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MIRA
INFORM REPORT
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Report No. : |
510012 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ERTH DIAMONDS, INC. |
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Registered Office : |
590 Fifth Avenue, 9th Floor, New York, New York, 10036-4702 |
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Country : |
United States |
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Date of Incorporation : |
13.04.1993 |
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Legal Form : |
Domestic Business Corporation |
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Line of Business : |
Subject is engaged in the production of fine jewelry |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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 (30.09.2017) |
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 $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: |
ERTH DIAMONDS, INC. |
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Trade Name: |
SHAH LUXURY ERTH DIAMONDS CARIZZA DIAMONDS |
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ID: |
1718164 |
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Date Created: |
1993 |
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Date Incorporated: |
APRIL 13, 1993 |
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Legal Address: |
590 FIFTH AVENUE, 9TH FLOOR NEW YORK, NEW YORK, 10036-4702 |
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Operative Address: |
22 W. 48th St. Suite 600 New York, NY 10036 |
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Telephone: |
212-888-9393 800-222-7424 800-482-6000 |
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Fax: |
212-888-0055 |
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Legal Form: |
DOMESTIC BUSINESS CORPORATION |
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Email: |
admin@shahluxe.com |
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Registered in: |
NEW YORK |
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Website: |
www.shahluxe.com |
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Contact: |
NATWAR SHAH |
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Staff: |
5 |
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Activity: |
Wholesale Sector Industry |
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Banks BANK LEUMI TRUST COMPANY OF NEW YORK 139 CENTRE ST.,
ATTN:UCC DESK LOAN DEPT., NEW YORK, NY 10017-0000, USA |
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History The company was founded in 1993 by Natwar Shah. |
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PRINCIPAL ACTIVITY The company is dedicated to the production of fine
jewelry. |
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Products/Services description: |
Shah Luxury Bridal Collections: Carizza Promezza Carizza Boutique Shah Luxury Fashion Collections: LeCirque Essentials SL Boutique |
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Brands: |
SHAH LUXURY CARIZZA DIAMOND ERTH PROMEZZA ESSENTIALS AS YOU WISH |
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Sales are: |
Wholesale |
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Clients: |
CORPORATIVO JOYERO DIAMANTE SA DE CV Mexico |
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Suppliers: |
NA |
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Operations area: |
National |
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The company exports to |
Mexico |
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The subject employs |
5 employees |
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Payments: |
Slow but Correct |
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LOCATION |
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Headquarters : |
22 W. 48th St. Suite # 600 New York, NY 10036 |
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Branches: |
Previous Address: 589 FIFTH AVE SUITE #1004 NEW YORK, NEW YORK, 10017 |
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Related Companies: |
NA |
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Competitors: |
Diamond Almo Fries Nicholas Park Alex Findings Inc. |
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Retail
Partners: |
IANNELLI DIAMONDS, INC. 45 W 47TH ST NEW YORK, NY 10036-2837 |
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: |
The company operates as a subsidiary of: SHAH DIAMONDS, INC. 22 W. 48th St. Suite 600 New York, NY 10036 United States |
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Management: |
Natwar Shah, Founder and CEO Mark Mohan, Vice President of Design and Product
Development Neil Shah, Vice President of Design and Product
Development Orlando Altamar, 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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USD
2016 |
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Sales |
1.000.000 |
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Cash Flow |
Normal |
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LEGAL FILINGS |
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CASES |
Erth Diamonds, Inc. et al v. TPC, L.L.C. et al Plaintiff: Erth Diamonds, Inc. and Shah Diamonds, Inc. Defendant: TPC, L.L.C., Tommy Parker Diamond Import,
Choice Diamonds, Thomas O. Parker and Wiley Morgan Case Number: 1:2008cv06594 Filed: July 24, 2008 Court: New York Southern District Court Office: Contract: Other Office County: NewYork Presiding Judge: Leonard B. Sand Nature of Suit: Defendant Cause of Action: Diversity Jury Demanded By: 28:1332 Diversity-Breach of Contract |
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UCC |
Debtor Names: VENUS DIAMONDS, INC. 589 FIFTH AVENUE, NEW YORK, NY
10017-0000, USA ERTH DIAMONDS, INC. 590 FIFTH AVENUE, NEW YORK, NY 10036,
USA Secured Party Names: BANK LEUMI TRUST COMPANY OF NEW YORK 139 CENTRE ST., ATTN:UCC
DESK LOAN DEPT., NEW YORK, NY 10017-0000, USA 211155 10/19/1995 10/19/2000 Financing Statement 132080 07/06/2000 10/19/2005 Continuation 200505115416417 05/11/2005 10/19/2010 Continuation 200509235842033 09/23/2005 10/19/2010 Financing Statement
Amendment 201009165903279 09/16/2010 10/19/2015 Continuation 201408145866485 08/14/2014 10/19/2015 Termination |
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SUMMARY Founded in 1993, Erth Diamonds Inc. is a small
organization in the jewelry and precious stone companies industry located in
New York, NY. It has 5 full time employees and generates an estimated $1
million in annual revenue. The company operates in the national area. The organization operates as a subsidiary of Shah luxury,
Inc. Erth Diamonds Inc is ACTIVE with medium-high credit risk. |
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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 |
Paul |
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POSITION |
Assistant |
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COMMENTS |
He confirmed current address, old address, CEO’s name,
website and he also confirmed that at this address it also operates company
SHAH DIAMONDS. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.72 |
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1 |
INR 91.65 |
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Euro |
1 |
INR 79.89 |
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USD |
1 |
INR 68.07 |
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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VAR |
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Report Prepared
by : |
TRU |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.