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Report No. : |
315482 |
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Report Date : |
06.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SIMPLEXDIAM INC. |
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Registered Office : |
International Gem Tower, 50 West 47th St., Suite 20N, New York, NY
10036 |
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Country : |
United States |
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Date of Incorporation : |
18.10.1983 |
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Legal Form : |
Corporation – Profit |
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LINE OF BUSINESS : |
SUBJECT
IS A DIAMOND AND JEWELRY LIQUIDATION AND ASSET RECOVERY COMPANY, SUPPLIES
CLOSEOUT JEWELRY AND DIAMONDS TO RETAILERS. |
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No. of Employees : |
11 |
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 : |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
UNITED STATES - ECONOMIC OVERVIEW
The US has
the largest and most technologically powerful economy in the world, with a per
capita GDP of $49,800. In this market-oriented economy, private individuals and
business firms make most of the decisions, and the federal and state
governments buy needed goods and services predominantly in the private
marketplace. US business firms enjoy greater flexibility than their
counterparts in Western Europe and Japan in decisions to expand capital plant,
to lay off surplus workers, and to develop new products. At the same time, they
face higher barriers to enter their rivals' home markets than foreign firms
face entering US markets. US firms are at or near the forefront in
technological advances, especially in computers and in medical, aerospace, and
military equipment; their advantage has narrowed since the end of World War II.
The onrush of technology largely explains the gradual development of a
"two-tier labor market" in which those at the bottom lack the education
and the professional/technical skills of those at the top and, more and more,
fail to get comparable pay raises, health insurance coverage, and other
benefits. Since 1975, practically all the gains in household income have gone
to the top 20% of households. Since 1996, dividends and capital gains have
grown faster than wages or any other category of after-tax income. Imported oil
accounts for nearly 55% of US consumption. Crude oil prices doubled between
2001 and 2006, the year home prices peaked; higher gasoline prices ate into
consumers' budgets and many individuals fell behind in their mortgage payments.
Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures
more than doubled in the same period. Besides dampening the housing market, soaring
oil prices caused a drop in the value of the dollar and a deterioration in the
US merchandise trade deficit, which peaked at $840 billion in 2008. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). The government used some of these
funds to purchase equity in US banks and industrial corporations, much of which
had been returned to the government by early 2011. In January 2009 the US
Congress passed and President Barack OBAMA signed a bill providing an
additional $787 billion fiscal stimulus to be used over 10 years - two-thirds
on additional spending and one-third on tax cuts - to create jobs and to help
the economy recover. In 2010 and 2011, the federal budget deficit reached
nearly 9% of GDP. In 2012 the federal government reduced the growth of spending
and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required
major shifts in national resources from civilian to military purposes and
contributed to the growth of the budget deficit and public debt. Through 2011,
the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a percentage
of GDP, than those of most other countries. In March 2010, President OBAMA
signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that was designed to extend coverage to an additional 32
million American citizens by 2016, through private health insurance for the
general population and Medicaid for the impoverished. Total spending on health
care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In
July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer
Protection Act, a law designed to promote financial stability by protecting
consumers from financial abuses, ending taxpayer bailouts of financial firms,
dealing with troubled banks that are "too big to fail," and improving
accountability and transparency in the financial system - in particular, by
requiring certain financial derivatives to be traded in markets that are
subject to government regulation and oversight. In December 2012, the Federal
Reserve Board (Fed) announced plans to purchase $85 billion per month of
mortgage-backed and Treasury securities in an effort to hold down long-term
interest rates, and to keep short term rates near zero until unemployment drops
below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that
it would begin scaling back long-term bond purchases to $75 billion per month
in January 2014 and reduce them further as conditions warranted; the Fed,
however, would keep short-term rates near zero so long as unemployment and inflation
had not crossed the previously stated thresholds. Long-term problems include
stagnation of wages for lower-income families, inadequate investment in
deteriorating infrastructure, rapidly rising medical and pension costs of an
aging population, energy shortages, and sizable current account and budget
deficits.
