MIRA INFORM REPORT
|
Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIMINCO NV |
|
|
|
|
Registered Office : |
Hoveniersstraat 30 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
29.04.1983 |
|
|
|
|
Com. Reg. No.: |
424006004 |
|
|
|
|
Legal Form : |
Public Limited Liability Company (BE) |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones |
|
|
|
|
No. of Employees : |
12 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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.
|
Source
: CIA |
REGISTERED NAME & COMPANY SUMMARY
|
Business number |
424006004 |
|
Company name |
DIMINCO NV |
|
Address |
HOVENIERSSTRAAT 30 |
|
|
2018 ANTWERPEN |
|
Number of staff |
12 |
|
Date of establishment |
29/04/1983 |
|
Telephone number |
032260023 |
|
Fax number |
032260023 |
DIRECTORS/MANAGEMENT
Current director
details
|
Name |
|
|
Position |
Commissioner |
|
Start Date |
11/07/2011 |
|
End Date |
|
|
Date of birth |
30/12/1992 |
|
Street |
2 COLLEGEBAAN MELLE |
|
Post code |
9090 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
08/01/1997 |
|
End Date |
|
|
Street |
98 BELGIËLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
Name |
|
|
Position |
Director |
|
Start Date |
11/01/2005 |
|
End Date |
|
|
Street |
181 MECHELSESTEENWEG ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
01/01/2007 |
|
End Date |
|
|
Street |
75 BELGIËLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
05/09/2007 |
|
End Date |
|
|
Street |
60 INGENIEUR HAESAERTSLAAN EDEGEM |
|
Post code |
2650 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
23/12/2008 |
|
End Date |
|
|
Street |
257 MECHELSESTEENWEG ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
05/09/2007 |
|
End Date |
|
|
Street |
10 SORBENLAAN ANTWERPEN |
|
Post code |
2610 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Managing Director |
|
Start Date |
06/07/2005 |
|
End Date |
|
|
Street |
10 SORBENLAAN ANTWERPEN |
|
Post code |
2610 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
01/07/2005 |
|
End Date |
|
|
Street |
|
|
Post code |
|
|
Country |
|
Former director
details
|
Name |
|
|
Position |
Director |
|
Start Date |
08/11/2007 |
|
End Date |
30/09/2007 |
|
Street |
90 JACHTLAAN EDEGEM |
|
Post code |
2650 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
01/02/1995 |
|
End Date |
31/12/2007 |
|
Street |
198 MECHELSESTEENWEG ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
|
|
Position |
Director |
|
Start Date |
01/07/2005 |
|
End Date |
31/07/2011 |
|
Street |
102 BELGIËLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
NEGATIVE INFORMATION
C:\Documents and SettingsCS03DesktopCreditsafe Templatesservicescompany_searchcourt_data.aspx?CompanyNumber=424006004Court
data summary
|
Bankruptcy details |
|
|
Court action type |
no |
|
Protested bills |
|
|
Bill amount |
- |
|
NSSO details |
|
|
Date of summons |
- |
|
Business number |
424006004 |
Company name |
DIMINCO NV |
|
Fax number |
032260023 |
Date founded |
29/04/1983 |
|
Company status |
active |
Company type |
Public Limited Liability Company (BE) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/03/2012 |
|
Activity code |
46761 |
liable for VAT |
yes |
|
Activity description |
Wholesale of diamonds and other precious stones |
VAT Number |
BE.0424.006.004 |
|
Belgian Bullettin of Acts Publications |
|
|
Protested bills
|
Drawee name |
- |
|
Address |
- |
|
Bill amount |
- |
|
Bill currency |
- |
|
Maturity of bill |
- |
|
Name of drawer |
- |
|
City of drawer |
- |
NSSO details
|
Business number |
424006004 |
|
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.
Minority Interests
No minority interests found.
