|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOMAL GEMS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat
2-619 2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.03.1989 |
|
|
|
|
Com. Reg. No.: |
436733986 |
|
|
|
|
Legal Form : |
Public
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale
of diamonds and other precious stones |
|
|
|
|
No. of Employees |
02 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 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 |
|
Business number |
436733986 |
|
Company name |
KOMAL
GEMS NV |
|
Address |
HOVENIERSSTRAAT
2-619 |
|
|
2018
ANTWERPEN |
|
Number of staff |
2 |
|
Date of
establishment |
01/03/1989 |
|
Telephone number |
032269673 |
|
Fax number |
032269673 |
|
The business was
established over 25 years ago. |
|
The business has
1 employees. |
|
The business is
part of a group. |
|
This business has
a foreign parent business. |
|
The business has
been at the address for over 15 years. |
|
Operating Result
in the latest trading period increased 82% on the previous trading period. |
|
Pre-tax profits
increased by 21% compared to the previous trading period. |
|
The business saw
a decrease in their Cash Balance of 97% during the latest trading period. |
|
Turnover in the
latest trading period increased 26% on the previous trading period. |
|
Date
of latest accounts |
Turnover |
Profit
Before Tax |
Net
worth |
Working
capital |
|
31/12/2012 |
161,348,352 |
315,036 |
13,728,498 |
20,204,131 |
|
31/12/2011 |
127,657,416 |
258,232 |
11,515,046 |
15,928,558 |
|
31/12/2010 |
137,710,378 |
227,796 |
9,927,673 |
15,525,604 |
|
Date of latest accounts |
Balance
Total |
Number
of Employees |
Capital |
Cashflow |
|
31/12/2012 |
73,116,933 |
2 |
13,070,000 |
288,088 |
|
31/12/2011 |
64,024,168 |
2 |
11,106,000 |
238,408 |
|
31/12/2010 |
46,016,861 |
2 |
1,721,001 |
218,677 |
Past payments Payment
expectation days 62.45
Industry average payment
expectation days 129.29 Industry average day sales
outstanding 131.63
Day sales outstanding 134.58
|
Business
number |
436733986 |
Company
name |
KOMAL
GEMS NV |
|
Fax
number |
032269673 |
Date
founded |
01/03/1989 |
|
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.0436.733.986
Check VAT number |
|
Social
Balance Sheet |
Total |
|
During
the reporting year |
|
|
ended
31-12-2012 |
|
|
Full-time
Employees |
2 |
|
Part-time
Employees |
1 |
|
Total
Fte Employees |
3 |
|
|
|
|
Number
of hours worked |
|
|
Full-time
Employees |
3,625 |
|
Part-time
Employees |
1,521 |
|
Total |
5,146 |
|
|
|
|
Personnel
Charges |
|
|
Full-time
Employees |
118,175 |
|
Part-time
Employees |
49,585 |
|
Total |
167,760 |
|
Benefits
In Addition To Wages |
- |
|
|
|
|
During
the previous reporting year |
|
|
Average
number employees in Fte |
3 |
|
Actual
working hours |
5,210 |
|
|
|
|
|
|
|
Type of Contract |
Full-Time |
Part-Time |
Total
Fte |
|
|
Unlimited
Duration Contracts |
2 |
1 |
3 |
|
|
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 |
2 |
- |
2 |
|
|
Higher
education (non university) |
- |
- |
- |
|
|
Higher
education (university) |
- |
- |
- |
|
|
Women |
Full-Time |
Part-Time |
Total
Fte |
|
|
Primary education |
- |
- |
- |
|
|
Secondairy
education |
- |
1 |
1 |
|
|
Higher
education (non university) |
- |
- |
- |
|
|
Higher
education (university) |
- |
- |
- |
|
|
|
|
|
|
|
|
|
||||
|
Working Category |
Full-Time |
Part-Time |
Total
Fte |
|
|
Management |
- |
- |
- |
|
|
White collar
worker |
2 |
1 |
3 |
|
|
Blue collar
worker |
- |
- |
- |
|
|
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 |
|
Description FROM 1 TO 4
EMPLOYEES
|
Description |
Additional
national joint committee for the employees |
Event Date 20/08/2013
Event Description re-appointment of
director(s)
Event Details Commentaar
20-08-2013: Herbenoemd als bestuurder voor een periode van zes jaar :
BVBALaxmi Jewel
Belgium.
