MIRA INFORM REPORT

 

 

Report Date :

23.04.2014

 

IDENTIFICATION DETAILS

 

Name :

TRISTAR BVBA

 

 

Registered Office :

Hoveniersstraat 2, PB 542, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

22.02.2005

 

 

Com. Reg. No.:

872383554

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

1

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Belgium

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. 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 summary

 

Business number           872383554

Company name             TRISTAR BVBA

Address                        HOVENIERSSTRAAT 2, PB 542, 2018 ANTWERPEN, BELGIUM

Number of staff            1

Date of establishment   22/02/2005

Telephone number         0475436979

 

 

Commentary

 

The business was established over 9 years ago.

The business has 1 employees.

The business has been at the address for over 3 years.

Operating Result in the latest trading period decreased 57% on the previous trading period.

A 76% growth in Total Assets occurred during the latest trading period.

Pre-tax profits decreased by 79% compared to the previous trading period.

The business saw an increase in their Cash Balance of 3815% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

3,137

65,376

59,117

31/12/2011

15,090

64,163

62,818

31/12/2010

10,544

52,326

51,438

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

1,955,290

1

18,600

1,994

31/12/2011

1,107,350

1

18,600

12,076

31/12/2010

1,049,013

0

18,600

8,932

 

 

Payment expectations

 

 

 

Past payments

 

Payment expectation days

-

Industry average payment

168.37

Industry average day sales

120.23

expectation days

 

outstanding

 

Day sales outstanding

-

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

872383554

Company name

TRISTAR BVBA

Fax number

 

Date founded

22/02/2005

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0872.383.554

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

 

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

1

Part-time Employees

-

Total Fte Employees

1

 

 

Number of hours worked

 

Full-time Employees

1,839

Part-time Employees

-

Total

1,839

 

 

Personnel Charges

 

Full-time Employees

30,396

Part-time Employees

-

Total

30,396

Benefits In Addition To Wages

-

 

 

During the previous reporting year

 

Average number employees in Fte

1

Actual working hours

980

Personnel Charges

16,509

Benefits In Addition To Wages

-

 

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

1

-

1

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

Gender and Education Level

 

Men

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

1

-

1

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

-

-

-

Blue collar worker

1

-

1

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

-

Actual working hours

-

Cost of temporary staff

-

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

1

-

1

Leavers

1

-

1

 

Personnel (NSSO classification)

 

Code

-

Description

FROM 1 TO 4 EMPLOYEES

 

 

Profit & loss

 

Annual accounts

31-12­2012

 

31-12­2011

%

31-12­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

-

-

-

-

-

46,788,819

-

Total operating expenses

-

-

-

-

-

46,394,806

-

Operating result

13,653

-57.47

32,105

86.51

17,214

148,448

-90.80

Total financial income

33

3180

1

-98.66

75

98,246

-99

Total financial expenses

10,549

-38.01

17,017

152

6,744

205,370

-94.86

Results on ordinary operations before taxation

3,137

-79.21

15,090

43.11

10,544

32,991

-90.49

Taxation

2,650

-18.54

3,253

49.46

2,176

20,939

-87.34

Results on ordinary operations after taxation

487

-95.89

11,837

41.46

8,368

18,080

-97.31

Extraordinary items

727

-

0

-

0

-4,535

16.02

Other appropriations

0.00

-

0

-

0.00

-

-

Net result

1,213

-89.75

11,837

41.46

8,368

13,564

-91.05

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

114,302

-

Employee costs

30,756

92.50

15,977

-

-

126,470

-75.68

Wages and salary

25,427

94.26

13,089

-

-

105,963

-76.00

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

5,138

82.99

2,808

-

-

26,627

-80.70

Other employee costs

190

138

80

-

0

4,387

-95.66

Amortization and depreciation

780

226

239

-57.61

564

17,945

-95.65

 

