MIRA INFORM REPORT

 

Final Report

 

 

Report Date :

06.06.2012

 

IDENTIFICATION DETAILS

 

Name :

JEWELEX ANTWERP

 

 

Formerly Known As :

Indogem NV

 

 

Registered Office :

Hoveniersstraat 30 B.191, Antwerpen, 2018

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1988

 

 

Com. Reg. No.:

433849425

 

 

Legal Form :

Private Independent Company

 

 

Line of Business :

Import and export of diamonds

 

 

No. of Employees :

03

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

           

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Jewelex Antwerp

Hoveniersstraat 30 B.191

Antwerpen, 2018

Belgium

Tel:       03 401 19 19

Fax:      03 401 19 20

Web:    www.jewelexgroup.com

 

 

Synthesis

           

Employees:                  3

Company Type:            Private Independent

Incorporation Date:         1988    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       Euro

Annual Sales:               120.2  1

Total Assets:                 48.9

 

 

Business Description     

 

Import and export of diamonds

 

Industry             

Industry            Jewelry and Silverware

ANZSIC 2006:    3732 - Jewellery and Watch Wholesaling

NACE 2002:      5147 - Wholesale of other household goods

NAICS 2002:     423940 - Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

UK SIC 2003:    51473 - Wholesale of jewellery

US SIC 1987:    5094 - Jewelry, Watches, Precious Stones, and Precious Metals

 

           

Key Executives   

 

Name

Title

Nishit Kothari

Managing Director

Hemal V Mody

Administrator

Jitendra Jayantilal Shah

Administrator

Bart Filip Gerard Meynendonckx

Representative/Auditor

 

Registered No.(VAT):                 433849425

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

 

 

Corporate Overview

 

Location

Hoveniersstraat 30 B.191

Antwerpen, 2018

Belgium

Tel:       03 401 19 19

Fax:      03 401 19 20

Web:    www.jewelexgroup.com

           

Sales EUR(mil):             90.7

Assets EUR(mil):           36.5

Employees:                   3

Fiscal Year End:            31-Dec-2010

Industry:                        Jewelry and Silverware

Incorporation Date:         1988

Company Type:             Private Independent

Quoted Status:              Not Quoted

Previous Name:             Indogem NV

Registered No.(VAT):     433849425

Managing Director:         Nishit Kothari

 

Contents

Industry Codes

Business Description

Financial Data

 

Industry Codes

 

ANZSIC 2006 Codes:

3732     -          Jewellery and Watch Wholesaling

 

NACE 2002 Codes:

5147     -          Wholesale of other household goods

 

NAICS 2002 Codes:

423940  -          Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

 

US SIC 1987:

5094     -          Jewelry, Watches, Precious Stones, and Precious Metals

 

UK SIC 2003:

51473   -          Wholesale of jewellery

 

Business Description

Wholesale of other intermediate products

 

More Business Descriptions

Import and export of diamonds

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

90.7

Assets:

36.5

Current Assets:

36.0

 

Fixed Assets:

0.5

 

Total Liabilities:

36.5

 

Issued Capital:

7.1

 

Net Worth:

7.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

NA

NA

 

 

 

Executive report

 

Executives

 

Name

Title

Function

 

Nishit Kothari

 

Managing Director

Managing Director

 

Hemal V Mody

 

Administrator

Administration Executive

 

Jitendra Jayantilal Shah

 

Administrator

Administration Executive

 

Bart Filip Gerard Meynendonckx

 

Representative/Auditor

Accounting Executive

 

 

Annual Profit & Loss

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

52 Weeks

52 Weeks

52 Weeks

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

No

No

No

 

 

 

 

    Turnover

120.2

66.6

82.4

    Other Operating Income

0.0

0.0

0.0

Operating Income

120.2

66.6

82.4

        Purchases

110.2

66.4

80.5

        Increase or Decrease in Stocks

7.2

-1.8

-0.6

    Raw Materials, Consumables, and Goods for Release

117.3

64.5

79.9

    Services and Sundry Goods

0.8

0.7

0.8

    Remuneration, Social Security Charges, and Pensions

0.2

0.2

0.2

    Depreciation of and Other Amounts Written Off of Formation Expense, Intangible and Tangible Fixed Assets

