MIRA INFORM REPORT

 

 

Report Date :

05.04.2014  

 

IDENTIFICATION DETAILS

 

Name :

JAY IMPEX BVBA

 

 

Registered Office :

Quinten Matsijslei 7 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

08.04.2004

 

 

Com. Reg. No.:

864817455

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 and address

 

Business number           864817455

Company name             JAY IMPEX BVBA

Address                        QUINTEN MATSIJSLEI

7 2018 ANTWERPEN

Number of staff                        0

Date of establishment   08/04/2004

Telephone number         032270179

 

 

Commentary

 

The business was established over 9 years ago.

 

No employees are recorded for this business.

 

The business has been at the address for over 17 months.

 

Net Worth increased by 23% during the latest trading period.

 

Pre-tax profits increased by 28% compared to the previous trading period.

 

The business saw an increase in their Cash Balance of 109% during the latest trading period.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

 

39,946

82,146

232,573

31/12/2011

 

31,115

66,680

220,527

31/12/2010

 

19,631

59,200

1,367,386

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

371,213

0

24,500

36,189

31/12/2011

321,082

0

24,500

28,749

31/12/2010

1,552,127

0

24,500

18,357

 

 

Payment expectations

 

Payment expectations

 

 

 

Past payments

 

Payment expectation days

-

Industry average payment

164.15

Industry average day sales

119.90

expectation days

 

outstanding

 

Day sales outstanding

-

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

864817455

Company name

JAY IMPEX BVBA

Fax number

 

Date founded

08/04/2004

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0864.817.455

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

 

Profit & loss

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

-

-

-

-

-

46,537,630

-

 

Total operating expenses

-

-

-

-

-

46,145,645

-

 

Operating result

38,777

-3.84

40,325

-77.65

180,412

147,590

-73.73

 

Total financial income

38,671

-60.78

98,606

-65.18

283,176

97,743

-60.44

 

Total financial expenses

37,502

-65.22

107,815

-75.72

443,957

204,361

-81.65

 

Results on ordinary operations before taxation

39,946

28.38

31,115

58.50

19,631

32,848

21.61

 

Taxation

4,480

23.25

3,635

50.02

2,423

20,918

-78.58

 

Results on ordinary operations after taxation

35,466

29.06

27,480

59.69

17,208

18,016

96.86

 

Extraordinary items

0

-

0

-

0

-4,395

0

 

Other appropriations

0.00

-

0

-

0.00

-

-

 

Net result

35,466

29.06

27,480

59.69

17,208

13,640

160

 

OTHER INFORMATION

 

Dividends

-

-

-

-

-

172,177

-

 

Director remuneration

-

-

-

-

-

114,302

-

 

Employee costs

-

-

-

-

-

125,948

-

 

Wages and salary

-

-

-

-

-

105,678

-

 

Employee pension costs

-

-

-

-

-

14,428

-

 

Social security contributions

-

-

-

-

-

26,585

-

 

Other employee costs

0

-

0

-

0

4,360

-100

 

Amortization and depreciation

723

-43.00

1,269

10.48

1,149

17,895

-95.96

 

back to top

 

 

balance sheet

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

0

-

0

-

0

1,553

-100

 

Tangible fixed assets

1,157

59.81

724

51.68

1,498

185,189

-99

 

Land & building

-

-

-

-

-

362,988

-

 

Plant & machinery

1,157

59.81

724

49.19

485

22,664

94.89

 

Furniture & Vehicles

-

-

-

-

1,013

17,327 5,364

-

 

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

 

Other tangible assets

0

-

0

-

0

7,634

-100

 

Financial fixed assets

-

-

-

-

-

307,703

-

 

Total fixed assets

1,157

59.81

724

51.68

1,498

396,856

-99

 

Inventories

25,060

41.67

42,966

-

-

3,093,934

-99

 

Raw materials & consumables

-

-

-

-

-

7,209,884

-

 

Work in progress

0

-

0

-

0

2,399

-100

 

Finished goods

0

-

0

-

0

1,982,203

-100

 

Other stocks

25,060

41.67

42,966

-

0

571,885

95.62

 

Trade debtors

303,890

13.57

267,586

82.24

1,506,992

4,167,122

92.71

 

Cash

15,951

109

7,608

81.13

40,328

226,208

92.95

 

other amounts receivable

25,154

1651

1,436

29.44

2,035

185,906

86.47

 

Miscellaneous current assets

0

-100

762

40.18

1,274

18,028

-100

 