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Source
: CIA |
Company name: SIMPLEXDIAM INC.
Address: International Gem Tower
50 West 47th St., Suite 20N, New
York, NY 10036 - USA
Telephone: +1
212-883-0688
Fax: +1 212-883-9532
Website: www.simplexdiam.com
Corporate ID#: 874751
State: New York State
Judicial form: Corporation – Profit
Date incorporated: 10-18-1983
Stock: 200
shares common
Value: No
par value
Name of manager: Yogesh
MADHVANI
Business:
SimplexDiam, Inc., a diamond and jewelry liquidation and asset recovery
company, supplies closeout jewelry and diamonds to retailers in the United
States and internationally.
It purchases liquidations or closeouts jewelry and diamonds from
retailers, banks, wholesalers, manufacturers, estates, and auctions, including
pre-bankruptcy sales, 363 sales, post-bankruptcy residuals, quarterly jewelry
liquidation sales, and pawn broker's liquidations.
The company also provides jewelry and gemstone inventory valuation
services for banks and corporations to evaluate the actual value of their
inventory for internal purposes; and offers event sales for retailers, banks,
and shareholders, as well as involves in the provision of business process
outsourcing services.
In addition, it provides gold, diamond and gemstone jewelry, and
alternative metals to customers through its Web site, as well as through trade
shows. Further, the company engages in the manufacture of items for jewelry
promotions. SimplexDiam, Inc. was founded in 1983 and is based in New York, New
York.
Founded in 1983, the Company worked with Zales, Amazon.com, Friedman’s,
Samuels, Ultra, Value City, Boscovs, Belk’s, and virtually every other major
retailer of fine jewelry in the United States.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
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.
No name of foreign suppliers available.
EIN: 13-3218259
Staff: 11
Operations & branches:
At the headquarters, we
find a showroom and office, on lease.
Shareholders:
This is a MADHVANI family owned and managed company.
Management:
Yogesh K. Madhvani serves as Chairman and Chief Executive Officer
He has been an entrepreneur for over 33 years, starting and running
companies in industries as diverse as the textile industry to the diamond
industry.
For the past 27 years, he managed and grown various diamond and jewelry
business models including rough and polished trading, jewelry manufacturing,
jewelry wholesaling, and jewelry services for retailers and wholesalers.
His company was associated for approximately 20 years with one of the
largest sight holders. He is working on several projects outsourcing key
operations to India as well as continuing to manage SimplexDiam's growing
jewelry manufacturing, asset recovery and services businesses. His group was
among the first Indian diamond merchants in New York and also among the first
Indian companies to establish a joint venture with a major American retailer
for Direct Sourcing overseas.
He was also a Founding Director of the Indian Diamond Color Stone
Association (IDCA), a founding Member of the Indo Argyle Diamond Council
(IADC), as well as a Member of various other trade bodies such as Jewelers
Board of Trade (JBT), American Gem Trade Association (AGTA), etc…
Shail Yogesh MADHVANI serves as Vice President of SimplexDiam, Inc.
Mr. Madhvani worked at Lazard Freres previous to joining SimplexDiam.
He received a BS in Economics from the Wharton School.
Neel Yogesh MADHVANi serves as Vice President of SimplexDiam, Inc.
Mr. Madhvani worked at a boutique investment fund before joining
SimplexDiam. He received a BA in Literature from Johns Hopkins University.
As far as we know, they are not involved in other local corporations.
Subsidiaries and
partnership:
None
In United States, privately
held corporations are not required to publish any financials.
On a direct call, nobody
accepted to answer our questions.
We sent a fax but no answer
received.
Outside sources (bank) gave
estimate sales for year 2013 in the range of
USD 3,000,000+
The business is profitable.
Banks: Rosenthal & Rosenthal
1370 Broadway, New York, NY 10018
Ph: +1 212-356-1400
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts
summary (UCC):
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