MIRA INFORM REPORT
|
Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPARKLE DIAM BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 2-Bus 334, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.07.1990 |
|
|
|
|
Com. Reg. No.: |
441428885 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Wholesaler of diamonds and other precious stones |
|
|
|
|
No of Employees : |
01 (31.12.2013) |
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 – 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 & address
Business number 441428885
Company name SPARKLE DIAM BVBA
Address HOVENIERSSTRAAT
2-BUS 334
2018 ANTWERPEN
Number of staff 01 (31.12.2013)
Date of establishment 05/07/1990
Telephone number 032266750
Fax number 032266781
Commentary
|
The business was established over 24 years
ago. |
|
|
|
The business has 1 employees. |
|
|
|
The business has been at the address for
over 5 years |
|
|
|
Operating Result in the latest trading
period decreased 40% on the previous trading period. |
|
|
|
Net Worth increased by 63% during the
latest trading period. |
|
|
|
Pre-tax profits decreased by 225% compared
to the previous trading period. |
|
|
|
The business saw an increase in their Cash
Balance of 374% during the latest trading period. |
|
|
|
Turnover in the latest trading period
increased 38% on the previous trading period. |
|
|
Accounts
DATE OF LATEST
ACCOUNTS TURNOVER
PROFIT BEFORE TAX NET WORTH WORKING CAPITAL
31/12/2013 38,385,557
-89,651 1,797,668 2,584,935
31/12/2012 27,618,923
71,570 1,097,852 2,003,141
31/12/2011 53,560,630
110,837 1,042,938 1,952,011
Accounts
DATE OF LATEST
ACCOUNTS BALANCE
TOTAL NUMBER OF EMPLOYEES CAPITAL CASHFLOW
31/12/2013 9,506,388
1 1,599,915
-30,141
31/12/2012 8,206,494
1 848,600
76,515
31/12/2011 8,649,618
1 848,600
212,150
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment
expectations
Past payments Payment expectation days 11.67
Industry average payment expectation days 124.39
Industry average day sales outstanding 141.74
Day sales outstanding 63.96
Company
information
Business number 441428885
Company name SPARKLE DIAM BVBA
Fax number 032266781
Date founded 05/07/1990
Company status active
Company type Private Limited
Company (BL/LX)
Currency Euro (€)
Date of latest accounts 31/12/2013
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Liable for VAT yes
VAT Number BE.0441.428.885
Belgian Bullettin of Acts
Publications moniteur belge
Joint
Industrial Committee
(JIC)
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324.02
Description JSC small
merchandisers in the diamant industry and trade
category
Significant
Events
Event Date 22/10/2013
Event Details De 68 nieuwe
aandelen worden toegekend aan de vennootschap naar het recht van de
Verenigde
Arabische Emiraten Kiran Goldstar DMCC.
company
accounts
assets
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
|
Weeks |
52 |
|
52 |
|
52 |
|
52 |
|
52 |
|
Currency |
EUR |
|
EUR |
|
EUR |
|
EUR |
|
EUR |
|
Total fixed assets |
301,311 |
3.15 |
292,097 |
-6.29 |
311,711 |
-15.00 |
366,703 |
-2.38 |
375,647 |
|
Intangible fixed assets |
912 |
-33.27 |
1,367 |
-24.97 |
1,822 |
- |
0 |
- |
0 |
|
Tangible fixed assets |
270,896 |
-6.66 |
290,232 |
-6.19 |
309,391 |
-15.51 |
366,205 |
-2.38 |
375,149 |
|
Land & building |
218,069 |
-2.33 |
223,265 |
-2.27 |
228,461 |