Total current assets

370,056

15.51

320,358

79.34

1,550,629

7,215,183

94.87

 

Total Assets

371,213

15.61

321,082

79.31

1,552,127

7,579,247

1,446,080

95.10

 

CURRENT LIABILITIES

 

Trade creditors

98,764

99

49,501

51.20

101,428

3,040,360

96.75

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

13,125

-

-

-

56,718

4,261,350 189,666

-99

 

Current portion of long term debt

-

-

-

-

-

110,204 15,373

-

 

Amounts Payable for Taxes, Remuneration & Social Security

5,594

74.91

3,198

2512

122

9,709 -

83.53

 

Miscellaneous current liabilities

20,000

57.57

47,132

88.73

24,974

-93.27

- -

 

Total current liabilities

137,483

37.72

99,831

45.52

183,242

5,342,128

97.43

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

151,584

-1.93

154,571

88.20

1,309,684

-86.22

- -

 

Deffered taxes

-

-

-

-

-

37,626 26,358

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

3,184 0

-100

 

Other long term liabilities

0

-

0

-

0

128,672

-100

 

Total long term debts

151,584

-1.93

154,571

88.20

1,309,684

559,214

72.89

 

SHAREHOLDERS EQUITY

 

 

 

Issued share capital

24,500

0

24,500

0

24,500

943,974

97.40

 

Share premium account

-

-

-

-

-

109,362

-

 

Reserves

57,646

36.67

42,180

21.55

34,700

690,619

91.65

 

Revaluation reserve

-

-

-

-

-

939,206

-

 

Total shareholders equity

82,146

23.19

66,680

12.63

59,200

1,664,274

95.06

 

Working capital

232,573

5.46

220,527

83.87

1,367,386

1,873,055

87.58

 

Cashflow

36,189

25.88

28,749

56.61

18,357

28,425

27.31

 

Net worth

82,146

23.19

66,680

12.63

59,200

1,661,040

95.05

 

back to top

 

 

ratio analysis

 

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-25,00

-

 

Return on capital employed

17.09

21.55

14.06

883

1.43

29,00

-41.07

 

Return on total assets employed

10.76

11.04

9.69

669

1.26

-201,00

5.35

 

Return on net assets employed

48.63

4.22

46.66

40.71

33.16

19,00

155

 

Sales / net working capital

-

-

-

-

-

45,00

-

 

Stock turnover ratio

-

-

-

-

-

111,00

-

 

Debtor days

-

-

-

-

-

133,00

-

 

Creditor days

-

-

-

-

-

122,00

-

 

SHORT TERM STABILITY

 

Current ratio

2.69

-16.20

3.21

-62.06

8.46

7,00

-70.11

 

Liquidity ratio / acid ratio

2.51

-9.71

2.78

-67.14

8.46

4,00

-37.25

 

Current debt ratio

1.67

11.33

1.50

-51.61

3.10

9,00

-81.44

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

200.51

-13.50

231.81

-89.96

2308.09

360,00

-44.30

 

Equity in percentage

22.13

6.55

20.77

445

3.81

-3.211,00

0.69

 

Total debt ratio

3.52

-7.85

3.82

-84.85

25.22

10,00

-64.80

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

industry average credit rating

64.48

Industry average credit limit

140177.31

 

 

Payment Information

 

Amount

-

Details

-

Payment expectations

Payment expectation days

-

Day sales outstanding

-

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

164.15

Industry average day sales outstanding

119.90

Industry quartile analysis

Payment expectations

Company result

-

Lower

134.34

Median

84.60

Upper

45.29

 

 

Day sales outstanding

Company result

-

Lower

112.48

Median

58.56

Upper

28.09

 

 

Shareholder Details

 

Group Structure

No group structure for this company

 

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Court data

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

NSSO details

Business number

864817455

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

 

Current director details

 

Name

HARSHADKUMAR PATEL

Position

Principal Manager

Start Date

01/02/2011

Street

49 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

MOHANLAL DHAMELIA

Position

Non Statutory Partner

Start Date

08/04/2004

Street

45 EUGENIO PACELLILAAN EDEGEM

Post code

2650

Country

Belgium

 

Name

MOHANLAL DHAMELIA

Position

Principal Manager

Start Date

08/04/2004

Street

45 EUGENIO PACELLILAAN EDEGEM

Post code

2650

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.

-            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.60.32

UK Pound

1

Rs.100.04

Euro

1

Rs.82.65

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

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.