MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL DIAMOND EXPORTERS |
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Registered Office : |
Hoveniersstraat 53, Antwerpen,
2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1973 |
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Reg. No.: |
413636110 |
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Legal Form : |
Private Independent |
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LINE OF BUSINESS : |
WHOLESALE TRADE IN ROUGH AND POLISHED DIAMONDS |
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No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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.
|
Source : CIA |
Company Name and address
INTERNATIONAL DIAMOND EXPORTERS
Hoveniersstraat 53
Antwerpen, 2018
Belgium
Tel: 03
225 10 80
Fax: 03
225 17 88
Website: www.interdiamexport.com
Employees: 5
Company Type: Private Independent
Incorporation Date: 1973
Financials in: USD (In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 59.1 1
Total Assets: 13.5
Business Description
Wholesale trade in rough and polished diamonds
Industry
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Industry |
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ANZSIC 2006: |
|
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NACE 2002: |
|
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NAICS 2002: |
423940 - Jewelry,
Watch, Precious Stone, and Precious Metal Merchant Wholesalers |
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UK SIC 2003: |
|
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UK SIC 2007: |
|
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US SIC 1987: |
5094 -
Jewelry, Watches, Precious Stones, and Precious Metals |
Key Executive
|
Name |
Title |
|
Lucas Alfons Ida Toelen |
Representative/Auditor |
|
Albert Haberkorn |
Manager |
|
Francois Pollak |
Manager |
|
Laci Pollak |
Manager |
|
Steven Pollak |
Manager |
Registered No.(VAT): 413636110
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
Location
Hoveniersstraat 53
Antwerpen, 2018
Belgium
Tel: 03 225 10 80
Fax: 03 225 17 88
Website: www.interdiamexport.com
Sales EUR(mil): 42.5
Assets EUR(mil): 10.4
Employees: 5
Fiscal Year End: 31-Dec-2011
Industry: Jewelry and Silverware
Incorporation Date: 1973
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(VAT): 413636110
Manager: Francois Pollak
Industry Code
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ANZSIC 2006
Codes: |
||
|
3732 |
- |
Jewellery and
Watch Wholesaling |
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NACE 2002 Codes: |
||
|
5147 |
- |
Wholesale of
other household goods |
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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 |
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UK SIC 2007: |
||
|
4648 |
- |
Wholesale of
watches and jewellery |
Wholesale of other intermediate products
More Business Descriptions
Wholesale trade in rough and polished diamonds
Jewelry and Silverware Manufacturing
IDE
Financial Data
|
Financials in: |
EUR(mil) |
1 Year Growth |
|
Revenue: |
42.5 |
27.2% |
|
Assets: |
10.4 |
NA |
|
Current Assets: |
9.9 |
|
|
Fixed Assets: |
0.5 |
|
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Total Liabilities: |
10.4 |
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Issued Capital: |
0.0 |
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Net Worth: |
0.0 |
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Date of Financial Data: |
31-Dec-2011 |
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Executives
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Representative/Auditor |
Accounting Executive |
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|||||
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Manager |
Other |
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|||||
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Manager |
Other |
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Manager |
Other |
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|
