MIRA
INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAY GEMS INC. |
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Registered Office : |
590 5TH Avenue, Suite 1801 New York 2000 NY 10036 |
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Country : |
United States |
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Financials (as on) : |
31.12.2007 |
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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 : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
& EXECUTIVE SUMMARY
Company Name: JAY GEMS INC.
Trade Name:
Address: 590 5TH AVENUE,
SUITE 1801
City: NEW
YORK
Founded (D/M/Y): 2000
State/Province: NY
Zip Code: 10036
Sales / Revenue: 50,000,000
Country: UNITED STATES
Net Income: -
Telephone: 212 223-0065
Total Equity: -
Facsimile: 212 223-0309
Number of Employees: 14
URL seekandsource.com/jaygems
Legal Form: Corporation
- Private
Shareholder: Mr. Siraj Shah
Business Activity: The
Company is a manufacturer of diamond jewelry as well as a retailerand wholesaler of loose and certified
diamonds.
NOTE TO CLIENT
Please not that
the ordered address, 589 5th Ave, Suite 608, New York, NY, is an old address.
The Company moved to the heading address over three years ago.
Person Contacted:
Mr. Roopam Jain, President and Shareholder. He verified and updated the
information presented to him.
LEGAL
Legal Form: Corporation
- Private
Incorporation
State NY
Status: ACTIVE
Since (D/M/Y): 22/11/2000
The company is NOT
required to publish an annual financial report.
The Company incorporated in New York under the following registration.
Current Entity Name: JAY GEMS INC.
Initial DOS Filing Date: NOVEMBER 22, 2000
County: NEW YORK
Jurisdiction: NEW YORK
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 FIFTH AVE / SUITE 608
NEW YORK, NEW YORK, 10017
Principal Executive Office
JAY GEMS INC.
589 FIFTH AVE / SUITE 608
NEW YORK, NEW YORK, 10017
Registered Agent: NONE
MANAGERS / KEY PERSONNEL
Mr. Siraj Shah Chief Executive
Officer
Mr. Roopam Jain President
Owners
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Mr. Siraj Shah |
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60.00% |
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Majority |
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Mr. Roopam Jain |
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40.00% |
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Minority |
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AFFILIATED COMPANIES
The Company is
affiliated with Simply Diamonds Inc.
SUBSIDIARIES
The Company has no
subsidiaries.
BANKS
HSBC Bank
State/Province: NY
Country: UNITED
STATES
Telephone: 212-525-6487
Account Manager: Mr. Greg Misciagna Bank rating:
Account Number: 610727559 Open Since (D/M/Y):
Credit Facility: - Overdraft
Limit: -
Outstanding
Amount: - Bank
Loans: -
Returned Checks: -
Average Account
Balance:
Bank policy
prohibits providing credit information.
PAYMENT HISTORY
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BUSINESS DATE LAST PAYMENT CREDIT BALANCE CUR 1- 31- 61- |
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CATEGORY REPTD SALE TERMS $ $ % 30 60 90 91+ COMMENTS |
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---------- ----- ----- ------- -------- -------- --- --- --- --- --- -------- |
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AIR TRANS 08-01 00-00 NET 30 0 0 0 0 0 0 0 CUST 1 YR |
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COMPUTERS 08-02 07-02 CREDIT 100 100 69 31 0 0 0 |
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AIR TRANS 05-03 05-03 100 0 0 0 0 0 0 |
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PACKAGING 05-09 00-00 NET 30 0 0 0 0 0 0 0 CUST 3 YR |
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CURRENT QUARTER 100 100 69 31 0 0 0 |
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Payment Trends |
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INDUSTRY BUSINESS BALANCE CUR 1- 31- 61- |
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DATE CUR DBT DBT $ % 30 60 90 91+ |
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-------- --- --- --- -------- --- --- --- --- --- |
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20080200 0 5 0 100 100 0 0 0 0 |
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20080100 0 5 0 100 100 0 0 0 0 |
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20071200 0 4 0 0 0 0 0 0 0 |
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20071100 0 4 0 0 0 0 0 0 0 |
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20071000 0 4 0 0 0 0 0 0 0 |
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20070900 0 4 0 0 0 0 0 0 0 |
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FINANCIAL INFORMATION
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Fiscal Year End : |
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Year-End (D/M/Y) |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Income Statement |
Consolidated |
Consolidated |
Consolidated |
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Global Net Sales |
50,000,000 |
38,839,710 |
22,197,102 |
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Gross Profit |
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2,751,852 |
703,942 |
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Operating Income |
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710,754 |
239,246 |
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Taxes |
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54,508 |
5,171 |
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Net Income (Loss) of the Year |
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87,104 |
104,313 |
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Assets |
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Inventories |
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18,334,985 |
6,891,791 |
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Trade Accounts Receivable |
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13,332,228 |
9,907,347 |
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Cash and Cash Equivalents |
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135,946 |
284,063 |
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Total Current Assets |
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31,803,159 |
17,083,201 |
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Property, Plant and Equipment |
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335,912 |
199,901 |
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Total Fixed Assets |
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335,912 |
199,901 |
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Total Assets |
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32,139,071 |
17,283,102 |
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Liabilities |
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Trade Accounts Payable |
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17,113,272 |
11,355,250 |
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Other Current Liabilities |
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7,955,862 |
3,201,225 |
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Total Current Liabilities |
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25,069,134 |
14,556,475 |
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Long Term Loans |
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2,600,000 |
2,000,000 |
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Total Long Term Liabilities |
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2,600,000 |
2,000,000 |
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Total Liabilities |
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27,669,134 |
16,556,475 |
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Equity |
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Net Equity |
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4,469,937 |
726,627 |
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Total Equity |
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4,469,937 |
726,627 |
FINANCIAL INDICATORS
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Year-End (D/M/Y) |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Quick Ratio |
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0.53 |
0.70 |
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Current Ratio |
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1.26 |
1.17 |
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Return on Sales |
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0.00 |
0.00 |
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Return on Assets |
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0.00 |
0.00 |
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Return on Equity |
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0.01 |
0.14 |
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Debt to Equity |
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6.19 |
22.78 |
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Solvency |
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0.91 |
0.90 |
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A/R Turns |
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2.91 |
2.24 |
Please note that
Mr. Jain declined to provide financial statement information for 2007 for this
report. He did state net sales for 2007 were US$50 Million.
