MIRA
INFORM REPORT
|
Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUSHIDIAM BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 30-38, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
07.07.1986 |
|
|
|
|
Com. Reg. No.: |
429234205 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious
stones |
|
|
|
|
No. of Employees : |
01 to 04 employees |
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 1.8%, the unemployment rate decreased slightly to 7.2% 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 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%, as compared to a 1.8% growth figure in 2011. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 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 |
REGISTERED NAME & COMPANY
SUMMARY
|
Business number |
429234205 |
|
Company name |
RUSHIDIAM BVBA |
|
Address |
HOVENIERSSTRAAT 30-38 |
|
|
2018 ANTWERPEN |
|
Number of staff |
1 |
|
Date of establishment |
07/07/1986 |
|
Telephone number |
032322820 |
|
Fax number |
032332245 |
|
Business number |
429234205 |
Company name |
RUSHIDIAM BVBA |
|
Fax number |
032332245 |
Date founded |
07/07/1986 |
|
Company status |
active |
Company type |
Private Limited Company (BL/LX) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/12/2011 |
|
Activity code |
46761 |
liable for VAT |
yes |
|
Activity description |
Wholesale of diamonds and other precious stones |
VAT Number |
BE.0429.234.205 |
DIRECTORS/MANAGEMENT
Current director
details
|
Name |
SHAISHAV SHAH |
|
Position |
Principal Manager |
|
Start Date |
01/01/2005 |
|
Street |
3 MEZENLAAN ANTWERPEN |
|
Post code |
2610 |
|
Country |
Belgium |
|
|
|
|
Name |
BANKIM CHIMANLAL SHAH |
|
Position |
Principal Manager |
|
Start Date |
16/11/2007 |
|
Street |
102 BELGIËLEI ANTWERPEN |
|
Post code |
2000 |
|
Country |
Belgium |
Former director
details
|
Name |
AMEET SAHNY |
|
Position |
Principal Manager |
|
Start Date |
02/09/1997 |
|
End Date |
- |
|
Street |
29 DELLA FAILLELAAN ANTWERPEN |
|
Post code |
2020 |
|
Country |
Belgium |
|
|
|
|
Name |
SAMBHAV SHAH |
|
Position |
Principal Manager |
|
Start Date |
27/09/2012 |
|
End Date |
30/06/2012 |
|
Street |
30 ZWANENLAAN ANTWERPEN |
|
Post code |
2610 |
|
Country |
Belgium |
NEGATIVE INFORMATION
Court data summary
|
Bankruptcy details |
||
|
Court action type |
no |
|
|
Protested bills |
||
|
Bill amount |
- |
|
|
NSSO details |
||
|
Date of summons |
06/10/2008 |
|
|
Belgian Bullettin of Acts Publications |
||
Contractor details
|
Registered contractor
number |
- |
|
Contractor description |
- |
|
Date struck off
register |
|
Personnel (NSSO
classification)
|
Code |
- |
|
Description |
FROM 1 TO 4 EMPLOYEES |
Joint Industrial
Committee (JIC)
|
JIC Code |
218 |
|
Description |
Additional national joint committee for the
employees |
|
category |
|
|
JIC Code |
324.01 |
|
Description |
Joint subcommittee for the diamant-cutting
