MIRA INFORM REPORT

 

 

Report Date :

24th February, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

PRACHI GEMS INC.

 

 

Registered Office :

48 West 48th Street Suite #1408, New York 10036, United States

 

 

Country :

United States

 

 

Date of Incorporation :

14.01.1998

 

 

Legal Form :

Corporation - Private

 

 

Line of Business :

Engaged in trading of jewelry

 

 

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       : PRACHI GEM INC.

Address                   : 48 WEST 48TH STREET SUITE #1408

City                         : NEW YORK

State/Province          : NEW YORK                             

Zip Code                  : 10036                       

Country                   : UNITED STATES               

Telephone : 212 398-4588                 

Facsimile                 : N/A

Legal Form              : Corporation - Private

Website                   : N/A

@rating Opinion       :

Business Activity      : The Subject is believed to be engaged in jewelry sales.

As of                       :

Sales / Revenue       :

Net Income              :

Total Equity             :

 

 

NOTE TO CLIENT

 

Attempts to reach the Subject were denied. The contacted person was Nicky and he would only confirm the name of the Subject. All information in this report is from various sources which are deemed reliable but could not be comfirmed.

NOTE: The name provided was " Prachi Gems Inc."  however the legal name for the Subject is " Prachi Gem Inc."  as stated above.

 

 

LEGAL

 

Legal Form                              : Corporation - Private                    

Since (D/M/Y)                         :  14/01/1998

State/Province of Incorporation:  NY

Status                                    : ACTIVE

 

Previous Legal Form:

Company is NOT required to publish an annual financial report.

The Company's Corporate Registration:

 

Current Entity Name                : PRACHI GEM INC.

Initial DOS Filing Date              : JANUARY 14, 1998

County                                    : NEW YORK

Jurisdiction                              : NEW YORK

Entity Type                             : DOMESTIC BUSINESS CORPORATION

Current Entity Status               :ACTIVE

Mailing Address                       : PRACHI GEM INC.

                                                48 WEST 48TH ST #1408

                                                NEW YORK, NEW YORK, 10036

Principal Executive Office         : PRACHI GEM INC.

                                                48 WEST 48TH ST #1408

                                                NEW YORK, NEW YORK, 10036

 

 

Managers/Key Personnel

 

SWETAL VARAIYA                         Owner

 

 

AFFILIATED ENTITIES

 

Affiliate companies or businesses, if any, could not be learned at this time.

 

 

BANKS

 

NY

Telephone:

Facsimile:

Account Number:

Account Manager:

A banking facility for the Firm was not provided, however,

HSBC BANK was noted as a secured party.

 

 

PAYMENT HISTORY

 

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

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

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

 BANK       06-08 06-08 CONTRCT 7300     0        0   0   0   0   0

 BLDG MATRL 06-08 00-00 CREDIT  1000     0        0   0   0   0   0

 

 AIR TRANS  05-09 05-09         200      0        0   0   0   0   0

 AIR TRANS  05-12 00-00 NET 30  0        0        0   0   0   0   0   CUST  2 YR

 GENERAL    05-02 04-07 NET 30  100      0        0   0   0   0   0   CUST  1 YR

 LEASING    06-02 00-00 CONTRCT 1300     0        0   0   0   0   0   CUST  1 YR

 CURRENT QUARTER                8300     0        0   0   0   0   0

 

 Payment Trends

 

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

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

 20060800  0      7         0            100      100 0   0   0   0

 20060700  0      7         0            3100     100 0   0   0   0

 20060600  0      6         0            100      100 0   0   0   0

 20060500  0      6         0            100      100 0   0   0   0

 20060400  0      7         0            7300     100 0   0   0   0

 20060300  0      7         0            100      100 0   0   0   0

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

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

 Second   2006              0            1100     100 0   0   0   0

 First    2006              0            4100     100 0   0   0   0

 Fourth   2005              0            0        0   0   0   0   0

 Third    2005              0            0        0   0   0   0   0

 Second   2005              0            0        0   0   0   0   0

 

 

FINANCIAL INFORMATION

 

No financial information was provided and all outside sources failed to add insight to the current condition of the firm.

 

 

CURRENT OPERATIONS

 

NAICS Code            : 44831     Jewelry Stores

SIC Code                 : 5944

 

 

Business Activity

 

The Subject is believed to be engaged in jewelry sales.

The Subject is located at the above address.

 

 

PUBLIC RECORD

 

Name Searched       : PRACHI GEM INC

Debtor Address        : PRACHI GEM INC.

                                 48 WEST 48TH STREET #1408

                                 NEW YORK, NY 10036

Secured Parties       : HSBC BANK USA, NATIONAL ASSOCIATION

 

Filing Date               : 1/31/2005

Filing Number           : 0501315084048

Filing Type               : INITIAL FILING

No legal actions or bankruptcy petitions were reported under the Subject's name.

 

 

GENERAL COMMENTS

 

Prachi Gem Inc. was incorporated in New York on Jan. 14, 1998. The are believed to be engaged in Jewelry Sales. The Firm's payment history show that it meets its financial obligations. Financial information could not be obtained and all outside sources failed to provide any insight. No derogatory information was reported or noted.

 

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