MIRA INFORM REPORT

 

 

Report Date :

19.11.2014

 

IDENTIFICATION DETAILS

 

Name :

JAY IMPEX BVBA

 

 

Registered Office :

Quinten Matsijslei 7-Bus 7, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.04.2004

 

 

Com. Reg. No.:

864817455

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

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 :

Slow but correct

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

A1

A2

 

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 summary

 

Business number                     864817455

Company name                        JAY IMPEX BVBA

Address                                   QUINTEN MATSIJSLEI 7-BUS 7

2018 ANTWERPEN

Number of staff                        0

Date of establishment               08/04/2004

Telephone number                   032270179

Fax number                              032329370

 

 

Commentary

 

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 2 years.

Operating Result in the latest trading period decreased 66% on the previous trading period.

A 233% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 63% compared to the previous trading period.

The business saw an increase in their Cash Balance of 89% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

 

14,486

87,224

775,607

31/12/2012

 

39,946

82,146

232,573

31/12/2011

 

31,115

66,680

220,527

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

1,237,515

0

24,500

15,763

31/12/2012

371,213

0

24,500

36,189

31/12/2011

321,082

0

24,500

28,749

 

 

Payment expectations

 

Past payments

Payment expectation days                    -

Industry average payment

expectation days                                  123.06

Industry average day sales

outstanding                                          140.65

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

032329370                  

Date founded

08/04/2004

Company status

active                             

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)                           

Date of latest accounts

31/12/2013

Activity code

46761                               

Liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0864.817.455 Check VAT

number

Belgian Bullettin of Acts

Publications

moniteur belge

 

 

 

 

Profit & loss

 

Annual accounts

31-12­2013

%

31-12­2012

%

31-12­2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

-

-

-

-

-

54,683,986

-

Total operating expenses

-

-

-

-

-

54,229,444

-

Operating result

12,810

-66.96

38,777

-3.84

40,325

149,665

-91.44

Total financial income

68,236

76.45

38,671

-60.78

98,606

80,146

-14.86

Total financial expenses

66,560

77.49

37,502

-65.22

107,815

188,437

-64.68

Results on ordinary operations before taxation

14,486

-63.74

39,946

28.38

31,115

35,192

-58.84

 Taxation

-593

-113

4,480

23.25

3,635

21,872

-102

 

Results on ordinary operations after taxation

15,078

-57.48

35,466

29.06

27,480

19,134

-21.20

Extraordinary items

0

-

0

-

0

5,377

-100

Other appropriations

0.00

-

0.00

-

0

-

-

Net result

15,078

-57.48

35,466

29.06

27,480

24,645

-38.82

Gross Operating Margin

14,596

-64.35

40,946

-5.08

43,137

33,386

-56.28

Dividends

-

-

-

-

-

234,766

-

Director remuneration

-

-

-

-

-

125,886

-

Employee costs

-

-

-

-

-

139,237

-

Wages and salary

-

-

-

-

-

120,283

-

Employee pension costs

-

-

-

-

-

23,129

-

Social security contributions

-

-

-

-

-

29,738

-

Other employee costs

0

-

0

-

0

3,980

-100

Amortization and depreciation

685

-5.30

723

-43.00

1,269

17,900

-96.17

 

 

balance sheet

 

Annual accounts

31-12­2013

%

31-12­2012

%

31-12­2011

Industry

average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,302

-100

Tangible fixed assets

472

-59.20

1,157

59.81

724

187,893

-99

Land & building

-

-

-

-

-

366,558

-

Plant & machinery

472

-59.20

1,157

59.81

724

26,683

-98.23

Furniture & Vehicles

-

-

-

-

-

15,790 4,605

-

Leasing & Other Similar Rights

-

-

-

-

-

107,517 34,551

-

Other tangible assets

0

-

0

-

0

9,053

-100

Financial fixed assets

-

-

-

-

-

181,018

-

Total fixed assets

472

-59.20

1,157

59.81

724

299,085

-99

Inventories

318,252

1169

25,060

-41.67

42,966

2,918,261

-89.09

Raw materials & consumables

-

-

-

-

-

6,545,857

-

Work in progress

0

-

0

-

0

1,130

-100

Finished goods

0

-

0

-

0

1,935,062

-100

Other stocks

318,252

1169

25,060

-41.67

42,966

448,905

-29.10

Trade debtors

882,046

190

303,890

13.57

267,586

4,230,323

-79.15

Cash

30,240

89.58

15,951

109

7,608

459,215,604

-99

other amounts receivable

5,895

-76.57

25,154

1651

1,436

200,558

-97.06

Miscellaneous current assets

611

-

0

-100

762

-452,072,752

0.00

Total current assets

1,237,043

234

370,056

15.51

320,358

7,110,230

-82.60

Total Assets

1,237,515

233

371,213

15.61

321,082

7,376,509

1,285,756

-83.22

 