PAYMENT INFORMATION
C:\Documents and SettingsCS03DesktopCreditsafe
Templatesservicescompany_searchpayment_information.aspx?CompanyNumber=424006004Payment
expectations
|
Past payments |
|
Payment expectation days |
22.92 |
|
Industry average payment expectation days |
174.26 |
Industry average day sales outstanding |
108.50 |
|
Day sales outstanding |
212.76 |
||
Suspension of
payments / moratorium history
|
Amount |
- |
|
Details |
- |
Payment
expectations
|
Payment expectation days |
22.92 |
|
Day sales outstanding |
212.76 |
Industry
comparison
|
Activity code |
46761 |
|
Activity description |
Wholesale of diamonds and other precious stones |
|
Industry average payment expectation days |
174.26 |
|
Industry average day sales outstanding |
108.50 |
Industry quartile
analysis
|
Payment expectations |
|
|
Company result |
22.92 |
|
Lower |
121.46 |
|
Median |
72.36 |
|
Upper |
40.99 |
|
Day sales outstanding |
|
|
Company result |
212.76 |
|
Lower |
105.52 |
|
Median |
54.63 |
|
Upper |
23.61 |
GROUP STRUCTURE & AFFILIATED COMPANIES
C:\Documents
and SettingsCS03DesktopCreditsafe
Templatesservicescompany_searchshareholders.aspx?CompanyNumber=424006004Ultimate
holding company
|
Company name |
Company Number |
|
- |
- |
Group Structure
No group structure for this company.
FINANCIAL INFORMATION
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/03/2012 |
235,207,937 |
686,120 |
26,978,260 |
51,651,308 |
|
31/03/2011 |
214,213,002 |
857,258 |
24,690,898 |
42,139,747 |
|
31/12/2009 |
157,190,633 |
361,730 |
23,498,540 |
38,401,525 |
|
Date of latest accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/03/2012 |
163,565,699 |
12 |
15,625,764 |
965,753 |
|
31/03/2011 |
139,138,521 |
12 |
14,690,765 |
1,203,088 |
|
31/12/2009 |
119,616,480 |
13 |
14,488,321 |
624,576 |
Trends
|
|
|
|
|
|
|
|
Profit & loss
|
Annual accounts |
31-03-2012 |
% |
31-03-2011 |
% |
31-12-2009 |
Industry average |
% |
|
Weeks |
52 |
|
65 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
235,207,937 |
9.80 |
214,213,002 |
36.28 |
157,190,633 |
48,168,009 |
388 |
|
Total operating expenses |
230,434,522 |
9.05 |
211,309,151 |
38.39 |
152,691,424 |
47,609,858 |
384 |
|
4,773,415 |
64.38 |
2,903,851 |
-35.46 |
4,499,209 |
339,210 |
1307 |
|
|
1,963,582 |
-54.67 |
4,331,394 |
-42.66 |
7,554,126 |
126,955 |
1446 |
|
|
6,050,877 |
-5.13 |
6,377,987 |
-45.45 |
11,691,606 |
313,419 |
1830 |
|
|
686,120 |
-19.96 |
857,258 |
136 |
361,730 |
142,711 |
380 |
|
|
13,554 |
-24.24 |
17,890 |
- |
- |
56,514 |
-76.02 |
|
|
672,566 |
-19.87 |
839,368 |
132 |
361,730 |
101,710 |
561 |
|
|
43,334 |
75.82 |
24,647 |
1795 |
1,300 |
-2,322 |
1866 |
|
|
-1 |
- |
0 |
- |
0 |
- |
- |
|
|
715,899 |
-17.14 |
864,015 |
138 |
363,030 |
99,389 |
620 |
|
|
