MIRA INFORM REPORT

 

 

Report Date :

30.04.2014            

 

IDENTIFICATION DETAILS

 

Name :

JIGDIAM NV

 

 

Registered Office :

Hoveniersstraat 12 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

14.05.2002

 

 

Com. Reg. No.:

477644727

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees

Not Available

 

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 name and address

 

Business number           477644727

Company name             JIGDIAM NV

Address H                    OVENIERSSTRAAT

12 2018 ANTWERPEN

Number of staff                        0

Date of establishment   14/05/2002

Telephone number         032274540

 

 

Commentary

 

The business was established over 11 years ago.

 

No employees are recorded for this business.

 

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

 

Operating Result in the latest trading period decreased 62% on the previous trading period.

 

Pre-tax profits decreased by 65% compared to the previous trading period.

4r

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

 

1,435

112,571

108,572

31/12/2011

 

4,120

111,191

105,445

31/12/2010

 

-769

103,727

95,627

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

659,934

0

62,000

4,770

31/12/2011

559,455

0

62,000

10,593

31/12/2010

447,125

0

62,000

4,495

 

 

Payment expectations

 

Past payments

 

Payment expectation days

-

Industry average payment

164.26

Industry average day sales

120.92

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

477644727

Company name

JIGDIAM NV

Fax number

 

Date founded

14/05/2002

Company status

active

Company type

Public Limited Liability Company (BE)

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.0477.644.727

Belgian Bullettin of Acts Publications

moniteur belge

 

 

Contractor details

 

 

Check Article 30 Bis

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

 

Significant Events

 

Event Date

28/06/2013

Event Description

re-appointment of director(s)

Event Details

Commentaar 28-06-2013: Worden herbenoemd als bestuurders tot na de jaarvergadering van 2019: Shah Jigneshkumar (tevens als gedelegeerd bestuurder) en Shah Nehal.

 

 

Profit & loss

 

 

 

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

-

-

-

-

-

46,612,575

-

 

Total operating expenses

-

-

-

-

-

46,221,128

-

 

Operating result

1,821

-62.20

4,816

8995

53

148,165

-98.77

 

Total financial income

-

-

-

-

0

97,631

-

 

Total financial expenses

385

-44.61

696

-15.30

822

204,468

-99

 

Results on ordinary operations before taxation

1,435

-65.17

4,120

535

-769

33,229

-95.68

 

Taxation

55

10.58

50

-

-

20,877

-99

 

Results on ordinary operations after taxation

1,380

-66.10

4,070

529

-769

18,398

-92.50

 

Extraordinary items

0

-100

3,394

132

1,459

-4,346

0

 

Other appropriations

0.00

-

0

-

0.00

-

-

 

Net result

1,380

-81.51

7,464

981

690

14,071

-90.19

OTHER INFORMATION

 

Dividends

-

-

-

-

-

172,177

-

 

Director remuneration

-

-

-

-

-

112,544

-

 

Employee costs

-

-

-

-

-

126,172

-

 

Wages and salary

-

-

-

-

-

105,771

-

 

Employee pension costs

-

-

-

-

-

14,428

-

 

Social security contributions

-

-

-

-

-

26,708

-

 

Other employee costs

0

-

0

-

0

4,365

-100

 

Amortization and depreciation

3,390

8.35

3,129

-17.76

3,805

17,886

-81.05

 

back to top

 

 

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

1,579

-100

 

Tangible fixed assets

2,749

38.86

4,496

38.37

7,296

184,763

98.51

 

Land & building

-

-

-

-

-

362,988

-

 

Plant & machinery

575

141

238

-

-

22,646

97.46

 

Furniture & Vehicles

2,174

48.94

4,258

41.64

7,296

17,300 5,364

87.43

 

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

 

Other tangible assets

0

-

0

-

0

7,627

-100

Financial fixed assets

1,250

0

1,250

45.65

2,300

306,761

-99

 

Total fixed assets

3,999

30.40

5,746

40.12

9,596

396,027

98.99

Inventories

356,101

5.38

337,918

-5.62

358,058

3,105,555

88.53

 

Raw materials & consumables

-

-

-

-

-

7,209,884

-

 

Work in progress

0

-

0

-

0

2,396

-100

 

Finished goods

0

-

0

-

0

1,993,175

-100

 

Other stocks

356,101

5.38

337,918

-5.62

358,058

571,308

37.67

 

Trade debtors

171,295

157

66,426

-

0

4,252,582

95.97

 