0.0

0.0

0.0

    Increase or Decrease in Amounts Written Off Stocks, Orders, and Trade Debtors

-

0.0

0.1

    Other Operating Charges

0.0

0.0

0.0

Operating Charges

118.4

65.5

81.1

    Income From Current Assets

0.0

0.0

0.0

    Other Financial Income

0.0

0.0

0.0

Financial Income

0.0

0.0

0.0

    Interest and Other Debt Charges

1.2

1.0

1.3

    Other Financial Charges

0.0

0.0

0.0

Financial Charges

1.2

1.0

1.3

    Other Extraordinary Charges

0.0

-

-

Extraordinary Charges

0.0

-

-

    Transfer from Differed Taxes

0.0

0.0

0.0

    Income Taxes

0.0

0.0

-

    Adjustment of Income Taxes and Write-Back of Tax Provisions

-

-

0.0

Income Taxes

0.0

0.0

0.0

    Transfer from Untaxed Reserves

0.0

0.0

0.0

        To Capital and Share Premium Account

-

-

0.0

        To the Legal Reserve

0.4

0.1

-

    Transfers to Capital and Reserves

0.4

0.1

0.0

    Employees

3

3

3

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

        Land & Buildings

0.4

0.4

0.5

        Plant, Machinery, and Equipment

0.0

0.0

0.0

        Furniture and Vehicles

0.0

0.0

0.0

    Tangible Assets

0.4

0.5

0.5

        Shares

0.2

0.2

0.2

        Amounts Receivable and Cash Guarantees

0.0

0.0

0.0

        Other Capital Assets

0.2

0.2

0.2

    Capital Assets

0.2

0.2

0.2

Fixed Assets

0.6

0.7

0.7

        Goods Purchased for Resale

19.5

26.5

24.7

        Stocks

19.5

26.5

24.7

    Inventory and Orders in Progress

19.5

26.5

24.7

        Trade Debtors

28.5

19.8

18.0

        Other Amounts Receivable

0.0

0.1

0.1

    Amounts Receivable Within One Year

28.5

19.8

18.1

    Liquid Assets

0.3

0.8

0.6

    Adjustment Accounts

-

0.0

-

Current Assets

48.3

47.1

43.4

Total Assets

48.9

47.8

44.1

        Issued Capital

9.5

9.5

9.5

    Capital

9.5

9.5

9.5

        Legal Reserve

1.0

0.6

0.5

        Untaxed Reserves

0.1

0.1

0.1

    Reserves

1.0

0.6

0.6

        Deferred Taxation

0.0

0.0

0.0

    Provisions and Deferred Taxes

0.0

0.0

0.0

Capital and Reserves

11.5

10.9

10.9

        Credit Institutions

0.3

0.4

0.4

        Financial Debts

0.3

0.4

0.4

    Amounts Due After More Than One Year

0.3

0.4

0.4

        Current Portion of Amounts Payable After More Than One Year

0.0

0.0

0.0

        Credit Institutions

2.1

8.3

11.0

        Other Loans

9.5

9.3

9.1

        Financial Debts

11.6

17.6

20.1

        Suppliers

24.8

18.3

12.1

        Trade Debts

24.8

18.3

12.1

        Taxes

0.1

0.0

0.0

        Remuneration and Social Security

0.0

0.0

0.0

        Taxes, Wages, and Social Security

0.1

0.1

0.1

        Other Amounts Payable

0.5

0.5

0.4

    Amounts Payable Within One Year

37.0

36.5

32.8

    Adjustment Accounts

0.0

0.0

0.1

Creditors

37.3

36.8

33.2

Total Liabilities + Shareholders' Equity

48.9

47.8

44.1

 

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.55.56

UK Pound

1

Rs.85.52

Euro

1

Rs.69.50

 

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%)

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.