MIRA INFORM REPORT

 

 

Report Date :

01.12.2012

 

IDENTIFICATION DETAILS

 

Name :

JOGDIAM CORPORATION BVBA

 

 

Registered Office :

Schupstraat 18 Bus 23, Antwerpen, Post Code 2018

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

03.02.2011

 

 

Com. Reg. No.:

833556731

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

WHOLESALER OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No. of Employees :

01 employee

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

belgium - ECONOMIC OVERVIEW

 

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

 

Source : CIA

 

 

Company name & address 

 

Business number         833556731

Company name           JOGDIAM CORPORATION BVBA

Telephone number      -

Address                        SCHUPSTRAAT 18 BUS 23

ANTWERPEN

Post code                     2018

Fax number                 -

Number of staff            1

 

 

Accounts & ratios

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

31/12/2011

14,558,945

54,618

73,218

 

Accounts & ratios

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

INVESTMENTS

CAPITAL

CASH FLOW

NUMBER OF EMPLOYEES

31/12/2011

26,727,388

 

18,600

2,340,005

1

 

 

Trends

 

Profitability

 

-

 

Liquidity

 

-

 

Net worth

 

-

 

 

 

Payments expectations

 

Past payments

 

Payment expectation days

665.92

Industry average payment expectation days

199.45

Industry average day sales outstanding

122.31

Day sales outstanding

86.55

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

Business number                     833556731

Company name                       JOGDIAM CORPORATION BVBA

Fax number                             –

Date founded                           03/02/2011

Company status                       active

Company type                                     Private Limited Company (BL/LX)

Currency                                  Euro (€)

Date of latest accounts            31/12/2011

Activity code                            46761

liable for VAT                          --

Activity description                  Wholesale of diamonds and other precious stones

VAT Number                            BE.0833.556.731

Belgian Bullettin of Acts

Publications                             moniteur belge

 

Contractor details

 

Registered contractor number

-

Contractor description

-

Date struck off register

 

 

Personnel limit NSSO

Code

-

Description

FROM 1 TO 4 EMPLOYEES

 

Joint Industrial Committee (JIC)

Significant Events

 

Event Date

09/09/2011

Event Description

resignation-appointment of director(s)

Event Details

Commentaar 09-09-2011: Het mandaat van de heer Modi Ashwin als zaakvoerder bevestigd.

 

Export accounts to CSV file

Comparison mode                     

·         average                  

median

profit & loss

 

Annual accounts

31-12-2011

 

 

 

 

Industry average

 

Weeks

52

 

-

 

-

 

 

Currency

EUR

 

-

 

-

 

 

Turnover

14,558,945

-

-

-

-

-

-

Total operating expenses

12,617,606

-

-

-

-

-

-

Operating result

1,941,338

-

-

-

-

-

-

Total financial income

1,077,245

-

-

-

-

-

-

Total financial expenses

2,963,965

-

-

-

-

-

-

Results on ordinary operations before taxation

54,618

-

-

-

-

-

-

Taxation

-

-

-

-

-

-

-

Results on ordinary operations after taxation

54,618

-

-

-

-

-

-

Extraordinary items

0

-

-

-

-

-

-

Other appropriations

0.00

-

-

-

-

-

-

Net result

54,618

-

-

-

-

-

-

Other information

 

 

 

 

 

 

 

Dividends

--

 

 

 

 

 

 

Director  remuneration

--

 

 

 

 

 

 

Employee costs

12,568

-

-

-

-

-

-

Wages and salary

9,951

-

-

-

-

-

-

Employee pension costs

-

-

-

-

-

-

-

Social security contributions

2,352

-

-

-

-

-

-

Other employee costs

264

-

-

-

-

-

-

Amortization and depreciation

45,618

-

-

-

-

-

-

 

 

Balance sheet

 

Annual accounts

31-12-2011

 

 

 

 

Industry average

 

Weeks

52

 

-

 

-

 

 

Currency

EUR

 

-

 

-

 

 