other information |
|||||||
|
- |
- |
- |
- |
- |
0 |
- |
|
|
233,306 |
-15.73 |
276,855 |
23.69 |
223,824 |
94,559 |
146 |
|
|
564,770 |
-10.23 |
629,128 |
12.88 |
557,327 |
206,675 |
173 |
|
|
431,175 |
-12.09 |
490,490 |
17.10 |
418,868 |
175,822 |
145 |
|
|
- |
- |
- |
- |
- |
0 |
- |
|
|
117,576 |
-5.34 |
124,205 |
0.37 |
123,747 |
39,223 |
199 |
|
|
16,019 |
10.99 |
14,433 |
-1.90 |
14,712 |
7,424 |
115 |
|
|
249,854 |
-26.31 |
339,073 |
29.64 |
261,546 |
28,949 |
763 |
|
balance sheet
|
Annual accounts |
31-03-2012 |
% |
31-03-2011 |
% |
31-12-2009 |
Industry average |
% |
|
Weeks |
52 |
|
65 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
0 |
- |
0 |
- |
0 |
4,903 |
-100 |
|
|
635,710 |
-18.66 |
781,591 |
-27.68 |
1,080,808 |
314,944 |
101 |
|
|
498,099 |
-25.46 |
668,250 |
-26.83 |
913,317 |
643,893 |
-22.64 |
|
|
8,133 |
-13.08 |
9,357 |
17.29 |
7,978 |
35,120 |
-76.84 |
|
|
129,478 |
24.52 |
103,984 |
-34.81 |
159,513 |
38,767 |
233 |
|
|
3,556 |
6.37 |
3,343 |
1.40 |
3,297 |
30,163 |
-88.21 |
|
|
639,266 |
-18.56 |
784,934 |
-27.60 |
1,084,105 |
321,959 |
98.56 |
|
|
23,410,166 |
-16.93 |
28,179,589 |
55.04 |
18,175,474 |
3,435,929 |
581 |
|
|
- |
- |
- |
- |
- |
- |
- |
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
21,035 |
-100 |
|
15,633,115 |
3.62 |
15,087,532 |
2.64 |
14,700,161 |
2,390,653 |
553 |
|
|
7,777,051 |
-40.60 |
13,092,057 |
276 |
3,475,313 |
451,586 |
1622 |
|
|
137,101,460 |
27.80 |
107,277,340 |
8.88 |
98,530,702 |
8,949,290 |
1431 |
|
|
Cash |
328,223 |
95.26 |
168,099 |
-41.79 |
288,782 |
390,902 |
-16.03 |
|
1,997,880 |
-22.06 |
2,563,397 |
79.36 |
1,429,170 |
204,742 |
875 |
|
|
88,704 |
-46.29 |
165,162 |
52.58 |
108,247 |
9,492 |
834 |
|
|
162,926,433 |
17.76 |
138,353,587 |
16.72 |
118,532,375 |
12,413,867 |
1212 |
|
|
current liabilities |
|||||||
|
14,470,169 |
5.04 |
13,776,017 |
3.75 |
13,277,598 |
4,544,918 |
218 |
|
|
- |
- |
- |
- |
- |
- |
- |
|
|
95,042,870 |
24.84 |
76,131,733 |
26.69 |
60,094,243 |
4,319,356 |
2100 |
|
|
1,762,086 |
-72.06 |
6,306,090 |
-6.70 |
6,759,009 |
212 |
- - |
|
|
111,275,125 |
15.65 |
96,213,840 |
20.07 |
80,130,850 |
9,249,044 |
1103 |
|
|
Long term debts |
|||||||
|
Long term group loans |
- |
- |
- |
- |
- |
- |
- - |
|
Other long term loans |
25,312,315 |
38.82 |
18,233,783 |
14.05 |
15,987,090 |
1401 |
- - |
|
Other long term liabilities |
-1 |
- |
0 |
- |
0 |
208,651 |
-100 |
|
25,312,314 |
38.82 |
18,233,783 |
14.05 |
15,987,090 |
1,067,995 |
2270 |
|
|
shareholders equity |
|||||||
|
15,625,764 |
6.36 |
14,690,765 |
1.40 |
14,488,321 |
1,657,457 |
842 |
|
|
- |
- |
- |
- |
- |
98,781 |
- |
|
|
9,442,058 |
15.09 |
8,204,010 |
13.33 |
7,238,848 |
622,629 |
1416 |
|
|
1,910,438 |
6.36 |
1,796,123 |
1.40 |
1,771,371 |
1,664,632 |