|
|
category |
|
Significant Events
|
Event Date |
12/06/2012 |
|
Event Description |
|
|
Event Details |
Shah Rushabh schrijft in op de 91 nieuwe aandelen. |
|
comparison mode |
||
|
Protested bills
|
Drawee name |
- |
|
Address |
- |
|
Bill
amount |
- |
|
Bill
currency |
- |
|
Maturity
of bill |
- |
|
Name
of drawer |
- |
|
City
of drawer |
- |
NSSO details
|
Business number |
429234205 |
|
Name
of defendant |
RUSHIDIAM |
|
Legal
form of defendant |
Private limited liability company |
|
Date
of summons |
08/09/2008 |
|
Labour court |
ANTWERPEN |
Bankruptcy details
|
There is no bankruptcy data against this company |
|
Legal events
|
Legal event type |
Social Security Summons |
||
|
Legal event sub type |
|
||
|
Event date |
06/10/2008 |
Secondary event date |
|
|
Court number |
|
Registry body identfier |
|
|
Court type |
Employment Court |
Court name |
Antwerpen |
|
3rd party name |
Rijksdienst voor Sociale Zekerheid |
3rd party type |
Summoning Party |
|
Legal event type |
Social Security Summons |
||
|
Legal event sub type |
|
||
|
Event date |
08/09/2008 |
Secondary event date |
|
|
Court number |
|
Registry body identfier |
|
|
Court type |
Employment Court |
Court name |
Antwerpen |
|
3rd party name |
Rijksdienst voor Sociale Zekerheid |
3rd party type |
Summoning Party |
SHARE
& SHARE CAPITAL INFORMATION
Minority
Shareholders
|
No minority shareholders found |
Minority Interests
|
No minority interests found |
Individual
Shareholders
|
Shareholder Name |
|||
|
Forename |
Rushabh |
Middle name |
- |
|
Surname |
Shah |
|
|
|
Shareholder Details |
|||
|
Start date |
24/10/2012(estimated) |
End date |
- |
|
Percentage owned |
- |
|
|
|
Shareholder Address |
|||
|
Street name |
- |
House number |
- |
|
Minor town |
- |
Postal town |
- |
|
Post code |
- |
Country |
United Arab Emirates |
PAYMENT INFORMATION
Payment
expectations
|
Past payments |
|
Payment
expectation days |
98.53 |
|
Industry
average payment expectation days |
175.07 |
Industry
average day sales outstanding |
108.83 |
|
Day sales outstanding |
122.56 |
||
Industry
comparison
Suspension of
payments / moratorium history
|
Amount |
- |
|
Details |
- |
Payment
expectations
|
Payment
expectation days |
98.53 |
|
Day
sales outstanding |
122.56 |
Industry
comparison
|
Activity
code |
46761 |
|
Activity
description |
Wholesale of diamonds and other precious stones |
|
Industry
average payment expectation days |
175.07 |
|
Industry
average day sales outstanding |
108.83 |
Industry quartile
analysis
|
Payment
expectations |
|
|
Company
result |
98.53 |
|
Lower |
122.08 |
|
Median |
73.03 |
|
Upper |
41.43 |
|
Day
sales outstanding |
|
|
Company
result |
122.56 |
|
Lower |
105.69 |
|
Median |
54.72 |
|
Upper |
24.41 |
GROUP STRUCTURE & AFFILIATED
COMPANIES
Summary
|
Group - Number of
Companies |
0 |
|
Linkages - Number of
Companies |
0 |
|
Number of Countries |
0 |
