MIRA INFORM REPORT

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

SIMPLEX DIAM INC.

 

 

Registered Office :

20 East 46th Street, Suite 1101, New York 10017

 

 

Country :

United States

 

 

Date of Incorporation :

10/10/1983

 

 

Legal Form :

Corporation – Private

 

 

Line of Business :

Wholesale distribution of loose diamonds, promotional jewellery and jewellery pieces.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name

SIMPLEX DIAM INC.

Address

20 EAST 46TH STREET, SUITE 1101

City

NEW YORK

State/Province

NEW YORK                             

Zip Code

10017                       

Country

UNITED STATES               

Telephone

212 883-0888                

Facsimile

212 883-9532                

Legal Form

Corporation - Private

As of

-

Sales / Revenue

-

Net Income

-

Total Equity

-

Number of Employees

10  

Website

www.simplexdiamonline.com

Business Activity

The Company engages in the wholesale distribution of loose diamonds, promotional jewellery, and jewellery pieces. It specializes in princess cut, marquise, and round diamonds and baguettes and targets the U.S.

 

 

NOTE TO CLIENT

 

PERSON CONTACTED:

 

Ms. Sangwta Kulkarni, Accounts Payable Manager.

--

Ms. Kulkarni provided the information found in this report. She would not provide references or financial information over the telephone. A written request has been forwarded to her attention via fax; however, a response has not been received yet. If any additional information is received in the near future, it will be forwarded at that time.

 

 

LEGAL

 

Legal Form: Corporation - Private                    

Since (D/M/Y):  10/10/1983

State/Province of Incorporation:  NEW YORK

Status: ACTIVE

Previous Legal Form:

 

Company is NOT required to publish an annual financial report.

 

 Entity Name:                SIMPLEXDIAM INC.

 Initial Filing Date:          OCTOBER 18, 1983

 County:                        NEW YORK

 Jurisdiction:                  NEW YORK

 Entity Type:                  DOMESTIC BUSINESS CORPORATION

 Current Status:             ACTIVE

 Entity Address:             SIMPLEXDIAM INC.

                                    20 EAST 46TH STREET

                                    SUITE 1101

                                    NEW YORK, NEW YORK, 10017

Principal Office:             SIMPLEXDIAM INC.

                                    20 EAST 46TH STREET

                                    SUITE 1101

                                    NEW YORK, NEW YORK, 10017

Registered Agent:          NONE

 

 

Managers/Key Personnel

 

Mr. Yogesh Madhvani                    President

 

 

AFFILIATED ENTITIES

 

There are no affiliated companies or subsidiaries.

 

 

BANKS

 

BANK LEUMI

Telephone:

Facsimile:

Account Number:

Account Manager:

 

The bank listed above is the primary bank of use for the Subject. An account reference or signed authorization could not be obtained at this time, and as a result, detailed account information would not be released from the Subject's financial institution.

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 BUS SERVCS 06-10 00-00 VARIED  100      100      100 0   0   0   0

 COMPUTERS  06-11 00-00 CREDIT  10000    0        0   0   0   0   0

 

 FINCL SVCS 06-11 06-10 CONTRCT 0        0        0   0   0   0   0   SATSFTRY

 OFFC SUPPL 06-11 06-10 CREDIT  5000     100      100 0   0   0   0   ACCTCLOSED

 BUS SERVCS 04-10 00-00 NET 30  0        0        0   0   0   0   0

 COMPUTERS  05-05 00-00 CREDIT  0        0        0   0   0   0   0   CUST 37 YR

 COMPUTERS  04-02 00-00 NET 30  0        0        0   0   0   0   0

 LEASING    05-01 05-01 NOTE    11700    11700    100 0   0   0   0

 LEASING    04-03 00-00 CONTRCT 6500     0        0   0   0   0   0   CUST  1 YR

 RENTALS    05-09 00-00 NET 30  500      400      50  50  0   0   0

 CURRENT QUARTER                15100    200      100 0   0   0   0

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20061000  0      5         0            200      100 0   0   0   0

 20060900  0      5         0            300      100 0   0   0   0

 20060800  0      6         0            200      100 0   0   0   0

 20060700  0      6         1            300      91  9   0   0   0

 20060600  0      5         0            200      100 0   0   0   0

 20060500  0      5         0            200      100 0   0   0   0

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 Third    2006              0            200      100 0   0   0   0

 Second   2006              1            200      96  4   0   0   0

 First    2006              1            100      93  7   0   0   0

 Fourth   2005              0            100      100 0   0   0   0

 Third    2005              0            100      100 0   0   0   0

 

 

FINANCIAL INFORMATION

 

Financial information was declined by management.

 

 

CURRENT OPERATIONS

 

NAICS Code:   42194     Jewellery, Watch, Precious Stone and Precious Metal

SIC Code:     5094

 

Number of Employees:              10  

 

 

Business Activity

 

The Company engages in the wholesale distribution of loose diamonds, promotional jewellery, and jewellery pieces. It specializes in princess cut, marquise, and round diamonds and baguettes and targets the U.S.

 

The heading address is the Company headquarters and sole location and serves as an administrative office and a storage facility.  The property is rented by the Company.

 

 

PUBLIC RECORD

 

A search of public revealed the following:

-----

Name Searched: SIMPLEX DIAM INC

Debtor Address: SIMPLEX DIAM, INC.

1180 AVE. AMERICAS

NEW YORK, NY 10036

SIMPLEX DIAM, INC.

20 E. 46TH ST. SUITE 1101

NEW YORK, NY 10017

SIMPLEX DIAM, INC.

20 E. 46TH ST. SUITE 1101

NEW YORK, NY 10017

Secured Parties             : BANK LEUMI TRUST COMPANY OF

Filing Date                     : 4/19/2005

Filing Number                : 0504195337146

Filing Type                    : CONTINUATION

Original Filing Number    : 90150272

-----

No additional UCC filings, or any bankruptcy petitions, legal proceedings, or tax liens were found against the firm at this time.

 

 

GENERAL COMMENTS

 

Simplex Diam Inc., incorporated in 1983 in the state of New York, engages as a distributor of jewellery and precious stones. A recent payment record appears in excellent condition.  A search of public records failed to reveal any negative filings against the Company. The Company is considered well-established and it appears responsible for all normal business transactions.

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions