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Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
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Name : |
DIAM SOURCE NV |
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Registered Office : |
Kievitstraat 20, 2018 Antwerpen |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.06.1991 |
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Com. Reg. No.: |
444444397 |
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Legal Form : |
Public Limited Liability Company (BE) |
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Line of Business : |
Wholesaler of diamonds and other precious stones |
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No. of Employees : |
03 (31.12.2012) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
||||
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A2 |
|
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 |
Business number 444444397
Company name DIAM SOURCE NV
Address KIEVITSTRAAT 20
2018 ANTWERPEN
Number of staff 03 (31.12.2012)
Date of establishment 24/06/1991
Fax number 032337675
The business was established over 23 years ago.
The business has 3 employees.
The business has been at the address for over 2 months.
The business has been at the address for less than 6 months.
The business has changed address 1 times in the last year.
Operating Result in the latest trading period decreased 84% on the
previous trading period.
A 40% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 24% compared to the previous trading
period.
The business saw an increase in their Cash Balance of 250% during the
latest trading period.
Turnover in the latest trading period increased 182% on the previous
trading period.
|
Date of latest accounts |
Turnover |
Profit Before Tax |
Net worth |
Working capital |
|
31/12/2012 |
33,028,149 |
47,163 |
34,383 |
34,383 |
|
31/12/2011 |
11,688,644 |
62,562 |
-18,358 |
-18,359 |
|
31/12/2010 |
-- |
-878 |
-80,921 |
-80,921 |
Accounts
|
Date of latest accounts |
Balance Total |
Number of Employees |
Capital |
Cashflow |
|
31/12/2012 |
- |
3 |
248,319 |
47,163 |
|
31/12/2011 |
- |
0 |
247,894 |
62,562 |
|
31/12/2010 |
- |
0 |
247,894 |
-51,458 |
Past payments Payment expectation
days 94.64
Industry average payment
expectation days 127.73
Industry average day sales
outstanding 143.72
Day sales outstanding 45.69
Bankruptcy details
Court action type no
Protested bills
Bill amount -
NSSO details
Business number 444444397
Company name DIAM
SOURCE NV
Fax number 032337675
Date founded 24/06/1991
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 Wholesaler
of diamonds and other precious stones
Belgian Bullettin of Acts
Registered contractor number
-
Event Date 05/06/2013
Event Description re-appointment of
director(s)
Event Details Commentaar
05-06-2013: Herbenoemd als bestuurders tot na de jaarvergadering 2019 :
Choksi Chetan
(tevens als gedelegeerd bestuurder) en Shah Nimish.
Annual accounts 31.12.2012 31.12.2011 31.12.2010 industry average %
Weeks 52 52 52
Currency EUR EUR EUR
Turnover 33,028,149 182 11,688,644 - - 41,393,974 -20.21
Total operating expenses 32,974,960 190 11,335,213 - - 41,044,015 -19.66
Operating result 53,189 -84.95 353,431 40593 -871 144,710 -63.24
Total financial income 1,395 -99 576,855 -- -- 94,466 -98.52
Total financial expenses 7,421 -99 867,724 12485137 7 197,449 -96.24
