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MIRA INFORM
REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
Parag Diamonds INC (Paramount Gems) |
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Registered Office : |
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Country : |
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Date of Incorporation : |
24.11.1981 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Jewelry Saler |
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 |
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: |
Paramount Gems |
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Address in the order: |
36 West, 44th Street, Suite #801, New York, United States |
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Legal Name: |
Parag Diamonds INC ( |
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Trade Name: |
Paramount Gems |
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Legal Address |
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Operative Address |
36 West, |
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Telephone: |
(212) 221-1520 |
ID : |
736417 |
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Fax: |
(212) 302-6478 |
Legal Form: |
Corporation for Profit |
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Email: |
Registered in: |
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Website: |
Date Created: |
1978 |
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Manager: |
Panna Lal Jain, President |
Date Incorporated: |
November, 24th. 1981 |
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Staff: |
8 |
Stock: |
200 |
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Value: |
NA |
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Activity: |
Jewelry saler |
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BANKS
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Name of the Bank |
STATE BANK OF |
BUSINESS
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HISTORY |
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The company was founded in 1978 |
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PRINCIPAL ACTIVITY |
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Jewelry saler |
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Products/Services description: |
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The company offers a selection of merchandise, including diamond rings
and jewelry; gold jewelry and chains; gemstone rings; watches; and other fine
jewelry. Most of the diamonds sold by it are one carat or less in size, and the
company also offers a limited selection of larger diamonds. Gold jewelry items sold in the company’s stores are primarily 14
karat. They have also rubies, sapphires, and emeralds or semi-precious gems,
such as opals, blue topaz, amethyst, and garnets. |
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Sales are: |
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Wholesale |
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Clients: |
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Harry Winston Van Cleef & Arpels B.A. Asscher Peter Liverson (Among others) |
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Suppliers: |
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The person contacted refused to provide the name of the suppliers for
us to check trade references. |
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Operations area: |
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National, International |
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The company imports from |
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The company export to Worldwide |
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Competitors: |
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Yael Importers Inc Bluerays Inc B & M Ben Zur Inc Shaun Gems |
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The subject employs 8 employee(s) |
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PAYMENTS |
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regular |
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LOCATION |
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Headquarters |
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The company is headquartered at the above address. |
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Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Shareholders Parent Company(ies): |
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The company is family ran. It is a privately held company that has the
JAIN family members as the primary shareholders. |
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Management: |
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Panna Lal Jain, President Rajni Jain, Vice President Gilbert Gomez, Manager |
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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 operator of the accounting department who
refused to provide us any financial data without knowing the name of the
inquiring party. |
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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 |
2009 |
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Turnover |
1,300,000 |
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The cash flow is |
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Legal Fillings |
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There are 4 UCC** file listed with the
Secretary of State of New York. There is one legal filing listed with the
District Court. "Gulati v. Parag Diamonds, Inc. et al Plaintiff: Ajay Gulati Defendants: Parag Diamonds, Inc. and Case Number: 1:2009cv04413 Filed: May 7, 2009 Court: Office: County: NewYork Presiding Judge: Judge Richard M. Berman Nature of Suit: Labor - Fair Labor
Standards Act Cause: 15:1938 Fair Labor Standards Act Jurisdiction: Federal Question Jury Demanded By: None" THE COMPANY IS NOT LISTED ON THE OFAC
LIST.* For information: * The Specially Designated Nationals (SDN)
List is a publication of OFAC which lists individuals and organizations with
whom ** 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 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 sized American company
which employs 8 persons and has 32 years of experience in the market. We found one legal suit against the
company. This point affects our rating, but a small credit line can be
granted. |
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SUMMARY
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Profitability |
CORRECT |
Public Records |
YES |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
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APPENDIX
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Position |
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Operator from the Accounting department |
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Comments |
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The person contacted refused to provide us with any information on
grounds of confidentiality. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.08 |
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1 |
Rs.73.45 |
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Euro |
1 |
Rs.64.30 |
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 |
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.