Intangible fixed assets

0

-

-

-

-

-

-

Tangible fixed assets

1,291,482

-

-

-

-

-

-

Land & building

1,173,743

-

-

-

-

-

-

Plant & machinery

50,616

-

-

-

-

-

-

Other tangible assets

67,122

-

-

-

-

-

-

Financial fixed assets

-

-

-

-

-

-

-

Total fixed assets

1,291,482

-

-

-

-

-

-

Inventories

19,625,808

-

-

-

-

-

-

Raw materials & consumables

-

-

-

-

-

-

-

Work in progress

0

-

-

-

-

-

-

Finished goods

0

-

-

-

-

-

-

Other stocks

19,625,808

-

-

-

-

-

-

Trade debtors

3,452,237

-

-

-

-

-

-

Cash

2,340,005

-

-

-

-

-

-

other amounts receivable

17,857

-

-

-

-

-

-

Miscellaneous current assets

0

-

-

-

-

-

-

Total current assets

25,435,906

-

-

-

-

-

-

CURRENT LIABILITIES

Trade creditors

23,019,983

-

-

-

-

-

-

Short term group loans

-

-

-

-

-

-

-

Other short term loans

0

-

-

-

-

-

-

Miscellaneous current liabilities

3,634,188

-

-

-

-

-

- -

Total current liabilities

26,654,170

-

-

-

-

-

-

LONG TERM DEBTS

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Other long term liabilities

0

-

-

-

-

-

-

Total long term debts

0

-

-

-

-

-

-

SHAREHOLDERS EQUITY

Issued share capital

18,600

-

-

-

-

-

-

Share premium account

-

-

-

-

-

-

-

Reserves

54,618

-

-

-

-

-

-

Revaluation reserve

--

-

-

-

-

-

-

Total shareholders equity

73,218

-

-

-

-

-

-

Working capital

-1,218,264

-

-

-

-

-

-

Net worth

73,218

-

-

-

-

-

-

 

 

Ratios anlaysis

 

Annual accounts

31-12-2011

change(%)

 

change(%)

 

Industry average

%

TRADING PERFORMANCE

Profit Before Tax

0.38

-

-

-

-

-

-

Return on capital employed

74.60

-

-

-

-

-

-

Return on total assets employed

0.20

-

-

-

-

-

-

Return net assets employed

74.60

 

 

 

 

 

 

Sales / net working capital

-11.95

-

-

-

-

-

-

Stock turnover ratio

134.80

-

-

-

-

-

-

Debtor days

86.55

-

-

-

-

-

-

Creditor days

665.92

-

-

-

-

-

-

SHORT TERM STABILITY

Current ratio

0.95

-

-

-

-

-

-

Liquidity ratio / acid ratio

0.22

-

-

-

-

-

-

Current debt ratio

364.04

-

-

-

-

-

-

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

-

-

-

-

-

-

-

Equity in percentage

0.27

-

-

-

-

-

-

Total debt ratio

364.04

-

-

-

-

-

-

 

Limit history

No limit history data found

 

Suspension of payments / moratorium history

Amount

-

Details

-

 

Payment expectations

Payment expectation days

665.92

Day sales outstanding

86.55

 

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

199.45

Industry average day sales outstanding

122.31

 

Industry quartile analysis

Payment expectations

 

Company result

665.92

Lower

132.50

Median

80

Upper

42.51

 

Day sales outstanding

 

Company result

86.55

Lower

109.24

Median

57.64

Upper

24.94

 

 

Summary

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Group Structure

 

No minority interests found

 

 

Minority Shareholders

 

No minority interests found

 

 

Minority interests

 

No minority interests found

 

 

Summary

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Protest bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

 

NSSO details

Business number

833556731

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

 

Bankruptcy details

There is no bankruptcy data against this company

 

 

Current directors details

 

Name

ASHWIN MODI

Position

Principal Manager

Street

105 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

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.54.52

UK Pound

1

Rs.87.48

Euro

1

Rs.70.89

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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

6-70

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%)

 

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.