|
Annual
accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
161,348,352 |
26.39 |
127,657,416 |
-7.30 |
137,710,378 |
40,445,514 |
298 |
|
Total
operating expenses |
159,092,112 |
25.85 |
126,418,122 |
-6.99 |
135,914,490 |
40,129,325 |
296 |
|
Operating
result |
2,256,240 |
82.06 |
1,239,294 |
-30.99 |
1,795,888 |
128,804 |
1651 |
|
Total
financial income |
190,917 |
-49.47 |
377,846 |
2242 |
16,129 |
92,610 |
106 |
|
Total
financial expenses |
2,132,121 |
56.90 |
1,358,908 |
-14.22 |
1,584,221 |
183,719 |
1060 |
|
Results on ordinary operations before
taxation |
315,036 |
22.00 |
258,232 |
13.36 |
227,796 |
28,651 |
999 |
|
Taxation |
65,585 |
16.50 |
56,296 |
18.18 |
47,635 |
21,126 |
210 |
|
Results on ordinary operations after
taxation |
249,452 |
23.53 |
201,937 |
12.09 |
180,161 |
13,941 |
1689 |
|
Extraordinary
items |
0 |
- |
0 |
-100 |
3,776 |
-3,844 |
0 |
|
Other
appropriations |
0.00 |
- |
0.00 |
- |
0 |
- |
- |
|
Net
result OTHER INFORMATION |
249,452 |
23.53 |
201,937 |
9.79 |
183,937 |
10,119 |
2365 |
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
50,531 |
- |
|
Dividends |
- |
- |
- |
- |
- |
168,887 |
- |
|
Director
remuneration |
- |
- |
- |
- |
- |
108,143 |
- |
|
Employee
costs |
167,760 |
0.79 |
166,441 |
12.56 |
147,866 |
137,902 |
21.65 |
|
Wages and salary |
134,132 |
0.94 |
132,886 |
22.22 |
108,724 |
118,594 |
13.10 |
|
Employee pension costs |
- |
- |
- |
- |
- |
12,737 |
- |
|
Social security contributions |
31,116 |
4.08 |
29,895 |
21.45 |
24,615 |
29,295 |
6.22 |
|
Other employee costs |
2,512 |
-31.35 |
3,660 |
-74.81 |
14,527 |
4,861 |
-48.32 |
|
Amortization
and depreciation |
38,636 |
5.94 |
36,471 |
4.98 |
34,740 |
18,054 |
114 |
|
Annual
accounts |
31-12-2012 |
|
31-12-2011 |
% |
31-12-2010 |
Industry average 2012 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,197 |
-100 |
|
Tangible
fixed assets |
539,496 |
0.22 |
538,322 |
-5.43 |
569,223 |
188,724 |
185 |
|
Land & building |
453,186 |
-3.49 |
469,574 |
-3.37 |
485,963 |
372,714 |
21.59 |
|
Plant & machinery |
22,919 |
-4.41 |
23,978 |
-1.12 |
24,249 |
25,397 |
-9.76 |
|
Furniture & Vehicles |
63,391 |
41.59 |
44,770 |
-24.13 |
59,011 |
16,91
8 5,029 |
274 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
139,170 30,812 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
11,599 |
-100 |
|
Financial
fixed assets |
14,880 |
0 |
14,880 |
0 |
14,880 |
234,444 |
-93.65 |
|
Total
fixed assets |
554,376 |
0.21 |
553,202 |
-5.29 |
584,103 |
343,083 |
61.59 |
|
Inventories |
12,864,881 |
-15.30 |
15,189,450 |
271 |
4,089,497 |
2,721,405 |
372 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
7,018,491 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
2,513 |
-100 |
|
Finished goods |
12,864,881 |
-15.30 |
15,189,450 |
271 |
4,089,497 |
1,752,867 |
633 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
456,148 |
-100 |
|
Trade
debtors |
59,489,167 |
44.78 |
41,090,720 |
-0.11 |
41,
135,367 |
3,673,672 |
1519 |
|
Cash |
1
87,438 |
-97.38 |
7,161,945 |
3760 |
185,503 |
207,138 |
-9.51 |
|
other
amounts receivable |
9,817 |
-20.86 |
12,404 |
-4.28 |
12,959 |
211,968 |
-95.37 |
|
Miscellaneous
current assets |
11,254 |
-31.57 |
16,447 |
74.37 |
9,432 |
14,803 |
-23.98 |
|
Total
current assets |
72,562,557 |
14.32 |
63,470,966 |
39.70 |
45,432,758 |
6,367,592 |
1039 |
|
Total
Assets |
73,116,933 |
14.20 |
64,024,168 |
39.13 |
46,016,861 |
6,672,355
1,217,713 |
995 |
Trade creditors 27,220,008 7.28 25,373,182 110 12,028,055 2,805,074 870
Short term group loans - - - - - - -
Financial
debts 24,514,097 22.59
19,996,304 16.83 17,115,736
3,634,924 574
150,514
Current portion of long term debt 72,676 4.73 69,392 4.56 66,365 90,989 14,264 -20.13
Amounts Payable for Taxes,
Remuneration & Social Security 77,619
33.81 58,009 66,23 34,896 8,657 118
Miscellaneous current liabilities 474,025 -76.83 2,045,521 208 662,102 59.52 --
Total current liabilities 52,358,425 10.13 47,542,408 58.97 29,907,154 4,757,908 1000
Long term debts and liabilities
Long term group loans - - - - - - --
Other long term loans 7,030,010 41.54 4,966,714 -19.66 6,182,034 574 --
Deffered taxes - - - - - 38,865 26,358 -
Provisions for Liabilities & Charges 0 - 0 - 0 3,980 0 -100