Results on ordinary operations before
taxation 47,163 -24.61 62,562 7128 -878 32,335 45.86
Taxation - - - - - 21,389 -
Results on ordinary operations after
taxation 47,163
Extraordinary items 0 - 0 0 -50,580 -5,055 0
Other appropriations 0 - 0 - 0.00 - -
Net result- 24.61 62,562 7128 -878 17,356 171
Extraordinary items 0 - 0 0 -50,580 -5,055 0
Other appropriations 0 - 0 - 0.00 - -
other information
Gross Operating Margin - - - - -330 51,124 -
Dividends - - - - - 160,835 -
Director remuneration - - - - - 110,132 -
Employee costs - - - - - 143,088 -
Wages and salary - - - - - 122,791 -
Employee pension costs - - - - - 11,791 -
Social security contributions - - - - - 30,527 -
Other employee costs 0 - 0 - 0 4,988 -100
Amortization and depreciation - - - - - 18,539 -
Annual accounts 31.12.2012 31.12.2011 31.12.2010 industry
average %
Weeks 52 52 52
Currency EUR EUR EUR
Tangible fixed assets - - - - - 192,194 -
Land & building - - - - - 373,113 -
Plant & machinery - - - - - 26,638 -
Furniture & Vehicles - - - - - 17,162 5,035 -
Other tangible assets 0 - 0 - 0 11,104 -100
Financial fixed assets - - - - - 232,727 -
Total fixed assets - - - - - 345,710 -
Inventories 4,533,956 88.61 2,403,864 - - 2,894,452 56.64
Raw materials & consumables - - - - - 7,018,491 -
Work in progress 0 - 0 - 0 2,497 -100
Finished goods 4,533,956 88.61 2,403,864 - 0 1,911,541 137
Other stocks 0 - 0 - 0 450,910 -100
Trade debtors 4,134,041 -66.30 12,265,494 - 0 3,842,725 7.58
Cash 737 250 210 - - 210,125 -99
other amounts receivable 1,962 109 938 143 386 221,250 -99
Miscellaneous current assets 52 - 0 - 0 17,260 -99
Total current assets 8,670,748 -40.90 14,670,506 3805182 386 6,704,434 29.33
Total Assets 8,670,748 -40.90 14,670,506 3805182 386 7,012,441
Current liabilities
|
Trade
creditors |
8,550,011 |
.41.44
14,601,281 - |
- |
2,831,474 |
201 |
|
Short term
group loans |
- |
- |
- |
- |
- |
|
Financial
debts |
42 |
|
|
3,804,424 |
-99 |
|
|
0 |
158,051 |
|||
|
Current
portion of long term debt |
- |
- |
- |
89,960
14,229 |
- |
|
Amounts Payable for Taxes.
Remuneration & Social Security |
- |
- |
- |
8,712- |
|
|
Miscellaneous
current liabilities |
86,312 |
-1.45
87,584 7.73 |
81,301 |
-71.91 |
-- |
|
Total
current liabilities |
8,636,365 |
-41.20
14,688,865 17965 |
81,307 |
4,887,182 |
76.71 |
|
|
Long term debts and liabilities |
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
-- |
|
Other long
term loans |
- |
- |
- |
- |
-- |
|
Deffered
taxes |
- |
- |
- |
39,980
35,322 |
- |
|
Provisions
for Liabilities & Charges |
0 |
0 |
0 |
3,939 0 |
-100 |
|
Other long
term liabilities |
0 |
0 |
0 |
214,561 |
-100 |
|
Total long
term debts |
0 |
0 |
0 |
625,134 |
-100 |
|
|
shareholders equity |
|
|
|
|
|
Issued
share capital |
248,319 |
0.17 247,894 0.00 |
247,894 |
924,431 |
-73.14 |
|
Share
premium account |
- |
- |
- |
89,810 |
- |
|
Reserves |
-213,936 |
80.35
-266,252 80.97 |
-328,815 |
543,970 |
-139 |
|
Revaluation
reserve |
- |
- |
- |
927,466 |
- |
|
Total
shareholders equity |
34,383 |
187 -18,358 22.69 |
-80,921 |
1,494,322 |
-97.70 |
|
Working
capital |
34,383 |
187 -18,359 22.69 |
-80,921 |
1,817,252 |
-98.11 |
|
Cashflow |
47,163 |
-24.61
62,562 121 |
-51,458 |
27,463 |
71.73 |
|
Net worth |
34,383 |
187 -18,358 22.69 |
-80,921 |
1,491,563 |
-97.69 |
|
Profit
Before Tax |
0.14 |
-74.07 |
0.54 |
- |
- |
-9,00 |
|
