MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GALAXY DIAMONDS (BELGIUM) BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 53 –Bantwerpen 2018 |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
14.02.2008 |
|
|
|
|
Com. Reg. No.: |
895902292 |
|
|
|
|
Legal Form : |
Private Limited Company (BL/LX) |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones |
|
|
|
|
No. of Employees : |
2 |
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 |
REGISTERED NAME & COMPANY SUMMARY
|
Business number |
895902292 |
Company name |
GALAXY DIAMONDS (BELGIUM) BVBA |
|
|
|
Telephone number |
- |
|
Address |
HOVENIERSSTRAAT 53 -BANTWERPEN |
Fax number |
03294 7967 |
|
Post code |
2018 |
Number of staff |
2 |
|
Date of establishment |
14/02/2008 |
|
|
DIRECTORS/MANAGEMENT
Current director details
|
Name |
|
|
Position |
Principal Manager |
|
Start Date |
28/05/2009 |
|
Street |
44 CHARLOTTALEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
Former director details
|
Name |
|
|
Position |
Non Statutory Partner |
|
Start Date |
14/02/2008 |
|
End Date |
21/05/2008 |
|
Street |
47 EUGENIO PACELLILAAN EDEGEM |
|
Post code |
2650 |
|
Country |
Belgium |
|
Name |
|
|
Position |
Principal Manager |
|
Start Date |
21/05/2008 |
|
End Date |
24/10/2008 |
|
Street |
8 RUE DES BLANCS CURÉS AAT |
|
Post code |
7802 |
|
Country |
Belgium |
|
Name |
|
|
Position |
Principal Manager |
|
Start Date |
01/01/2008 |
|
End Date |
31/12/2010 |
|
Street |
9 HÜGERLAAN GROBBENDONK |
|
Post code |
2280 |
|
Country |
Belgium |
NEGATIVE INFORMATION
Court Data Summary
|
Bankruptcy details |
|
|
Court action type |
no |
|
Protested bills |
|
|
Bill amount |
- |
|
NSSO details |
|
|
Date of summons |
- |
|
Business number |
895902292 |
Company name |
GALAXY DIAMONDS (BELGIUM) BVBA |
|
Fax number |
03294 7967 |
Date founded |
14/02/2008 |
|
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.0895.902.292 |
|
Belgian Bullettin of Acts Publications |
|
|
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)
Significant Events
|
Event Date |
25/05/2009 |
|
Event Description |
resignation-appointment of director(s) |
|
Event Details |
Commentaar 25-05-2009: Wegens het bekomen van een
beroepskaart wordt Agrawalla Pradeep Kumar benoemd tot zaakvoerder met een onbezoldigd
mandaat met ingang van 28/05/2009. |
|
Event Date |
23/11/2009 |
|
Event Description |
|
|
Event Details |
Pradeep Agrawalla onderschrijft de 7965 nieuwe
aandelen uitgegeven tgv de kapitaalsverhoging. |
|
Event Date |
21/05/2008 |
|
Event Description |
|
|
Event Details |
Verbetering ontslag en benoeming van zaakvoerder.
|
Protested bills
|
Drawee name |
- |
|
Address |
- |
|
Bill amount |
- |
|
Bill currency |
- |
|
Maturity of bill |
- |
|
Name of drawer |
- |
|
City of drawer |
- |
NSSO details
|
Business number |
895902292 |
|
Name of defendant |
- |
|
Legal form of defendant |
- |
|
Date of summons |
- |
|
Labour court |
- |
Bankruptcy details
|
There is no bankruptcy data against this company |
|
court data
|
there is no data for this company |
SHARE & SHARE CAPITAL INFORMATION
Minority Shareholders
No minority shareholders found
Individual Shareholders
|
Shareholder Name |
|||
|
Forename |
Pradeep |
Middle name |
- |
|
Surname |
Agrawalla |
|
|
|
Shareholder Details |
|||
|
Start date |
10/12/2009(estimated) |
End date |
- |
|
