|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
JOGDIAM BELGIUM BVBA |
|
|
|
|
Registered Office : |
Schupstraat 9 Antwerpen 2018 |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
2011 |
|
|
|
|
Date of Incorporation : |
14.12.1990 |
|
|
|
|
Com. Reg. No.: |
442026525 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No. of Employees : |
01 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 1.8%, the unemployment rate decreased slightly to 7.2%
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 and 3.3% in 2012. Fourth quarter
GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth.
This brought economic growth for the whole of 2012 to negative 0.2%. It also
left Belgium on the brink of a possible recession at the end of 2012. However,
at year's end, the government appeared close to meeting its 2012 budget deficit
goal of 3% of GDP. Despite the relative improvement in Belgium's budget
deficit, public debt hovers around 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
retail arm of a Franco-Belgian bank.
|
Source : CIA |
Company Name JOGDIAM BELGIUM
BVBA
Company Registration 442026525
Country BE
Activity Code 46761
Activity Description Wholesale of
diamonds and other precious stones
Company Status Active
Latest Turnover 23,005,186.00
(EUR)
Latest Shareholders Equity 3,792,978.00 (EUR)
Profit Before Tax 43,379.00
(EUR)
Activities
Activity Code 46761
Activity Description Wholesale of
diamonds and other precious stones
Basic Information
Company Name JOGDIAM BELGIUM
BVBA
Registered Company Name JOGDIAM BELGIUM
BVBA
Company Registration Number 442026525
Country BE
VAT Registration Number BE.0442.026.525
Date of Company Registration 14/12/1990
Date of Starting Operations 14/12/1990
Legal Form Private Limited
Company (BL/LX)
Company Status Active
Principal Activity Code 46761
Principal Activity Description Wholesale of
diamonds and other precious stones
Contact Address SCHUPSTRAAT 9
ANTWERPEN 2018
Contact Telephone Number 03/2273325
Main
Address
Address SCHUPSTRAAT 9
ANTWERPEN 2018
Country BE
Telephone 03/2273325
Name MANISH SHAH
Position Principal Manager
Date Appointed 16/03/2012
Name CHETANKUMAR JOGANI
Position Principal Manager
Date Appointed 28/11/1990
Name ROAD RIDGE
Position Principal Manager
Date Appointed 02/10/2000
Issued Share capital 18,600.00 (EUR)
Year 2011
Number of Employees 1
Profit & Loss
Financial Year 2011 2010 2009
Number of Weeks 52 52 52
Currency EUR EUR EUR
Revenue 23,005,186.00 20,886,535.00 0.00
Operating Costs 22,934,504.00 20,798,278.00 0.00
Operating Profit 70,682.00 88,256.00
-61,766.00
Wages & Salaries
37,775.00 58,404.00
61,080.00
Pension Costs 0.00 0.00 0.00
Depreciation 80,085.00 74,089.00
73,142.00
Financial Income 4,463.00 1,975.00
0.00
Financial Expenses 31,765.00 72,776.00
103,498.00
Profit Before Tax 43,379.00 17,455.00
-165,265.00
Tax 3.00 0.00 0.00
Profit After Tax 43,376.00 17,455.00
-165,265.00
Dividends 0.00 0.00 0.00
Other Appropriations 15,907.00 605.00
16,681.00
Retained Profit 59,283.00 18,060.00
-148,584.00
Balance Sheet
Financial Year 2011 2010 2009
Number of Weeks 52 52 52
Currency EUR EUR EUR
Land & Buildings
583,394.00 601,724.00 620,053.00
Plant & Machinery
70,912.00 104,264.00 133,905.00
