MIRA INFORM REPORT

 

 

Report Date :

21.08.2014

 

IDENTIFICATION DETAILS

 

Name :

M .P. JEWELS NV

 

 

Registered Office :

Vestingstraat 72 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

22.11.1997

 

 

Com. Reg. No.:

461876386

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees

01

 

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 :

No complaints

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

A2

 

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

 

 

 

Company name and address

 

Business number

461876386

Company name

M .P. JEWELS NV

Address

VESTINGSTRAAT 72 2018 ANTWERPEN

Number of staff

0

Date of establishment

27/11/1997

Telephone number

 

Fax number

032349026

 

 

Commentary

 

The business was established over 16 years ago.

The business has 1 employees.

The business has been at the address for over 10 months.

A 3646208% growth in Total Assets occurred during the latest trading period

 

 

Accounts

 

DATE OF LATEST ACCOUNTS TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2013

270,343

67,264

792,375

31/12/2012

-1,364

-203,021

-203,021

31/12/2011

0

-201,657

-203,021

Accounts

 

 

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS          BALANCE              TOTAL NUMBER OF

EMPLOYEES                         CAPITAL                CASHFLOW

31/12/2013                                 -                        0                                61,973              270,285

31/12/2012                                -                        0                                61,973              -74

31/12/2011                                1,831                  0                                61,973                0

 

 

Payment expectations

 

Payment expectations

Past payments

Payment expectation days

-

 

Industry average payment        128 43

Industry average day sales

143 37

 

expectation days

outstanding

 

 

 

 

 

Company information

 

Business number

461876386

Company name

M P JEWELS NV

Fax number

032349026

Date founded

27/11/1997

Company status

active

Company type

Public Limited Liability Company (BE)

 

 

 

 

Currency

Euro (€)

Date of latest accounts

31/12/2013

Activity code

46761

Liable for VAT

yes

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE 0461 876 386 Check

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date                            02/10/2013

Event Description                  re-appointment of director(s)

Event Details                         Commentaar 02-10-2013: Herbenoemd als bestuurder voor de duur van zes jaar : Patel

Kalpesh.

 

Event Date                            02/10/2013

Event Description                  re-appointment of director(s)

Event Details                         Commentaar 02-10-2013: Herbenoemd als bestuurder voor de duur van zes jaar : Patel

Kalpesh.

 

Event Date                            02/10/2013

Event Description

Event Details                         Vaststelling dat het correcte adres van de zetel is : 2018 Antwerpen, Vestigingstaat 72/74

bus 25. Vaststelling dat de aandelen de facto op naam zijn.

 

Event Date                            02/10/2013

Event Description

Event Details                         Vaststelling dat het correcte adres van de zetel is : 2018 Antwerpen, Vestigingstaat 72/74

bus 25. Vaststelling dat de aandelen de facto op naam zijn.

 

 

Profit & loss

 

 

Annual accounts

31-12-2013

%

31-12-2012

% 31-12-2011

Industry average 2013

%

 

Weeks

52

 

52

52

 

 

 

Currency

EUR

 

EUR

EUR

 

 

 

Turnover

-

-

-

- -

48,416,363

-

 

Total operating expenses

-

-

-

- -

47,967,530

-

 

Operating result

127,049

9314

-1,364

- 0

145,360

-12 60

 

Total financial income

407,690

-

-

- -

67,947

500

 

Total financial expenses

264,396

-

-

- -

156,981

68 43

 

Results on ordinary operations before taxation

270,343

19819

-1,364

- -

48,036

462

 

Taxation

58

-

-

- -

19,980

-99

 

Results on ordinary operations after taxation

270,285

19815

-1,364

- 0

33,339

710

 

Extraordinary items

0

-

0

- 0

2,980

-100

 

Other appropriations

0 00

-

0 00

- 0

-

-

 

Net result

270,285

19815

-1,364

- 0

36,446

641

OTHER INFORMATION

 

Gross Operating Margin

128,132

172290

-74

- -

42,417

202

 

Dividends

-

-

-

- -

216,234

-

 

Director remuneration

-

-

-

- -

142,035

-

 

Employee costs

-

-

-

- -

158,518

-

 

Wages and salary

-

-

-

- -

139,605

-

 

Employee pension costs

-

-

-

- -

1,459

-

 

Social security contributions

-

-

-

- -

35,714

-

 

Other employee costs

0

-

0

- 0

3,424

-100

 

Amortization and depreciation

-

-

1,290

- -

18,970

-

 

 

balance sheet

 

Annual accounts

31-12-2013

%

31-12-2012

%

31-12-2011

Industry average 2013

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,476

-100

Tangible fixed assets

-

-

-

-

1,290

195,846

-

Land & building

-

-

-

-

-

375,827

-

Plant & machinery

-

-

-

-

1,290

32,373

-

Furniture & Vehicles

-

-

-

-

-

15,967 4,344

-

Leasing & Other Similar Rights

-

-

-

-

 

42,007 20,215

-

Other tangible assets

0

-

0

-

0

11,728

-100

Financial fixed assets

-

-

-

-

74

39,955

-

Total fixed assets

-

-

-

-

1,364

209,582

-

Inventories

4,774,779

-

-

-

-

2,623,422

82 01

Raw materials & consumables

-

-

-

-

 

