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MIRA
INFORM REPORT
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Report No. : |
491546 |
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Report Date : |
10.02.2018 |
IDENTIFICATION DETAILS
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Name : |
JAY GEMS INC |
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Registered Office : |
529 5th Ave Ste 1700 New York, New York, 10017 |
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Country : |
United States |
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Date of Incorporation : |
22.11.2000 |
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Legal Form : |
Domestic Business Corporation |
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Line of Business : |
Subject is engaged in manufactures, imports, and exports
diamond jewelry. |
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No. of Employees : |
17 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED
STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $57,300. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.
In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With US GDP growth below 2%, the Fed has opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.
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Source
: CIA |
STATUTORY INFORMATION
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Legal Name: |
JAY GEMS INC |
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TradeName: |
JAY GEMS INC |
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ID: |
2576922 |
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Date Created: |
2000 |
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Date Incorporated: |
NOVEMBER 22, 2000 |
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Legal Address: |
529 5TH AVE STE 1700 NEW YORK, NEW YORK,
10017 |
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OperativeAddress: |
529 5th Ave Rm 1700 |
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Telephone: |
(212) 223-0065 |
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Fax: |
(212) 223-0065 |
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Legal Form: |
Domestic Business Corporation |
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Email: |
NA |
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Registered in: |
New York |
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Website: |
www.jaygems.net |
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Contact: |
Siraj Shah- CEO |
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Staff: |
17 |
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Activity: |
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Banks: |
BANK OF AMERICA, N.A. |
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History: |
The company was founded in 2000 and is
based in New York, New York. |
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PRINCIPAL ACTIVITY |
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Jay Gems Inc. doing business as
Jewelmark, manufactures, imports, and exports diamond jewelry. |
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Products/Services description: |
Diamond jewelry |
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Brands: |
THE DIAMOND HALO COLLECTION LOVE MATTERS FLAWLESS LOVE SIMPLY IDEAL |
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Sales are: |
Wholesale and retail |
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Clients: |
No records found. |
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Suppliers: |
No records found. |
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Operationsarea: |
National and international |
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Thesubjectemploys |
17 employees |
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Payments: |
No Complaints |
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LOCATION |
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Headquarters : |
529 5th Ave Rm 1700 |
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Branches: |
This is a single location business. |
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RelatedCompanies: |
This is a single location business. |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES |
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a privately held company. We
could not confirm major shareholders. |
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Management: |
Rupam Jain- Coo Siraj Shah- CEO |
FINANCIAL INFORMATION |
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The company does not make its financial
statements public. The following information has been provided by private
sources: |
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USD2015 |
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Revenue |
6 969 000 |
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Cash flow |
Normal |
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LEGAL FILINGS |
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CASES |
No legal records found. |
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TRADEMARKS |
THE DIAMOND HALO COLLECTION Diamond jewelry; Gemstone jewelry;
Precious and semi-precious gems; Precious and semi-precious stones Owned by: Jay Gems, Inc. Serial Number: 85809396 LOVE MATTERS Jewelry Owned by: Jay Gems, Inc. Serial Number: 77961279 FLAWLESS LOVE Jewelry Owned by: Jay Gems, Inc. Serial Number: 85019359 SIMPLY IDEAL Diamond jewelry; Gemstone jewelry Owned by: Jay Gems, Inc. Serial Number: 85466703 |
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UCC |
1. Debtor Names: JAY GEMS, INC. 589
FIFTH AVENUE, NEW YORK, NY 10017, USA JAY GEMS INC. 590 FIFTH AVENUE, NEW YORK, NY 10036, USA Secured Party Names: ANTWERPSEN DIAMANTBANK N.V. 54 PELIKAANSTRAAT 54-B-2018,
ANTWERPEN, NA, BEL 200302270433334 02/27/2003 02/27/2008 Financing Statement 200403180277248 03/18/2004 02/27/2008 Financing Statement Amendment 200601175051041 01/17/2006 02/27/2008
Termination 2. Debtor Names: JAY GEMS INC. 589
5TH AVE STE 608, NEW YORK, NY 10017-8740, USA Secured Party Names: FANCY TRADING CO, LLC 1 ROCKEFELLER PLAZA, NEW YORK, NY
10020, USA 200310031675827 10/03/2003 10/03/2008 Financing Statement 200406160622356 06/16/2004 10/03/2008 Financing Statement Amendment 3. Debtor Names: JAY GEMS INC. 590
FIFTH AVENUE, NEW YORK, NY 10036, USA Secured Party Names: HSBC BANK USA, NATIONAL ASSOCIATIONONE HSBC
CENTER - 29TH FL, BUFFALO, NY 14203, USA File no. File
Date Lapse Date Filing Type 200510195913862 10/19/2005 10/19/2010 Financing Statement 201005115441144 05/11/2010 10/19/2015
Continuation 201306260356123 06/26/2013 10/19/2015
Termination 4. Debtor Names: JAY GEMS, INC. 590
FIFTH AVENUE, NEW YORK, NY 10036, USA JAY GEMS, INC. 529 FIFTH AVENUE, SUITE 1700, NEW YORK, NY 10017, USA Secured Party Names: ABN AMRO CAPITAL USA LLC 100 PARK AVENUE, NEW YORK, NY 10017, USA ABN AMRO BANK N.V. PELIKAANSTRAAT 70-76, B-2018, ANTWERP, NA,
BEL File no. File
Date Lapse Date Filing Type 201211150643356 11/15/2012 11/15/2017 Financing Statement 201301220038563 01/22/2013 11/15/2017 Assignment 201508070402233 08/07/2015 11/15/2017 Financing Statement Amendment 201605265628004 05/26/2016 11/15/2017
Termination 5. Debtor Names: JAY GEMS INC. 529
FIFTH AVENUE, SUITE 1700, NEW YORK, NY 10036, USA Secured Party Names: BANK OF AMERICA, N.A. ONE INDEPENDENCE CENTER -
NC1-001-05-13, 101 N TRYON ST, CHARLOTTE, NC 28255-0001, USA File no. File
Date Lapse Date Filing Type 201604295507381 04/29/2016 04/29/2021 Financing Statement |
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SUMMARY |
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Founded in 2000, Jay Gems Inc. is a
small organization in the jewelry and precious stone companies industry
located in New York, NY. It has 17 full time employees and generates
an estimated $6.9 million in annual revenue. The company does not have import or
export records. It appears as ACTIVE in the records of
New York. |
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RISK INFORMATION |
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DEBTS |
Controlled |
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PAYMENTS |
No Complaints |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW |
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NAME |
NA |
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POSITION |
NA |
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COMMENTS |
He was reluctant to cooperate. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.37 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 78.89 |
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US Dollar |
1 |
INR 64.22 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.