MIRA INFORM REPORT

 

 

Report Date :

11.10.2012

 

IDENTIFICATION DETAILS

 

Name :

CHINTAN GEMS BVBA

 

 

Registered Office :

Hoveniersstraat 30 Bus 196 Antwerpen, Post Code 2018

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

09.10.2002

 

 

Com. Reg. No.:

478554943

 

 

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 :

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 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 & address 

 

Business number         478554943

Company name            CHINTAN GEMS BVBA

Telephone number       032312331

Address                       HOVENIERSSTRAAT 30 BUS 196 ANTWERPEN

Post code                     2018

Fax number                  032312331

Number of staff            0

Date of establishment 09/10/2002

 

 

Accounts & ratios

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

30/06/2011

66,852,454

168,950

3,797,503

30/06/2010

61,275,787

89,757

1,054,731

30/06/2009

21,819,483

60,045

991,768

 

 

Accounts & ratios

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

INVESTMENTS

CAPITAL

CASH FLOW

NUMBER OF EMPLOYEES

30/06/2011

19,139,528

1,905

3,459,500

99,292

0

30/06/2010

11,029,615

2,243

814,900

34,162

0

30/06/2009

6,166,852

2,250

20,000

11,883

0

 

 

Payment expectations

 

Past payments

 

Payment expectation days

57.26

Industry average payment

178.38

Industry average day sales

119.22

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

Company summary

 

Business number         478554943

Company name            CHINTAN GEMS BVBA

Fax number                  032312331

Date founded                09/10/2002

Company status           active

Company type              Private Limited Company (BL/LX)

Currency                      Euro (€)

Date of latest accounts 30/06/2011

Activity code                46761

liable for VAT               yes

Activity description      Wholesale of diamonds and other precious stones

VAT Number                BE.0478.554.943

 

Belgian Bullettin of Acts

Publications                 moniteur belge

 

 

Contractor details

 

Registered contractor number

-

Contractor description

-

Date struck off register

 

 

 

Personnel limit NSSO

Code

-

Description

-

 

 

Joint Industrial Committee (JIC)

Significant Events

 

Event Date

12/05/2011

Event Description

 

Event Details

Rechtzetting betreffende bekendmaking akte kapitaalverhoging dd 12/05/11.

 

 

Export accounts to CSV file

comparison mode

·         average

median

 

Profit & loss

 

Annual accounts

30-06-2011

 

30-06-2010

%

30-06-2009

Industry average 2011

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

66,852,454

9.10

61,275,787

180

21,819,483

58,703,071

13.88

Total operating expenses

66,383,594

8.84

60,989,269

181

21,655,373

57,894,190

14.66

Operating result

468,860

63.64

286,518

74.59

164,110

296,729

58.01

Total financial income

5,925

13679

43

-6.52

46

178,510

-96.68

Total financial expenses

305,836

55.40

196,804

89.03

104,111

342,855

-10.80

Results on ordinary operations before taxation

168,950

88.23

89,757

49.48

60,045

114,306

47.81

Taxation

34,572

45.46

23,767

58.45

15,000

39,178

-11.76

Results on ordinary operations after taxation

134378

103

65990

45.60

45045

87780

53.08

Extra ordinary Items

0

-

0

-

0

7986

-100

 

Net result

134,377

103

65,990

46.50

45,045

95,668

40.46

OTHER INFORMATION

Dividends

-

-

-

-

-

137,001

-

Director remuneration

77,188

43.85

53,660

39.02

38,600

128,104

-39.75

Employee costs

-

-

-

-

-

160,652

-

Wages and salary

-

-

-

-

-

135,760

-

Employee pension costs

-

-

-

-

-

8,542

-

Social security contributions

-

-

-

-

-

33,607

-

Other employee costs

0

-

0

-

0

4,602

-100

Amortization and depreciation

18,714

31.36

14,246

38.89

10,257

21,066

-11.16

 

Balance SHEET

 

