|
Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
STARGEMS BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30 Bus 111, Antwerpen, Post Code 2018 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.02.1990 |
|
|
|
|
Com. Reg. No.: |
440106618 |
|
|
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 STARGEMS BVBA
Address HOVENIERSSTRAAT 30
BUS 111
ANTWERPEN
Post code 2018
Telephone number 032336804
Fax number 032334450
Business number 440106618
Date of establishment 02/02/1990
Number of staff 0
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
|
31/12/2010 |
59,983,631 |
193,184 |
6,168,531 |
|
31/12/2009 |
48,587,549 |
84,506 |
5,548,853 |
|
31/12/2008 |
38,290,202 |
32,473 |
213,649 |
Accounts &
ratios
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
INVESTMENTS |
CAPITAL |
CASH FLOW |
NUMBER OF EMPLOYEES |
|
31/12/2010 |
27,942,479 |
|
5,682,670 |
76,598 |
0 |
|
31/12/2009 |
31,441,253 |
|
5,270,784 |
71,088 |
0 |
|
31/12/2008 |
17,912,496 |
|
6,205 |
37,739 |
0 |
|
Profitability |
⌂ |
|
Liquidity |
⌂ |
|
Net worth |
⌂ |
|
Past payments |
|
Payment expectation days |
12.86 |
|
Industry average payment |
183.24 |
Industry average day sales |
122.79 |
|
Expectations days |
|
Outstanding |
|
|
Day sales outstanding |
152.34 |
|
|
Court data summary
|
|
|
BANKRUPTCY
DETAILS |
|
|
Court
action type |
no |
|
Bill
amount |
- |
|
NSSO
DETAILS |
|
|
Date of
summons |
- |
Business number 440106618
Company name STARGEMS BVBA
Fax number 032334450
Date founded 02/02/1990
Company status active
Company type Private Limited
Company (BL/LX)
Currency Euro (€)
Date of latest accounts 31/12/2010
Activity code 46761
liable for VAT yes
Activity description Wholesale of diamonds
and other precious stones
VAT Number BE.0440.106.618
Belgian Bullettin of Acts
Publications moniteur belge
|
Registered
contractor number |
- |
|
Contractor
description |
- |
|
Date
struck off register |
|
|
Personnel
limit NSSO |
|
|
Code |
- |
|
Description |
- |
|
Joint Industrial Committee (JIC) |
|
|
Significant
Events |
|
|
Event Date |
08/04/2011 |
|
Event
Description |
|
|
Event
Details |
Er worden 480 nieuwe aandelen toegekend aan Javeri Bhavesh,
640 nieuwe aandelen aan de vennootschap Sterling Star Trading LLC en 288
nieuwe aandelen aan Javeri Karan. |
Export
accounts to CSV file
comparison
mode
· average
median
|
Annual
accounts |
31-12-2010 |
|
31-12-2009 |
% |
31-12-2008 |
Industry average 2010 |
% |
||||
|
Weeks |
52 |
|
52 |
|
52 |
|
|
||||
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
||||
|
Turnover |
59,983,631 |
23.45 |
48,587,549 |
26.89 |
38,290,202 |
46,740,522 |
28.33 |
||||
|
Total
operating expenses |
59,261,757 |
23.73 |
47,895,909 |
28.29 |
37,334,120 |
46,135,968 |
28.45 |
||||
|
Operating
result |
721,874 |
4.37 |
691,640 |
-27.66 |
956,082 |
210,020 |
243 |
||||
|
Total
financial income |
253,409 |
315 |
60,969 |
9639 |
626 |
156,494 |
61.93 |
||||
|
Total
financial expenses |
782,098 |
17.06 |
668,102 |
-27.71 |
924,234 |
309,305 |
152 |
||||
|
Results
on ordinary operations before taxation |
193,184 |
128 |
84,506 |
160 |
32,473 |
41,039 |
370 |
||||
|
Taxation |
8,310 |
-40.13 |
13,881 |
119 |
6,318 |
15,160 |
-45.18 |
||||
|
Results
on ordinary operations after taxation |
184,874 |
161 |
70,625 |
170 |
26,155 |
30,743 |
501 |
||||
|
Taxation
|
8,310 |
-40.13 |
13,881 |
119 |
6,318 |
15,160 |
-45.18 |
||||
|
Results on ordinary operations after taxation |
184,874 |
161 |
70,625 |
170 |
26,155 |
30,743 |
503 |
||||
|
Extraordinary items |
1,187 |
- |
0.00 |
- |
0 |
2,674 |
-55.61 |
||||
|
Other
appropriations |
0 |
- |
0.00 |
- |
0 |
- |
- |
||||
|
Net
result |
186,061 |
163 |
70,625 |
170 |
26,155 |
33,413 |
456 |
||||
|
OTHER INFORMATION |
|||||||||||
|
Dividends |
- |
- |
- |
- |
- |
326,298 |
- |
||||
|
Director