balance sheet

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,564

-100

Tangible fixed assets

5,159

1059

445

135

189

185,821

97.22

Land & building

-

-

-

-

-

362,952

-

Plant & machinery

5,159

1059

445

135

189

22,827

77.40

Furniture & Vehicles

-

-

-

-

-

17,432 5,433

-

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

Other tangible assets

0

-

0

-

0

7,680

-100

Financial fixed assets

1,100

22.22

900

28.57

700

310,124

-99

Total fixed assets

6,259

365

1,345

51.34

889

399,140

98.43

Inventories

168,974

60.21

424,646

29.33

600,871

3,112,414

94.57

Raw materials & consumables

-

-

-

-

-

7,209,884

-

Work in progress

0

-

0

-

0

2,416

-100

Finished goods

0

-

0

-

0

1,996,318

-100

Other stocks

168,974

60.21

424,646

29.33

600,871

572,733

70.50

Trade debtors

1,624,296

142

670,706

66.80

402,092

4,196,966

61.30

Cash

149,179

3815

3,810

90.68

40,863

226,680

34.19

other amounts receivable

3,558

23.46

4,649

126

2,054

186,660

98.09

Miscellaneous current assets

3,025

37.85

2,194

-2.27

2,245

18,104

83.29

Total current assets

1,949,031

76.22

1,106,005

5.52

1,048,125

7,261,736

73.16

Total Assets

1,955,290

76.57

1,107,350

5.56

1,049,013

7,627,670

1,453,566

74.37

CURRENT LIABILITIES

Trade creditors

1,488,937

103

732,828

13.25

647,084

3,059,411

51.33

Short term group loans

-

-

-

-

-

-

-

Financial debts

95,007

1760

5,107

84.46

32,855

4,295,770 191,085

97.79

Current portion of long term debt

-

-

-

-

-

107,941 15,359

-

Amounts Payable for Taxes, Remuneration & Social Security

10,941

62.07

6,751

173

2,464

9,574 -

67.87

Miscellaneous current liabilities

295,028

-1.16

298,501

-5.02

314,283

-1.53

- -

Total current liabilities

1,889,914

81.17

1,043,187

4.67

996,687

5,375,608

64.84

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Deffered taxes

-

-

-

-

-

37,626 26,358

-

Provisions for Liabilities & Charges

0

-

0

-

0

3,207 0

-100

Other long term liabilities

0

-

0

-

0

129,796

-100

Total long term debts

0

-

0

-

0

563,316

-100

SHAREHOLDERS EQUITY

Issued share capital

18,600

0

18,600

0

18,600

950,239

-

Share premium account

-

-

-

-

-

109,362

-

Reserves

46,776

2.66

45,563

35.10

33,726

694,788

93.27

Revaluation reserve

-

-

-

-

-

939,206

-

Total shareholders equity

65,376

1.89

64,163

22.62

52,326

1,674,930

96.10

Working capital

59,117

-5.89

62,818

22.12

51,438

1,886,128

96.87

Cashflow

1,994

83.49

12,076

35.20

8,932

28,369

92.97

Net worth

65,376

1.89

64,163

22.62

52,326

1,671,662

96.09

 

 

ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-26,00

-

Return on capital employed

4.80

-79.59

23.52

16.72

20.15

29,00

-83.45

Return on total assets employed

0.16

-88.24

1.36

34.65

1.01

-203,00

0.08

Return on net assets employed

4.80

-79.59

23.52

16.72

20.15

19,00

-74.74

Sales / net working capital

-

-

-

-

-

45,00

-

Stock turnover ratio

-

-

-

-

-

111,00

-

Debtor days

-

-

-

-

-

133,00

-

Creditor days

-

-

-

-

-

122,00

-

SHORT TERM STABILITY

Current ratio

1.03

-2.83

1.06

0.95

1.05

7,00

-88.56

Liquidity ratio / acid ratio

0.94

44.62

0.65

44.44

0.45

4,00

-76.50

Current debt ratio

28.91

77.80

16.26

-14.65

19.05

9,00

221

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

145.32

1725

7.96

-87.32

62.79

363,00

-59.97

Equity in percentage

3.34

-42.31

5.79

16.03

4.99

-3.234,00

0.10

Total debt ratio

28.91

77.80

16.26

-14.65

19.05

11,00

162

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

 

Suspension of payments / moratorium history

 

Amount

-

Details

-

Payment expectations

Payment expectation days

-

Day sales outstanding

-

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

168.37

Industry average day sales outstanding

120.23

Industry quartile analysis

Payment expectations

Company result

-

Lower

134.58

Median

84.62

Upper

45.29

Day sales outstanding

Company result

-

Lower

112.48

Median

58.56

Upper

28.58

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

NSSO details

 

Business number

872383554

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

Bankruptcy Data

There is no bankruptcy data against this company

 

court data

there is no data for this company

 

 

Director details

 

Current director details

 

Name

BHAVIK HITENDRA SHAH

Position

Principal Manager

Start Date

19/08/2010

Street

50 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

MUKESH SHAH

Position

Principal Manager

Start Date

19/08/2010

Street

50 BELGIELEI ANTWERPEN

Post code

2018

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.

-            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.60.71

UK Pound

1

Rs.102.04

Euro

1

Rs.83.77

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.