Annual accounts

30-06-2011

%

30-06-2010

%

30-06-2009

Industry average 2011

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

2,025

-100

Tangible fixed assets

251,214

-19.28

311,217

17.11

265,754

203,087

23.70

Land & building

208,137

-17.43

252,079

-3.35

260,826

375,806

-44.62

Plant & machinery

3,540

200

1,178

-42.48

2,048

27,985

-87.35

Other tangible assets

39,537

-31.79

57,960

1912

2,880

30,618

29.13

Financial fixed assets

1,905

-15.07

2,243

-0.31

2,250

317,446

-99

Total fixed assets

253,118

-19.25

313,460

16.96

268,004

419,812

-39.71

Inventories

3,181,394

193

1,084,615

-7.10

1,167,448

3,442,463

-7.58

Raw materials & consumables

-

-

-

-

-

3,184,382

-

Work in progress

0

-

0

-

0

2,529

-100

Finished goods

3,181,394

193

1,084,615

-7.10

1,167,448

2,379,510

33.70

Other stocks

0

-

0

-

0

474,010

-100

Trade debtors

15,603,298

62.61

9,595,666

103

4,717,237

4,336,698

259

Cash

99,292

190

34,162

187

11,883

314,146

-68.39

other amounts receivable

2,426

41.71

1,712

-24.91

2,280

416,519

-99

Miscellaneous current assets

0

-

0

-

0

41,315

-100

Total current assets

18,886,410

76.24

10,716,155

81.67

5,898,848

7,988,186

136

CURRENT LIABILITIES

Trade creditors

10,413,954

105

5,067,472

144

2,072,100

2,871,353

262

Short term group loans

-

-

-

-

-

-

-

Other short term loans

3,797,986

54.13

2,464,217

102

1,217,599

2,413,042

57.39

Miscellaneous current liabilities

997,034

-55.86

2,258,559

32.62

1,702,967

159

- -

Total current liabilities

15,208,974

55.35

9,790,248

96.09

4,992,666

5,541,776

174

LONG TERM DEBTS

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

133,051

-27.94

184,636

1.22

182,418

-91.36

- -

Other long term liabilities

0

-

0

-

0

296,362

-100

Total long term debts

133,051

-27.94

184,636

1.22

182,418

927,232

-85.65

SHAREHOLDERS EQUITY

Issued share capital

3,459,500

324

814,900

3974

20,000

1,045,553

230

Share premium

-

-

-

-

-

173859

-

Reserves

338003

40.93

239831

-75.32

971768

822,367

-58.90

Revaluation reserve

-

-

-

-

-

759,379

-

Total shareholder equity

3,797,503

260

1,054,731

6.35

991,768

1,892,110

100

Working capital

3,677,436

297

925,907

2.18

906,182

2,446,410

50.32

Net worth

3,797,503

260

1,054,731

6.35

991,768

1,890,085

100

 

 

RATIO ANALYSIS

 

Annual accounts

30-06-2011

change(%)

30-06-2010

change(%)

30-06-2009

Industry average

2011

%

TRADING PERFORMANCE

Profit Before Tax

0.25

66.67

0.15

-46.43

0.28

1,00

-75.00

Return on capital employed

4.30

-40.61

7.24

41.68

5.11

-21,00

20.48

Return on total assets employed

0.88

8.64

0.81

-16.49

0.97

-34,00

2.59

Return on net assets employed

4.45

-47.71

8.51

40.66

6.05

-29,00

15.34

Sales / net working capital

18.18

-72.53

66.18

174

24.08

59,00

-99

Stock turnover ratio

4.76

168

1.77

-66.92

5.35

41,00

-88.39

Debtor days

85.19

49.04

57.16

-27.56

78.91

115,00

-25.92

Creditor days

57.26

88.79

30.33

-13.17

34.93

117,00

-51.06

SHORT TERM STABILITY

Current ratio

1.24

13.76

1.09

-7.63

1.18

4,00

-93.11

Liquidity ratio / acid ratio

1.03

5.10

0.98

3.16

0.95

3,00

-65.67

Current debt ratio

4

-56.90

9.28

84.49

5.03

18,00

-77.78

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

103.52

-58.78

251.14

77.91

141.16

300,00

-65.49

Equity in percentage

19.84

107

9.56

-40.55

16.08

-1.103,00

1.80

Total debt ratio

4.04

-57.29

9.46

81.23

5.22

20,00

-79.80

 

Limit History

 

No limit history data found

 

 

Industry comparison

 

Activity description

Wholesale of diamonds and other precious stones

 

Suspension of payments / moratorium history

Amount

-

Details

-

 

Payment expectations

Payment expectation days

57.26

Day sales outstanding

85.19

 

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

178.38

Industry average day sales outstanding

119.22

 

Industry quartile analysis

Payment expectations

 

Company result

57.26

Lower

129.48

Median

75.51

Upper

41.95

 

Day sales outstanding

 

Company result

85.19

Lower

109.24

Median

57.26

Upper

24.94

 

 

Summary

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Individual Shareholders

SHAREHOLDER NAME

Forename

Jignesh

Middle name

Vitthal

Surname

Patel

 

SHAREHOLDER DETAILS

Start date

27/05/2011(estimated)

End date

-

Percentage owned

-

 

 

 

Shareholder & address

Street name

Quinten Matsijslei

House number

38

Minor town

-

Postal town

Antwerpen

Post code

2018

Country

Belgium

 

Summary

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Protested bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

 

NSSO details

Business number

478554943

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

 

Bankruptcy details

There is no bankruptcy data against this company

 

court data

there is no data for this company


Current director details

 

Name

JIGNESH KUMAR VITTHAL PATEL

Position

Principal Manager

Street

38 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

 

Name

JIGNESH KUMAR VITTHAL PATEL

Position

Non Statutory Partner

Street

38 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

 

Name

CHETAN GOTI

Position

Principal Manager

Country

India

 

 

Name

CHINTANKUMAR GOTI

Position

Principal Manager

 

 

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.

-          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.53.04

UK Pound

1

Rs.84.83

Euro

1

Rs.68.21

 

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%)

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.