MIRA INFORM REPORT

 

 

Report Date :

21.02.2013

 

IDENTIFICATION DETAILS

 

Name :

AFTERGUT N. & ZONEN BVBA

 

 

Registered Office :

Hoveniersstraat 2, 2018 Antwerp

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.02.1995

 

 

Com. Reg. No.:

454626132

 

 

Legal Form :

Private limited liability company

 

 

LINE OF BUSINESS :

WHOLESALE OF DIAMONDS AND OTHER PRECIOUS STONES

 

 

No. of Employees :

4

 

 

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 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

 

Business number

454626132

Company name

AFTERGUT N. & ZONEN BVBA

Address

HOVENIERSSTRAAT 2

 

2018 ANTWERP

Number of staff

4

Date of establishment

23/02/1995

Telephone number

0479492344

Fax number

-

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Ultimate holding company

 

Company name

 

Company Number

View linked companies from outside this company's group structure

Aftergut N. & Zonen BVBA

 

454626132

No linked companies have been found.

 

 

Accounts & ratios

 

Date of latest accounts

Turnover

Profit Before Tax

Net worth

31/12/2011

138,138,906

67,857

39,233,179

31/12/2010

87,776,622

137,025

35,125,451

31/12/2009

28,861,890

41,618

34,991,205

 

 

Accounts & ratios

 

Date of latest accounts

Balance Total

Investments

Capital

Cash Flow

Number of Employees

31/12/2011

69,822,653

6,046,917

41,880,301

6,070

4

31/12/2010

61,006,402

5,525,289

37,498,909

60,267

3

31/12/2009

53,821,289

4,339,150

37,498,909

4,177

3

 

 


Trends

 

Profitability

 

 

Liquidity

 

 

Net worth

 

 

 

 

Payment expectations

 

Past payments

 

Payment expectation days

5.58

Industry average payment expectation days

176.34

Industry average day sales outstanding

109.77

Day sales outstanding

88.76

 

 

Court data summary

 

Bankruptcy details

Court action type

no

Protested bills

Bill amount

-

NSSO details

Date of summons

07/02/2012

 

Business number

454626132

Company name

AFTERGUT N. & ZONEN BVBA

Fax number

-

Date founded

23/02/1995

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.0454.626.132

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

Check Article 30 Bis

 

Registered contractor number

-

Contractor description

-

Date struck off register

 

 

Personnel limit NSSO

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

324.02

Description

JSC small merchandisers in the diamant industry and trade

category

 

 

Profit & loss

 

Annual accounts

31-12-2011

%

31-12-2010

%

31-12-2009

Industry average
2011

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

138,138,906

57.38

87,776,622

204

28,861,890

57,071,239

142

Total operating expenses

135,234,432

55.07

87,210,656

206

28,475,191

56,388,961

139

Operating result

2,904,474

413

565,966

46.36

386,700

261,580

1010

Total financial income

1,480,446

4047

35,693

-28.07

49,623

170,510

768

Total financial expenses

4,317,063

829

464,634

17.72

394,704

344,640

1152

Results on ordinary operations before taxation

67,857

-50.48

137,025

229

41,618

70,654

-3.96

Taxation

64,330

1540

3,921

-90.51

41,335

38,720

66.14

Results on ordinary operations after taxation

3,527

-97.35

133,104

46987

283

44,504

-92.07

Extraordinary items

0

-

0

-100

8,115

11,595

-100

Other appropriations

0

-

0.00

-

0.00

-

-

Net result

3,527

-97.35

133,104

1484

8,398

56,038

-93.71

 

other information

Dividends

-

-

-

-

-

135,797

-

Director remuneration

-

-

60,118

0

60,118

118,597

-

Employee costs

146,106

10.39

132,354

4.65

126,475

152,302

-4.07

      Wages and salary

117,148

10.80

105,726

5.90

99,839

129,219

-9.34

      Employee pension costs

-

-

-

-

-

8,542

-

      Social security contributions

26,048

12.52

23,150

-4.58

24,261

31,775

-18.02

      Other employee costs

2,910

-16.33

3,478

46.44

2,375

4,346

-33.04

Amortization and depreciation

35,608

135

15,105

-12.54

17,271

21,699

64.10

 

back to top

 

balance sheet

 

Annual accounts

31-12-2011

%

31-12-2010

%

31-12-2009

Industry average
2011

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

113

-

1,255

1,775

-100

Tangible fixed assets

1,053,858

35.19

779,550

103

383,290

208,237

406

      Land & building

1,021,377

34.04

761,987

108

364,957

381,832

167

      Plant & machinery

19,572

29.29

15,138

-8.07

16,467

27,852

-29.73

      Other tangible assets

12,909

432

2,425

29.93

1,867

30,964

-58.31

Financial fixed assets

6,046,917

9.44

5,525,289

27.34

4,339,150

321,397

1781

Total fixed assets

7,100,775

12.62

6,304,951

33.47

4,723,696

427,235

1562

Inventories

24,656,226

-5.77

26,166,496

-12.26

29,821,278

3,531,853

598

      Raw materials & consumables

-

-

-

-

-

3,816,893

-

      Work in progress

0

-

0

-

0

2,261

-100

      Finished goods

24,656,226

-5.77

26,166,496

-12.26

29,821,278

2,464,757

900

      Other stocks

0

-

0

-

0

455,632

-100

Trade debtors

33,592,690

29.85

25,871,160

61.33

16,036,047

4,392,223

664

Cash

6,070

-89.93

60,267

1342

4,177

306,714

-98.02

other amounts receivable

4,052,841

92.42

2,106,278

-26.69

2,873,092

447,746

805

Miscellaneous current assets

414,051

-16.73

497,250

36.98

362,999

41,902

888

Total current assets

62,721,878

14.66

54,701,451

11.41

49,097,593

8,139,766

670

 

current liabilities

Trade creditors

2,067,926

-70.46

7,000,177

-1.68

7,119,704

2,928,994

-29.40

Short term group loans

-

-

-

-

-

-

-

Other short term loans

25,177,429

53.72

16,379,191

188

5,674,537

2,442,273

930

Miscellaneous current liabilities

301,924

81.23

166,596

-23.11

216,655

-24.49

- -

Total current liabilities

27,547,279

16.99

23,545,964

80.97

13,010,896

5,655,192

387

 

