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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BONAS COUZYN (ANTWERP) NV |
|
|
|
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Registered Office : |
Pelikaanstraat 62, Antwerpen 2018 |
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|
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Country : |
Belgium |
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|
|
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Financials (as on) : |
2012 |
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|
|
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Date of Incorporation : |
07.09.1966 |
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Com. Reg. No.: |
404935507 |
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Legal Form : |
Public Limited Liability Company (BE) |
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|
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Line of Business : |
Wholesale of diamonds and other precious stones |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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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
|
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 |
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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
Company Name BONAS COUZYN (ANTWERP) NV
Company
Registration Number 404935507
Country BE
Activity Code 46761
Activity
Description Wholesale of diamonds and other precious stones
Company Status Active
Latest Turnover 39,844,814.00 (EUR)
Latest
Shareholders Equity 3,513,515.00 (EUR)
Profit Before Tax 360,177.00
(EUR)
Activities
Activity Code 46761
Activity
Description Wholesale of diamonds and other precious stones
Basic
Information
Company Name BONAS COUZYN (ANTWERP) NV
Registered
Company Name BONAS COUZYN (ANTWERP) NV
Company
Registration Number 404935507
Country BE
VAT Registration
Number BE.0404.935.507
Date of Company
Registration 07/09/1966
Date of Starting
Operations 07/09/1966
Legal Form Public Limited Liability Company (BE)
Company Status Active
Principal
Activity Code 46761
Principal
Activity Description Wholesale of diamonds and other precious stones
Contact Address PELIKAANSTRAAT 62 ANTWERPEN 2018
Contact
Telephone Number 03/2337080
Address PELIKAANSTRAAT 62 ANTWERPEN 2018
Country BE
Telephone 03/2337080
Name NAVIN MODY
Address 7 HEILIG-KRUISSTRAAT MORTSEL
Position Director
Date Appointed 30/06/2006
Name JOHAN ZONNEKEYN
Address 23 FRUITHOFLAAN ANTWERPEN
Position Director
Date Appointed 11/05/2012
Name BC HOLDING NV
Address 62 PELIKAANSTRAAT ANTWERPEN
Date of Birth 15/12/2006
Position Director
Date Appointed 18/06/2010
Issued Share
capital 125,000.00 (EUR)
Name BC Holding NV
Address Pelikaanstraat, Antwerpen
Share Percent 99.86 %
|
Company Name |
Registration
Number |
Status |
Last Financials |
|
1 BC HOLDING NV |
886017497 |
Active |
31/12/2012 |
|
2 BONAS COUZYN (ANTWERP) NV |
404935507 |
Active |
31/12/2012 |
Year 2012
Number of Employees 6
Profit & Loss
Financial Year
2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Revenue 39,844,814.00 18,261,237.00 11,808,949.00
Operating Costs 39,543,792.00 17,246,909.00 11,443,004.00
Operating Profit 301,022.00 1,014,328.00 365,945.00
Wages & Salaries 550,467.00 526,164.00 549,757.00
Pension Costs 2,975.00 2,975.00 2,975.00
Depreciation 76,584.00 81,284.00 66,571.00
Financial Income 918,697.00 352,580.00 200,263.00
Financial Expenses 859,542.00 252,329.00 139,495.00
Profit Before Tax 360,177.00 1,114,579.00 426,713.00
Tax 150,785.00 236,052.00 37,192.00
Profit After Tax 209,392.00 878,527.00 389,521.00
Dividends 157,044.00 674,121.00 292,141.00
Other Appropriations 0.00 20,302.00
0.00
Retained Profit 52,348.00 224,708.00 97,380.00
Balance Sheet
Financial Year
2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Land & Buildings 0.00 0.00 0.00
Plant & Machinery 145,018.00 182,050.00 79,916.00
Other Tangible Assets
16,047.00 26,671.00 51,744.00
Total Tangible Assets 161,065.00 208,721.00 131,660.00
Other Intangible Assets
30,988.00 6,882.00 3,559.00
Total Intangible Assets 30,988.00 6,882.00
3,559.00
Miscellaneous Fixed
Assets 18,932.00 18,932.00
18,932.00
Total Other Fixed Assets 18,932.00 18,932.00
18,932.00
Total Fixed Assets 210,985.00 234,535.00 154,151.00
Raw Materials 0.00 0.00 0.00
Work in Progress
0.00 0.00 0.00
Finished Goods 75,105.00 24,201.00 24,201.00
Other Inventories 0.00 0.00 0.00
Total Inventories 75,105.00 24,201.00 24,201.00
Trade Receivables 1,379,988.00 985,801.00 1,301,171.00
Miscellaneous
Receivables 28,974.00 20,629.00 23,309.00
Total Receivables 1,408,962.00 1,006,430.00 1,324,480.00
Cash 2,089,009.00 1,554,047.00 1,977,332.00
Other Current Assets
2,170,502.00 2,338,392.00 1,324,193.00
Total Current Assets 5,743,578.00 4,923,070.00 4,650,206.00
Total Assets 5,954,563.00 5,157,605.00 4,804,357.00
Trade Payables 2,158,060.00 937,581.00 1,183,011.00
Other Loans/Finance 0.00 0.00 0.00
Miscellaneous Liabilities 282,988.00 758,857.00 384,887.00
Total Current Liabilities
2,441,048.00 1,696,438.00 1,567,898.00
Other Loans/Finance
due after 1 Year 0.00 0.00 0.00
Miscellaneous Liabilities
Due After 1 year 0.00 0.00 0.00
Total Long Term
Liabilities 0.00 0.00 0.00
Total Liabilities 2,441,048.00 1,696,438.00 1,567,898.00
Called Up Share Capital
125,000.00 125,000.00 125,000.00
Share Premium 0.00 0.00 0.00
Revenue Reserves 3,388,515.00 3,336,167.00 3,111,459.00
Other Reserves 0.00 0.00 0.00
Total Shareholders
Equity 3,513,515.00 3,461,167.00 3,236,459.00
Other Financials
Working Capital 3,302,530.00 3,226,632.00 3,082,308.00
Net Worth 3,482,527.00 3,454,285.00 3,232,900.00
Ratios
Pre-Tax Profit Margin
0.90 6.10 3.61
Return on Capital
Employed 10.25 32.20
13.18
Return on Total
Assets Employed 6.05 21.61 8.88
Return on Net Assets
Employed 10.25 32.20
13.18
Sales/Net Working
Capital 12.06 5.66 3.83
Stock Turnover
Ratio 0.19 0.13 0.20
Debtor Days 12.64 19.70
40.22
Creditor Days 19.92 19.84
37.73
Current Ratio 2.35 2.90 2.97
Liquidity Ratio/Acid Test 2.32 2.89 2.95
Current Debt Ratio 0.69 0.49 0.48
Gearing 0.00 0.00 0.00
Equity in Percentage
59.31 67.20
67.42
Total Debt Ratio 0.69 0.49 0.48
Significant Events
Event Date 11/05/2012
Event Description re-appointment of director(s)
Event Details Commentaar 11-05-2001: Herbenoemd als bestuurders voor een periode van drie jaar: Navinchandra Mody, Philip
Hoymans en NV BC Holding.
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.
-
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.
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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.