remuneration |
- |
- |
- |
- |
- |
113,424 |
- |
||||
|
Employee
costs |
- |
- |
- |
- |
- |
144,452 |
- |
||||
|
Wages and salary |
- |
- |
- |
- |
- |
127,039 |
- |
||||
|
Employee pension costs |
- |
- |
- |
- |
- |
7,164 |
- |
||||
|
Social security contributions |
- |
- |
- |
- |
- |
30,861 |
- |
||||
|
Other employee costs |
0 |
- |
0 |
- |
0 |
3,132 |
-100 |
||||
|
Amortization
and depreciation |
6,982 |
80.89 |
3,860 |
4.41 |
3,697 |
21,861 |
-68.06 |
||||
|
Annual
accounts |
31-12-2010 |
% |
31-12-2009 |
% |
31-12-2008 |
Industry
average 2010 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,693 |
-100 |
|
Tangible
fixed assets |
148,511 |
75.45 |
84,645 |
-2.07 |
86,433 |
194,031 |
-23.46 |
|
Land & building |
85,603 |
3.62 |
82,616 |
-3.75 |
85,833 |
359,645 |
-76.20 |
|
Plant & machinery |
1,313 |
-35.29 |
2,029 |
238 |
600 |
27,541 |
-95.23 |
|
Other tangible assets |
61,595 |
- |
0 |
- |
0 |
27,350 |
125 |
|
Financial
fixed assets |
- |
- |
- |
- |
- |
314,215 |
- |
|
Total
fixed assets |
148,511 |
75.45 |
84,645 |
-2.07 |
86,433 |
407,442 |
-63.55 |
|
Inventories |
2,579,861 |
-15.62 |
3,057,394 |
34.66 |
2,270,530 |
3,144,238 |
-17.95 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
2,393,499 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,057 |
-100 |
|
Finished goods |
2,579,861 |
-15.62 |
3,057,394 |
34.66 |
2,270,530 |
2,077,589 |
24.18 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
520,142 |
-100 |
|
Trade
debtors |
25,035,009 |
-11.19 |
28,189,146 |
81.77 |
15,507,793 |
3,842,749 |
551 |
|
Cash |
76,598 |
7.75 |
71,088 |
88.37 |
37,739 |
265,248 |
-71.12 |
|
other
amounts receivable |
97,937 |
152 |
38,715 |
310 |
9,431 |
370,012 |
-73.53 |
|
Miscellaneous
current assets |
4,563 |
1617 |
266 |
-53.39 |
570 |
42,607 |
-89.29 |
|
Total
current assets |
27,793,968 |
-11.36 |
31,356,608 |
75.90 |
17,826,063 |
7,137,571 |
289 |
|
CURRENT
LIABILITIES |
|||||||
|
Trade
creditors |
2,087,698 |
-51.10 |
4,269,569 |
211 |
1,371,530 |
2,699,419 |
-22.66 |
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Other
short term loans |
16,839,483 |
-18.97 |
20,782,692 |
67.31 |
12,421,702 |
1,922,258 |
776 |
|
Miscellaneous
current liabilities |
2,069,218 |
1837 |
106,792 |
123 |
47,824 |
2435 |
-
- |
|
Total
current liabilities |
20,996,399 |
-16.55 |
25,159,053 |
81.77 |
13,841,056 |
4,430,795 |
373 |
|
LONG TERM DEBTS |
|||||||
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
-
- |
|
Other
long term loans |
21,906 |
-32.54 |
32,472 |
-23.57 |
42,487 |
-98.61 |
-
- |
|
Other
long term liabilities |
755,644 |
7.81 |
700,875 |
-81.63 |
3,815,304 |
716,392 |
5.48 |
|
Total
long term debts |
777,550 |
6.03 |
733,347 |
-80.99 |
3,857,791 |
1,344,422 |
-42.16 |
|
SHAREHOLDERS
EQUITY |
|||||||
|
Issued
share capital |
5,682,670 |
7.81 |
5,270,784 |
84844 |
6,205 |
1,024,975 |
454 |
|
Share premium account |
- |
- |
- |
- |
- |
183,372 |
- |
|
Reserves |
485,861 |
74.73 |
278,069 |
34.05 |
207,444 |
682,685 |
-28.83 |
|
Revaluation reserve |
-- |
- |
- |
-- |
-- |
715,893 |
- |
|
Total shareholders
equity |
6,168,531 |
11.17 |
5,548,853 |
2497 |
213,649 |
1,725,393 |
257 |
|
Working capital |
6,797,569 |
9.68 |
6,197,556 |
55.52 |
3,985,007 |
2,706,776 |
151 |
|
Net worth |
6,168,531 |
11.17 |
5,548,853 |
2497 |
213,649 |
1,723,700 |
257 |
|
Annual accounts |
31-12-2010 |
change(%) |
31-12-2009 |
change(%) |
31-12-2008 |
Industry average 2010 |
% |
|
||||||
|
TRADING
PERFORMANCE |
|
|
|
|
|
1.48 |
||||||||
|
Profit Before Tax |
0.32 |
88.24 |
0.17 |
112 |
0.08 |
-2,00 |
16.00 |
|
||||||
|
Return on capital
employed |
2.78 |
105 |
1.35 |
68.75 |
0.80 |
17,00 |
-83.65 |
|
||||||
|
Return on total
assets employed |
0.69 |
155 |
0.27 |
50.0 |
0.18 |
-78,00 |
0.88 |
|
||||||
|
Return on net
assets employed |
3.13 |
