MIRA
INFORM REPORT
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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
EUROSTAR DIAMOND TRADERS |
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Registered Office : |
Hoveniersstraat 53 B.79, Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2011 |
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Year of Establishments: |
1991 |
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Com. Reg. No.: |
443117279 |
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Legal Form : |
Private Independent Company |
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Line of Business : |
Wholesale trade in diamonds and Jewellery |
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No. of Employees : |
42 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Belgium |
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 |
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.
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Source : CIA |
Company name & address
Eurostar Diamond Traders
Hoveniersstraat 53 B.79
Antwerpen, 2018
Belgium
Tel: 03 225 32 11
Fax: 03 213 77 99
Synthesis
Employees: 42
Company Type: Private Independent
Incorporation Date: 1991
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 3,186.3 1
Total Assets: 749.6
Business Description
Wholesale trade in diamonds and jewellery
Industry
Industry Jewelry and Silverware
ANZSIC 2006: 3732 - Jewellery
and Watch Wholesaling
NACE 2002: 5147 - Wholesale
of other household goods
NAICS 2002: 423940 - Jewelry,
Watch, Precious Stone, and Precious Metal Merchant Wholesalers
UK SIC 2003: 51473 - Wholesale
of jewellery
UK SIC 2007: 4648 - Wholesale
of watches and jewellery
US SIC 1987: 5094 - Jewelry,
Watches, Precious Stones, and Precious Metals
Key Executives
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Name |
Title |
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Ashish Pravin Kothari |
Managing Director |
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Sachin Dinukumar Mehta |
Chairman/Managing Director |
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Cyrille Raoul Joseph Delveaux |
Secretary General |
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Marc Marissen |
Representative/Auditor |
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Emile Rene Augustina Louisa Walkiers |
Auditor, Representative/Auditor |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
Hoveniersstraat 53 B.79
Antwerpen, 2018
Belgium
Tel: 03 225 32 11
Fax: 03 213 77 99
Sales EUR(mil): 2,291.6
Assets EUR(mil): 577.4
Employees: 42
Fiscal Year End: 31-Dec-2011
Industry: Jewelry and Silverware
Incorporation Date: 1991
Company Type: Private Independent
Quoted Status: Not Quoted
Registered No.(VAT): 443117279
Secretary General: Cyrille
Raoul Joseph Delveaux
Industry Codes
ANZSIC 2006 Codes:
3732 - Jewellery and Watch Wholesaling
NACE 2002 Codes:
5147 - Wholesale of other household goods
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
UK SIC 2007:
4648 - Wholesale of watches and jewellery
Business
Description
Wholesale of other intermediate products
More Business
Descriptions
Wholesale trade in diamonds and jewellery
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Executive report
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Board
of Directors |
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Chairman/Managing Director |
Chairman |
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Executives |
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Managing Director |
Managing Director |
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Chairman/Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Secretary General |
Company Secretary |
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Representative/Auditor |
Accounting Executive |
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Auditor, Representative/Auditor |
Accounting Executive |
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Annual
Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Turnover |
3,186.3 |
2,059.2 |
1,739.6 |
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Other Operating Income |
0.6 |
0.4 |
1.0 |
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Operating Income |
3,186.9 |
2,059.6 |
1,740.6 |
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Purchases |
3,125.1 |
1,996.4 |
1,695.8 |
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Increase or Decrease
in Stocks |
-57.1 |
-13.1 |
1.2 |
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Raw Materials, Consumables, and Goods for Release |
3,068.1 |
1,983.3 |
1,697.0 |
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Services and Sundry Goods |
14.6 |
11.1 |
12.8 |
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Remuneration, Social Security Charges, and
Pensions |
5.2 |
4.0 |
4.4 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.5 |
0.5 |
0.4 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
- |
0.1 |
-1.3 |
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Provisions for Liabilities and Charges |
- |
- |
-0.2 |
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Other Operating Charges |
0.7 |
1.4 |
0.1 |
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Operating Charges |
3,089.1 |
2,000.5 |
1,713.2 |
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Income From Current Assets |
2.4 |
2.2 |
3.3 |
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Other Financial Income |
1.5 |
2.6 |
0.5 |
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Financial Income |
3.8 |
4.8 |
3.8 |
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Interest and Other Debt Charges |
75.8 |
65.2 |
19.7 |
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Other Financial Charges |
2.1 |
2.1 |
5.7 |
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Financial Charges |
77.9 |
67.4 |
25.4 |
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Gain on Disposal of Fixed Assets |
0.0 |
0.2 |
1.2 |
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Other Extraordinary Income |
- |
- |
2.2 |
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Extraordinary Income |
0.0 |
0.2 |
3.4 |
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Loss on Disposal of Fixed Assets |
0.0 |
- |
- |
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Extraordinary Charges |
0.0 |
- |
- |
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Income Taxes |
0.3 |
0.0 |
1.6 |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
