MIRA
INFORM REPORT
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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
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Name : |
JAYAM |
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Registered Office : |
Schupstraat 18 20 B.9, Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
1960 |
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Com. Reg. No.: |
404965892 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Wholesale trade in diamonds and gemstones |
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No. of Employees : |
14 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Belgium |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company name & address
Jayam
Schupstraat 18 20 B.9
Antwerpen, 2018
Belgium
Tel: 03 231 09 35
Fax: 03 232 92 20
Web: www.jayamnv.be
Synthesis
Employees: 14
Company Type: Private Independent
Incorporation Date: 1960
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2011
Reporting Currency: Euro
Annual Sales: 58.1
1
Total Assets: 74.9
Business Description
Wholesale trade in diamonds and gemstones
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
UK SIC 2007: 4648 - Wholesale
of watches and jewellery
US SIC 1987: 5094 - Jewelry,
Watches, Precious Stones, and Precious Metals
Key Executives
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Name |
Title |
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Mihir Mahendra Mehta |
Managing Director, Shareholders' Representative |
|
Mahendra Mafatlal Mehta |
Managing Director |
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Marc Auwers |
Accounting Manager |
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Samir Mehta |
Administrator |
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Lucas Alfons Ida Toelen |
Representative/Auditor |
news
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Title |
Date |
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Still lots to learn: Amala Paul |
23-Nov-2012 |
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Jayam Ravi gets busy with Nimirndhu Nil |
21-Nov-2012 |
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Amala Paul starts shooting in Chennai |
18-Nov-2012 |
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Simbu - Lekha friendship still intact! |
4-Nov-2012 |
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Samuthirakani sets his eyes on Sandalwood |
28-Oct-2012 |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7571683
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672
Corporate Overview
Location
Schupstraat 18 20 B.9
Antwerpen, 2018
Belgium
Tel: 03 231 09 35
Fax: 03 232 92 20
Web: www.jayamnv.be
Sales EUR(mil): 44.0
Assets EUR(mil): 52.8
Employees: 14
Fiscal Year End: 31-Mar-2011
Industry: Jewelry and Silverware
Incorporation Date: 1960
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(VAT): 404965892
Managing Director: Mahendra
Mafatlal Mehta
Contents
Industry Codes
Business Description
Financial Data
Subsidiaries
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
UK SIC 2007:
4648 - Wholesale of watches and jewellery
Business
Description
Wholesale of other intermediate products
More Business
Descriptions
Wholesale trade in diamonds and gemstones
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Executive report
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Executives |
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Managing Director |
Managing Director |
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Managing Director, Shareholders' Representative |
Managing Director |
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Human Resources, Administration and IT Manager |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Accounting Manager |
Finance Executive |
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Representative/Auditor |
Accounting Executive |
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Annual profit & loss
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31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.757168 |
0.70861 |
0.707647 |
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Consolidated |
No |
No |
No |
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Turnover |
58.1 |
38.7 |
48.3 |
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Other Operating Income |
0.0 |
0.1 |
0.2 |
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Operating Income |
58.1 |
38.8 |
48.5 |
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Purchases |
44.9 |
27.3 |
39.1 |
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Increase or Decrease
in Stocks |
10.0 |
7.4 |
20.6 |
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Raw Materials, Consumables, and Goods for
Release |
54.9 |
34.7 |
59.8 |
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Services and Sundry Goods |
1.2 |
1.3 |
1.7 |
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Remuneration, Social Security Charges, and
Pensions |
0.7 |
0.9 |
1.0 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.1 |
0.1 |
0.1 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
-0.5 |
- |
0.7 |
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Other Operating Charges |
0.0 |
0.0 |
0.0 |
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Operating Charges |
56.4 |
37.0 |
63.3 |
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Income From Current Assets |
0.0 |
0.0 |
0.0 |
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Other Financial Income |
0.2 |
0.0 |
0.1 |
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Financial Income |
0.2 |
0.0 |
0.1 |
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Interest and Other Debt Charges |
1.0 |
1.4 |
1.6 |
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Other Financial Charges |