Return on capital employed |
137.17 |
40.25 |
-340.79 |
-31654 |
1.08 |
39,00 |
|
Return on total assets employed |
0.54 |
25.58 |
0.43 |
0.19 |
-227.63 |
-290,00 |
|
Return on net assets employed |
137.17 |
40.25 |
-340.77 |
-31652 |
1.08 |
26,00 |
|
Sales / net working capital |
960.60 |
150 |
-636.67 |
- |
- |
63,00 |
|
Stock turnover ratio |
13.73 |
-33.25 |
20.57 |
- |
- |
86,00 |
|
Debtor days |
45.69 |
-88.07 |
383.01 |
- |
- |
143,72 |
|
Creditor days |
94.64 |
-79.87 |
470.17 |
- |
- |
127,73 |
|
|
|
short term stability |
|
|
|
|
|
Current ratio |
1 |
0 |
1 |
- |
0 |
8,00 |
|
Liquidity ratio / acid ratio |
0.48 |
-42.86 |
0.84 |
- |
0 |
5,00 |
|
Current debt ratio |
251.18 |
31.39 |
-800.13 |
-79913 |
-1 |
11,00 |
|
Liquidity ratio reprocessed |
: |
- |
- |
- |
- |
- |
|
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long term stability |
|
|
|
|
|
Gearing |
0.12 |
- |
- |
- |
-0.01 |
259,00 |
|
Equity in percentage |
0.40 |
307 |
-0.13 |
0.00 |
-20989.64 |
-3.343,00 |
|
Total debt ratio |
251.18 |
31.39 |
-800.13 |
-79913 |
-1 |
12,00 |
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
industry average credit
rating 64.48
Industry average credit
limit 140177.31
Payment Information
Amount -
Details –
Group - Number of Companies 0
Linkages - Number of Companies 0
Number of Countries 0
Click the company to view / order a report.
No group structure for this company.
No minority shareholders found
|
Business number |
Company name |
% |
Date of accounts |
|
- |
GEMSIAM MANUFACTURING CO. LTD |
9.8 |
- |
Name CHETAN CHINUBHAI CHOKSI
Position Managing
Director
Start Date 02/01/2008
Date of birth 14/08/1957
Street 10
SORBENLAAN ANTWERPEN
Post code 2610
Country Belgium
Position Director
Start Date 14/05/2003
Date of birth 14/08/1957
Street 10
SORBENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name NIMISH
JAYANTIBHAI SHAH
Position Director
Start Date 15/03/2010
Street 60
INGENIEUR HAESAERTSLAAN EDEGEM
Post code 2650
Country Belgium
Name CHETAN
CHINUBHAI CHOKSI
Position Principal
Manager
Start Date 31/08/1997
End Date Unknown
date
Date of birth 14/08/1957
Street 10
Street 10
SORBENLAAN ANTWERPEN
Post code 2610
Country Belgium
Name EDWIN
ALBERTY Show all
Position Managing
Director
Start Date 02/01/2008
End Date 15/03/2010
Street 22
EIKENLEI ANTWERPEN
Post code 2660
Country Belgium
Position Director
Start Date 02/01/2008
End Date 31/12/2010
Street 22
EIKENLEI ANTWERPEN
Post code 2660
Country Belgium
Name DIMINCO
NV
Position Director
Start Date 24/06/2000
End Date Unknown
date
Date of birth 29/04/1983
Street 30
HOVENIERSSTRAAT ANTWERPEN
Post code 2018
Country Belgium
Name JEAN-PIERRE
MONRIBOT
Position Director
Start Date 03/06/1997
End Date Unknown
date
Street 8
ROUTE DE RENIPONT LASNE
Post code 1380
Country Belgium
Name Gitanjali
Resources BVBA
Business number 831314645
Position Principal
Manager
Start Date 15/02/2011
End Date Unknown
date
Business number 831314645
Position Legal
Representative
Start Date 15/02/2011
End Date Unknown
date
DIAMOND INDUSTRY – INDIA
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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.
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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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
Report Prepared
by : |
MNL |
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.