113,995

-

Work in progress

0

-

0

-

0

1,964

-100

Finished goods

0

-

0

-

0

1,701,625

-100

Other stocks

4,774,779

-

0

-

0

460,401

937

Trade debtors

12,230,137

-

0

-

0

4,114,017

197

Cash

14,383

-

-

-

-

797,584,986

-99

other amounts receivable

939

101

467

0

467

149,498

-99

Miscellaneous current assets

0

-

0

-

0

-785,458,944

0

Total current assets

17,020,238

3646208

467

0

467

6,671,673

155

Total Assets

17,020,238

3646208

467

-74 50

1,831

6,864,376 1,189,274

147

 

 

CURRENT LIABILITIES

 

 

Trade creditors

16,004,375

-

-

-

-

2,728,756

486

Short term group loans                -                 -             -                 -          -                 - -

 

Financial debts

-

-

-

-

-

3,846,072 113,647

-

 

Current portion of long term debt

-

-

-

-

-

81,655 13,806

-

 

Amounts Payable for Taxes, Remuneration & Social Security

 

 

 

 

 

8,101 -

 

 

Miscellaneous current liabilities

223,488

9 83

203,488

0

203,488

-31 65

--

 

Total current liabilities

16,227,863

7874

203,488

0

203,488

4,772,892

240

 

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

--

 

Other long term loans

725,111

-

-

-

-

-47 38

--

 

Deffered taxes

-

-

-

-

-

47,059 41,554

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

5,825 0

-100

 

Other long term liabilities

0

-

0

-

0

98,258

-100

 

Total long term debts

725,111

-

0

-

0

617,822

17 . 37

SHAREHOLDERS EQUITY

 

Issued share capital

61,973

0

61,973

0

61,973

924,177

-93 29

 

Share premium account

-

-

-

-

-

146,653

-

 

Reserves

5,291

2 00

-264,994

-0 52

-263,630

506,652

-98 96

 

Revaluation reserve

-

-

-

-

-

1,100,228

-

 

Total shareholders equity

67,264

33 13

-203,021

-0 68

-201,657

1,460,879

-95 40

 

Working capital

792,375

390

-203,021

0

-203,021

1,898,781

-58 27

 

Cashflow

270,285

363433

-74

-

0

52,096

418

 

Net worth

67,264

33 13

-203,021

-0 68

-201,657

1,459,403

-95 39

 

 

ratio analysis

 

 

Annual accounts

31-12-2013

change(%)

31-12-2012

change(%)

31-12-2011

Industry average 2013

%

TRADING PERFORMANCE

 

 

Profit Before Tax

-

-

-

-

-

-5,00

-

 

Return on capital employed

34 12

4992

0 67

-

-

8,00

326

 

Return on total assets employed

1 59

0 54

-292 22

-

-

-2,00

79 50

 

Return on net assets employed

401 91

59886

0 67

-

-

4,00

9947

 

Sales / net working capital

-

-

-

-

-

216,00

-

 

Stock turnover ratio

-

-

-

-

-

55,00

-

 

Debtor days

-

-

-

-

-

143,37

-

 

Creditor days

-

-

-

-

-

128,43

-

SHORT TERM STABILITY

 

Current ratio

1 05

-

0

-

0

4,00

-93 82

 

Liquidity ratio / acid ratio

0 75

-

0

-

0

3,00

-75 00

 

Current debt ratio

241 25

24125

-1

99

-1 01

17,00

1319

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

Gearing

1078

-

-

-

-

257,00

319

 

Equity in percentage

0 40

0 00

-43493 88

-294

-11014 62

-328,00

0 12

 

Total debt ratio

252 03

25203

-1

99

-1 01

18,00

1300

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

 

 

Company result -

Lower

127.58

Median

76.58

Upper

45.69

 

 

Company result -

Lower

105.38

Median

55.21

Upper

25.72

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Companies that match this address

 

Business number          Company name                                                                      Date of accounts

405777823                    GEBROEDERS BREUGELMANS IN VEREFFENING BVBA        31/12/2007

436952435                     AMERICANTWERP IN VEREFFENING CV                                 --

448875022                    BITTON IN VEREFFENING BVBA                                              --

875198831                    ORIGINAL ROUGH DIAMOND TRADING BVBA 59 0                    31/12/2012

 

Legal events

 

Legal events

Legal event type          Social Security Summons

Event date                  01/02/2005

Court name                  ANTWERPEN

 

 

Director details

 

Current director details

Name                                 MANSUKLAL VALLABHDAS PATEL

Position                              Director

Start Date                          07/11/2010

Street                                 25 BELGIËLEI ANTWERPEN

Post code                           2018

Country                              Belgium

 

Name                                 MANSUKLAL VALLABHDAS PATEL

Position                              Managing Director

Start Date                          02/10/2013

Street                                 25 BELGIËLEI ANTWERPEN

Post code                           2018

Country                              Belgium

 

Name                                 KALPESH PATEL

Position                              Director

Start Date                          02/10/2013

End Date                            02/10/2019

Street                                 25 BELGIËLEI ANTWERPEN

Post code                           2018

Country                              Belgium

 

 Name                                  RAMA PATEL

Position                              Director

Start Date                          24/10/2013

End Date                            31/12/2013

Street                                 25 BELGIËLEI ANTWERPEN

Post code                           2018

Country                              Belgium

 

 

Name                                 RAMESH HARJIBHAI GADHIAALIAS PATEL

Position                              Director

Start Date                          07/11/2010

End Date                            31/12/2010

Date of birth                       01/06/1959

Street                                 9 BERKENLAAN ANTWERPEN

Post code                           2610

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.60.66

UK Pound

1

Rs.100.80

Euro

1

Rs.80.72

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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.