0.2 |
0.3 |
0.3 |
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Financial Charges |
1.2 |
1.6 |
1.9 |
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Gain on Disposal of Fixed Assets |
0.0 |
- |
- |
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Other Extraordinary Income |
0.2 |
0.1 |
- |
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Extraordinary Income |
0.2 |
0.1 |
- |
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Amounts Written Off on Financial Fixed Assets |
0.0 |
0.0 |
0.0 |
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Loss on Disposal of Fixed Assets |
0.0 |
- |
- |
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Other Extraordinary Charges |
0.6 |
- |
- |
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Extraordinary Charges |
0.6 |
0.0 |
0.0 |
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Income Taxes |
- |
0.0 |
- |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
- |
- |
0.0 |
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Income Taxes |
- |
0.0 |
0.0 |
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To the Legal Reserve |
0.0 |
- |
- |
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Transfers to Capital and Reserves |
0.0 |
- |
- |
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Employees |
14 |
14 |
19 |
Annual Balance Sheet
Financials in: USD (mil)
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|
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.704672 |
0.739044 |
0.753182 |
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Consolidated |
No |
No |
No |
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Plant,
Machinery, and Equipment |
0.1 |
0.0 |
0.0 |
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Furniture
and Vehicles |
0.0 |
0.0 |
0.0 |
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Other
Tangible Assets |
0.3 |
0.3 |
0.3 |
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Tangible Assets |
0.5 |
0.4 |
0.4 |
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Participating
Interests |
0.3 |
0.3 |
0.3 |
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Affiliated
Enterprises |
0.3 |
0.3 |
0.3 |
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Shares |
0.1 |
0.1 |
0.1 |
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Amounts
Receivable and Cash Guarantees |
0.0 |
0.0 |
0.0 |
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Other
Capital Assets |
0.1 |
0.1 |
0.1 |
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Capital Assets |
0.4 |
0.4 |
0.4 |
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Fixed Assets |
0.9 |
0.8 |
0.9 |
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Goods
Purchased for Resale |
29.2 |
40.2 |
47.0 |
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Stocks |
29.2 |
40.2 |
47.0 |
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Inventory and Orders in
Progress |
29.2 |
40.2 |
47.0 |
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Trade
Debtors |
37.5 |
21.1 |
12.7 |
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Other
Amounts Receivable |
5.0 |
0.2 |
0.1 |
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Amounts Receivable Within One
Year |
42.5 |
21.3 |
12.7 |
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Liquid Assets |
2.2 |
0.6 |
4.2 |
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Adjustment Accounts |
0.1 |
0.0 |
0.1 |
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Current Assets |
74.0 |
62.1 |
64.1 |
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Total Assets |
74.9 |
62.9 |
64.9 |
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Issued
Capital |
23.6 |
23.7 |
3.6 |
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Capital |
23.6 |
23.7 |
3.6 |
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Legal
Reserve |
0.1 |
0.1 |
0.1 |
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Untaxed
Reserves |
0.0 |
0.0 |
0.0 |
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Reserves
Available for Distribution |
2.8 |
2.8 |
2.8 |
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Reserves |
2.9 |
2.9 |
2.9 |
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Capital and Reserves |
12.6 |
12.4 |
-7.9 |
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Other
Loans |
22.6 |
22.7 |
42.9 |
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Financial
Debts |
22.6 |
22.7 |
42.9 |
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Amounts Due After More Than One
Year |
22.6 |
22.7 |
42.9 |
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Credit
Institutions |
28.9 |
22.2 |
23.0 |
|
Financial
Debts |
28.9 |
22.2 |
23.0 |
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Suppliers |
10.4 |
5.2 |
6.5 |
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Trade
Debts |
10.4 |
5.2 |
6.5 |
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Remuneration
and Social Security |
0.1 |
0.1 |
0.1 |
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Taxes,
Wages, and Social Security |
0.1 |
0.1 |
0.1 |
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Other
Amounts Payable |
0.3 |
0.3 |
0.4 |
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Amounts Payable Within One Year |
39.7 |
27.8 |
30.0 |
|
Adjustment Accounts |
0.0 |
0.0 |
0.0 |
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Creditors |
62.3 |
50.5 |
72.9 |
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Total Liabilities + Shareholders' Equity |
74.9 |
62.9 |
64.9 |
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.89.34 |
|
Euro |
1 |
Rs.72.35 |
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 |
|
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NB |
New Business |
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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.