105 |
1.52 |
-90.0 |
15.20 |
19,00 |
-83.53 |
|
||||||
|
Sales / net
working capital |
8.82 |
12.50 |
7.84 |
-18.42 |
9.61 |
35,00 |
-99 |
|
||||||
|
Stock turnover
ratio |
4.30 |
-31.64 |
6.29 |
6.07 |
5.93 |
67,00 |
-93.58 |
|
||||||
|
Debtor days |
152.34 |
-28.06 |
211.76 |
43.25 |
147.83 |
167,00 |
-8.78 |
|
||||||
|
Creditor days |
12.86 |
-60.48 |
32.54 |
142 |
13.41 |
171,00 |
-92.48 |
|
||||||
|
SHORT TERM STABILITY |
|
|
|
|
|
-85.33 |
|
|||||||
|
Current ratio |
1.32 |
5.60 |
1.25 |
-3.10 |
1.29 |
8,00 |
-85.33 |
|
||||||
|
Liquidity ratio /
acid ratio |
1.20 |
7.14 |
1.12 |
0 |
1.12 |
5,00 |
-76.00 |
|
||||||
|
Current debt
ratio |
3.40 |
-24.94 |
4.53 |
-93.01 |
64.78 |
9,00 |
-62.22 |
|
||||||
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
||||||
|
LONG TERM STABILITY |
|
|
|
|
1.48 |
|
||||||||
|
Gearing |
273.35 |
-27.13 |
375.13 |
-93.57 |
5833.96 |
124,00 |
120 |
|
||||||
|
Equity in
percentage |
22.08 |
25.10 |
17.65 |
1383 |
1.19 |
-1.493,00 |
1.48 |
|
||||||
|
Total debt ratio |
3.53 |
-24.41 |
4.67 |
-94.36 |
82.84 |
9,00 |
-60.78 |
|
||||||
No limit history data found
|
Activity
description |
Wholesale of
diamonds and other precious stones |
|
Suspension of
payments / moratorium history |
|
|
Amount |
- |
|
Details |
- |
|
Payment
expectations |
|
|
Payment
expectation days |
12.86 |
|
Day sales outstanding |
152.34 |
|
Industry comparison |
|
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and other
precious stones |
|
Industry average payment expectation days |
183.24 |
|
Industry average day sales outstanding |
122.79 |
|
Industry quartile analysis |
|
|
Payment expectations |
|
|
Company result |
12.86 |
|
Lower |
132.50 |
|
Median |
80.61 |
|
Upper |
42.62 |
|
|
|
|
Day sales outstanding |
|
|
Company result |
152.34 |
|
Lower |
108 |
|
Median |
57.64 |
|
Upper |
24.45 |
|
Day sales
outstanding |
|
|
Company
result |
152.34 |
|
Lower |
108 |
|
Median |
57.64 |
|
Upper |
24.45 |
|
Group - Number of Companies |
0 |
|
Linkages - Number of Companies |
0 |
|
Number of Countries |
0 |
No group structure for this
company.
|
Business number |
Company name |
|
% |
Date of
accounts |
|
- |
STERLING STAR TRADING (L.L.C) |
|
16.11 |
- |
No minority
interests found
|
SHAREHOLDER NAME |
|||
|
Forename |
Shailesh |
Middle name |
- |
|
Surname |
Javeri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
Fazantenlaan |
House number |
24 |
|
Minor town |
Wilrijk |
Postal town |
Antwerpen |
|
Post code |
2610 |
Country |
Belgium |
|
|
|||
|
|
|||
|
SHAREHOLDER NAME |
|||
|
Forename |
Karan |
Middle name |
- |
|
Surname |
Javeri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
Start date |
10/05/2011(estimated) |
End date |
- |
|
Percentage owned |
7.25% |
|
|
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House number |
- |
|
Minor town |
- |
Postal town |
- |
|
Post code |
- |
Country |
United Arab Emirates |
|
|
|||
|
|
|||
|
SHAREHOLDER NAME |
|||
|
Forename |
Bhavesh |
Middle name |
- |
|
Surname |
Javeri |
|
|
|
SHAREHOLDER DETAILS |
|||
|
Start date |
11/12/2009(estimated) |
End date |
- |
|
Percentage owned |
68.55% |
|
|
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
- |
House number |
- |
|
Minor town |
- |
Postal town |
- |
|
Post code |
- |
Country |
United Arab Emirates |
|
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 |
440106618 |
|
Name of defendant |
- |
|
Legal form of defendant |
- |
|
Date of summons |
- |
|
Labour court |
- |
|
Bankruptcy details |
|
There is no data for this company
|
Name |
SHAILESH JAVERI |
|
Position |
Principal Manager |
|
Street |
24 FAZANTENLAAN ANTWERPEN |
|
Post code |
2610 |
|
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.
-
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.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.