|
Report Date : |
21.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
V N TRADING CO LTD |
|
|
|
|
Registered Office : |
Wing Kugawa Mansion 306, 4-8-23 Kamiishida
Kofu 400-0041 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
April 1995 |
|
|
|
|
Com. Reg. No.: |
0900-02-001510
(Yamanashi-Kofu) |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Import, wholesale of gem stones
(colored stones centrally) |
|
|
|
|
No. of Employees : |
07 employees |
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 : |
Slow but Correct |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
V N TRADING CO LTD
V N Trading YK
Wing Kugawa Mansion 306, 4-8-23 Kamiishida
Kofu 400-0041 JAPAN
Tel:
055-223-0558 Fax: 055-223-0559
URL: N/A
Import, wholesale
of gem stones (colored stones centrally)
Nil
NITIN KHINDUKA, PRES
(Indian resident)
Yen Amount: In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 1,210 M
PAYMENTS Slow but Correct CAPITAL Yen
20 M
TREND STEADY WORTH Yen 100 M
STARTED 1995 EMPLOYES 7
IMPORTER AND WHOLESALER
SPECIALIZING IN GEM STONES.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was established by Natin Khinduka, an Indian businessman residing in Japan, in order to make most of his experience in the subject line of business. Originally as Gemstone International YK and later renamed as captioned. This is a trading firm, operating from his home address, specializing in import and wholesale of colored precious stones. Goods are imported from India and Hong Kong and shipped to jewelry makers & processors, extending into greater-Tokyo region. Financials are only partially disclosed.
The sales volume for Mar/2011 fiscal term amounted to Yen 1,210 million, a 9% up from Yen 1,113 million in the previous term. Price hikes of the jewelry products contributed. The net profit was posted at Yen 14 million, compared with Yen 3 million a year ago.
For the term that ended Mar 2012 the net profit was projected at Yen 15 million, on a 3% rise in turnover, to Yen 1,250 million. Final results are yet to be released.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.
Date Registered: Apr
1995
Regd No.: 0900-02-001510 (Yamanashi-Kofu)
Legal Status: Private Limited Company (Yugen Kaisha)
Regd
Capital: Yen 20 million
Major shareholders (%): Natin Khinduka (100)
Nothing
detrimental is known as to his commercial morality.
Activities: Imports and wholesales precious colored gemstones (--100%).
Goods are imported from India mainly and Hong Kong.
Clients: [Jewelry processors, jewelry stores] Jewelry Tsutsumi, Sakai Shoji Co, Grace Okada Co, Tokyo Kiho, Kashikey Co, other.
No. of accounts: 300
Domestic areas of activities: Centered in greater-Tokyo
Suppliers: [Mfrs, wholesalers] Imports from India centrally and Hong Kong.
Payment record: Slow but Correct
Location: Business area in Kofu City. Office premises at the caption address are
Owned by N Khinduka as his private residence and maintained satisfactorily.
Bank References:
Yamanashi Chuo
Bank (H/O)
Mizuho Bank (Kofu)
Relations:
Satisfactory
(In Million Yen)
|
|
|
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
Annual
Sales |
|
1,250 |
1,210 |
1,113 |
1,200 |
|
Recur.
Profit |
|
|
|
|
|
|
Net
Profit |
|
15 |
14 |
3 |
5 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
117 |
103 |
100 |
|
Capital,
Paid-Up |
|
|
20 |
20 |
20 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.31 |
8.72 |
-7.25 |
-0.83 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
1.20 |
1.16 |
0.27 |
0.42 |
|
Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 31/03/2012 fiscal term
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible
only due to combination of the manufacturing skills of the Indian workforce and
the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery
industry in India today may be more than Rs 60000 mil
and is rated amongst the fastest growing in the world. Indi ranks third in the world in domestic diamond
consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could
be the biggest credibility crisis the Indian diamond industry has ever faced.
Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat.
Until about two months ago, they had not repaid these dues. Bankers
believe many diamantaires borrowed money during the
economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.