MIRA
INFORM REPORT
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Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
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Name : |
DIAMOND
CREATIONS |
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Registered Office : |
Schupstraat 20 B.12, Antwerpen,
2018 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
454918221 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale trade in diamonds |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
No complaints |
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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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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%. 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.
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Source
: CIA |
Company name & address
DIAMOND CREATIONS
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Business Description
Wholesale trade in diamonds
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
423940 -
Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
5094 -
Jewelry, Watches, Precious Stones, and Precious Metals |
Key Executives
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Name |
Title |
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Alias Kedia Santosh
Agarwal |
Managing Director |
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Levy Barak |
Administrator |
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Ratul Sonthalia |
Administrator |
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Hendrik Josephina Arthur (Rik)
Van Cakenberghe |
Representative/Auditor |
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Pascale Van Melkebeke |
Chairman of the Board of Directors |
News
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Title |
Date |
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Gold Pages
is Pleased to Announce the Top Two USA-made Designer Engagement Rings |
31-Aug-2013 |
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US$2
million necklace pinched during de Grisogono Cannes
party |
27-May-2013 |
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US$2
million necklace pinched during the annual de Grisogono
party in Cannes |
27-May-2013 |
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Tiffany
& Co Unveils Great Gatsby Jewelry Collection with 1920 Inspired Window
Display |
18-Apr-2013 |
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Freida Pinto Wears Jacob Arabo
Jewelry to NAACP Image Awards |
19-Feb-2013 |
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Morena Baccarin Wears Jacob Arabo Jewelry at SAG Awards |
7-Feb-2013 |
Registered No.(VAT): 454918221
1 - Profit & Loss Item Exchange Rate: USD
1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7566
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ANZSIC 2006 Codes: |
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3732 |
- |
Jewellery and Watch Wholesaling |
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ISIC Rev 4 Codes: |
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4649 |
- |
Wholesale of other household goods |
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NACE Rev 2 Codes: |
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4648 |
- |
Wholesale of watches and jewellery |
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NAICS 2012 Codes: |
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423940 |
- |
Jewelry, Watch, Precious Stone, and Precious Metal Merchant
Wholesalers |
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US SIC 1987: |
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5094 |
- |
Jewelry, Watches, Precious Stones, and Precious Metals |
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UK SIC 2007: |
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4648 |
- |
Wholesale of watches and jewellery |
Manufacture of jewellery and related articles
not elsewhere classified
More Business Descriptions
Wholesale trade in diamonds
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Executives Report
Board of Directors
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Chairman of the Board of Directors |
Chairman |
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Managing Director |
Director/Board Member |
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Executives
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Managing Director |
Division Head Executive |
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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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Representative/Auditor |
Accounting Executive |
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News
Annual
Profit & Loss
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31-Dec-2012 |
31-Dec-2011 |
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Period Length |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
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Exchange Rate (Period Average) |
0.778237 |
0.71919 |
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Consolidated |
No |
No |
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Turnover |
69.7 |
72.2 |
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Other Operating Income |
0.2 |
0.2 |
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Operating Income |
69.9 |
72.4 |
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Purchases |
76.0 |
72.0 |
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Increase or Decrease
in Stocks |
-7.4 |
-0.6 |
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Raw Materials, Consumables, and Goods for
Release |
68.7 |
71.4 |
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Services and Sundry Goods |
0.5 |
0.5 |
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Remuneration, Social Security Charges, and
Pensions |
0.2 |
0.2 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.1 |
0.1 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
0.3 |
- |
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Other Operating Charges |
0.0 |
0.0 |
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Operating Charges |
69.7 |
72.2 |
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Other Financial Income |
2.3 |
3.9 |
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Financial Income |
2.3 |
3.9 |
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Interest and Other Debt Charges |
0.0 |
0.0 |
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Other Financial Charges |
2.3 |
3.9 |
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Financial Charges |
2.3 |
3.9 |
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Income Taxes |
0.0 |
0.0 |
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Income Taxes |
0.0 |
0.0 |
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To Other Reserves |
0.1 |
0.1 |
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Transfers to Capital and Reserves |
0.1 |
0.1 |
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Administrators or
Managers |
0.1 |
- |
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Other Beneficiaries |
- |
0.1 |
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Profit to be Distributed |
0.1 |
0.1 |
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Employees |
5 |
4 |
Annual
Balance Sheet
Financials in: USD (mil)
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31-Dec-2012 |
31-Dec-2011 |
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Filed Currency |
EUR |
EUR |
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Exchange Rate |
0.7566 |
0.770327 |
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Consolidated |
No |
No |
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Intangible Assets |
0.0 |
0.0 |
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Plant, Machinery, and
Equipment |
0.0 |
0.0 |
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Furniture and Vehicles |
0.0 |
0.0 |
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Other Tangible Assets |
0.4 |
0.4 |
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Tangible Assets |
0.5 |
0.5 |
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Amounts Receivable and
Cash Guarantees |
0.0 |
0.0 |
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Other Capital Assets |
0.0 |
0.0 |
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Capital Assets |
0.0 |
0.0 |
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Fixed Assets |
0.5 |
0.5 |
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Raw Materials and
Consumables |
13.1 |
5.4 |
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Stocks |
13.1 |
5.4 |
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Inventory and Orders in Progress |
13.1 |
5.4 |
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Trade Debtors |
20.0 |
18.9 |
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Other Amounts
Receivable |
0.7 |
0.1 |
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Amounts Receivable Within One Year |
20.7 |
19.0 |
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Liquid Assets |
0.9 |
2.6 |
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Adjustment Accounts |
0.0 |
0.0 |
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Current Assets |
34.6 |
27.0 |
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Total Assets |
35.1 |
27.5 |
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Issued Capital |
0.0 |
0.0 |
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Capital |
0.0 |
0.0 |
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Legal Reserve |
0.0 |
0.0 |
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Other |
6.1 |
5.9 |
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Reserves Not Available
for Distribution |
6.1 |
5.9 |
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Untaxed Reserves |
0.0 |
0.0 |
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Reserves Available for
Distribution |
0.9 |
0.9 |
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Reserves |
7.0 |
6.8 |
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Capital and Reserves |
7.1 |
6.9 |
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Other Loans |
3.8 |
3.8 |
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Financial Debts |
3.8 |
3.8 |
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Amounts Due After More Than One Year |
3.8 |
3.8 |
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Credit Institutions |
0.9 |
0.1 |
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Financial Debts |
0.9 |
0.1 |
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Suppliers |
19.8 |
13.8 |
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Trade Debts |
19.8 |
13.8 |
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Taxes |
0.1 |
0.1 |
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Remuneration and
Social Security |
0.0 |
0.0 |
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Taxes, Wages, and
Social Security |
0.1 |
0.1 |
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Other Amounts Payable |
3.5 |
2.9 |
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Amounts Payable Within One Year |
24.3 |
16.9 |
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Adjustment Accounts |
0.0 |
0.0 |
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Creditors |
28.0 |
20.6 |
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Total Liabilities + Shareholders' Equity |
35.1 |
27.5 |
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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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 –
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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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.10 |
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|
1 |
Rs.101.27 |
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Euro |
1 |
Rs.85.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<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.