-17.60 |
277,269 |
-2.59 |
284,649 |
|
Plant & machinery |
46,798 |
-19.96 |
58,469 |
-19.19 |
72,353 |
-8.98 |
79,490 |
-10.39 |
88,707 |
|
Furniture & Vehicles |
6,029 |
-29.05 |
8,497 |
-0.93 |
8,577 |
-9.20 |
9,446 |
426 |
1,794 |
|
Financial fixed assets |
29,502 |
5825 |
498 |
0 |
498 |
0 |
498 |
0 |
498 |
|
Total current assets |
9,205,077 |
16.31 |
7,914,397 |
-5.08 |
8,337,907 |
33.55 |
6,243,123 |
61.69 |
3,861,194 |
|
Inventories |
1,025,450 |
-54.04 |
2,230,957 |
-28.64 |
3,126,504 |
267 |
851,185 |
-53.98 |
1,849,662 |
|
Finished goods |
1,025,450 |
-54.04 |
2,230,957 |
-28.64 |
3,126,504 |
267 |
851,185 |
-53.98 |
1,849,662 |
|
Trade debtors |
6,726,136 |
26.29 |
5,325,757 |
26.06 |
4,224,794 |
8.00 |
3,911,895 |
154 |
1,535,153 |
|
Other amounts receivable |
102,756 |
41.69 |
72,522 |
-24.23 |
95,719 |
-15.58 |
113,388 |
427 |
21,514 |
|
Cash |
1,345,590 |
374 |
283,817 |
-67.90 |
884,038 |
-35.14 |
1,362,977 |
202 |
450,261 |
|
Miscellaneous current assets |
5,145 |
282 |
1,344 |
-80.38 |
6,852 |
86.30 |
3,678 |
-20.12 |
4,604 |
|
Total Assets |
9,506,388 |
15.84 |
8,206,494 |
-5.12 |
8,649,618 |
30.86 |
6,609,826 |
56.01 |
4,236,841 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Total Shareholders Equity |
1,798,580 |
63.62 |
1099220 |
5.21 |
1,044,761 |
22.28 |
854,380 |
3.64 |
805,754 |
|
Issued share capital |
1,599,915 |
88.54 |
848600 |
0 |
848,600 |
4462 |
18,600 |
0 |
18,600 |
|
reserve |
198,665 |
-20.73 |
250620 |
27.76 |
196,161 |
-76.53 |
835,780 |
3.73 |
805,754 |
|
Deferred taxes |
-- |
-- |
59137 |
-0.90 |
59,675 |
--- |
-- |
---- |
-- |
|
Creditors |
7,707,808 |
9.36 |
7408137 |
-6.59 |
7,545,182 |
31.10 |
5,755,446 |
68.66 |
3,412,487 |
|
Other Long term loans |
--- |
-- |
-- |
-- |
-- |
-- |
278,778 |
-7.72 |
302,111 |
|
Other Long term Liabilities |
1,807,666 |
-4.33 |
1136880 |
-1.93 |
1,159,286 |
3.27 |
1,122,586 |
7.81 |
1,041,233 |
|
Total Long term debts |
1,087666 |
-9.06 |
1196018 |
-1.88 |
1,218,961 |
-13.02 |
1,401,364 |
4.32 |
1,343,344 |
|
Current portion of long term debt |
-- |
-- |
-- |
-- |
-- |
--- |
23,333 |
0 |
23,333 |
|
Financial debts |
5,335,649 |
47.67 |
3613265 |
259 |
1,006,428 |
-57.19 |
2,350,977 |
100 |
1,174,544 |
|
Trade Creditors |
1,222,884 |
-45.04 |
2225181 |
-58.18 |
5,320,306 |
172 |
1,952,694 |
129 |
851,909 |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
51,941 |
-20.84 |
65617 |
21.12 |
54,173 |
126 |
23,940 |
36.21 |
17,575 |
|
Miscellaneous current liabilities |
9,669 |
34.40 |
7194 |
44.21 |
4,989 |
59.01 |
3,137 |
76.06 |
1,782 |
|
Total current liabilities |
6,620,142 |
11.99 |
5911256 |
-7.43 |
6,385,896 |
46.66 |
4,354,082 |
110 |
2,069,143 |
|
Total Liabilities |
9,506,388 |
15.84 |
8206494 |
-5.12 |
8,649,618 |
30.86 |
6,609,826 |
56.01 |
4,236,841 |
Ratio analysis
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
|
Trading Performance |
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
-0.23 |
-188 |
0.26 |
23.81 |
0.21 |
40.0 |
0.15 |
-6.25 |
0.16 |
|
Return on capital employed |
-3.11 |
-199 |
3.12 |
-36.33 |
4.90 |
183 |
1.73 |
35.16 |
1.28 |
|
Return on total assets
employed |
-0.94 |
-208 |
0.87 |
-32.03 |
1.28 |
116 |
0.59 |
-10.61 |
0.66 |
|
Return on net assets
employed |
-4.98 |
-176 |
6.51 |
-38.64 |
10.61 |
131 |
4.58 |
35.91 |
3.37 |
|