Group Structure
|
No group structure for this company. |
FINANCIAL INFORMATION
Accounts
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2011 |
35,658,027 |
64,581 |
2,425,253 |
5,428,408 |
|
31/12/2010 |
36,767,129 |
51,873 |
1,761,458 |
5,557,855 |
|
31/12/2009 |
28,073,827 |
55,798 |
1,730,184 |
5,252,103 |
Accounts
|
Date of latest accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2011 |
16,323,788 |
1 |
626,182 |
62,332 |
|
31/12/2010 |
22,049,552 |
1 |
6,197 |
56,677 |
|
31/12/2009 |
15,725,902 |
1 |
6,197 |
53,645 |
Trends
|
Profitability |
|
|
|
|
Liquidity |
|
|
|
|
Net worth |
|
|
|
Profit & loss
|
Annual accounts |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
Industry average |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
35,658,027 |
-3.02 |
36,767,129 |
30.97 |
28,073,827 |
49,527,631 |
-28.00 |
|
Total operating expenses |
35,530,237 |
-3.09 |
36,661,416 |
31.31 |
27,918,915 |
48,890,358 |
-27.33 |
|
127,790 |
20.88 |
105,713 |
-31.76 |
154,912 |
238,466 |
-46.41 |
|
|
3,151 |
-71.33 |
10,989 |
50.86 |
7,284 |
148,968 |
-97.88 |
|
|
66,360 |
2.36 |
64,828 |
-39.07 |
106,397 |
287,728 |
-76.94 |
|
|
64,581 |
24.50 |
51,873 |
-7.03 |
55,798 |
84,458 |
-23.53 |
|
|
16,558 |
-33.66 |
24,959 |
29.86 |
19,220 |
37,844 |
-56.25 |
|
|
48,023 |
78.43 |
26,914 |
-26.42 |
36,578 |
59,254 |
-18.95 |
|
|
-4,212 |
-196 |
4,360 |
- |
0 |
3,201 |
-231 |
|
|
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
|
43,811 |
40.08 |
31,275 |
-14.50 |
36,578 |
62,339 |
-29.72 |
|
|
other information |
|||||||
|
- |
- |
- |
- |
- |
147,735 |
- |
|
|
78,158 |
7.84 |
72,476 |
0.00 |
72,476 |
115,275 |
-32.20 |
|
|
10,475 |
-15.10 |
12,338 |
26.95 |
9,719 |
127,998 |
-91.82 |
|
|
6,645 |
-5.80 |
7,054 |
20.89 |
5,835 |
108,777 |
-93.89 |
|
|
- |
- |
- |
- |
- |
8,542 |
- |
|
|
2,368 |
-31.19 |
3,442 |
36.70 |
2,518 |
27,123 |
-91.27 |
|
|
1,461 |
-20.67 |
1,842 |
34.95 |
1,365 |
3,607 |
-59.49 |
|
|
18,522 |
-27.09 |
25,402 |
48.84 |
17,067 |
18,309 |
1.16 |
|
Balance sheet
|
Annual accounts |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
Industry average |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
0 |
- |
0 |
- |
0 |
1,462 |
-100 |
|
|
102,287 |
-15.38 |
120,876 |
40.04 |
86,313 |
177,648 |
-42.42 |
|
|
54,815 |
-6.37 |
58,547 |
-5.99 |
62,278 |
346,034 |
-84.16 |
|
|
12,760 |
6.17 |
12,018 |
112 |
5,666 |
21,826 |
-41.54 |
|
|
34,712 |
-31.01 |
50,311 |
173 |
18,369 |
24,613 |
41.03 |
|
|
1,376 |
0 |
1,376 |
-0.01 |
1,376 |
276,884 |
-99 |
|
|
103,663 |
-15.21 |
122,252 |
39.42 |
87,688 |
363,620 |
-71.49 |
|
|
3,886,112 |
43.16 |
2,714,592 |
5.47 |
2,573,716 |
3,060,929 |
26.96 |
|
|
- |
- |
- |
- |
- |
4,101,634 |
- |
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,462 |
-100 |
|
3,886,112 |
43.16 |
2,714,592 |
5.47 |
2,573,716 |
2,049,305 |
89.63 |
|
|
0 |
- |
0 |
- |
0 |
470,366 |
-100 |
|
|
