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MIRA INFORM REPORT
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Report No. : |
486195 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GRK GEMS INC. |
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Registered Office : |
1270 Ave Of The Americas, New York, New York, 10020 |
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Country : |
United States |
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Date of Incorporation : |
20.09.1977 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject engaged is wholesale of
gems |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 $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%.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
GRK GEMS INC. |
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Trade Names: |
GRK GEMS INC. |
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ID: |
448781 |
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Date Created: |
1977 |
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Date Incorporated: |
SEPTEMBER 20, 1977 |
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Legal Address: |
1270 AVE OF THE AMERICAS NEW YORK, NEW YORK, 10020, USA |
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Operative Address: |
1 Linden Pl Ste 400 Great Neck, New York 11021-2640 United States |
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Telephone: |
(516) 439-5257 |
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Fax: |
(516) 439-5264 |
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Legal Form: |
CORPORATION |
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Email: |
grkgems@gmail.com |
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Registered in: |
NEW YORK |
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Website: |
www.grkgems.com |
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Contact: |
Kedar Gupta - President |
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Staff: |
10 |
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Activity: |
NAICS 1: Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers SIC 1: Precious Stones (Gems), Nec |
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Banks: |
BANK OF AMERICA VNB NEW YORK CORP. THE MERCHANTS BANK OF N.Y. SUSQUEHANNA COMMERCIAL FINANCE, INC. JPMORGAN CHASE BANK, NA |
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History: |
The company was founded in 1977. |
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PRINCIPAL
ACTIVITY
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GRK Gems In. is dedicated to the wholesale of gems. |
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Products/Services description: |
The company offers Diamonds, Emeralds, Rubies, Sapphires, Tanzanites,
Aquamarines, Amethysts, Blue Topazes, Garnets, Peridots and Citrines. |
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Brands: |
Grk Gems |
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Sales are: |
Wholesale |
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Clients: |
Jewelers |
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Suppliers: |
Gallant Jewellery Creation |
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Operations area: |
National |
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The company imports from |
INDIA |
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The subject employs |
10 employees |
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Payments: |
Slow but Correct |
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LOCATION
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Headquarters : |
1 Linden Pl Ste 400 Great Neck, New York 11021-2640 United States |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
No related companies were found. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a private company. We were not able to confirm major holders. |
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Management: |
Kedar Gupta – President Girdhar G Gupta Vice-President Patrick Donnellan - Treasurer |
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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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USD 2016 |
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Revenue |
2.100.000 |
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Cash flow |
Normal |
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LEGAL FILINGS |
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PATENTS |
No found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
No records found. |
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TRADEMARKS |
No records found. |
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RENEWAL HISTORY |
Filing Date Name Type Entity Name SEP 20, 1977 Actual GRK GEMS INC. |
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UCC |
Debtor Names: GRK GEMS INC Not
Available GRK GEMS INC. 20 EAST 46TH STREET, NEW YORK, NY
10017-0000, USA GRK GEMS INC. 48 WEST 48TH ST., NEW YORK, NY 10036-0000,
USA Secured Party Names: VNB NEW YORK CORP. 275 MADISON AVENUE, NEW YORK, NY 10016,
USA VNB NEW YORK CORP. 275 MADISON AVENUE, NEW YORK, NY 10016, USA THE MERCHANTS BANK OF N.Y. Not Available File no. File
Date Lapse Date Filing Type 052872 02/23/1987 02/23/1992 Financing Statement 000670 01/02/1992 02/23/1997 Continuation 205566 10/17/1996 02/23/2002 Continuation 191251 10/05/2001 02/23/2007 Continuation 234078 11/29/2001 02/23/2007 Financing Statement Amendment 200609085873975 09/08/2006 02/23/2007 Assignment 200609085874662 09/08/2006 02/23/2012
Continuation 200611216130254 11/21/2006 02/23/2012 Financing Statement Amendment 201111226303850 11/22/2011 02/23/2017
Continuation 201404085351368 04/08/2014 02/23/2017
Termination Debtor Names: GRK GEMS INC. 20 EAST 46TH STREET SUITE 700, NEW YORK,
NY 10017, USA Secured Party Names: KING COMMERCIAL 10024 OFFICE CENTER AVE. SUITE 150, ST.
LOUIS, MO 63128, USA SUSQUEHANNA COMMERCIAL FINANCE, INC. 1566 MEDICAL DRIVE SUITE 201, POTTSTOWN,
PA 19464, USA File no. File
Date Lapse Date Filing Type 201004060178515 04/06/2010 04/06/2015 Financing Statement 201005240278682 05/24/2010 04/06/2015 Assignment Debtor Names: GRK GEMS INC. 1 LINDEN PL STE 400, GREAT NECK, NY 11021,
USA Secured Party Names: JPMORGAN CHASE BANK, NA COLLATERAL MGMT SMALL BUSINESS, P.O. BOX
33035, LOUISVILLE, KY 40232-9891, USA File no. File
Date Lapse Date Filing Type 201407305810430 07/30/2014 07/30/2019 Financing Statement |
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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 1977, Grk Gems Inc. is a small organization in the jewelry
and precious stone company’s industry located in Great Neck, NY. It has 10 full time employees and generates an estimated $2.1 million
in annual revenue. The company operates nationally, mainly importing from India. It is
ACTIVE in business with no negative records. |
RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Slow but Correct |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Kedar Gupta |
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POSITION |
President |
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COMMENTS |
He confirmed the name of the company, the address of the headquarters
and location and the date of creation of the company. He was reluctant to
provide further information. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.18 |
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Euro |
1 |
INR 77.45 |
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USD |
1 |
INR 63.89 |
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 : |
KET |
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.