14.77 |
|
|
Total shareholders equity |
26,978,260 |
9.26 |
24,690,898 |
5.07 |
23,498,540 |
2,404,484 |
1021 |
|
51,651,308 |
22.57 |
42,139,747 |
9.73 |
38,401,525 |
3,164,823 |
1532 |
|
|
965,753 |
-19.73 |
1,203,088 |
92.62 |
624,576 |
124,364 |
676 |
|
|
26,978,260 |
9.26 |
24,690,898 |
5.07 |
23,498,540 |
2,376,008 |
1035 |
|
Ratio analysis
|
Annual accounts |
31-03-2012 |
change(%) |
31-03-2011 |
change(%) |
31-12-2009 |
Industry average |
% |
|
Trading performance |
|||||||
|
Profit Before Tax |
0.29 |
-27.50 |
0.40 |
73.91 |
0.23 |
4,00 |
-92.75 |
|
1.31 |
-34.50 |
2 |
117 |
0.92 |
173,00 |
-99 |
|
|
0.42 |
-32.26 |
0.62 |
106 |
0.30 |
8,00 |
-94.75 |
|
|
2.54 |
-26.80 |
3.47 |
125 |
1.54 |
21,00 |
-87.90 |
|
|
4.55 |
-10.43 |
5.08 |
24.21 |
4.09 |
35,00 |
-99 |
|
|
9.95 |
-24.33 |
13.15 |
13.75 |
11.56 |
19,00 |
-47.63 |
|
|
212.76 |
16.40 |
182.79 |
-20.11 |
228.79 |
121,00 |
75.83 |
|
|
22.92 |
-3.70 |
23.80 |
-25.02 |
31.74 |
80,00 |
-71.35 |
|
|
short term stability |
|||||||
|
1.46 |
1.39 |
1.44 |
-2.70 |
1.48 |
4,00 |
-75.67 |
|
|
1.25 |
8.70 |
1.15 |
-8.00 |
1.25 |
3,00 |
-58.33 |
|
|
4.12 |
5.64 |
3.90 |
14.37 |
3.41 |
6,00 |
-31.33 |
|
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
|
|
long term stability |
|||||||
|
446.12 |
16.73 |
382.19 |
18.04 |
323.77 |
183,00 |
143 |
|
|
16.49 |
-7.10 |
17.75 |
-9.62 |
19.64 |
10,00 |
64.90 |
|
|
5.06 |
9.05 |
4.64 |
13.45 |
4.09 |
7,00 |
-27.71 |
|
FOREIGN EXCHANGE RATES
N/a
ADDITIONAL INFORMATION
Contractor details
|
Registered contractor number |
- |
|
Contractor description |
- |
|
Date struck off register |
|
Personnel (NSSO
classification)
|
Code |
- |
|
Description |
- |
Joint Industrial
Committee (JIC)
Significant Events
|
Event Date |
01/03/2011 |
|
Event Description |
|
|
Event Details |
Neerlegging van de schriftelijke besluitvorming
van de aandeelhouders houdende goedkeuring van bepalingen die van toepassing
zijn ingeval den een controlewijziging. |
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 |
NOTES & COMMENTS
Commentary
|
The business was established over 30 years ago. |
|
|
The business has 12 employees. |
|
|
The business has been at the address for over 22 years. |
|
|
The credit rating for this business has increased from 0
to 92. |
|
|
The credit limit for this business has increased from €0
to €12600000. |
|
|
Sales in the latest trading period increased 64% on the
previous trading period. |
|
|
The business saw an increase in their Cash Balance of 95%
during the latest trading period. |
|
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.
-
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.54.88 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
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.