0.0 |
- |
0.8 |
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Income Taxes |
0.3 |
0.0 |
0.8 |
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To the Legal Reserve |
1.2 |
- |
0.4 |
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To Other Reserves |
21.5 |
- |
9.1 |
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Transfers to Capital and Reserves |
22.7 |
- |
9.5 |
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Employees |
42 |
44 |
44 |
Annual Balance Sheet
Financials in: USD (mil)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Intangible Assets |
0.0 |
0.0 |
0.1 |
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Land & Buildings |
5.6 |
5.8 |
5.8 |
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Plant, Machinery, and
Equipment |
0.4 |
0.5 |
0.3 |
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Furniture and Vehicles |
0.4 |
0.5 |
0.1 |
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Leasing and Other
Similar Rights |
- |
0.0 |
0.1 |
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Tangible Assets |
6.5 |
6.7 |
6.3 |
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Participating
Interests |
0.4 |
0.4 |
- |
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Amounts Receivable |
92.1 |
74.6 |
75.1 |
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Affiliated Enterprises |
92.5 |
75.0 |
75.1 |
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Shares |
2.1 |
2.1 |
2.1 |
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Amounts Receivable and
Cash Guarantees |
3.5 |
8.4 |
24.9 |
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Other Capital Assets |
5.6 |
10.5 |
27.0 |
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Capital Assets |
98.1 |
85.5 |
102.1 |
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Fixed Assets |
104.6 |
92.2 |
108.5 |
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Other Amounts
Receivable |
- |
- |
5.0 |
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Amounts Receivable After More Than One Year |
- |
- |
5.0 |
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Goods Purchased for
Resale |
302.7 |
249.6 |
234.5 |
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Stocks |
302.7 |
249.6 |
234.5 |
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Inventory and Orders in Progress |
302.7 |
249.6 |
234.5 |
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Trade Debtors |
270.6 |
244.1 |
241.6 |
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Other Amounts
Receivable |
70.4 |
81.6 |
73.5 |
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Amounts Receivable Within One Year |
341.0 |
325.7 |
315.1 |
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Other Investments and
Deposits |
0.3 |
0.3 |
0.3 |
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Investments |
0.3 |
0.3 |
0.3 |
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Liquid Assets |
0.5 |
1.7 |
1.0 |
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Adjustment Accounts |
0.4 |
1.1 |
0.9 |
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Current Assets |
645.0 |
578.4 |
556.8 |
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Total Assets |
749.6 |
670.7 |
665.3 |
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Issued Capital |
165.6 |
165.7 |
164.3 |
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Capital |
165.6 |
165.7 |
164.3 |
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Legal Reserve |
3.6 |
2.5 |
2.5 |
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Other |
100.9 |
100.9 |
100.1 |
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Reserves Not Available
for Distribution |
100.9 |
100.9 |
100.1 |
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Reserves Available for
Distribution |
50.2 |
30.1 |
29.9 |
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Reserves |
154.6 |
133.5 |
132.5 |
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Other Liabilities and
Charges |
1.1 |
1.1 |
1.1 |
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Provisions for
Liabilities and Charges |
1.1 |
1.1 |
1.1 |
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Provisions and Deferred Taxes |
1.1 |
1.1 |
1.1 |
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Capital and Reserves |
322.4 |
300.7 |
301.7 |
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Credit Institutions |
1.1 |
1.4 |
1.6 |
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Other Loans |
6.9 |
7.5 |
10.1 |
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Financial Debts |
8.0 |
8.9 |
11.6 |
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Amounts Due After More Than One Year |
8.0 |
8.9 |
11.6 |
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Current Portion of
Amounts Payable After More Than One Year |
0.4 |
0.4 |
0.3 |
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Credit Institutions |
267.9 |
249.9 |
223.9 |
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Other Loans |
14.8 |
12.3 |
18.1 |
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Financial Debts |
282.7 |
262.2 |
242.1 |
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Suppliers |
130.7 |
93.7 |
102.0 |
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Trade Debts |
130.7 |
93.7 |
102.0 |
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Taxes |
0.3 |
0.0 |
0.1 |
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Remuneration and
Social Security |
0.4 |
0.4 |
0.4 |
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Taxes, Wages, and
Social Security |
0.7 |
0.4 |
0.5 |
|
Other Amounts Payable |
1.5 |
0.9 |
5.3 |
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Amounts Payable Within One Year |
416.0 |
357.6 |
350.2 |
|
Adjustment Accounts |
2.0 |
2.3 |
0.6 |
|
Creditors |
426.0 |
368.8 |
362.5 |
|
Total Liabilities + Shareholders' Equity |
749.6 |
670.7 |
665.3 |
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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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.
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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 –
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.
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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.54.16 |
|
UK Pound |
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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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.