TRADE CREDITORS

428,242

333

98,764

99

49,501

2,899,893

-85.23

SHORT TERM GROUP LOANS

-

-

-

-

-

-

-

FINANCIAL DEBTS

23,194

76.71

13,125

-

-

4,398,237 146,879

-99

CURRENT PORTION OF LONG TERM DEBT

-

-

-

-

-

76,213 13,806

-

AMOUNTS PAYABLE FOR TAXES, REMUNERATION & SOCIAL SECURITY

-

-

5,594

74.91

3,198

8,335 -

-

MISCELLANEOUS CURRENT LIABILITIES

10,000

-50.0

20,000

-57.57

47,132

-95.83

--

TOTAL CURRENT LIABILITIES

461,436

235

137,483

37.72

99,831

5,064,975

-90.89

 

 

 

 

 

 

 

 

LONG TERM GROUP LOANS

-

-

-

-

-

-

--

OTHER LONG TERM LOANS

688,855

354

151,584

-1.93

154,571

-40.56

--

DEFFERED TAXES

-

-

-

-

-

46,266 28,377

-

PROVISIONS FOR LIABILITIES & CHARGES

0

-

0

-

0

3,948 0

-100

OTHER LONG TERM LIABILITIES

0

-

0

-

0

244,149

-100

TOTAL LONG TERM DEBTS

688,855

354

151,584

-1.93

154,571

674,710

2.10

 

 

 

 

 

 

 

 

ISSUED SHARE CAPITAL

24,500

0

24,500

0

24,500

962,167

-97.45

SHARE PREMIUM ACCOUNT

-

-

-

-

-

124,160

-

RESERVES

62,724

8.81

57,646

36.67

42,180

645,592

-90.28

REVALUATION RESERVE

-

-

-

-

-

852,199

-

TOTAL SHAREHOLDERS EQUITY

87,224

6.18

82,146

23.19

66,680

1,628,919

-94.65

WORKING CAPITAL

775,607

233

232,573

5.46

220,527

2,045,255

-62.08

CASHFLOW

15,763

-56.44

36,189

25.88

28,749

39,169

-59.76

NET WORTH

87,224

6.18

82,146

23.19

66,680

1,627,617

-94.64

 

 

ratio analysis

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-7,00

-

Return on capital employed

1.87

-89.06

17.09

21.55

14.06

-8,00

23.38

Return on total assets employed

1.17

-89.13

10.76

11.04

9.69

-8,00

14.62

Return on net assets employed

16.61

-65.84

48.63

4.22

46.66

-8,00

207

Sales / net working capital

-

-

-

-

-

133,00

-

Stock turnover ratio

-

-

-

-

-

76,00

-

Debtor days

-

-

-

-

-

140,65

-

Creditor days

-

-

-

-

-

123,06

-

SHORT TERM STABILITY

 

 

 

 

 

 

 

Current ratio

2.68

-0.37

2.69

-16.20

3.21

4,00

-73.20

Liquidity ratio / acid ratio

1.99

-20.72

2.51

-9.71

2.78

3,00

-33.67

Current debt ratio

5.29

216

1.67

11.33

1.50

10,00

-47.10

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

816.34

307

200.51

-13.50

231.81

231,00

253

Equity in percentage

7.05

-68.14

22.13

6.55

20.77

-211,00

3.34

Total debt ratio

13.19

274

3.52

-7.85

3.82

11,00

19.91

 

 

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

 

Suspension of payments / moratorium history

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                      123.06

Industry average day sales

outstanding                              140.65

 

 

Industry quartile analysis

Payment expectations

Company result                        -

Lower                                       122.66

Median                                     75.38

Upper                                       46.73

 

Day sales outstanding

Company result                        -

Lower                                       101.92

Median                                     54.34

Upper                                       24.45

 

 

Shareholder Details

 

Summary

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

Companies that match this address

no Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

Summons

There is no data for this company

 

Protested Bills

There is no data for this company

 

Bankruptcy and other legal events

There is no data for this company

 

 

Director 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

Principal Manager

Start Date

08/04/2004

Street

45 EUGENIO PACELLILAAN EDEGEM

Post code

2650

Country

Belgium

 

 

Position

Non Statutory Partner

Start Date

08/04/2004

Street

45 EUGENIO PACELLILAAN EDEGEM

Post code

2650

Country

Belgium

 

 

Former director details

Name

VIRENDRA DAHYABHAI DHAMELIA

Position

Principal Manager

Start Date

03/10/2005

End Date

01/02/2011

Street

45 EUGENIO PACELLILAAN EDEGEM

Post code

2650

Country

Belgium

 

 

Position

Non Statutory Partner

Start Date

08/04/2004

End Date

30/09/2004

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.61.81

UK Pound

1

Rs.96.77

Euro

1

Rs.77.09                      

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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.