MIRA INFORM REPORT

 

 

Report Date :

28.04.2014              

 

IDENTIFICATION DETAILS

 

Name :

UGAM BVBA

 

 

Registered Office :

Belgiëlei 35-B3 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

23.05.1997

 

 

Com. Reg. No.:

460772467

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees

Not Available

 

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 :

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 name and address

 

Business number           460772467

Company name             UGAM BVBA

Address                        BELGIËLEI 35-B3

2018 ANTWERPEN

Number of staff              0

Date of establishment     23/05/1997

Telephone number          032132170

Fax number                   032132170

 

 

Commentary

 

The business was established over 16 years ago.

 

No employees are recorded for this business.

 

The business has been at the address for over 16 years.

 

Operating Result in the latest trading period decreased 49% on the previous trading period.

 

Pre-tax profits decreased by 46% compared to the previous trading period.

 

The business saw an increase in their Cash Balance of 51% during the latest trading period.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

30/06/2013

2,825,970

3,372

121,691

121,581

30/06/2012

2,530,905

6,283

117,854

117,045

30/06/2011

3,619,625

6,495

109,636

108,458

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

30/06/2013

1,137,479

0

18,592

4,536

30/06/2012

1,213,858

0

18,592

8,917

30/06/2011

1,725,866

0

18,592

4,742

 

 

 

 

Payment expectations

 

Past payments

 

Payment expectation days

73.17

Industry average payment

164.26

Industry average day sales

120.92

expectation days

 

outstanding

 

Day sales outstanding

52.98

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

460772467

Company name

UGAM BVBA

 

 

 

 

Office Address

62 Pelikaanstraat, 2018 Antwerpen, Belgium

 

 

 

 

 

 

Fax number

032132170

Date founded

23/05/1997

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

30/06/2013

Activity code

46761

liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0460.772.467

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

 

 

Profit & loss

 

 

Annual accounts

30-06­2013

%

30-06­2012

%

30-06­2011

Industry average 2013

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Turnover

2,825,970

11.66

2,530,905

30.08

3,619,625

62,023,650

95.44

 

Total operating expenses

2,821,923

11.85

2,522,851

30.08

3,608,152

61,297,339

95.40

 

Operating result

4,047

49.75

8,055

29.80

11,474

421,882

-99

 

Total financial income

183

96.78

93

42059

0

210,685

-99

 

Total financial expenses

858

54.01

1,865

62.55

4,979

509,209

-99

 

Results on ordinary operations before taxation

3,372

46.33

6,283

-3.27

6,495

98,306

96.57

 

Taxation

-464

24.00

-1,935

-179

2,435

23,100

-102

 

Results on ordinary operations after taxation

3,837

53.32

8,218

102

4,059

80,397

95.23

 

Extraordinary items

0

-

0

-

0

2,696

-100

 

Other appropriations

0.00

-

0.00

-

0.00

-

-

 

Net result

3,837

53.32

8,218

102

4,059

83,093

95.38

 

OTHER INFORMATION

 

Dividends

-

-

-

-

-

25,000

-

 

Director remuneration

-

-

-

-

-

131,463

-

 

Employee costs

60

-

-

-

-

150,603

-99

 

Wages and salary

-

-

-

-

-

128,954

-

 

Employee pension costs

-

-

-

-

-

0

-

 

Social security contributions

-

-

-

-

-

30,800

-

 

Other employee costs

60

-

0

-

0

3,731

98.39

 

Amortization and depreciation

699

0.00

699

2.42

683

27,822

97.49

 

back to top

 

 

balance sheet

 

 

Annual accounts

30-06­2013

%

30-06­2012

%

30-06­2011

Industry average 2013

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

0

-

0

-

0

1,137

-100

 

Tangible fixed assets

110

86.42

809

31.35

1,179

304,926

-99

 

Land & building

-

-

-

-

-

643,270

-

 

Plant & machinery

-

-

-

-

-

36,438

-

 

Furniture & Vehicles

110

86.42

809

31.35

1,179

17,887 6,739

-99

 

Leasing & Other Similar Rights

-

-

-

-

-

153,494 20,215

-

 

Other tangible assets

0

-

0

-

0

6,487

-100

 

Financial fixed assets

-

-

-

-

-

45,518

-

 

Total fixed assets

110

86.42

809

31.35

1,179

313,649

-99

 

Inventories

664,001

18.13

811,000

-2.19

829,124

6,751,411

90.17

 

Raw materials & consumables

-

-

-

-

-

-

-

 

Work in progress

0

-

0

-

0

11,848

-100

 

Finished goods

0

-

0

-

0

5,155,246

-100

 

Other stocks

664,001

18.13

811,000

-2.19

829,124

522,298

27.13

 

Trade debtors

410,208

13.46

361,558

53.81

782,804

12,934,655

96.83

 

