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Report Date : |
17.02.2012 |
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, Usa. |
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Country : |
United States |
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Date of Incorporation : |
2004 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
MERCHANT
WHOLESALERS OF JEWELRY, WATCH, PRECIOUS STONE AND PRECIOUS METAL |
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No. of Employees : |
21 Employees. |
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 : |
No complaints |
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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 30, 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 |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Federal
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Currency: USD |
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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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Operative Address |
20 West 37TH ST, 7TH FL, NEW YORK, 10018, USA. |
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Telephone: |
+1 (212) 391 2021 |
Registration Number : |
3015199 |
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Fax: |
+1 (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: |
February 19th, 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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Name of the Bank |
HSBC BANK USA |
BUSINESS
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HISTORY |
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The company was incoporated for business in 2004. |
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PRINCIPAL ACTIVITY |
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The subject is a diamond and jewelry trading company. |
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Products/Services description: |
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It offers tailor-made natural diamonds and specializes in special cut
diamonds. It also offers jewelry. |
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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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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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Competitors: |
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Mitsui & Co (U S A ), Inc. Tiffany & Co. Fossil, Inc. |
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The subject employs 21 employees. |
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Comments on staff: |
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The staff number was not verified by the company. |
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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: 20 West 37th Street, 7TH Floor, New York,
New York 10018, USA. |
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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. |
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Branches: |
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The company does not present any branches. |
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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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This is a private company. It is a wholly owned subsidiary of: *Gold Star Jewellery Ltd. Gold Star House, Block ‘C’, Plot 16(P), 17,28 and 29(P), Gems & Jewellery Complex SEEPZ-SEZ, Andheri (East), Mumbai-400 0096, Maharashtra, India Contact Person: Ashish Shah Tel: +91 22 66947000 Fax: +91 22 28290256 Email: india@goldstarjewellery.com |
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Management: |
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Michael Lerche, President. Mark Moskoviz, Controller. |
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Related Companies: |
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*Gold Star Independent LLC (USA) *Jewel World LLC (USA) *Gold Star Europe SRL (Italy) *Gold Star Jewellery India Pvt. Ltd. (India) *Gold Star Diamond Pvt. Ltd. (India) *Gold Star Jewellery (HK) Ltd. (Hong Kong) *Gold Star Jewellery Japan Co. Ltd. (Japan) |
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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 Mr. Michael Lerche, President, 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. 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 |
2011 (forecast) |
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Turnover |
2,900,000 |
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The cash flow is |
NORMAL |
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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 are no legal filings listed with the District Court. 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 United States
citizens and permanent residents are prohibited from doing business. ** 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. |
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Local credit bureau gave a NORMAL 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 based in New York, which has been
in incorporated for business since 2004. The company is active and in good standing according to the Secretary
of State of New York. There are no legal or labor filings against the company listed within
the district court. We have found payment and banking experience recorded for the subject.
The company structure seems to be solid and established in the
industry for its size. It comprises a location in New York and a total
workforce of 21 employees. The company is part of the GoldStar Jewellery Group, an international
diamond and jewelry manufacturer and distributor organization based in India.
This company has presence in several continents of the world, employs 1,500
people and manages a production capacity of over 1.25 million pieces a year. The financial information for 2010 indicates that the company has been
improving its performance in the market since 2008. Its revenue rate is
correct according to its size and activity. Having all this information in consideration, a credit line may be considered
for USD 50,000 |
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Profitability |
N.A. |
Public Records |
NO |
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Indebtedness |
N.A. |
Payments |
REGULAR |
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Cash |
NORMAL |
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Person Interviewed |
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Mr. Michael Lerche. |
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Position |
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President. |
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Comments |
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The contacted person refused to provide information about the company
without knowing the name of the inquiring party. However, he was able to verify
that the company is a wholly owned subsidiary of Gold Star Jewellery Ltd.
(India) |
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.49.25 |
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1 |
Rs.77.45 |
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Euro |
1 |
Rs.64.89 |
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.