Long term debts

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

2,492,164

39.63

1,784,874

-66.12

5,267,934

54.96

- -

Other long term liabilities

550,031

0.01

550,000

0

550,000

289,264

90.15

Total long term debts

3,042,195

30.29

2,334,874

-59.87

5,817,934

944,427

222

 

shareholders equity

Issued share capital

41,880,301

11.68

37,498,909

0

37,498,909

1,169,545

3480

Share premium account

-

-

-

-

-

173,859

-

Reserves

-2,793,593

-11.54

-2,504,493

94.95

-2,637,596

724,519

-485

Revaluation reserve

146,471

11.68

131,147

0

131,147

776,200

-81.13

Total shareholders equity

39,233,179

11.69

35,125,564

0.38

34,992,460

1,918,204

1945

Working capital

35,174,599

12.90

31,155,487

-13.66

36,086,698

2,484,574

1315

Net worth

39,233,179

11.69

35,125,451

0.38

34,991,205

1,916,428

1947

 

back to top

 

ratio analysis

 

Annual accounts

31-12-2011

change(%)

31-12-2010

change(%)

31-12-2009

Industry average
2011

%

 

Trading performance

Profit Before Tax

0.05

-68.75

0.16

14.29

0.14

-662,00

0.01

Return on capital employed

0.16

-56.76

0.37

270

0.10

-12,00

1.33

Return on total assets employed

0.10

-54.55

0.22

175

0.08

-31,00

0.32

Return on net assets employed

0.17

-56.41

0.39

225

0.12

-18,00

0.94

Sales / net working capital

3.93

39.36

2.82

252

0.80

61,00

-99

Stock turnover ratio

17.85

-40.12

29.81

-71.15

103.32

62,00

-71.21

Debtor days

88.76

-17.49

107.58

-46.95

202.80

51.715,00

-99

Creditor days

5.58

-80.96

29.30

-67.89

91.26

299,00

-98.13

 

short term stability

Current ratio

2.28

-1.72

2.32

-38.46

3.77

4,00

-85.75

Liquidity ratio / acid ratio

1.38

14.05

1.21

-18.24

1.48

3,00

-54.00

Current debt ratio

0.70

4.48

0.67

81.08

0.37

16,00

-95.62

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

long term stability

Gearing

70.53

36.40

51.71

65.37

31.27

273,00

-74.16

Equity in percentage

56.19

-2.41

57.58

-11.44

65.02

-990,00

5.68

Total debt ratio

0.78

5.41

0.74

37.04

0.54

17,00

-95.41

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

industry average credit rating

64.48

Industry average credit limit

140177.31

 

Suspension of payments / moratorium history

Amount

-

Details

-

 

Payment expectations

Payment expectation days

5.58

Day sales outstanding

88.76

 

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

176.34

Industry average day sales outstanding

109.77

 

Industry quartile analysis

Payment expectations

Company result

5.58

Lower

122.56

Median

73.75

Upper

41.43

 



Day sales outstanding

Company result

88.76

Lower

107.66

Median

54.94

Upper

24.45

 

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Summary

Group - Number of Companies

2

Linkages - Number of Companies

0

Number of Countries

0

 

Group Structure

Click the company to view / order a report.

 

Company name

 

Number

 

Latest
financials

Rating

- AFTERGUT N. & ZONEN BVBA

 

454626132

 

31-12-2011

67

- - KARNIX LIMITED SOC.ETR. E.P.B.

 

 

 

 

 

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

Business number

Company name

 

Safe number

%

Rating

Limit

Date of accounts

-

MINERA OLIMPIA SOC.ETR. E.P.B.

 

-

23.33

N/R

-

-

 

Protested bills

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

 

NSSO details

 

Business number

454626132

Name of defendant

AFTERGUT N EN ZONEN

Legal form of defendant

Private limited liability company

Date of summons

13/05/2008

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

07/02/2012

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

3rd party address





 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

13/05/2008

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

3rd party address





 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

23/10/2007

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

3rd party address





 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

02/10/2007

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

3rd party address





 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

04/09/2007

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

3rd party address





 

Current director details

Name

MAURICE AFTERGUT

Position

Principal Manager

Start Date

23/02/1995

Street

25 ALBERTSTRAAT ANTWERP

Post code

2018

Country

Belgium

 

Name

CHAIM AFTERGUT

Position

Principal Manager

Start Date

27/10/2010

Street

24 CONSCIENCESTRAAT ANTWERP

Post code

2018

Country

Belgium

 

 

Former director details

Name

ERWIN AFTERGUT

Position

Principal Manager

Start Date

23/02/1995

End Date

31/03/2007

Street

196 LANGE LEEMSTRAAT ANTWERP

Post code

2018

Country

Belgium

 

Name

WF&CO BEDRIJFSREVISOREN B.V. BVBA

Position

Commissioner

Start Date

10/02/2010

End Date

31/12/2010

Date of birth

01/10/1982

Street

1126 KORTRIJKSESTEENWEG GHENT

Post code

9051

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.54.05

UK Pound

1

Rs.83.44

Euro

1

Rs.72.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.