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MIRA INFORM REPORT
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Report No. : |
502246 |
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Report Date : |
07.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ASIAN STAR COMPANY LTD. |
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Registered Office : |
C/O Ms. Sweta Kothari 104-40 Queens Blvd, Suite 21v Forest Hills, New York, 11375 |
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Country : |
United States |
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Financials (as on) : |
31.03.2017 [Summarized] |
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Date of Incorporation : |
11.01.1996 |
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Legal Form : |
Corporation |
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Line of Business : |
The company is dedicated to the wholesale of jewelry. |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow & Delayed |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with
a per capita GDP of $59,500. US firms are at or near the forefront in
technological advances, especially in computers, pharmaceuticals, and medical,
aerospace, and military equipment; however, their advantage has narrowed since
the end of World War II. Based on a comparison of GDP measured at purchasing
power parity conversion rates, the US economy in 2014, having stood as the
largest in the world for more than a century, slipped into second place behind
China, which has more than tripled the US growth rate for each year of the past
four decades.
In the US, 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, businesses face higher barriers to enter their rivals' home
markets than foreign firms face entering US markets.
Long-term problems for the US 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.
The onrush of technology has been a driving factor in 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. But the globalization of trade, and especially
the rise of low-wage producers such as China, has put additional downward
pressure on wages and upward pressure on the return to capital. 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 more than 50% of US consumption and oil has a
major impact on the overall health of the economy. 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.
Because the US economy is energy-intensive, falling oil prices since 2013 have
alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank
failures, tight credit, and the global economic downturn pushed the US into a
recession by mid-2008. GDP contracted until the third quarter of 2009, the
deepest and longest downturn since the Great Depression. To help stabilize
financial markets, the US Congress established a $700 billion Troubled Asset
Relief Program (TARP) in October 2008. 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, Congress passed
and former 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. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries.
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 FY 2018, the direct costs of the wars will
have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient
Protection and Affordable Care Act (ACA), a health insurance reform that was
designed to extend coverage to an additional 32 million Americans by 2016,
through private health insurance for the general population and Medicaid for
the impoverished. Total spending on healthcare - public plus private - rose
from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former 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 dropped below 6.5% or inflation rose above 2.5%. The Fed
ended its purchases during the summer of 2014, after the unemployment rate
dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of
GDP. In December 2015, the Fed raised its target for the benchmark federal
funds rate by 0.25%, the first increase since the recession began. With
continued low growth, the Fed opted to raise rates several times since then,
and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the
Tax Cuts and Jobs Act, which, among its various provisions, reduces the
corporate tax rate from 35% to 21%; lowers the individual tax rate for those
with the highest incomes from 39.6% to 37%, and by lesser percentages for those
at lower income levels; changes many deductions and credits used to calculate
taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do
not obtain the minimum amount of health insurance required under the ACA. The
new taxes took effect on 1 January 2018; the tax cut for corporations are permanent,
but those for individuals are scheduled to expire after 2025. The Joint
Committee on Taxation (JCT) under the Congressional Budget Office estimates
that the new law will reduce tax revenues and increase the federal deficit by
about $1.45 trillion over the 2018-2027 period. This amount would decline if
economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
ASIAN STAR COMPANY LTD. |
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Trade Name: |
ASIAN STAR COMPANY LTD. |
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ID: |
1989433 |
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Date Created: |
1996 |
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Date Incorporated: |
JANUARY 11, 1996 |
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Legal Address: |
C/O Ms. Sweta Kothari 104-40 Queens Blvd Suite 21v Forest Hills, New York, 11375 |
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Operative Address: |
551 5th Ave RM 3502 New York, NY, 10176 United States |
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Telephone: |
+1-212-354-0666 |
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Fax: |
- |
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Legal Form: |
Corporation |
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Email: |
- |
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Registered in: |
NEW YORK |
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Website: |
www.asianstargroup.com |
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Contact: |
Axay Doshi |
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Staff: |
4 |
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Activity: |
Wholesale Sector Industry |
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Banks: |
The company does not make its banking data public |
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History: |
The company was founded in 1996. |
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Parent Company: |
The company operates as a subsidiary of: Asian Star Company Limited No-114, 11th Floor, C Wing Mittal Court India |
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Recent Related Press Release: |
PNB fraud: Mehul Choksi’s Gitanjali Gems has lost Rs435.91 crore or nearly 60% of
its market value ever since the PNB fraud surfaced Mumbai: While Mehul Choksi-promoted Gitanjali Gems Ltd has lost around
Rs435.91 crore or nearly 60% of its market value ever since the fraud at
Punjab National Bank (PNB) came to light, the steep erosion has hammered
other jewellery stocks as well. Of the 46 listed jewellery stocks on the BSE, only 11 have logged
gains since the close of 13 February, while 26 have shed value since the PNB
fraud was made public. Topping the list of losers was Gitanjali Gems, which has plummeted
58.5% to a record low of Rs26.10 per share. Following next were Sagar Diamonds Ltd, Asian Star Co. Ltd, Radhika
Jeweltech Ltd, PC Jeweller Ltd, Lypsa Gems Jewellery Ltd and Tribhovandas
Bhimji Zaveri Ltd, which have shed between 12.5% and 30.5% in the same
