MIRA
INFORM REPORT
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Report Date : |
21.08.2007 |
IDENTIFICATION DETAILS
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Name : |
JAY GEMS INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22/11/2000 |
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Legal Form : |
Corporation -
Private |
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Line of Business : |
Manufacturer of diamond
jewelry as well as a retailer and wholesaler of loose and certified diamonds. |
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 |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: JAY
GEMS INC.
Address:
City:
State/Province:
Zip Code: 10036
Country: UNITED
STATES
Telephone: 212
223-0065
Facsimile: 212
223-0309
Founded
(D/M/Y): / /2000
As of: 31/12/2006
Sales /
Revenue: 38,839,710
Net Income: 87,104
Total Equity: 4,469,937
Number of Employees:
14
Legal Form: Corporation
- Private
Website: seekandsource.com/jaygems
Maj.
Shareholder: Mr. Siraj Shah
Business Activity: The Company is a manufacturer of diamond
jewelry as well as a retailer and wholesaler
of loose and
certified diamonds.
NOTE TO CLIENT
Person
Contacted: Mr. Siraj Shah, CEO and
Majority Owner. He verified and updated
the information presented to him.
LEGAL
Legal Form: Corporation -
Private
Since (D/M/Y): 22/11/2000
State/Province of
Incorporation: NY
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
The Company
incorporated in
Current Entity Name:
JAY GEMS INC.
Initial DOS Filing
Date: NOVEMBER 22, 2000
County:
Jurisdiction:
Entity Type:
DOMESTIC BUSINESS CORPORATION
Current Entity
Status: ACTIVE
Selected Entity
Address Information DOS Process (Address to which DOS will mail process if
accepted on behalf of the entity)
JAY GEMS INC.
589
Principal Executive Office
JAY GEMS INC.
589
Registered Agent:
NONE
Managers/Key
Personnel
Mr. Siraj Shah Chief Executive Officer
Mr. Roopam Jain President
OWNERS
Mr. Siraj Shah 60.00% Majority
Mr. Roopam Jain 40.00 Minority
AFFILIATED ENTITIES
The Company is
affiliated with Simply Diamonds Inc.
The Company has no
subsidiaries.
BANKS
HSBC Bank
NY
Telephone:
212-525-6487
Facsimile:
Account Number:
610727559
Account Manager: Mr.
Greg Misciagna
Bank policy
prohibits providing credit information.
Antwerpse
Diamantbank NV
Telephone:
212-333-5304
Facsimile:
212-333-5290
Account Number:
Account Manager:
A fax was sent to this
bank for credit information.
PAYMENT HISTORY
No payment record
was record found for the Subject at this time.
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/12/2006 31/12/2005 31/12/2004
Consolidated Consolidated Consolidated
Sales / Revenues 38,839,710 22,197,102 21,714,788
Gross Margin 2,751,852 703,942 1,729,403
Operating Income (Loss) 710,754 239,246 341,431
RESULTS
Income Tax 54,508 5,171 4,731
Net Income 87,104 104,313 243,273
ASSETS
Cash and Equivalents 135,946 284,063 53,594
Inventory 18,334,985 6,891,791 13,392,642
Accounts Receivables 13,332,228 9,907,347 5,399,077
Total Current Assets 31,803,159 17,083,201 18,845,313
Property Plant & Equip 335,912 199,901 236,744
Total Fixed Assets 335,912 199,901 236,744
Total Assets 32,139,071 17,283,102 19,082,057
LIABILITIES
Trade Creditors 17,113,272 11,355,250 11,913,181
Other Current Liab 7,955,862 3,201,225 3,826,969
Total Current Liab 25,069,134 14,556,475 15,740,150
Long Term Debt 2,600,000 2,000,000
Total Long Term Liab 2,600,000 2,000,000
Total Liabilities 27,669,134 16,556,475 15,740,150
EQUITY
Total Equity 4,469,937 726,627 3,341,907
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
31/12/2006 31/12/2005 31/12/2006
31/12/2005
Cash and Equivalents 135,946 284,063 0.42 1.64
Inventory 18,334,985 6,891,791 57.05 39.88
Total Current Assets 31,803,159 17,083,201 98.95 98.84
Total Assets 32,139,071 17,283,102 100.00
100.00
Total Current Liab 25,069,134 14,556,475 78.00 84.22
Long Term Debt 2,600,000 2,000,000 8.09 11.57
Total Liabilities 27,669,134 16,556,475 86.09 95.80
Total Equity 4,469,937 726,627 13.91 4.20
The above
information is listed in actual US Dollars.
CURRENT OPERATIONS
NAICS Code: 33991
Jewelry and Silverware Manufacturing
Number of Employees
: 14
Business Activity:
The Company is a
manufacturer of diamond jewelry as well as a retailer and wholesaler of loose
and certified diamonds.
The Subject imports
materials from
The heading address is
the sole location for the Subject. The
facility consists of 2900 square feet of leased office space.
TRADE REFERENCES
The following
companies were faxed for credit information.
If we receive responses, we will amend the report accordingly.
ROSY BLUE INC.
Tel: 212-471-2222
Fax: 212-856-9835
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DISONS GEMS INC.
Tel: 212-921-4133
Fax: 212-730-8265
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EMBY INTERNATIONAL
Tel: 212-282-1100
Fax: 212-282-1110
PUBLIC RECORD
A search of public records
revealed the following information and no bankruptcy petitions.
Name Searched: JAY
GEMS INC.
Debtor Address: JAY
GEMS INC.
Secured Parties:
FANCY TRADING CO, LLC
Filing Date:
6/16/2004
Filing Number: 0406160622356
Filing Type:
AMENDMENT
Original Filing
Number: 0310031675827
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Name Searched: JAY
GEMS INC.
Debtor Address: JAY
GEMS INC.
590
JAY GEMS, INC.
589
Secured Parties:
ANTWERPSEN DIAMANTBANK N.V.
Filing Date:
3/18/2004
Filing Number:
0403180277248
Filing Type:
AMENDMENT
Original Filing
Number: 0302270433334
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Name Searched: JAY
GEMS INC.
Debtor Address: JAY
GEMS INC.
Secured Parties:
FANCY TRADING CO, LLC
Filing Date:
10/3/2003
Filing Number:
0310031675827
Filing Type: INITIAL
FILING
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Name Searched: JAY
GEMS INC.
Debtor Address: JAY
GEMS, INC.
589
Secured Parties:
ANTWERPSEN DIAMANTBANK N.V.
Filing Date:
2/27/2003
Filing Number:
0302270433334
Filing Type: INITIAL
FILING
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Name Searched: JAY
GEMS INC.
Debtor Address: JAY
GEMS INC.
590
JAY GEMS INC.
590
Secured Parties:
HSBC BANK
Filing Date:
10/19/2005
Filing Number:
0510195913862
Filing Type: INITIAL
FILING
GENERAL COMMENTS
JAY GEMS INC.,
founded in 2000 in
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)