MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
VARSHA DIAMONDS INC. |
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Registered Office : |
550 South Hill, Suite1153, |
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Country : |
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Date of Incorporation : |
1988 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesaler 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 : |
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: |
Varsha
Diamonds Inc. |
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Address: |
550 South Hill,
Suite1153, Los Angeles,
CA 90014, USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (213)
683-0848 + 1 (213) 683-0888 C2455546 California Pankaj Mehta,
President |
Date founded: |
1988 Incorporated 01/10/2003 Corporation for Profit N.A. N.A. 5 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
Banque of America
BUSINESS
Business & Operations:
Varsha Diamonds, Inc. has been in the diamond business for almost 20 years.
It's a family owned and operated business, started by Pankaj Mehta in 1988.
In the early 90's, his eldest son Nishith Mehta joined the company and
has continuously improved its collection by importing more diamonds.
In less than half a decade, Varsha Diamonds, Inc. has grown.
Recently, They have started a new venture in a stud program, which
involves stud earrings, solitaires and 3-stone diamond rings.
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The directors of the company
are:
Pankaj Mehta, President,
Nick Mehta, Vice President,
Viplav Yadav, Director,
Jay Mehta, Sales Executive,
Jovie Fiesta, Office
Manager.
The Mehta family is the
main shareholder.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
As a private company,
Varsha Diamonds 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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876,000 |
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Operating
Profit |
43,000 |
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Net
Income |
29,000 |
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Net
Worth |
90,000 |
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Liabilities |
15,000 |
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LEGALS
0 Suits
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
0 UCC Filings
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.
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The cash flow is correct.
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Payments are made on a 55 days basis.
Our final opinion
This is a small Company working on the global market.
The company has been on market for a pretty long time. It presents
correct financial figures with payments length a little bit superior at the
average.
A credit line may be considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS
AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Medium Controlled Correct |
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%)