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MIRA INFORM REPORT
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Report No. : |
479782.2 |
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Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
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Name : |
FIRESTAR DIAMOND, INC. |
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Registered Office : |
Corporation Trust Center 1209 Orange
St, Wilmington New Castle, De 19801 |
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Country : |
United States |
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Date of Incorporation : |
04.02.2004 |
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Legal Form : |
Corporation |
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Line of Business : |
The company's line of business includes the
wholesale distribution of jewelry. |
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No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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Status : |
Poor |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 $57,300. 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 nearly 55% 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, making this 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 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 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.
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 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 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%. 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 further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. 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 US GDP growth below 2%, the Fed has opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.
|
Source
: CIA |
Note
NIRAV MODI UNDER
INVESTIGATION FOR BANK FRAUD
Indian authority
probes billionaire jeweler’s dealings with Punjab National Bank, reports say.
Feb 11, 2018 10:53
AM By Rapaport News
RAPAPORT... India’s Central Bureau of Investigation (CBI) has launched a probe into billionaire jeweler Nirav Modi over allegations he defrauded a state bank of $44 million, Reuters reported.
The Punjab National Bank complained to the CBI that Modi and others had
conspired with bank officials for financial gain, the report said last week.
Earlier this month, the CBI raided Modi’s home, as well as 21 locations linked
to his companies and those of others accused in the case, the news organization
cited a spokesperson for the bureau as saying.
The fact that the CBI is investigating and has registered the complaint does
not mean the case will ever go to trial, the report noted, adding that the
inquiry was in its early stages.
Modi’s diamond-retail firm, Firestar International Limited, “has no
affiliation, legal or otherwise” with the case, the company said in a
statement. The CBI did not name Firestar in its accusations, Reuters
said.
A spokespeople for Modi did not immediately respond to Rapaport News’
request for comment.
STATUTORY INFORMATION
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Legal Name: |
FIRESTAR DIAMOND, INC. |
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Trade Name: |
FIRESTAR DIAMOND INC. |
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ID: |
3761016 |
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Date Created: |
2004 |
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Date Incorporated: |
2/4/2004 |
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Legal Address: |
CORPORATION
TRUST CENTER 1209 ORANGE ST,
WILMINGTON New Castle |
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Operative Address: |
592 5th Ave Fl
3 |
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Telephone: |
(646) 253-9400 |
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Fax: |
(646) 253-9600 |
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Legal Form: |
CORPORATION |
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Email: |
NA |
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Registered in: |
DELAWARE |
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Website: |
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Contact: |
Chief Executive Officer MIHIR BHANSALI |
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Staff: |
35 |
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Industry: |
NAICS 1: Jewelry, Watch, Precious Stone,
and Precious Metal Merchant Wholesalers SIC 1: Jewelry And Precious Stones |
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Banks
Bank of America The company does not disclose its banking
details. |
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HISTORY
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Firestar Diamond International Private
Limited which is the parent company of this corporation, was established in
1999 in INDIA.
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PRINCIPAL ACTIVITY
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The company's line of business includes the
wholesale distribution of jewelry. |
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Products/Services description: |
Precious stones
and metals, |
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Brands: |
NEXT DIAMOND |
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Sales are: |
Wholesale |
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Clients: |
No records |
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Suppliers: |
No records |
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Operations area: |
National and International |
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The company imports from |
No records |
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The company exports to |
No records |
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The subject employs |
35 employees |
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Payments: |
No Complaints |
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LOCATION
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Headquarters : |
592 5th Ave Fl
3 |
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Branches: |
There are not any branches registered for
the subject. |
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Related Companies: |
ANTWERP |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NA |
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Capital: |
NA |
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Shareholders: |
Parent Company: Firestar Diamond International Private
Limited Floor, Trade Point Building, India Global Headquarters: Firestar International Private Limited Ae- 4050, 4th Floor, India |
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Management: |
Chief Executive Officer MIHIR BHANSALI 592 FIFTH AVENUE NEW YORK, NEW YORK, 10036 |
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FINANCIAL INFORMATION
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The company does
not public its financial statements. The following information has been
provided by our private sources: |
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USD 2016 |
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Revenue |
$19.750.000 |
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Cash Flow |
Normal |
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LEGAL FILINGS
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UCC FILINGS |
1. Debtor Names:
FIRESTONE, INC. 154 WEST 14TH STREET, NEW YORK, NY 10011, USA |
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TRADEMARKS |
NEXT DIAMOND |
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PATENTS |
Patents Assigned to Firestar Diamond, Inc. RING SYSTEM INCLUDING A REMOVABLE OUTER
RING Publication
number: 20170055646 Abstract: A ring system may include a band;
a stationary arm coupled to the band, the stationary am including a first
annular end; and a pivotable arm pivotably coupled to the band, the pivotable
arm including a second annular end, the pivtotable arm being transitionable
between an open position and a closed position relative to the stationary
arm, wherein the first and second annular ends form an annulus when the
pivotable arm is in the closed position, the annulus being configured to
releasably secure a portion of a tiffany setting ring therein. Type: Application Filed: August 28, 2015 Publication date: March 2, 2017 Applicant: FIRESTAR DIAMOND, INC. Inventor: Amit Haren SAMANTA RING SYSTEM INCLUDING A REMOVABLE OUTER
RING Publication number: 20170055647 Abstract: A ring system may include an
outer band including a first ring and a second ring, the second ring
including a lower portion and an upper portion, the upper portion being
pivotable relative to the lower portion; wherein the outer band is configured
to receive a ring band between the first and second rings, and wherein the
outer band is transitionable between an open condition in which the upper
portion is angled relative to the lower portion of the second ring and a
closed position in which the upper portion is and the lower portion form a
closed annulus. Type: Application Filed: October 30, 2015 Publication date: March 2, 2017 Applicant: FIRESTAR DIAMOND, INC. Inventor: AMIT HAREN SAMANTA Automated System and Method for the
Customization of Fashion Items Publication number: 20160275585 Abstract: An customization system and
method in which a user can establish user indicia content, such as an image
or text (e.g., a map, picture, address, name, etc.), onto a user selected
indicia surface of an item or product, such as an item of jewelry or textile,
and then view the customized product before purchasing the customized
product. The item of jewelry may be selected, design, viewed and ordered or
purchased automatically through the computer interface where the user
interface and indicia designation creates both a visualization mask and
indicia manufacturing designation code without further operator input. Such
an automated system and method may include a selection module, a design
module, an editing module, and a purchasing module for allowing a user to
design and purchase an customized and/or personalized jewelry item having a
unique engraving such as a map of a significant location with a gem stone as
the specific identifying marker all according to a consumer's input. Type: Application Filed: November 11, 2014 Publication date: September 22, 2016 Applicant: FIRESTAR DIAMOND INC. Inventor: Lindsey SCOGGINS Multifaceted gemstones with connecting link Patent number: 8448465 Abstract: A gemstone and link assembly for
forming a piece of jewelry. The gemstone is cut to provide enhanced
brilliance and radiance. The gemstone is securely maintained within the link.