Manager |
Other |
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Annual Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Turnover |
59.1 |
19.4 |
15.7 |
|
Other Operating
Income |
0.1 |
0.1 |
0.1 |
|
Operating Income |
59.2 |
19.5 |
15.9 |
|
Purchases |
62.1 |
19.2 |
12.9 |
|
Increase
or Decrease in Stocks |
-3.0 |
-0.7 |
1.7 |
|
Raw Materials,
Consumables, and Goods for Release |
59.1 |
18.5 |
14.6 |
|
Services and
Sundry Goods |
0.4 |
0.3 |
0.4 |
|
Remuneration,
Social Security Charges, and Pensions |
0.1 |
0.1 |
0.1 |
|
Depreciation of
and Other Amounts Written Off of Formation Expense, Intangible and Tangible
Fixed Assets |
0.1 |
0.1 |
0.1 |
|
Other Operating
Charges |
0.0 |
0.0 |
0.0 |
|
Operating
Charges |
59.7 |
18.9 |
15.1 |
|
Income From
Current Assets |
0.0 |
0.0 |
0.0 |
|
Other Financial
Income |
0.6 |
0.0 |
0.0 |
|
Financial Income |
0.6 |
0.0 |
0.0 |
|
Interest and Other
Debt Charges |
0.0 |
0.0 |
0.1 |
|
Other Financial
Charges |
0.0 |
0.5 |
0.7 |
|
Financial
Charges |
0.1 |
0.5 |
0.7 |
|
Other
Extraordinary Income |
- |
- |
0.0 |
|
Extraordinary
Income |
- |
- |
0.0 |
|
Other Extraordinary
Charges |
- |
0.0 |
0.0 |
|
Extraordinary
Charges |
- |
0.0 |
0.0 |
|
Transfer from
Differed Taxes |
0.0 |
0.0 |
0.0 |
|
Income Taxes |
0.0 |
0.0 |
0.0 |
|
Adjustment of
Income Taxes and Write-Back of Tax Provisions |
- |
0.0 |
0.0 |
|
Income Taxes |
0.0 |
0.0 |
0.0 |
|
Transfer from
Untaxed Reserves |
0.0 |
0.0 |
0.0 |
|
To
the Legal Reserve |
- |
- |
0.0 |
|
Transfers to
Capital and Reserves |
- |
- |
0.0 |
|
Employees |
- |
1 |
2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Land
& Buildings |
0.6 |
0.7 |
0.8 |
|
Plant,
Machinery, and Equipment |
0.0 |
0.0 |
0.0 |
|
Furniture
and Vehicles |
0.0 |
0.0 |
0.0 |
|
Other
Tangible Assets |
0.1 |
0.1 |
0.1 |
|
Tangible
Assets |
0.7 |
0.7 |
0.9 |
|
Amounts
Receivable and Cash Guarantees |
0.0 |
0.0 |
0.0 |
|
Other
Capital Assets |
0.0 |
0.0 |
0.0 |
|
Capital
Assets |
0.0 |
0.0 |
0.0 |
|
Fixed Assets |
0.7 |
0.8 |
0.9 |
|
Goods
Purchased for Resale |
9.0 |
6.4 |
6.0 |
|
Stocks |
9.0 |
6.4 |
6.0 |
|
Inventory
and Orders in Progress |
9.0 |
6.4 |
6.0 |
|
Trade
Debtors |
3.1 |
3.3 |
1.6 |
|
Other
Amounts Receivable |
0.0 |
0.0 |
0.0 |
|
Amounts
Receivable Within One Year |
3.1 |
3.3 |
1.6 |
|
Liquid
Assets |
0.7 |
0.1 |
0.1 |
|
Adjustment
Accounts |
0.0 |
0.0 |
0.0 |
|
Current Assets |
12.9 |
9.8 |
7.8 |
|
Total Assets |
13.5 |
10.5 |
8.7 |
|
Issued
Capital |
0.0 |
0.0 |
0.0 |
|
Capital
|
0.0 |
0.0 |
0.0 |
|
Legal
Reserve |
0.0 |
0.0 |
0.0 |
|
Untaxed
Reserves |
1.5 |
1.6 |
1.7 |
|
Reserves
Available for Distribution |
0.0 |
0.0 |
0.0 |
|
Reserves |
1.5 |
1.6 |
1.7 |
|
Deferred
Taxation |
0.1 |
0.1 |
0.1 |
|
Provisions
and Deferred Taxes |
0.1 |
0.1 |
0.1 |
|
Capital and Reserves |
2.6 |
2.6 |
2.7 |
|
Subordinated
Loans |
1.9 |
1.9 |
1.9 |
|
Credit
Institutions |
0.1 |
0.2 |
0.4 |
|
Financial
Debts |
2.0 |
2.1 |
2.3 |
|
Other
Amounts Payable |
0.0 |
0.0 |
0.0 |
|
Amounts
Due After More Than One Year |
2.0 |
2.1 |
2.3 |
|
Current
Portion of Amounts Payable After More Than One Year |
0.1 |
0.1 |
0.2 |
|
Credit
Institutions |
0.2 |
0.5 |
0.1 |
|
Financial
Debts |
0.2 |
0.5 |
0.1 |
|
Suppliers |
8.4 |
4.9 |
3.3 |
|
Trade
Debts |
8.4 |
4.9 |
3.3 |
|
Taxes |
0.0 |
0.0 |
0.0 |
|
Remuneration
and Social Security |
0.0 |
0.0 |
0.0 |
|
Taxes,
Wages, and Social Security |
0.0 |
0.0 |
0.0 |
|
Other
Amounts Payable |
0.1 |
0.1 |
0.0 |
|
Amounts
Payable Within One Year |
8.8 |
5.7 |
3.6 |
|
Creditors |
10.8 |
7.8 |
5.8 |
|
Total
Liabilities + Shareholders' Equity |
13.5 |
10.5 |
8.7 |
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.
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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.
-
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.
-
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.
-
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 –
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.
-
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.54.56 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.