MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GEMCO INTERNATIONAL, INC |
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Registered Office : |
12 S 6th St Ste 1012, MINNEAPOLIS, MINNESOTA - 55402 |
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Country : |
United States |
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Date of Incorporation : |
19/01/1990 |
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Legal Form : |
Corporation - Private |
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Line of Business : |
Imports the precious and semi-precious gemstones |
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 : |
Usually correct |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: GEMCO INTERNATIONAL, INC
Address: 12 S 6th St Ste 1012
City: MINNEAPOLIS
State/Province: MINNESOTA
Zip Code: 55402
Country: UNITED STATES
Telephone: 612 341-0009
Facsimile: 612 341-0314
As of: --
Sales / Revenue: --
Net Income: --
Total Equity: --
Legal Form: Corporation - Private
Website: N/A
Business Activity: Gemco
International, Inc., is a diamond house that imports the precious and semi-
precious
gemstones from Thailand, India, Africa and Brazil.
NOTE TO CLIENT
Contact Person: Ms. Lisa
Position: Financial Controller
Ms. Lisa suggested a written
request for all general and financial inquiries. If she responds, the report will be amended. As a result, the information in this report
was retrieved from outside sources and could not be confirmed by management.
Special Note: The name and address of the Company were changed to the
correct entities.
Devendra Mangalick is reported by the Minnesota Secretary of State's
Office as being the CEO, however this could not be confirmed with the
controller.
LEGAL
Legal Form: Corporation
- Private
Since (D/M/Y): 19/01/1990
State/Province of Incorporation: MN
Status:
ACTIVE
Previous Legal Form:
Company is NOT required to publish an annual financial report.
The Company is incorporated in Minnesota under the following
registration:
Name:
Gemco International, Inc.
Filing Number:
6N-999
Entity Type:
Domestic Corporation
Original Date of Filing:
1/19/1990
Entity Status:
Active
Chapter:
302A
Good Standing:
(date of last annual
filing) 200
Duration:
Perpetual
Registered Office Address:
12 S 6th Str #1012
Mpls, MN,
55402
Agent Name: No Agent Filed
STOCK INFORMATION
Stock:
Dollar Value:
Authorized Shares: 1,000,000
Par Value: $0
Managers/Key
Personnel
Ms. Devendra Mangalick
Chief Executive Officer
AFFILIATED ENTITIES
Outside sources failed to add any insight into any related affiliated
businesses or subsidiaries.
BANKS
MN
Telephone:
Facsimile:
Account Number:
Account Manager:
The name of the company's primary bank could not be obtained directly
from management.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61-
CATEGORY
REPTD SALE TERMS $ $ %
30 60 90 91+ COMMENTS
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
ADVERTISNG 07-03 07-02 0000000 200 100
100 0 0 0
0 CUST 3 YR
FINCL SVCS 07-02 07-02 CONTRCT 0 0 0 0 0
0 0
WAREHOUSE
07-02 06-08 VARIED 100 0
0 0 0 0 0
CUST 2 YR
AIR TRANS
05-05 05-05 100 0
0 0 0 0 0
BUS SERVCS 06-08 06-08 NET 30 0
0 0 0
0 0 0
GENERAL
05-02 02-03 NET 30 200 100
0 0 100 0 0 CUST 10 YR
MANUFCTRNG 06-10 00-00 CERTCHK 0 0 0 0 0
0 0
OFFC SUPPL 06-08 06-07 NET 30 100
100 100 0 0
0 0 CUST 5 YR
CURRENT QUARTER 300 100
100 0 0 0
0
Payment Trends
INDUSTRY BUSINESS
BALANCE CUR 1- 31- 61-
DATE
CUR DBT DBT $ % 30
60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070300
0 9 0 100 100
0 0
0 0
20070200
0 9 2 200 90 10
0 0 0
20070100
0 5 5 200 83 8
9 0 0
20061200
0 5 1 200 91 9
0 0 0
20061100
0 5 0 0 0 0
0 0 0
20061000
0 5 0 100 100
0 0
0 0
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ % 30 60
90 91+
-------- ------ ---
-------- --- --- --- --- ---
Fourth
2006 0 0 0 0 0
0 0
Third
2006 0 100 100 0 0
0 0
Second
2006 0 100 100 0 0 0
0
First
2006 0 100 100 0 0 0
0
Fourth
2005 8 100 76 11 13
0 0
FINANCIAL INFORMATION
Ms. Lisa suggested a written request for financial details.
CURRENT OPERATIONS
NAICS Code: 42194 Jewelry, Watch, Precious Stone and
Precious Metal
SIC Code: 5094
Business Activity:
Gemco International, Inc., is a diamond house that imports the precious
and semi-precious gemstones from Thailand, India, Africa and Brazil.
The Company stocks jewelry grade cultured pearls from Japan and China
and wholesales jewelry, precious metals and precious stones. The Company has carries more than 2000 diamonds
half carat to three carat size.
The above address is the only known headquarters and location for the
Firm.
PUBLIC RECORD
A nationwide search of legal litigations and bankruptcy courts revealed
no bankruptcy petitions under the Subject's name.
GENERAL COMMENTS
Gemco International, Inc., is a retailer of jewelry engaged in business
since 1990. The payment history is generally satisfactory, and there are no
litigations taken against the Subject.
In addition, a nationwide search of public files and bankruptcy courts
revealed no under the Subject's name.
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/normal. |
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%)