MIRA INFORM REPORT

 

 

Report Date :

10.09.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SANGHAVI JEWELLERY CO LTD

 

 

Registered Office :

Shimada Bldg 3F, 3-34-5 Taito Taitoku Tokyo 110-0016

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

January  2005

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import, Wholesale, Retail of polished diamonds, jewelry products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company Name

 

SANGHAVI JEWELLERY CO LTD

 

 

REGD NAME 

 

YK Sanghavi Jewellery

 

 

MAIN OFFICE

 

Shimada Bldg 3F, 3-34-5 Taito Taitoku Tokyo 110-0016 JAPAN

Tel: 03-3839-6188     Fax: 03-3839-2237

URL:                 N/A      

 

 

Former Head office

 

Taiko-ku-Ueno, 2nd Floor, Omiya Bldg. Tokyo 1100005, Japan

 

 

ACTIVITIES

 

Import, wholesale, retail of polished diamonds, jewelry products

 

 

BRANCHES

 

Nil

 

 

FACTORIES

 

(subcontracted)

 

 

OFFICER(S)  

 

P JAIN, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

SUMMARY    

 

FINANCES                    R/WEAK           A/SALES          Yen 620 M

PAYMENTS      REGULAR         CAPITAL           Yen 6 M

TREND             SLOW              WORTH            Yen 18 M

STARTED                     2005                 EMPLOYES      4

 

 

COMMENT    

 

IMPORTER OF POLISHED DIAMONDS. 

 

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established by Sanghavi Far East Pte Ltd as its marketing arm in Japan.  This is a trading firm specializing in import, wholesale and retail of polished diamonds and jewelry products.  Diamonds are partially subcontracted mfg to local processors into jewelry products.  Clients are jewelry wholesalers, jewelry stores, consumers, other, centering in the greater-Tokyo area.

 

 

FINANCIAL INFORMATION

 

Financials are only partially disclosed.

 

The sales volume for Dec/2009 fiscal term amounted to Yen 620 million, an 8% down from Yen 673 million in the previous term.  Economic downturn has kept away consumers from purchasing luxuries that are not for immediate needs.  Wealthy people, who had to buy luxury watches and the like, are holding off on making purchases, according to the Japan Department Stores Association.  Department store sales fell 10% in Dec 2009.  Sales of art, jewelry and other big-ticket nosedived 18.5% in Dec 2008.  Miki Corp, which operates jewelry store chains, filed for bankruptcy protection with the Tokyo District Court on 21/01/2009, saddled with debts of about Yen 11.7 billion.  The net profit was posted at Yen 4 million, similarly in the previous term. 

 

For the current term ending Dec 2010 the net profit is projected at Yen 4 million, on a 2% rise in turnover, to Yen 630 million.  Business is seen recovery from the worst times.  Yet consumer spending still remains sluggish. 

 

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. 

 

 

REGISTRATION

 

Date Registered:          Jan 2005

Legal Status:   　         Private Limited Company (Yugen Kaisha)

Regd Capital:   　         Yen 6.5 million

Major shareholders (%): Sanghavi Far East Pte Ltd (54), P Jain (46)

No. of shareholders:    2

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports, wholesales and retails polished diamonds, diamond jewelry, other jewelry products (--100%).

Diamonds are partially subcontracted mfg into jewelry products to local jewelry processors.

 

Clients: Jewelry stores, jewelry wholesalers, consumers, other

No. of accounts: Unavailable

Domestic areas of activities: Centered in greater-Tokyo

 

Suppliers: [Mfrs, wholesalers] Imports from Sanghavi Exports, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

SMBC (Asakusa)

Royal Bank of Scott (Tokyo)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

Terms Ending:

　

31/12/2010

31/12/2009

31/12/2008

31/12/2007

Annual Sales

　

630

620

673

939

Recur. Profit

　

　

　

　

　

Net Profit

　

4

4

4

4

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

18

14

10

Capital, Paid-Up

　

　

6

6

6

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

S.Growth Rate

1.61

-7.88

-28.33

17.38

Current Ratio

 

 

..

..

..

N.Worth Ratio

 

..

..

..

N.Profit/Sales

0.63

0.65

0.59

0.43

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/12/2010 fiscal term. 

 

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.38

UK Pound

1

Rs.74.01

Euro

1

Rs.64.48

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.