MIRA
INFORM REPORT
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Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
YAEL STAR |
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Registered Office : |
Hoveniersstraat
30 B.154, Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1992 |
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Com. Reg. No.: |
448419023 |
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Legal Form : |
Private
Subsidiary Company |
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Line of Business : |
Wholesale
trader of rough diamonds |
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No. of Employees : |
03 |
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 : |
Slow but Correct |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
Yael Star
Hoveniersstraat
30 B.154
Antwerpen, 2018
Belgium
Tel: 03 231 00 22
Fax: 03 231 56 23
Web: www.yaelstar.com
Synthesis
Employees: 3
Company Type: Private
Subsidiary
Corporate Family: 2 Companies
Ultimate Parent: J
B & Brothers
Incorporation
Date: 1992
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 236.9 1
Total Assets: 77.5
Business
Description
Wholesale trader
of rough diamonds
Industry
Industry
Miscellaneous Wholesale
ANZSIC 2006: 3732 - Jewellery and Watch Wholesaling
ISIC Rev 4: 4649 - Wholesale of other household
goods
NACE Rev 2: 4648 - Wholesale of watches and jewellery
NAICS 2012: 423940 - Jewelry, Watch, Precious Stone,
and Precious Metal Merchant Wholesalers
UK SIC 2007: 4648 - Wholesale of watches and jewellery
US SIC 1987: 5094 - Jewelry, Watches, Precious Stones,
and Precious Metals
Key
Executives
|
Name |
Title |
|
Stefaan Paul Maria Beirens |
Representative/Auditor |
|
Dirk Blanckaert |
Representative/Auditor |
|
Theodoor Theo Van Herck |
Representative/Auditor |
|
Miten Jitendrakumar Shah |
Manager |
|
Jitendrakumar Babulal Shah |
Manager |
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.7566
Corporate
Overview
Location
Hoveniersstraat
30 B.154
Antwerpen, 2018
Belgium
Tel: 03 231 00 22
Fax: 03 231 56 23
Web: www.yaelstar.com
Sales EUR(mil): 184.3
Assets EUR(mil): 58.7
Employees: 3
Fiscal Year End: 31-Dec-2012
Industry: Jewelry
and Silverware
Incorporation
Date: 1992
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered
No.(VAT): 448419023
Manager: Miten
Jitendrakumar Shah
Industry Codes
ANZSIC 2006 Codes:
3732 - Jewellery and Watch Wholesaling
ISIC Rev 4 Codes:
4649 - Wholesale of other household goods
NACE Rev 2 Codes:
4648 - Wholesale of watches and jewellery
NAICS 2012 Codes:
423940 - Jewelry,
Watch, Precious Stone, and Precious Metal Merchant Wholesalers
US SIC 1987:
5094 - Jewelry,
Watches, Precious Stones, and Precious Metals
UK SIC 2007:
4648 - Wholesale
of watches and jewellery
More Business Descriptions
Wholesale trader
of rough diamonds
Brand/Trade Names
Yaelstar
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Corporate Family |
Corporate
Structure News: |
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Yael Star |
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Yael
Star |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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J B & Brothers |
Parent |
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Yael
Star |
Subsidiary |
Antwerpen |
Belgium |
Miscellaneous
Wholesale |
236.9 |
3 |
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Executive report
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Executives |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Representative/Auditor |
Accounting Executive |
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Manager |
Other |
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Manager |
Other |
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Manager |
Other |
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Annual Profit & Loss
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Turnover |
236.9 |
339.7 |
322.2 |
|
Other Operating Income |
0.1 |
0.1 |
0.0 |
|
Operating Income |
237.0 |
339.7 |
322.2 |
|
Purchases |
232.9 |
341.3 |
317.6 |
|
Increase
or Decrease in Stocks |
2.1 |
-4.0 |