The link is fabricated of reduced metal thus providing an aesthetically
pleasing assembly. Type: Grant Filed: August 31, 2010 Date of Patent: May 28, 2013 Assignee: Firestar Diamond, Inc. Inventor: Nirav Modi Jewelry component Patent number: D642085 Type: Grant Filed: December 7, 2010 Date of Patent: July 26, 2011 Assignee: Firestar Diamond, Inc. Inventor: Nirav Modi Earring Patent number: D642086 Type: Grant Filed: December 6, 2010 Date of Patent: July 26, 2011 Assignee: Firestar Diamond, Inc. Inventor: Nirav Modi Jewelry component Patent number: D642489 Type: Grant Filed: December 7, 2010 Date of Patent: August 2, 2011 Assignee: Firestar Diamond, Inc. Inventor: Nirav Modi Pendant Patent number: D653985 Type: Grant Filed: October 13, 2011 Date of Patent: February 14, 2012 Assignee: Firestar Diamond, Inc. Inventor: Sam Sandberg Pendant Patent number: D653986 Type: Grant Filed: October 13, 2011 Date of Patent: February 14, 2012 Assignee: Firestar Diamond, Inc. Inventor: Sam Sandberg Pendant Patent number: D653991 Type: Grant Filed: October 13, 2011 Date of Patent: February 14, 2012 Assignee: Firestar Diamond, Inc. Inventor: Sam Sandberg Jewelry stone Patent number: D685286 Type: Grant Filed: January 7, 2013 Date of Patent: July 2, 2013 Assignee: Firestar Diamond, Inc. Inventor: Mihir Bhansali Jewel design Patent number: D717688 Type: Grant Filed: March 3, 2014 Date of Patent: November 18, 2014 Assignee: Firestar Diamond, Inc. Inventors: Haresh Akbari, Mihir Bhansali Quilted band Patent number: D718173 Type: Grant Filed: April 21, 2014 Date of Patent: November 25, 2014 Assignee: Firestar Diamond, Inc. Inventor: Samuel Sandberg Jewel design Patent number: D723971 Type: Grant Filed: July 15, 2014 Date of Patent: March 10, 2015 Assignee: Firestar Diamond, Inc. Inventors: Haresh Akbari, Mihir Bhansali Knot jewelry article Patent number: D724476 Type: Grant Filed: November 21, 2014 Date of Patent: March 17, 2015 Assignee: Firestar Diamond, Inc. Inventor: Samuel Sandberg Jewel design Patent number: D757597 Type: Grant Filed: April 10, 2015 Date of Patent: May 31, 2016 Assignee: FIRESTAR DIAMOND, INC. Inventor: Harnit Patel Jewelry design Patent number: D758240 Type: Grant Filed: June 2, 2015 Date of Patent: June 7, 2016 Assignee: FIRESTAR DIAMOND, INC. Inventors: Milan Dhanani, Mihir Bhansali Jewelry design Patent number: D765539 Type: Grant Filed: September 9, 2015 Date of Patent: September 6, 2016 Assignee: FIRESTAR DIAMOND, INC. Inventor: Mihir Bhansali Jewel design Patent number: D785493 Type: Grant Filed: January 25, 2016 Date of Patent: May 2, 2017 Assignee: FIRESTAR DIAMOND, INC. Inventor: Mihir Bhansali Jewelry design Patent number: D785495 Type: Grant Filed: February 22, 2016 Date of Patent: May 2, 2017 Assignee: FIRESTAR DIAMOND, INC. Inventor: Mihir Bhansali |
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CASES |
Firestar
Diamond, Inc. v. Gold-N-Diamonds, Inc. |
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SUMMARY
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Founded in 2004, Diamond Firestar Inc
is a mid-sized organization in the jewelry and precious stone companies
industry located in New York, NY. It has 13 years of experience in the
market.
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RISK INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW
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NAME |
NA |
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POSITION |
Assistant |
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COMMENTS |
The person contacted confirmed company
name, CEO name, address, related companies and activity. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
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USD |
1 |
INR 64.12 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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Report Prepared
by : |
NIT |
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 |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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.