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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
POLIROUGH BVBA |
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Registered Office : |
Hoveniersstraat 2 Antwerpen 2018 |
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Country : |
Belgium |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
01.07.1982 |
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Com. Reg. No.: |
422853880 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesaler of diamonds and other precious stones |
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No. of Employees : |
Not Available |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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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.
|
Source : CIA |
Company Name POLIROUGH BVBA
Company Registration Number 422853880
Country BE
Activity Code 46761
Activity Description Wholesale of
diamonds and other precious stones
Company Status Active
Latest Turnover 0.00 (EUR)
Latest Shareholders Equity 483,229.00 (EUR)
Profit Before Tax 5,518.00 (EUR)
Activities
Activity Code 46761
Activity Description Wholesale of
diamonds and other precious stones
Basic Information
Company Name POLIROUGH BVBA
Registered Company Name POLIROUGH BVBA
Company Registration Number 422853880
Country BE
VAT Registration Number BE.0422.853.880
Date of Company Registration 01/07/1982
Date of Starting Operations 01/07/1982
Legal Form Private Limited
Company (BL/LX)
Company Status Active
Principal Activity Code 46761
Principal Activity Description Wholesale of
diamonds and other precious stones
Contact Address HOVENIERSSTRAAT 2
ANTWERPEN 2018
Contact Telephone Number 0475/798494
Address HOVENIERSSTRAAT
2 ANTWERPEN 2018
Country BE
Telephone 0475/798494
Name ATULKUMAR
MEHTA
Address 30
BELGIËLEI ANTWERPEN
Position Principal
Manager
Date Appointed 09/01/2009
Name RAMESHCHANDRA
MEHTA ATULKUMAR
Address 30
BELGIELEI ANTWERPEN
Position Principal
Manager
Date Appointed 27/07/2011
Issued Share capital 201,002.00
(EUR)
Year 2012
Number of Employees 0
Profit & Loss
Financial Year 2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Revenue 0.00 0.00 0.00
Operating Costs 0.00 0.00 0.00
Operating Profit 24,271.00 39,977.00
32,387.00
Wages & Salaries
0.00 0.00 0.00
Pension Costs 0.00 0.00 0.00
Depreciation 6,501.00 2,425.00
2,216.00
Financial Expenses 19,400.00 24,473.00
21,765.00
Profit Before Tax 5,518.00 16,285.00
10,622.00
Tax 293.00 2,007.00
4,952.00
Profit After Tax 5,225.00 14,278.00
5,671.00
Dividends 0.00 0.00 0.00
Other Appropriations 0.00 0.00 5,441.00
Retained Profit 5,224.00 14,277.00
11,111.00
Balance Sheet
Financial Year 2012 2011 2010
Number of Weeks 52 52 52
Currency EUR EUR EUR
Land & Buildings
149,823.00 0.00 0.00
Plant & Machinery
3,504.00 4,720.00
3,946.00
Other Tangible Assets 2,360.00 2,165.00
1,057.00
Total Tangible Assets 155,687.00 6,885.00
5,003.00
Other Intangible Assets 138.00 738.00
1,338.00
Total Intangible Assets 138.00 738.00
1,338.00
Miscellaneous
Fixed Assets 3,571.00 3,571.00
3,571.00
Total Other Fixed Assets 3,571.00 3,571.00
3,571.00
Total Fixed Assets 159,396.00 11,193.00
9,912.00
Raw Materials 0.00 0.00 0.00
Work in Progress 0.00 0.00 0.00
Finished Goods 0.00 0.00 0.00
Other Inventories 781,609.00 886,663.00 1,022,179.00
Total Inventories 781,609.00 886,663.00 1,022,179.00
Trade Receivables 422,401.00 362,310.00 1,003,198.00
Miscellaneous
Receivables 6,039.00 14,705.00
7,374.00
Total Receivables 428,440.00 377,015.00 1,010,572.00
Cash 44,264.00 155,547.00 33,182.00
Other Current Assets 2,806.00 7,424.00
8,345.00
Total Current Assets 1,257,119.00 1,426,649.00 2,074,279.00
Total Assets 1,416,515.00 1,437,842.00 2,084,190.00
Trade Payables 96,214.00 408,525.00 564,577.00
Other Loans/Finance
225,433.00 11,392.00
516,873.00
Miscellaneous Liabilities 502,697.00 539,920.00 721,414.00
Total Current Liabilities 824,344.00 959,837.00 1,802,865.00
Other Loans/Finance due
after 1 year 108,941.00 0.00 0.00
Miscellaneous Liabilities
due after 1 year 1.00
0.00 0.00
Total Long Term Liabilities 108,942.00 0.00 0.00
Total Liabilities 933,286.00 959,837.00 1,802,865.00
Called Up Share Capital 201,002.00 201,002.00 18,600.00
Share Premium 0.00 0.00 0.00
Revenue Reserves 282,227.00 277,003.00 262,726.00
Other Reserves 0.00 0.00 0.00
Total Shareholders
Equity 483,229.00 478,005.00 281,326.00
Other Financials
Working Capital 432,775.00 466,812.00 271,414.00
Net Worth 483,091.00 477,267.00 279,988.00
Pre-Tax Profit Margin 0.00 0.00 0.00
Return on Capital
Employed 0.93 3.41 3.78
Return on Total Assets
Employed 0.39 1.13 0.51
Return on Net Assets
Employed 1.14 3.41 3.78
Sales/Net Working Capital 0.00 0.00 0.00
Stock Turnover Ratio 0.00 0.00 0.00
Debtor Days 0.00 0.00 0.00
Creditor Days 0.00 0.00 0.00
Current Ratio 1.52 1.49 1.15
Liquidity Ratio/Acid Test 0.58 0.56 0.58
Current Debt Ratio 1.71 2.01 6.41
Gearing 69.20 2.38 183.73
Equity in Percentage 34.12 33.26
13.51
Total Debt Ratio 1.93 2.01 6.41
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.
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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.61.78 |
|
UK Pound |
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
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 |
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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.