MIRA INFORM REPORT

 

 

Report Date :

12.01.2012

 

IDENTIFICATION DETAILS

 

Name :

JP DIAMOND

 

 

Registered Office :

550 South Hill Street Suite 1600 Los Angeles CA 90013

 

 

Country :

United States

 

 

Date of Incorporation :

31.08.2004

 

 

Legal Form :

Corporation for Profit

 

 

LINE OF BUSINESS :

THE COMPANY ENGAGES AS A DIAMOND DEALER.

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small company

 

 

Payment Behaviour :

No complaints

 

 

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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

United States

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

 

Ordered as:

JP DIAMOND

Address in the order:

550 South Hill Street Suite 1600 Los Angeles CA 90013

 

 

Legal Name:

JP DIAMOND MANUFACTURERS INC

 

 

Legal Address

550 SOUTH HILL ST STE 1600, LOS ANGELES CA 90013, USA.

 

Operative Address

550 SOUTH HILL ST STE 1600, LOS ANGELES CA 90013, USA.

 

Telephone:

+1-213-842-9621

ID :

C2686572

Fax:

+1-213-623-5357

Legal Form:

Corporation for Profit

Email:

ppdhamelia@aol.com

Registered in:

California

Website:

N/A

Date Created:

2004

Manager:

Parshotambhai Dhamelia, President.

Date Incorporated:

August 31st, 2004

Staff:

2

Stock:

N/A

 

 

Value:

N/A

Activity:

Diamond Dealer

 

 

BANKS

 

Name of the Bank

BANK OF AMERICA

 

 

BUSINESS

 

HISTORY

 

The company was created in 2004.

 

Since September 13th, 2011, the company's status in the Secretary of State of California is "SUSPENDED", due to the fact that the company failed to file the annual report and pay the annual fees in time.

 

PRINCIPAL ACTIVITY

 

The company engages as a diamond dealer.

Sales are:

 

Wholesale

Clients:

 

Professionals of the industry.

Operations area:

 

National

The subject employs 2 employees.

Comments on staff:

 

The staff number was not verified by the company. It was provided by outside sources.

PAYMENTS

 

To be monitored.

LOCATION

Headquarters

 

The company is headquartered at: 550 SOUTH HILL ST STE 1600, LOS ANGELES CA 90013, USA.

 

 

 

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

This is a private company. The main shareholder is Mr. Parshotambhai Dhamelia.

Management:

 

Parshotambhai Dhamelia, President.

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

 

We have contacted Parshotambhai Dhamelia, President, who refused to provide us any financial data without knowing the name of the inquiring party.

 

 

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.

 

 

 

Currency

DATE

 

USD

2010

 

Turnover

130,000

 

The cash flow is

NORMAL

 

 

 


Legal Fillings

There are no UCC** files listed with the Secretary of State of California.

 

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.

 

 

Rating

Local credit bureau gave a LOW credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 Final Opinion

 

This is a small sized American company which has been operating since 2004.

 

The company is active. However, its status within the Secretary of State of California is: "SUSPENDED", since September, 2011. Due to the fact that the company failed to file the annual report and to pay the annual fees in time.

 

The company's structure does not seem to be solid or well established in the business. It has only 2 employees and a very low commercial profile in the market.

 

The financial information shows that the company has a very limited market reach and has difficulties to improve the volume of sales.

 

Having all this information in consideration, we suggest working with GUARANTESS.

 

In addition, we suggest requesting a monitoring report within the next 6-9 months to evaluate the company's evolution.

 

 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public Records

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

NORMAL

 

 

 

 

APPENDIX

 

Person Interviewed

 

Parshotambhai Dhamelia

Position

 

President

Comments

 

The contacted person told us that the company is active and doing business. However, he refused to provide further information about the company without knowing the name of the inquiring party.


DIAMOND INDUSTRY – INDIA

 

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.75

UK Pound

1

Rs.80.01

Euro

1

Rs.65.99

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.