Cash

124,210

14.99

146,119

88.49

77,520

225,847

45.00

 

other amounts receivable

2,353

10.72

2,636

93.66

1,361

187,318

98.74

 

Miscellaneous current assets

1,975

223

610

3.34

590

18,016

89.04

 

Total current assets

655,935

18.46

553,709

26.55

437,530

7,312,246

91.03

 

Total Assets

659,934

17.96

559,455

25.12

447,125

7,668,456

1,451,744

91.39

CURRENT LIABILITIES

 

Trade creditors

246,140

83.10

134,430

305

33,154

3,140,893

92.16

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

-

-

-

-

1,391

4,252,492 189,481

-

 

Current portion of long term debt

-

-

1,495

56.78

3,459

110,204 15,373

-

 

Amounts Payable for Taxes, Remuneration & Social Security

1,752

56.51

4,028

-0.78

4,060

9,727 -

94.84

 

Miscellaneous current liabilities

299,471

-2.87

308,311

2.83

299,839

0.89

- -

 

Total current liabilities

547,363

22.11

448,264

31.11

341,903

5,436,355

89.93

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

-

-

-

-

1,495

-

- -

 

Deffered taxes

-

-

-

-

-

37,626 26,358

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

3,181 0

-100

 

Other long term liabilities

0

-

0

-

0

128,543

-100

 

Total long term debts

0

-

0

-100

1,495

558,650

-100

SHAREHOLDERS EQUITY

 

 

Issued share capital

62,000

0

62,000

0

62,000

945,040

93.44

 

Share premium account

-

-

-

-

-

109,362

-

 

Reserves

50,571

2.80

49,191

17.89

41,727

692,702

92.70

 

Revaluation reserve

-

-

-

-

-

939,206

-

 

Total shareholders equity

112,571

1.24

111,191

7.20

103,727

1,667,396

93.25

 

Working capital

108,572

2.97

105,445

10.27

95,627

1,875,891

94.21

 

Cashflow

4,770

54.97

10,593

135

4,495

28,871

83.48

 

Net worth

112,571

1.24

111,191

7.20

103,727

1,664,134

93.24

 

back to top

 

 

ratio analysis

 

 

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

 

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-25,00

-

 

Return on capital employed

1.27

-65.77

3.71

508

-0.73

29,00

-95.62

 

Return on total assets employed

0.22

-70.27

0.74

435

-0.17

-201,00

0.11

 

Return on net assets employed

1.27

-65.77

3.71

501

-0.74

19,00

-93.32

 

Sales / net working capital

-

-

-

-

-

44,00

-

 

Stock turnover ratio

-

-

-

-

-

110,00

-

 

Debtor days

-

-

-

-

-

134,00

-

 

Creditor days

-

-

-

-

-

123,00

-

SHORT TERM STABILITY

 

Current ratio

1.20

-3.23

1.24

-3.12

1.28

6,00

-86.67

 

Liquidity ratio / acid ratio

0.55

14.58

0.48

108

0.23

4,00

-86.25

 

Current debt ratio

4.86

20.60

4.03

22.12

3.30

9,00

-46.00

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

-

-

1.34

-78.10

6.12

359,00

-

 

Equity in percentage

17.06

-14.14

19.87

-14.35

23.20

-3.205,00

0.53

 

Total debt ratio

4.86

20.60

4.03

21.75

3.31

11,00

-55.82

 

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

 

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

-

Lower

134.13

Median

83.75

Upper

45.33

 

 

Day sales outstanding

Company result

-

Lower

112.48

Median

58.70

Upper

27.62

 

Shareholder Details

 

Summary

Group - Number of Companies              0

Linkages - Number of Companies            0

Number of Countries                             0

 

Group Structure

No group structure for this company

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Protested bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

NSSO details

Business number

477644727

Name of defendant

-

Legal form of defendant

-

Date of summons

-

Labour court

-

Bankruptcy details

 

Bankruptcy detail

There is no bankruptcy data against this company

 

Court Data

There is no data for this company

 

 

Director details

 

Current director details

Name

JIGNESHKUMAR SHAH

Position

Director

Start Date

16/10/2003

Street

122 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

JIGNESHKUMAR SHAH

Position

Managing Director

Start Date

03/08/2010

Street

122 BELGIELEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

NEHAL SHAH

Position

Director

Start Date

01/03/2009

Street

122 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.60.53

UK Pound

1

Rs.101.77

Euro

1

Rs.83.92

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.