MIRA INFORM REPORT
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Report Date : |
29.11.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLDSTAR JEWELLERY LLC |
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Registered Office : |
20 West 37TH ST, 7TH FL, New York, 10018 |
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Country : |
United States |
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Date of Incorporation : |
19.02.2004 |
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Com. Reg. No.: |
3015199 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Jewelry, Watch, Precious Stone and Precious Metal Merchant Wholesalers |
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No. of Employees : |
21 Persons |
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 : |
Small Company |
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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 |
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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Legal Name: |
GOLDSTAR JEWELLERY LLC |
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Legal Address |
20 West 37TH ST, 7TH FL, NEW YORK, 10018, USA. |
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Telephone: |
(212) 391 2021 |
Registration Number : |
3015199 |
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Fax: |
(212) 391 7444 |
Legal Form: |
Limited Liability Company |
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Email: |
Registered in: |
New York |
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Website: |
Date Created: |
2004 |
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Manager: |
Michael Lerche, President |
Date Incorporated: |
19/02/2004 |
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Staff: |
21 |
Stock: |
NA |
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Value: |
NA |
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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 |
BUSINESS
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PRINCIPAL ACTIVITY |
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The subject is a diamond and jewelry trading company. It offers tailor-made natural diamonds and specializes in special cut
diamonds. |
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Sales are: |
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Wholesale |
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Clients: |
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Diamond and jewelry retailers |
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Operations area: |
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National, International |
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The company imports from India, Hong Kong. |
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The company export to Italy, Japan. |
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Trade References: |
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The person contacted refused to provide the names of their suppliers
for us to check the trade references. |
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Competitors: |
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Mitsui & Co (U S A ), Inc Tiffany & Co Fossil, Inc |
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The subject employs 21 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 and single located at the above address. |
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Comments on location: |
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There are two others related companies at the same address: Jewel
World LLC and Gold Star Independent LLC. |
Shareholders - Manager - Related Companies
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Listed at the stock exchange: |
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NO |
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Management: |
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Michael Lerche President Mark Moskoviz 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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However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
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Currency |
DATE |
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USD |
2010 |
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Turnover |
2 800 000 |
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The cash flow is |
normal |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
460 000 |
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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 is one legal filing listed with the New
York Southern District Court on May 28, 2009 for Copyright Infringement
filled by Sterling Jewelers Inc. We do not know the outcome. 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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The company has 7 years in the business. It is a small sized American company,
evolving in a stable sector. Profitability is correct, indebtedness is
controlled, cash is normal and payments are regular. A litigation of 2009 has been found for
Copyright Infringement. |
SUMMARY
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Profitability |
CORRECT |
Public Records |
YES |
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Indebtedness |
CONTROLLED |
Payments |
REGULAR |
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Cash |
NORMAL |
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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.51.98 |
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UK Pound |
1 |
Rs.80.59 |
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Euro |
1 |
Rs.69.12 |
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.