Percentage owned |
- |
|
|
|
Shareholder Address |
|||
|
Street name |
- |
House number |
- |
|
Minor town |
- |
Postal town |
- |
|
Post code |
- |
Country |
India |
PAYMENT INFORMATION
Payment
expectations
|
Past payments |
|
Payment expectation days |
52.30 |
|
Industry average payment expectation days |
177.13 |
Industry average day sales outstanding |
110.54 |
|
Day sales outstanding |
45.31 |
||
|
comparison mode |
|
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 |
52.30 |
|
Day sales outstanding |
45.31 |
Industry comparison
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and other precious stones |
|
Industry average payment expectation days |
177.13 |
|
Industry average day sales outstanding |
110.54 |
Industry quartile analysis
|
Payment expectations |
|
|
Company result |
52.30 |
|
Lower |
123.21 |
|
Median |
73.76 |
|
Upper |
41.71 |
GROUP STRUCTURE & AFFILIATED COMPANIES
Ultimate Holding company
|
Company name |
|
Company Number |
|
- |
|
- |
|
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 and
ratios
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
|
31/12/2011 |
45,180,882 |
22,830 |
1,680,279 |
|
31/12/2010 |
46,165,077 |
52,731 |
1,608,247 |
|
31/12/2009 |
|
33,638 |
1,526,413 |
Accounts and
ratios
|
Date of latest
accounts |
Balance Total |
Investments |
Capital |
Cash Flow |
Number of
Employees |
|
31/12/2011 |
11,567,389 |
800 |
1,500,000 |
931,363 |
2 |
|
31/12/2010 |
15,490,634 |
500 |
1,500,000 |
1,633,724 |
2 |
|
31/12/2009 |
5,606,536 |
|
1,500,000 |
382,295 |
1 |
Profit & loss
|
|
Annual accounts |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
Industry average |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Turnover |
45,180,882 |
-2.13 |
46,165,077 |
- |
- |
57,207,037 |
-21.02 |
|
|
Total operating expenses |
45,077,012 |
-2.10 |
46,045,272 |
- |
- |
56,495,049 |
-20.21 |
|
|
103,870 |
-13.30 |
119,805 |
-3.20 |
123,763 |
271,283 |
-61.71 |
|
|
|
7,547 |
709 |
933 |
-99 |
549,346 |
169,515 |
-95.55 |
|
|
|
88,587 |
30.26 |
68,007 |
-89.37 |
639,471 |
330,990 |
-73.24 |
|
|
|
22,830 |
-56.71 |
52,731 |
56.76 |
33,638 |
93,094 |
-75.48 |
|
|
|
4,686 |
-57.00 |
10,897 |
6.77 |
10,206 |
38,808 |
-87.93 |
|
|
|
18,144 |
-56.63 |
41,834 |
78.53 |
23,432 |
66,848 |
-72.86 |
|
|
|
53,888 |
34.72 |
40,000 |
- |
0 |
7,111 |
657 |
|
|
|
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
|
|
72,032 |
-11.98 |
81,834 |
249 |
23,432 |
73,897 |
-2.52 |
|
|
|
other information |
|||||||
|
|
- |
- |
- |
- |
- |
135,797 |
- |
|
|
|
- |
- |
- |
- |
- |
118,597 |
- |
|
|
|
106,002 |
27.57 |
83,096 |
30.45 |
63,698 |
151,634 |
-30.09 |
|
|
|
84,802 |
46.50 |
57,886 |
14.72 |
50,459 |
128,740 |
-34.13 |
|
|
|
- |
- |
- |
- |
- |
8,542 |
- |
|
|
|
18,652 |
24.10 |
15,030 |
20.01 |
12,524 |
31,710 |
-41.18 |
|
|
|
2,549 |
-74.97 |
10,180 |
1322 |
716 |
4,340 |
-41.28 |
|
|
|
4,790 |
-68.20 |
15,066 |
1410 |
998 |
21,167 |
-77.37 |
|
|
|
||||||||
%20BVBA%20-%20208099%2025-Jan-2013_files/image001.gif){kind=small}
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 |
1,785 |
-100 |
|
|
|
351,302 |
-0.30 |
352,373 |
10750 |
3,247 |
206,722 |
69.94 |
|
|
|
345,545 |
-0.83 |
348,425 |
- |
- |
381,538 |
-9.43 |
|
|
|
5,235 |
58.59 |
3,301 |
31.84 |
2,504 |
27,086 |
-80.67 |
|
|
|
521 |
-19.44 |
647 |
-13.02 |
743 |
30,694 |
-98.30 |