The 2006 and 2005
figures listed is this report were obtained during a previous inquiry.
The above
information is listed in actual US Dollars.
CURRENT OPERATIONS
SIC Code:
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 India.
The heading address is the sole location for
the Subject. The facility consists of 2900 square feet of leased office space.
TRADE REFERENCES
ROSY BLUE INC.
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Address: |
New York, NY |
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Amount Outstanding: |
- |
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Telephone: |
212-471-2222 |
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Amount Past Due: |
- |
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Facsimile: |
212-856-9835 |
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High Credit Utilized: |
- |
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Contact: |
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Terms: |
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Credit Limit: |
- |
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Days to Pay: |
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A fax was sent to this company for credit information. |
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DISONS GEMS INC. |
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Address: |
New York NY |
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Amount Outstanding: |
- |
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Telephone: |
212-921-4133 |
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Amount Past Due: |
- |
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Facsimile: |
212-730-8265 |
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High Credit Utilized: |
- |
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Contact: |
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Terms: |
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Credit Limit: |
- |
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Days to Pay: |
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A fax was sent to this company for credit information. |
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EMBY INTERNATIONAL |
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Address: |
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Amount Outstanding: |
- |
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Telephone: |
212-282-1100 |
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Amount Past Due: |
- |
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Facsimile: |
212-282-1110 |
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High Credit Utilized: |
- |
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Contact: |
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Terms: |
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Credit Limit: |
- |
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Days to Pay: |
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A fax was sent to
this company for credit information.
PUBLIC RECORD
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A search of public revealed the following information and no bankruptcy petitions |
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Name Searched: JAY GEMS INC. |
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Debtor Address: JAY GEMS INC. |
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589 5TH AVE STE 608 |
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NEW YORK, NY 10017-8740 |
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Secured Parties: FANCY TRADING CO, LLC |
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Filing Date: 6/16/2004 |
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Filing Number: 0406160622356 |
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Filing Type: AMENDMENT |
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Original Filing Number: 0310031675827 |
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Name Searched: JAY GEMS INC. |
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Debtor Address: JAY GEMS INC. |
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590 FIFTH AVENUE |
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NEW YORK, NY 10036 |
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JAY GEMS, INC. |
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589 FIFTH AVENUE |
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NEW YORK, NY 10017 |
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Secured Parties: ANTWERPSEN DIAMANTBANK N.V. |
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Filing Date: 3/18/2004 |
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Filing Number: 0403180277248 |
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Filing Type: AMENDMENT |
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Original Filing Number: 0302270433334 |
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Name Searched: JAY GEMS INC. |
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Debtor Address: JAY GEMS INC. |
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589 5TH AVE STE 608 |
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NEW YORK, NY 10017-8740 |
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Secured Parties: FANCY TRADING CO, LLC |
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Filing Date: 10/3/2003 |
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Filing Number: 0310031675827 |
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Filing Type: INITIAL FILING |
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-------------------------------------------------------------------------------- |
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Name Searched: JAY GEMS INC. |
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Debtor Address: JAY GEMS, INC. |
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589 FIFTH AVENUE |
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NEW YORK, NY 10017 |
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Secured Parties: ANTWERPSEN DIAMANTBANK N.V. |
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Filing Date: 2/27/2003 |
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Filing Number: 0302270433334 |
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Filing Type: INITIAL FILING |
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-------------------------------------------------------------------------------- |
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Name Searched: JAY GEMS INC. |
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Debtor Address: JAY GEMS INC. |
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590 FIFTH AVENUE |
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NEW YORK, NY 10036 |
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JAY GEMS INC. |
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590 FIFTH AVENUE |
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NEW YORK, NY 10036 |
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Secured Parties: HSBC BANK USA, NATIONAL ASSOCIATION |
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Filing Date: 10/19/2005 |
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Filing Number: 0510195913862 |
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Filing Type: INITIAL FILING |
COMMENTS
JAY GEMS INC., founded in 2000 in New York, is engaged as a manufacturer of diamond jewellry. The payment record is minimal, however, generally satisfactory, and the operating history is clear. No derogatory information or bankruptcy petitions were reported or noted. The Company is responsible for normal business transactions.
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%)