Other long term liabilities 0 - 0 - 0 92,287 -100
Total long term debts 7,030,010 41.54 4,966,714 -19.66 6,182,034 499,496 1307
shareholders equity
Issued share capital 13,070,000 17.68 11,106,000 545 1,721,001 887,986 1371
Share premium account - - - - - 89,810 -
Reserves 658,498 60.98 409,046 -95.02 8,206,672 542,640 21.35
Revaluation reserve - - - - - 927,466 -
Total shareholders equity 13,728,498 19.22 11,515,046 15.99 9,927,673 1,456,756 842
Working capital 20,204,131 26.84 15,928,558 2.60 15,525,604 1,655,487 1120
Cashflow 288,088 20.84 238,408 9.02 218,677 25,147 1045
Net worth 13,728,498 19.22 11,515,046 15.99 9,927,673 1,454,007 844
|
Annual accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry
average 2012 |
% |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.20 |
0 |
0.20 |
17.65 |
0.17 |
-10,00 |
2.00 |
|
Return on capital
employed |
1.52 |
-3.18 |
1.57 |
11.35 |
1.41 |
39,00 |
-96.10 |
|
Return on total
assets employed |
0.43 |
7.50 |
0.40 |
-20.0 |
0.50 |
-292,00 |
0.15 |
|
Return on net
assets employed |
2.29 |
2.23 |
2.24 |
-2.18 |
2.29 |
26,00 |
-91.19 |
|
Sales / net
working capital |
7.99 |
-0.25 |
8.01 |
-9.70 |
8.87 |
64,00 |
-99 |
|
Stock turnover
ratio |
7.97 |
-33.03 |
11.90 |
300 |
2.97 |
88,00 |
-90.94 |
|
Debtor days |
134.58 |
14.55 |
117.49 |
7.76 |
109.03 |
148,00 |
-9.07 |
|
Creditor days SHORT TERM
STABILITY |
62.45 |
-14.76 |
73.26 |
126 |
32.30 |
192,00 |
-67.47 |
|
Current ratio |
1.39 |
3.73 |
1.34 |
-11.84 |
1.52 |
6,00 |
-87.36 |
|
Liquidity ratio /
acid ratio |
1.14 |
11.76 |
1.02 |
-26.09 |
1.38 |
4,00 |
-71.50 |
|
Current debt
ratio |
3.81 |
-7.75 |
4.13 |
37.21 |
3.01 |
11,00 |
-65.36 |
|
Liquidity ratio
reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
230.30 |
5.94 |
217.39 |
-7.63 |
235.34 |
259,00 |
-11.08 |
|
Equity in
percentage |
18.78 |
4.39 |
17.99 |
-16.60 |
21.57 |
-3.364,00 |
0.56 |
|
Total debt ratio |
4.33 |
-5.04 |
4.56 |
25.27 |
3.64 |
12,00 |
-63.92 |
Activity code 46761
Activity description Wholesale of
diamonds and other precious stones
Payment expectation days 62.45
Day sales outstanding 134.58
Payment expectations
Company result 62.45
Lower 126.89
Median 76.39
Upper 45.69
Company result 134.58
Lower 105.52
Median
55.26
Upper 26.47
|
Day sales
outstanding |
|
|
Company result |
134.58 |
|
Lower |
106.72 |
|
Median |
55.71 |
|
Upper |
26.51 |
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
|
Forename |
Rakesh Girdharlal |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER
DETAILS |
|
|
|
|
Start date |
05/10/2011(estimated) |
End
date |
- |
|
Street name |
Van Eycklei |
House
number |
45 |
|
Minor town |
- |
Postal
town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Girdharbhai |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER
DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End
date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER ADDRESS |
|||
|
Street name |
Van Eycklei |
House
number |
45 |
|
Minor town |
- |
Postal
town |
Antwerpen |
|
Post code |
2018 |
Country |
Belgium |
|
SHAREHOLDER NAME |
|||
|
Forename |
Shaileshkumar |
Middle
name |
- |
|
Surname |
Gajera |
|
|
|
SHAREHOLDER
DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End
date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER
ADDRESS |
|||
|
Street name |
- |
House
number |
- |
|
Minor town |
- |
Postal
town |
- |
|
Post code |
- |
Country |
- |
|
SHAREHOLDER NAME |
|||
|
Forename |
Lalithbhai |
Middle
name |
- |
|
Surname |
Bhardia |
|
|
|
SHAREHOLDER
DETAILS |
|
|
|
|
Start date |
29/09/1998 |
End
date |
- |
|
Percentage owned - |
|||
|
SHAREHOLDER
ADDRESS |
|||
|
Street name |
- |
House
number |
- |
|
Minor town |
- |
Postal
town |
- |
|
Post code |
- |
Country |
- |
Business number 436733986
There is no bankruptcy data against this company
Legal event type Social Security
Summons
Legal event sub type
Event date 08/01/2013 Secondary event
date
Court number Registry
body identfier
Court type Employment Court Court name Antwerpen
3rd party name Rijksdienst voor
Sociale Zekerheid 3rd party type Summoning Party
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.61.25 |
|
|
1 |
Rs.103.02 |
|
Euro |
1 |
Rs.81.90 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.