MIRA INFORM REPORT
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Report Date : |
07.11.2011 |
IDENTIFICATION DETAILS
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Name : |
VICTORY DIAMONDS |
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Registered Office : |
Los Angeles, CA 90014 |
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Country : |
United States |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Private Independent Company |
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Line of Business : |
retail sale
of any combination of the lines of jewelry |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name & address
Victory Diamonds
Los Angeles, CA 90014
United States
Tel: 213-689-3155
Synthesis
Employees: 2
Company Type: Private Independent
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 0.5
Total Assets: NA
Business Description
Establishments
primarily engaged in the retail sale of any combination of the lines of
jewelry, such as diamonds and other precious stones mounted in precious metals
as rings, bracelets, and broaches; sterling and plated silverware; and watches
and clocks.
Industry
Industry Retail (Specialty)
ANZSIC 2006: 4253 - Watch and
Jewellery Retailing
NACE 2002: 5248 - Other
retail sale in specialised stores
NAICS 2002: 448310 - Jewelry
Stores
UK SIC 2003: 5248 - Other
retail sale in specialised stores
US SIC 1987: 5944 - Jewelry
Stores
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Los Angeles, CA, 90014
Los Angeles County
United States
Tel: 213-689-3155
Sales USD(mil): 0.5
Assets USD(mil): NA
Employees: 2
Industry: Retail
(Specialty)
Company Type: Private
Independent
Quoted Status: Not
Quoted
Contents
· Industry Codes
· Business Description
· Financial Data
· Additional Information
Industry Codes
ANZSIC 2006 Codes:
4253 - Watch and Jewellery Retailing
NACE 2002 Codes:
5248 - Other retail sale in specialised stores
NAICS 2002 Codes:
448310 - Jewelry Stores
US SIC 1987:
5944 - Jewelry Stores
UK SIC 2003:
5248 - Other retail sale in specialised stores
Business
Description
Establishments primarily engaged in the retail sale of any combination
of the lines of jewelry, such as diamonds and other precious stones mounted in
precious metals as rings, bracelets, and broaches; sterling and plated
silverware; and watches and clocks.
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Credit Report as of 12/01/2010
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Location |
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Los Angeles, CA 90014 |
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County: |
Los Angeles |
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MSA: |
LA-Long Bch, CA |
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Phone: |
213-689-3155 |
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ABI©: |
688156322 |
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Annual Sales: |
$476,000 (USD) |
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Employees: |
2 |
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Facility Size(ft2): |
0 - 2,499 |
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Business Type: |
Private |
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Location Type: |
Single Location |
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Recommended Credit
Limit * |
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N/A |
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Primary Line Of
Business: |
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SIC: |
5944-04 - Diamonds |
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NAICS: |
448310 - Jewelry Stores |
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DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many diamantaires
borrowed money during the economic downturn two years ago and diverted funds to
businesses like real estate and capital markets. Many of themselves made money
from these businesses but their diamond companies have gone sick and declared
insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.78.65 |
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Euro |
1 |
Rs.67.79 |
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.