period. In the same period, BSE’s 30-share Sensex shed 1.4%. |
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PRINCIPAL
ACTIVITY
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The company is dedicated to the wholesale of Jewelry. |
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Products/Services description: |
It offers a range of polished diamonds; and gold, platinum, and
diamond studded jewelry in fashion and bridal styling covering various categories,
such as rings, earrings, pendants, bracelets, bangles, necklaces, etc. |
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Brands: |
The company does not have any brands of its own. |
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Sales are: |
Wholesale |
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Clients: |
Retailers |
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Suppliers: |
Asian Star Company Limited Alrosa, De Beers, Rio Tinto and Dominion |
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Operations area: |
National |
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The company imports from |
INDIA |
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The subject employs |
4 employees |
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Payments: |
Slow & Delayed |
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LOCATION
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Headquarters : |
551 5th Ave Rm 3502 New York, NY, 10176 United States |
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Branches: |
No other branches were found. |
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Related Companies: |
The company has several sister companies. Some of them are: A’Star Jewellery Mumbai Asian House, F-11/12/5, Wicel, MIDC (Marol), Central Road, Opp. Seepz, Andheri (E), Mumbai - 400 093, India. Sales & Marketing Office Fw 6041-44, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051, India. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
Rs. in Lacs 178.75 |
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Shareholders: |
The company operates as a subsidiary of: Asian Star Company Limited No-114, 11th Floor, C Wing Mittal Court India The company's shares are listed on the Bombay Stock Exchange (code
531847) in India. As on 31st March 2017, Asian Star Co. Ltd. had a market capital of
R1068 crore. |
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Management: |
Axay Doshi – President Mehl Shroff - Vice President |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. The following information has been provided by private
sources: |
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Rs. in Lacs March 31, 2017 |
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Total Assets |
4,769,30 |
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Total Liabilities |
4,769,30 |
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Turnover |
17520,47 |
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Profit / Loss after tax |
(145.54) |
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Asian Star Company Limited No-114, 11th Floor, C Wing Mittal Court India Asian Star
Company Limited reported un-audited consolidated and standalone earnings results
for the third quarter and nine months ended December 31, 2017. For the quarter,
the consolidated company reported net sales/income from operations of INR
10,438.44 million compared to INR 7,466.20 million, profit from ordinary
activities after finance cost and before exceptional items of INR 515.46
million compared to INR 212.11 million, profit from ordinary activities
before tax of INR 516.01 million compared to INR 212.20 million and net
profit after taxes, minority interest and share of profit of associated of
INR 493.26 million or INR 30.82 per basic and diluted share compared to INR
151.71 million or INR 9.48 per basic and diluted share for the last year. For the nine
months, the consolidated company reported net sales/income from operations of
INR 30,266.62 million compared to INR 24,404.31 million, profit from ordinary
activities after finance cost and before exceptional items of INR 1,110.63
million compared to INR 685.86 million, profit from ordinary activities
before tax of INR 929.88 million compared to INR 681.32 million and net
profit after taxes, minority interest and share of profit of associated of
INR 897.52 million or INR 56.07 per basic and diluted share compared to INR
513.10 million or INR 32.06 per basic and diluted share for the last year. For the quarter,
on standalone basis, the company reported net sales/income from operations of
INR 6,342.33 million compared to INR 5,576.73 million, profit from ordinary activities
after finance cost and before exceptional items of INR 141.13 million
compared to INR 135.1 million, profit from ordinary activities before tax of
INR 141.68 million compared to INR 135.17 million and net profit after taxes,
minority interest and share of profit of associated of INR 110.55 million or
INR 6.91 per basic and diluted share compared to INR 79.47 million or INR
4.96 per basic and diluted share for the last year. For the nine
months, on standalone basis, the company reported net sales/income from
operations of INR 20,581.31 million compared to INR 18,619.16 million, profit
from ordinary activities after finance cost and before exceptional items of
INR 473.59 million compared to INR 454.73 million, profit from ordinary
activities before tax of INR 293.11 million compared to INR 450.19 million
and net profit after taxes, minority interest and share of profit of
associated of INR 223.81 million or INR 13.98 per basic and diluted share
compared to INR 292.48 million or INR 18.27 per basic and diluted share for
the last year. |
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LEGAL
FILINGS
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CASES |
No found. |
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RENEWAL HISTORY |
Filing Date Name Type Entity Name JAN 11, 1996 Actual ASIAN STAR COMPANY LTD. |
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UCC |
Debtor Names: ASIAN STAR COMPANY
LTD. 580 FIFTH AVENUE, NEW YORK, NY 10036-0000, USA ASIAN STAR COMPANY LTD. 551 FIFTH AVENUE, NEW YORK, NY 10176, USA Secured Party Names: ANTWERPSE
DIAMANTBANK N.V.PELIKAANSTRAAT 54, B-2018, ANTWERPEN 00000-0000, BEL File no. File Date Lapse Date Filing Type 272702 12/29/1998 12/29/2003 Financing Statement 200307031274286 07/03/2003 12/29/2008 Continuation 200402030117083 02/03/2004 12/29/2008 Financing Statement Amendment 200807028268985 07/02/2008 12/29/2013 Continuation 201310280601470 10/28/2013 12/29/2018 Continuation |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Founded in 1996, Asian Star Company Ltd. is a small organization in the
jewelry and precious stone companies industry located in New York, NY. It has 4 full time employees and generated negative profit-loss in
fiscal year 2017. The company mainly imports from India. It operates nationally. It is ACTIVE in business with medium-low credit risk. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow & Delayed |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
- |
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POSITION |
Receptionist |
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COMMENTS |
The person contacted confirmed name, address, website, group and
experience in USA. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.98 |
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1 |
INR 90.95 |
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Euro |
1 |
INR 79.51 |
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US Dollar |
1 |
INR 64.92 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.