MIRA INFORM REPORT
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Report No. : |
318628 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
JEWEL IMPEX INC |
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Registered Office : |
Ninomiya Bldg 2F, 3-41-10 Taito Taitoku Tokyo 110-0016 |
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Country : |
Japan |
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Date of Incorporation : |
May 2004 |
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Com. Reg. No.: |
0105-02-020325 (Tokyo-Taitoku) |
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Legal Form : |
Private Limited Company (Yugen Kaisha) |
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Line of Business : |
Imports and wholesales diamonds, other gem stones, jewelry |
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No. of Employee : |
3 |
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 : |
No complaints |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Japan |
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 |
JAPAN ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a comparatively
small defense allocation (1% of GDP) helped Japan develop a technologically
advanced economy. Two notable characteristics of the post-war economy were the
close interlocking structures of manufacturers, suppliers, and distributors,
known as keiretsu, and the guarantee of lifetime employment for a substantial
portion of the urban labor force. Both features are now eroding under the dual
pressures of global competition and domestic demographic change. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become heavily dependent on
imported raw materials and fuels. A small agricultural sector is highly
subsidized and protected, with crop yields among the highest in the world.
While self-sufficient in rice production, Japan imports about 60% of its food
on a caloric basis. For three decades, overall real economic growth had been
spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4%
average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%,
largely because of the after effects of inefficient INVESTMENT
and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession four
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. Prime Minister
Shinzo ABE has declared the economy his government's top priority; he has
overturned his predecessor's plan to permanently close nuclear power plants and
is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2014 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. The government will continue a longstanding
debate on restructuring the economy and reining in Japan's huge government
debt, which amounts to more than 240% of GDP. To help raise government revenue
and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by 2015, although the government in 2014
decided to postpone the final phase of the increase until 2017 to give the
economy time to recover from the 2014 increase. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy.
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Source
: CIA |
Company
name and address
JEWEL IMPEX INC
REGD NAME: Jewel Impex YK
MAIN OFFICE: Ninomiya Bldg 2F, 3-41-10 Taito Taitoku Tokyo
110-0016 JAPAN
Tel:
03-3831-5111 Fax: 03-3831-5111
URL: N/A
ACTIVITIES
Import, wholesale of diamond, precious stones, jewelry products
BRANCHES
Nil
FACTORIES
(subcontracted)
OFFICER(S)
GUPTA D CHAND, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 140 M*
PAYMENTS NO COMPLAINTS CAPITAL Yen 10 M
TREND SLOW WORTH Yen
35 M
STARTED 2004 EMPLOYES 3
*.. Verbally obtained from the firm only
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN DIAMOND & JEWELRY.
FINANCIAL SITUATION IS CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was established by Gupta D Chand, an Indian
resident, in order to make most of his experience in the subject line of
business. This is a trading firm
specializing in import and wholesale of diamonds, precious stones and jewelry
products. 90% of the goods are imported
from India, says the firm. Clients are
jewelry processors and jewelry stores.
The firm does not disclose its financials and managerial information and
the contents of this report are based on the Registration Certificate we have
obtained.
FINANCIAL
INFORMATION
The financials are not disclosed and we have managed to gather figures
from the treasurer. However, these
figures have not been attested by third parties and no proven business are
available.
The sales volume for Mar/2014 fiscal term amounted to Yen 140 million, a
17% up from Yen 120 million in the previous term. The firm declined to divulge any further
financial details.
The financial situation is considered FAIR and good for ORDINARY business
engagements. We, however,
strongly recommend secured terms on new transactions. Financials are only professed by the owners
and not verified by outside sources.
REGISTRATION
Date Registered: May 2004
Regd No:
0105-02-020325 (Tokyo-Taitoku)
Legal Status: Private Limited Company (Yugen Kaisha)
Regd Capital: Yen 10 million
Major shareholders
(%):
Gupta D Chand
(100)
Nothing detrimental is known as to his commercial morality.
OPERATION
Activities: Imports and
wholesales diamonds, other gem stones, jewelry, others (--100%).
90% of the goods are imported from India.
Clients: Jewelry
processors, jewelry stores, others (Details not available)
No. of accounts: 100
Domestic areas of activities: Centered in greater-Tokyo
Suppliers: [Mfrs, wholesalers]
Imports 90% from India.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Bank of India (Tokyo)
MUFG (Tokyo)
Relations: Money deposits & transfers only
FINANCES
NOT DISCLOSED AND
UNAVAILABLE
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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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 –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.61 |
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1 |
Rs.96.56 |
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Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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.