11,973,274 |
-35.04 |
18,431,425 |
46.65 |
12,568,121 |
3,888,007 |
207 |
|
|
Cash |
285,856 |
-46.46 |
533,932 |
963 |
50,208 |
239,603 |
19.30 |
|
61,112 |
-74.70 |
241,572 |
-45.04 |
439,505 |
245,153 |
-75.07 |
|
|
13,771 |
138 |
5,778 |
-13.29 |
6,664 |
21,392 |
-35.63 |
|
|
16,220,125 |
-26.03 |
21,927,300 |
40.22 |
15,638,214 |
6,943,733 |
133 |
|
|
current liabilities |
|||||||
|
9,591,509 |
-38.54 |
15,606,260 |
51.16 |
10,324,353 |
2,777,715 |
245 |
|
|
- |
- |
- |
- |
- |
- |
- |
|
|
1,148,365 |
55.76 |
737,248 |
2250 |
31,371 |
1,895,458 |
-39.41 |
|
|
51,843 |
99 |
25,938 |
-14.64 |
30,387 |
-85.99 |
- - |
|
|
10,791,718 |
-34.07 |
16,369,445 |
57.61 |
10,386,111 |
4,926,143 |
119 |
|
|
Long term debts |
|||||||
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long term loans |
3,106,817 |
2.86 |
3,020,579 |
8.79 |
2,776,621 |
170 |
- - |
|
Other long term liabilities |
0 |
-100 |
898,069 |
7.81 |
832,986 |
142,929 |
-100 |
|
3,106,817 |
-20.72 |
3,918,648 |
8.56 |
3,609,607 |
597,953 |
419 |
|
|
shareholders equity |
|||||||
|
626,182 |
10004 |
6,197 |
0.01 |
6,197 |
1,022,392 |
-38.75 |
|
|
- |
- |
- |
- |
- |
108,219 |
- |
|
|
1,799,072 |
2.50 |
1,755,261 |
1.81 |
1,723,987 |
695,355 |
158 |
|
|
- |
- |
- |
- |
- |
815,555 |
- |
|
|
Total shareholders equity |
2,425,253 |
37.68 |
1,761,458 |
1.81 |
1,730,184 |
1,739,095 |
39.45 |
|
5,428,408 |
-2.33 |
5,557,855 |
5.82 |
5,252,103 |
2,017,589 |
169 |
|
|
62,332 |
9.98 |
56,677 |
5.65 |
53,645 |
77,438 |
-19.51 |
|
|
2,425,253 |
37.68 |
1,761,458 |
1.81 |
1,730,184 |
1,737,632 |
39.57 |
|
Ratio analysis
|
Annual accounts |
31-12-2011 |
change(%) |
31-12-2010 |
change(%) |
31-12-2009 |
Industry average |
% |
|
Trading performance |
|||||||
|
Profit Before Tax |
0.18 |
28.57 |
0.14 |
-30.0 |
0.20 |
-744,00 |
0.02 |
|
1.17 |
28.57 |
0.91 |
-12.50 |
1.04 |
-14,00 |
8.36 |
|
|
0.40 |
66.67 |
0.24 |
-31.43 |
0.35 |
-34,00 |
1.18 |
|
|
2.66 |
-9.52 |
2.94 |
-8.70 |
3.22 |
-12,00 |
22.17 |
|
|
6.57 |
-0.76 |
6.62 |
23.74 |
5.35 |
67,00 |
-99 |
|
|
10.90 |
47.70 |
7.38 |
-19.52 |
9.17 |
67,00 |
-83.73 |
|
|
122.56 |
-33.02 |
182.98 |
11.98 |
163.40 |
58.055,00 |
-99 |
|
|
98.53 |
-36.59 |
155.38 |
15.11 |
134.98 |
328,00 |
-69.96 |
|
|
short term stability |
|||||||
|
1.50 |
11.94 |
1.34 |
-11.26 |
1.51 |
4,00 |
-91.67 |
|
|
1.14 |
-2.56 |
1.17 |
-7.14 |
1.26 |
3,00 |
-62.00 |
|
|
4.45 |
-52.10 |
9.29 |
54.83 |
6 |
18,00 |
-75.28 |
|
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
|
|
long term stability |
|||||||
|
175.45 |
-17.76 |
213.34 |
31.46 |
162.29 |
265,00 |
-33.79 |
|
|
14.86 |
85.98 |
7.99 |
-27.36 |
11 |
-1.079,00 |
1.38 |
|
|
5.73 |
-50.26 |
11.52 |
42.40 |
8.09 |
19,00 |
-69.84 |
|
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.54.33 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.71.05 |
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.