2.4 |
|
Raw Materials, Consumables, and
Goods for Release |
234.9 |
337.3 |
320.0 |
|
Services and Sundry Goods |
0.8 |
0.9 |
0.9 |
|
Remuneration, Social Security
Charges, and Pensions |
0.1 |
0.1 |
0.2 |
|
Depreciation of and Other Amounts
Written Off of Formation Expense, Intangible and Tangible Fixed Assets |
0.2 |
0.3 |
0.3 |
|
Increase or Decrease in Amounts
Written Off Stocks, Orders, and Trade Debtors |
0.0 |
- |
- |
|
Other Operating Charges |
0.0 |
0.1 |
0.0 |
|
Operating Charges |
236.2 |
338.7 |
321.3 |
|
Income From Current Assets |
- |
- |
0.0 |
|
Other Financial Income |
0.0 |
0.0 |
0.0 |
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Financial Income |
0.0 |
0.0 |
0.0 |
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Interest and Other Debt Charges |
0.4 |
0.5 |
0.2 |
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Other Financial Charges |
0.1 |
0.1 |
0.2 |
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Financial Charges |
0.5 |
0.6 |
0.5 |
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Gain on Disposal of Fixed Assets |
0.0 |
0.0 |
- |
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Other Extraordinary Income |
0.0 |
- |
- |
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Extraordinary Income |
0.0 |
0.0 |
- |
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Income Taxes |
0.1 |
0.1 |
0.1 |
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Adjustment of Income Taxes and
Write-Back of Tax Provisions |
0.0 |
- |
- |
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Income Taxes |
0.1 |
0.1 |
0.1 |
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To the
Legal Reserve |
0.0 |
0.0 |
- |
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To Other
Reserves |
0.2 |
0.2 |
- |
|
Transfers to Capital and Reserves |
0.2 |
0.2 |
- |
|
Employees |
3 |
2 |
2 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
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|
Land &
Buildings |
2.1 |
2.1 |
2.2 |
|
Plant,
Machinery, and Equipment |
0.9 |
1.0 |
1.2 |
|
Furniture
and Vehicles |
0.2 |
0.2 |
0.1 |
|
Tangible Assets |
3.2 |
3.3 |
3.5 |
|
Amounts
Receivable and Cash Guarantees |
0.0 |
0.0 |
0.0 |
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Other
Capital Assets |
0.0 |
0.0 |
0.0 |
|
Capital Assets |
0.0 |
0.0 |
0.0 |
|
Fixed Assets |
3.2 |
3.3 |
3.6 |
|
Goods
Purchased for Resale |
9.5 |
11.4 |
7.9 |
|
Stocks |
9.5 |
11.4 |
7.9 |
|
Inventory and Orders in
Progress |
9.5 |
11.4 |
7.9 |
|
Trade
Debtors |
63.7 |
73.2 |
41.8 |
|
Other
Amounts Receivable |
0.9 |
2.7 |
2.7 |
|
Amounts Receivable Within One
Year |
64.7 |
75.9 |
44.5 |
|
Liquid Assets |
0.1 |
0.2 |
1.0 |
|
Adjustment Accounts |
0.0 |
0.0 |
0.0 |
|
Current Assets |
74.3 |
87.4 |
53.4 |
|
Total Assets |
77.5 |
90.8 |
56.9 |
|
Issued
Capital |
26.8 |
26.3 |
27.2 |
|
Capital |
26.8 |
26.3 |
27.2 |
|
Gain From Revaluation of Assets |
0.7 |
0.7 |
0.7 |
|
Legal
Reserve |
0.0 |
0.0 |
0.0 |
|
Reserves
Available for Distribution |
1.5 |
1.3 |
1.1 |
|
Reserves |
1.5 |
1.3 |
1.1 |
|
Capital and Reserves |
29.0 |
28.3 |
29.0 |
|
Credit
Institutions |
0.5 |
0.6 |
0.7 |
|
Other
Loans |
2.5 |
- |
- |
|
Financial
Debts |
2.9 |
0.6 |
0.7 |
|
Other
Amounts Payable |
3.1 |
7.5 |
7.5 |
|
Amounts Due After More Than One
Year |
6.0 |
8.0 |
8.2 |
|
Current
Portion of Amounts Payable After More Than One Year |
0.1 |
0.1 |
0.1 |
|
Credit
Institutions |
3.8 |
9.8 |
2.5 |
|
Financial
Debts |
3.8 |
9.8 |
2.5 |
|
Suppliers |
38.4 |
44.5 |
17.1 |
|
Trade
Debts |
38.4 |
44.5 |
17.1 |
|
Taxes |
0.0 |
0.0 |
0.0 |
|
Remuneration
and Social Security |
0.0 |
0.0 |
0.0 |
|
Taxes,
Wages, and Social Security |
0.1 |
0.0 |
0.1 |
|
Other
Amounts Payable |
0.2 |
- |
- |
|
Amounts Payable Within One Year |
42.5 |
54.5 |
19.8 |
|
Adjustment Accounts |
0.0 |
0.0 |
0.0 |
|
Creditors |
48.5 |
62.5 |
28.0 |
|
Total Liabilities + Shareholders' Equity |
77.5 |
90.8 |
56.9 |
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.
-
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.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
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.