Good |
PUBLIC PAYMENTS |
No Regular |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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%)