|
|
|
800 |
60.0 |
500 |
- |
- |
320,581 |
-99 |
|
|
|
352,102 |
-0.22 |
352,873 |
10766 |
3,247 |
425,036 |
-17.16 |
|
|
|
4,656,162 |
41.20 |
3,297,585 |
26.20 |
2,613,007 |
3,401,306 |
36.89 |
|
|
|
- |
- |
- |
- |
- |
3,816,893 |
- |
|
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,273 |
-100 |
|
|
4,656,162 |
41.20 |
3,297,585 |
- |
0 |
2,355,935 |
97.64 |
|
|
|
0 |
- |
0 |
-100 |
2,613,007 |
458,104 |
-100 |
|
|
|
5,608,858 |
-44.99 |
10,195,978 |
292 |
2,598,597 |
4,313,841 |
30.02 |
|
|
|
Cash |
931,363 |
-42.99 |
1,633,724 |
327 |
382,295 |
306,895 |
203 |
|
|
8,298 |
7.18 |
7,742 |
-17.54 |
9,389 |
394,561 |
-97.90 |
|
|
|
10,606 |
288 |
2,732 |
- |
0 |
38,853 |
-72.70 |
|
|
|
11,215,287 |
-25.91 |
15,137,761 |
170 |
5,603,289 |
7,899,147 |
41.98 |
|
|
|
current liabilities |
|||||||
|
|
6,459,317 |
-17.05 |
7,786,690 |
812 |
853,031 |
2,874,965 |
124 |
|
|
|
- |
- |
- |
- |
- |
- |
- |
|
|
|
14,896 |
-99 |
2,649,129 |
- |
0 |
2,375,567 |
-99 |
|
|
|
152,493 |
-11.10 |
171,530 |
-94.57 |
3,159,606 |
-60.29 |
- - |
|
|
|
6,626,705 |
-37.53 |
10,607,349 |
164 |
4,012,637 |
5,520,160 |
20.05 |
|
|
|
Long term debts |
|||||||
|
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
|
Other long term loans |
3,260,405 |
-0.45 |
3,275,038 |
- |
- |
118 |
- - |
|
|
Other long term liabilities |
0 |
- |
0 |
-100 |
67,486 |
277,684 |
-100 |
|
|
3,260,405 |
-0.45 |
3,275,038 |
4752 |
67,486 |
884,525 |
268 |
|
|
|
shareholders equity |
|||||||
|
|
1,500,000 |
0 |
1,500,000 |
0 |
1,500,000 |
1,078,073 |
39.14 |
|
|
|
- |
- |
- |
- |
- |
173,859 |
- |
|
|
|
180,279 |
66.54 |
108,247 |
309 |
26,413 |
761,046 |
-76.31 |
|
|
|
- |
- |
- |
- |
- |
776,200 |
- |
|
|
|
Total shareholders equity |
1,680,279 |
4.48 |
1,608,247 |
5.36 |
1,526,413 |
1,863,389 |
-9.83 |
|
|
4,588,582 |
1.28 |
4,530,412 |
184 |
1,590,652 |
2,378,987 |
92.88 |
|
|
|
1,680,279 |
4.48 |
1,608,247 |
5.36 |
1,526,413 |
1,861,605 |
-9.74 |
|
|
|
||||||||
ratio analysis
|
|
Annual accounts |
31-12-2011 |
change(%) |
31-12-2010 |
change(%) |
31-12-2009 |
Industry average |
% |
|
|
Trading performance |
|||||||
|
|
Profit Before Tax |
0.05 |
-54.55 |
0.11 |
- |
- |
-656,00 |
0.01 |
|
|
0.46 |
-57.41 |
1.08 |
-48.82 |
2.11 |
-13,00 |
3.54 |
|
|
|
0.20 |
-41.18 |
0.34 |
-43.33 |
0.60 |
-31,00 |
0.65 |
|
|
|
1.36 |
-58.54 |
3.28 |
49.09 |
2.20 |
-20,00 |
6.80 |
|
|
|
9.85 |
-3.34 |
10.19 |
- |
- |
62,00 |
-99 |
|
|
|
10.31 |
44.40 |
7.14 |
- |
- |
40,00 |
-74.22 |
|
|
|
45.31 |
-43.79 |
80.61 |
- |
- |
52.160,00 |
-99 |
|
|
|
52.30 |
-15.26 |
61.72 |
- |
- |
236,00 |
-77.84 |
|
|
|
short term stability |
|||||||
|
|
1.69 |
18.18 |
1.43 |
2.14 |
1.40 |
4,00 |
-89.44 |
|
|
|
0.99 |
-11.61 |
1.12 |
49.33 |
0.75 |
3,00 |
-67.00 |
|
|
|
3.94 |
-40.30 |
6.60 |
150 |
2.63 |
16,00 |
-75.38 |
|
|
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
|
|
|
long term stability |
|||||||
|
|
194.93 |
-47.08 |
368.36 |
- |
- |
276,00 |
-29.37 |
|
|
|
14.53 |
39.98 |
10.38 |
-61.88 |
27.23 |
-995,00 |
1.46 |
|
|
|
5.88 |
-31.87 |
8.63 |
223 |
2.67 |
18,00 |
-67.33 |
|
FOREIGN EXCHANGE RATES
Na
ADDITIONAL INFORMATION
Trends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority Interests
No minority interests found
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.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.