MIRA INFORM REPORT
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Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PARAS DIAMOND CORP |
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Registered Office : |
592 Fifth Avenue New York, New York, 10036 |
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Country : |
United States |
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Date of Incorporation : |
07.05.1975 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers |
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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Maximum Credit Limit : |
USD 50,000. |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GEOPOLITICS - UNITED STATES
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
IDENTIFICATION
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Ordered as: |
Paras Diamond Corporation |
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Address in the order: |
70 W, 36th Street, Suite-5A, N.Y. 10018-8007, New York |
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Comments on data supplied: |
“Amikam” is a trade name for the Company “Paras Diamond Corp.” |
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Legal Name: |
Paras Diamond Corp |
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Trade Name: |
Amikam |
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Legal Address |
592 Fifth Avenue New York, New York, 10036 , U.S. |
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Operative Address |
70 W, 36th Street, Suite-5A, N.Y. 10018-8007, New York, U.S. |
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Telephone: |
+1 212-869-1857 (disconnected) /
800-648-0606 |
ID : |
369336 |
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Fax: |
+1 212-764-7593 / (212)
354-7690 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
New York |
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Website: |
Date Created: |
1975 |
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Manager: |
Samir Mehta, President |
Date Incorporated: |
May 07, 1975 |
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Staff: |
30 |
Stock: |
3,000,400shares |
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Value: |
- |
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Activity: |
Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers |
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BANKS
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Name of the Bank |
HSBC BANK USA |
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Location |
ONE HSBC CENTER, BUFFALO, NY 14203, USA |
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Name of the Bank |
REPUBLIC NATIONAL BANK OF NEW YORK |
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Location |
452 FIFTH AVENUE, NEW YORK, NY 10018-0000, USA |
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Name of the Bank |
ALGEMENE BANK NEDERLAND N.V. NEW YORK BRANCH |
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Name of the Bank |
FLEET BANK |
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Location |
10 EXCHANGE PLACE, JERSEY CITY, NY 07302-3999, USA |
BUSINESS
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HISTORY |
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The company was created in 1975. It has its roots in India and in Belgium. |
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PRINCIPAL ACTIVITY |
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Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers. |
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Products/Services description: |
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Engagement/Wedding Rings Cocktail/Fashion Rings Solitare(Rings) Solitare(Earings) Solitare(Pendants) Earings Pendants Bracelets Platinum Collection Mens(Rings) |
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Sales are: |
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Wholesale |
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Clients: |
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Various Industries |
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Operations area: |
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National |
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The company imports from India and Belgium |
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The company does not export |
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The subject employs 30 employee(s) |
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PAYMENTS |
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made on a 55 days basis - monitored over the last 12 months |
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LOCATION |
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Headquarters |
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The company recently moved to: 70W 36th Street, Suite 5A, New York, Ny
10018-8007 The Old Address Was: 592 Fifth Avenue, 3rd Floor, New York, New York,
10036, Usa. However, please note that the address has not been updated in the
Secretary of State of New York, and the former address still appears as the
legal one, as well as on the website. |
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Branches: |
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The subject does not have any branches |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Capital: |
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3,000,000 shares at par value USD 0.01. 400 shares with no par value. |
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Shareholders Parent Company(ies): |
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The subject is privately held by Samir Mehta. It is part of the JAYAM PARAS GROUP. The group has offices in Antwerp, Bombay, New York and Tel Aviv, and has
trading links and connections in all the other diamond locations. |
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Management: |
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Samir Mehta - President Ravi Gopalan - Controller |
Financials - COMMERCIAL TRENDS AND FORECAST
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As a private company the subject does not publish any financial
statements. |
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We have contacted the company but refused to provide us any financial
data on grounds of confidentiality. |
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However our financial sources could provide us with the following data
(estimates): |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
7,000,000 |
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Net Income |
280,000 |
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The cash flow is |
normal |
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Legal Fillings |
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There are several UCC files listed with
the Secretary of State of New York. There are no legal filings listed with the
District Court. For information: The Uniform Commercial Code (UCC) is one
of a number of uniform acts that have been promulgated in conjunction with
efforts to harmonize the law of sales and other commercial transactions in
all 50 states within the United States of America. The UCC deals primarily with transactions
involving personal property (movable property), not real property (immovable
property). It allows a creditor to notify other
creditors about a debtor’s assets used as collateral for a secured
transaction by filing a public notice (financing statement) with a particular
filing office. The Uniform Commercial Code Bureau files
and maintains on financial obligations (including IRS liens) incurred by
individuals (in business as a sole proprietor), business entities and corporations. |
Rating
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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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Final Opinion |
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This is a small US company, with 30 employees
and 35 years of experience. There were no legal fillings found against
the company or its legal representatives, which makes it a more reliable
company. Profitability of the company is correct,
and it has a normal cash flow. A credit line may be considered for a
maximum of USD 50,000. |
SUMMARY
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Profitability |
CORRECT |
Public Records |
NO |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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APPENDIX
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Position |
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Receptionist |
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Comments |
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We contacted the company, but the receptionist refused to provide us
any kind of information on grounds of confidentiality. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.38 |
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UK Pound |
1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.83 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.