MIRA INFORM REPORT

 

 

Report Date :           

08.02.2012

 

IDENTIFICATION DETAILS

 

Name :

JOSKE'S DE MÉXICO S.A. DE C.V.

 

 

Registered Office :

Calzada de Tlalpan No. 2738, Col. Espartaco, Delg. Coyoacán, Postal Code 04,870, México D.F., Distrito Federal

 

 

Country :

Mexico

 

 

Date of Incorporation :

28.03.1985

 

 

Legal Form :

Stock Company of Variable Capital

 

 

Line of Business :

The company is dedicated to meeting the demand for fine fancy and silver jewelry

 

 

No. of Employees :

Not Available

 

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 :

Unknown

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Mexico

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

IDENTIFICATION

 

CORRECT COMPANY NAME

JOSKE'S DE MÉXICO S.A. DE C.V.

TRADE NAME

JOSKE'S DE MÉXICO

TAXPAYER REGISTRATION

RFC JME-850328-LS2

MAIN ADDRESS

Calzada de Tlalpan No. 2738, Col. Espartaco, Delg. Coyoacán

POSTAL CODE

04,870

PROVINCE / DEPARTAMENT

México D.F.

STATE / REGION

Distrito Federal

COUNTRY

MEXICO

TELEPHONE

(5255) 10840350

E-MAIL

adrianaglez@joskes.com.mx

WEB

www.littlethincslondon.com

COMMENTS

 
Fax:  (5255) 10840363

 

 

SUMMARY

 

Date of foundation

1985

Capital stock

No specified.

permanent employees

(*)

Chief Executive

FLEISCHER RAMRAS, BERNARDO

Disposition

Poor.- Only general information without figures.

Payments policy

(No payment experience traced)

Credit (**)

Risk is High. Secured credits and follow-up are recommended. Extended.

 

 

LEGAL BACKGROUNDS

 

LEGAL STATUS

Stock Company of Variable Capital

DATE OF INCORPORATION

28MAR1985

PLACE OF REGISTRY

Mexico F.D.

DURATION

99 years

CURRENT PAID-IN CAPITAL

No specified.

CURRENT EXCHANGE RATE (US$)

Ps$12.66 per 1.00 USADollar

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

FLEISCHER RAMRAS, BERNARDO

President

 

 

GONZÁLEZ CARVAJAL, ADRIANA

Sales Manager

 

 

HERNÁNDEZ RAMÍREZ, MARTIN

General Accountant

 

 

 

WHO IS WHO?

 

 

FLEISCHER RAMRAS, BERNARDO

 

NATIONALITY

Mexican

 

PROFESSION

Graduate university.

 

 

 

 

 

 

 

GONZÁLEZ CARVAJAL, ADRIANA

 

NATIONALITY

Mexican

 

 

 

 

 

 

 

HERNÁNDEZ RAMÍREZ, MARTIN

 

NATIONALITY

Mexican

 

PROFESSION

Certified Public Accountant

 

 

BUSINESS HISTORY

 

 
Joske's de Mexico SA de CV is a 100% Mexican company which was established in 1985 to meet customer demand to have fine fancy and silver jewelry 
 
The subject is a company member of  "Group Joske's," a Mexican company with more than 50 years of experience leading the design, production and marketing of jewelry.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

 

COMPANY NAME

COUNTRY

RELATION %

FABOROMEX S.A. DE C.V.

MEXICO

 

Related

HOME MATE S.A. DE C.V.

MEXICO

 

Related

JOSKES SERVICIOS PROFESIONALES S.A. DE C.V.

MEXICO

 

Related

 

 

BUSINESS

 

Main activity

 
ACTIVITIES: The company is dedicated to meeting the demand for fine fancy and silver jewelry.
 
Brands sold include:  Carre, Mossimo, Steve Madden, Emanuel Ungaro, Vatican Library Collection, 1928, Artre .925, Little Things London (brands of third parties).
 

Import

Yes

Country

Occasionally but did not mention from which countries.

Export

No

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% (30, 45, 60 days)

% DOMESTIC PURCHASES

100%

SELLING TerritorY

100% National market

EMPLOYEES

(*)

LOCATION

OTHER PREMISES

At the above listed address the administrative offices, sales, warehouse, production facility and tax domicile can be found-

These facilities consist of three-floor building and is located within an urban area of Mexico City.

 

OTHER LOCATION: The company has no other premises.

Comments

(*) Staff number: The company has no employee payroll, its filial Joskes Servicios Profesionales S.A. de C.V. provides it with staff service, currently some 300 workers.

 

According to Customs on April 13, 2005 the company was entered in Register of Importers,  in the specific sector of tools.

 

CLIENTS:  Their clients are major department stores in Mexico, covering in this way 300 points-of-sale.

Customers include:

-Cimaco

-Fabricas de Francia

-Liverpool

-El Palacio de Hierro

-Sanborns

-Sears

 

 

FINANCIAL INFORMATION

 

Interviewee(s)

C.P.A. Hernández

Position(s)

General Accountant

Disposition

Poor.- Only general information without figures.

Information provided

 
We interviewed C.P.A. Hernández, who assisted us by providing general information regarding the company contained in this report , but claims that for security of company and its members can not provide more business and/or any financial data of company.
 
As a private company the subject does not publish any financial statements.

 

 

FINANCIAL SITUATION

 
UNDETERMINED
We consider the Financial Situation of the company as Undetermined because lack of financial data prevents us from assessing their current results.

Property of company comments

 
The company has: 
-Furniture and office equipment 
-Computer equipment 
-Transportation Equipment 
-Machinery and equipment

 

 

INSURANCE

 

COMPANY

AGAINST

EXPIRATION

AMOUNT

Seguros Inbursa S.A. de C.V.

 

 

 

 

PAYMENTS RECORD: TRADE REFERENCES

 

(Confidential Information)

Supplier

Telephone

Country

Comment

Faboromex S.A. de C.V.

 

MEXICO

 

 

CREDIT HISTORY

Faboromex S.A. de C.V. (This filial is the one who sells Subject precious stones, varying amounts, 30 days, good customer).

 

 

BANKING INFORMATION

 

Bank

NACIONAL DE MÉXICO S.A.

BBVA BANCOMER S.A.

HSBC MEXICO S.A.

 

The subject is a customer of those banks, which when consulted told us that in compliance with current legal regulations, can not provide data on their customer movements out of respect to banking secrecy.

 

 

 

 

GENERAL INFORMATION

 

REPUTATION                                                        

NOTHING AGAINST COMPANY                              

                                                                             


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.48.92

UK Pound

1

Rs.77.31

Euro

1

Rs.64.12

 

 

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%)

 

 

 

 

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.