Cash

61,486

51.85

40,491

63.60

111,238

613,101

89.97

 

other amounts receivable

1,674

-

0

-100

1,522

335,320

-99

 

Miscellaneous current assets

0

-

0

-

0

36,413

-100

 

Total current assets

1,137,369

-6.24

1,213,049

29.67

1,724,687

19,601,991

94.20

 

Total Assets

1,137,479

-6.29

1,213,858

29.67

1,725,866

19,883,923

3,499,774

94.28

 

CURRENT LIABILITIES

 

Trade creditors

565,713

10.21

630,011

44.74

1,140,032

7,432,317

92.39

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

-

-

-

-

-

11,396,918 569,388

-

 

Current portion of long term debt

-

-

-

-

-

64,599 10,466

-

 

Amounts Payable for Taxes, Remuneration & Social Security

1,200

58.70

2,906

70.92

1,700

12,369 -

96.94

 

Miscellaneous current liabilities

448,875

-3.07

463,087

-2.40

474,497

-36.47

- -

 

Total current liabilities

1,015,788

-7.32

1,096,003

32.19

1,616,229

14,354,209

92.92

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

-

-

-

-

-

-

- -

 

Deffered taxes

-

-

-

-

-

0 0

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

3,078 0

-100

 

Other long term liabilities

0

-

0

-

0

182,897

-100

 

Total long term debts

0

-

0

-

0

1,423,372

-100

 

SHAREHOLDERS EQUITY

 

Issued share capital

18,592

0

18,592

0

18,592

3,050,583

-99

 

 

 

Share premium account

-

-

-

-

-

273,462

-

 

Reserves

103,099

3.87

99,262

9.03

91,044

931,367

88.93

 

Revaluation reserve

-

-

-

-

-

1,662,858

-

 

Total shareholders equity

121,691

3.26

117,854

7.50

109,636

4,106,343

97.04

 

Working capital

121,581

3.88

117,045

7.92

108,458

5,247,783

97.68

 

Cashflow

4,536

49.14

8,917

88.05

4,742

106,226

95.73

 

Net worth

121,691

3.26

117,854

7.50

109,636

4,105,205

97.04

 

 

ratio analysis

 

 

Annual accounts

30-06-2013

change(%)

30-06-2012

change(%)

30-06-2011

Industry average 2013

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

0.12

-52.00

0.25

38.89

0.18

14,00

-99

 

Return on capital employed

2.77

-48.03

5.33

-9.97

5.92

-1,00

277

 

Return on total assets employed

0.30

-42.31

0.52

36.84

0.38

-1,00

30.00

 

Return on net assets employed

2.77

-48.03

5.33

-9.97

5.92

7,00

-60.43

 

Sales / net working capital

23.24

7.49

21.62

-35.21

33.37

35,00

-99

 

Stock turnover ratio

23.50

-26.65

32.04

39.85

22.91

21,00

11.90

 

Debtor days

52.98

1.61

52.14

-33.95

78.94

187,00

-71.67

 

Creditor days

73.17

-19.73

91.15

-20.97

115.33

93,00

-21.32

 

SHORT TERM STABILITY

 

Current ratio

1.12

0.90

1.11

3.74

1.07

6,00

-94.11

 

Liquidity ratio / acid ratio

0.47

27.03

0.37

-32.73

0.55

5,00

-90.60

 

Current debt ratio

8.35

-10.22

9.30

-36.91

14.74

19,00

-56.05

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

-

-

-

-

-

164,00

-

 

Equity in percentage

10.70

10.20

9.71

52.91

6.35

20,00

-46.50

 

Total debt ratio

8.35

-10.22

9.30

-36.91

14.74

20,00

-58.25

 

 

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

 

 

Payment Information

 

Amount

-

Details

-

Payment expectations

Payment expectation days

73.17

Day sales outstanding

52.98

Industry comparison

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

164.26

Industry average day sales outstanding

120.92

 

 

Industry quartile analysis

 

Payment expectations

Company result

73.17

Lower

134.13

Median

83.75

Upper

45.33

 

Day sales outstanding

Company result

52.98

Lower

112.48

Median

58.70

Upper

27.62

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

NSSO details

 

NSSO details

Business number

460772467

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

Bankruptcy details

There is no bankruptcy data against this company

 

Court Data

there is no data for this company

 

 

Director details

 

Name

UDAYAN KIRITILAL SHETH

Position

Principal Manager

Start Date

12/12/2009

Street

35 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

UDAYAN KIRTILAL SETH

Position

Principal Manager

Start Date

15/10/1997

Street

5 HARIPURA, HATLAFIYA

Post code

 

Country

India

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.61.12

UK Pound

1

Rs.102.71

Euro

1

Rs.84.52

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.