Other Tangible Assets 83,804.00 111,970.00 56,844.00
Total Tangible Assets 738,110.00 817,958.00 810,802.00
|
Other Intangible Assets |
0.00 |
0.00 |
0.00 |
|
Total Intangible Assets |
0.00 |
0.00 |
0.00 |
|
Miscellaneous Fixed Assets |
4,987.00 |
4,987.00 |
4,637.00 |
|
Total Other Fixed Assets |
4,987.00 |
4,987.00 |
4,637.00 |
|
Total Fixed Assets |
743,098.00 |
822,945.00 |
815,439.00 |
|
Raw Materials |
0.00 |
0.00 |
0.00 |
|
Work
in Progress |
0.00 |
0.00 |
0.00 |
|
Finished Goods |
3,682,554.00 |
22,315,878.00 |
0.00 |
|
Other
Inventories |
0.00 |
0.00 |
13,413,362.00 |
|
Total Inventories |
3,682,554.00 |
22,315,878.00 |
13,413,362.00 |
|
Trade Receivables |
21,556,504.00 |
6,035,657.00 |
4,222,460.00 |
|
Miscellaneous Receivables |
19,631.00 |
26,419.00 |
1,883.00 |
|
Total Receivables |
21,576,136.00 |
6,062,076.00 |
4,224,343.00 |
|
Cash |
51,280.00 |
3,243,010.00 |
12,921.00 |
|
Other
Current Assets |
8,085.00 |
32,423.00 |
18,971.00 |
|
Total Current
Assets |
25,318,054.00 |
31,653,387.00 |
17,669,597.00 |
|
Total Assets |
26,061,152.00 |
32,476,332.00 |
18,485,036.00 |
|
Trade Payables |
21,202,050.00 |
23,312,525.00 |
5,960,352.00 |
|
Other Loans/Finance |
776,960.00 |
4,117,120.00 |
7,217,809.00 |
|
Miscellaneous Liabilities |
289,163.00 |
1,312,992.00 |
1,591,239.00 |
|
Total Current
Liabilities |
22,268,173.00 |
28,742,637.00 |
14,769,400.00 |
|
Other Loans/Finance due after 1 year |
0.00 |
0.00 |
0.00 |
|
Miscellaneous Liabilities due after 1 year |
0.00 |
0.00 |
1.00 |
|
Total Long Term Liabilities |
0.00 |
0.00 |
1.00 |
|
Total Liabilities |
22,268,173.00 |
28,742,637.00 |
14,769,401.00 |
|
Called Up Share Capital |
18,600.00 |
18,600.00 |
18,600.00 |
|
Share Premium |
0.00 |
0.00 |
0.00 |
|
Revenue Reserves |
3,774,378.00 |
3,715,095.00 |
3,697,035.00 |
|
Other Reserves |
0.00 |
0.00 |
0.00 |
|
Total Shareholders
Equity |
3,792,978.00 |
3,733,695.00 |
3,715,635.00 |
|
Other Financials |
|
|
|
|
Working Capital |
3,049,880.00 |
2,910,750.00 |
2,900,197.00 |
|
Net Worth |
3,792,978.00 |
3,733,695.00 |
3,715,635.00 |
|
Pre-Tax Profit
Margin |
0.19 |
0.08 |
0.00 |
|
Return on Capital
Employed |
1.14 |
0.47 |
-4.45 |
|
Return on Total Assets Employed |
0.17 |
0.05 |
-0.89 |
|
Return on Net Assets
Employed |
1.14 |
0.47 |
-4.45 |
|
Sales/Net Working
Capital |
7.54 |
7.18 |
0.00 |
|
Stock Turnover Ratio |
16.01 |
106.84 |
0.00 |
|
Debtor Days |
342.02 |
105.48 |
0.00 |
|
Creditor Days |
337.43 |
409.12 |
0.00 |
|
Current Ratio |
1.14 |
1.10 |
1.20 |
|
Liquidity Ratio/Acid Test |
0.97 |
0.32 |
0.29 |
|
Current Debt Ratio |
5.87 |
7.70 |
3.97 |
|
Gearing |
20.48 |
110.27 |
194.26 |
|
Equity in Percentage |
14.55 |
11.50 |
20.10 |
|
Total Debt Ratio |
5.87 |
7.70 |
3.97 |
Joint Industrial
Committee
Jic Code 1
Description Additional national joint committee for the
employees
Jic Code 2
Description JSC small merchandisers in the diamant industry and
trade
Significant Events
Event Date 18/04/2011
Event Description authority appointed
Event Details Commentaar
18-04-2011: De afvaardiging van de machten aan mevrouw Mayuri Jogani
worden herroepen
met ingang van 18/4/2011.
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
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.