Sales / net working capital |
14.85 |
7.69 |
13.79 |
-49.74 |
27.44 |
102 |
13.57 |
42.09 |
9.55 |
|
Stock turnover ratio |
2.67 |
-66.96 |
8.08 |
38.36 |
5.84 |
75.90 |
3.32 |
-69.29 |
10.81 |
|
Creditor days |
11.67 |
-60.65 |
29.66 |
-18.54 |
36.41 |
30.08 |
27.99 |
52.70 |
18.33 |
|
Debtor days |
63.96 |
-9.12 |
70.38 |
144 |
28.79 |
-48.32 |
55.71 |
70.11 |
32.75 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Current ratio |
1.39 |
3.73 |
1.34 |
2.29 |
1.31 |
-8.39 |
1.43 |
-23.53 |
1.87 |
|
Liquidity ratio / acid ratio |
1.24 |
29.17 |
0.96 |
17.07 |
0.82 |
-33.87 |
1.24 |
27.84 |
0.97 |
|
Current debt ratio |
3.68 |
-31.60 |
5.38 |
-11.95 |
6.11 |
19.80 |
5.10 |
103 |
2.51 |
|
Cashflow |
-30,141 |
-139 |
76,515 |
-63.93 |
212,150 |
308 |
51,889 |
29.45 |
40,085 |
|
Net worth |
1,797,668 |
63.74 |
1,097,852 |
5.27 |
1,042,938 |
22.07 |
854,380 |
3.64 |
824,354 |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
|
|
Gearing |
296.66 |
-9.75 |
328.71 |
241 |
96.33 |
-68.98 |
310.53 |
70.66 |
181.96 |
|
Equity in percentage |
18.92 |
41.19 |
13.40 |
10.93 |
12.08 |
-6.57 |
12.93 |
-33.56 |
19.46 |
|
Total debt ratio |
4.29 |
-33.69 |
6.47 |
-11.13 |
7.28 |
8.01 |
6.74 |
62.80 |
4.14 |
|
Working capital |
2,584,935 |
29.04 |
2,003,141 |
2.62 |
1,952,011 |
3.33 |
1,889,041 |
5.41 |
1,792,051 |
Profit & Loss
|
Annual
accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
% |
31-12-2009 |
|
Operating Income |
38,393,086 |
38.97 |
27,626,653 |
-48.46 |
53,605,614 |
109 |
25,632,016 |
49.66 |
17,126,627 |
|
Turnover |
38,385,557 |
38.98 |
27,618,923 |
-48.43 |
53,560,630 |
108 |
25,628,443 |
49.78 |
17,110,864 |
|
Total operating expenses |
38,246,415 |
39.65 |
27,386,983 |
-48.65 |
53,329,947 |
109 |
25,463,283 |
50.12 |
16,961,492 |
|
Operating Charges |
38,253,945 |
39.64 |
27,394,713 |
-48.67 |
53,374,931 |
109 |
25,466,855 |
50.01 |
16,977,255 |
|
Employee costs |
1,438 |
-94.24 |
24,980 |
132 |
10,749 |
26.97 |
8,465 |
-44.08 |
15,138 |
|
Wages and salary |
945 |
-95.51 |
21,066 |
125 |
9,347 |
22.72 |
7,616 |
-39.14 |
12,515 |
|
Social security contributions |
493 |
-83.11 |
2,919 |
194 |
991 |
168 |
369 |
-78.57 |
1,722 |
|
Other employee costs |
0 |
-100 |
995 |
141 |
411 |
-14.31 |
480 |
-46.66 |
900 |
|
Amortization and depreciation |
21,813 |
-1.10 |
22,056 |
1.32 |
21,769 |
-0.43 |
21,864 |
12.35 |
19,461 |
|
Operating result |
139,142 |
-40.01 |
231,940 |
0.55 |
230,682 |
39.67 |
165,160 |
10.57 |
149,372 |
|
Total financial income |
9,359 |
39.01 |
6,733 |
-23.87 |
8,844 |
27993 |
31 |
- |
- |
|
Total financial expenses |
238,152 |
42.52 |
167,103 |
29.85 |
128,689 |
2.07 |
126,080 |
3.72 |
121,557 |
|
Results on ordinary operations |
-89,651 |
-225 |
71,570 |
-35.43 |
110,837 |
183 |
39,111 |
40.61 |
27,815 |
|
before taxation |
|
|
|
|
|
|
|
|
|
|
Extraordinary Income |
2,821 |
-57.66 |
6,663 |
-96.22 |
176,388 |
3188 |
5,364 |
- |
- |
|
Extraordinary items |
2,821 |
-57.66 |
6,663 |
-96.22 |
176,388 |
3188 |
5,364 |
- |
0 |
|
Results for the Year Before |
-86,830 |
-210 |
78,234 |
-72.76 |
287,225 |
545 |
44,475 |
59.90 |
27,815 |
|
Taxation |
|
|
|
|
|
|
|
|
|
|
Taxation |
24,262 |
-0.21 |
24,313 |
-34.59 |
37,169 |
157 |
14,450 |
100 |
7,191 |
|
Results on ordinary operations After taxation |
-113,913 |
-341 |
47,258 |
-35.85 |
73,668 |
198 |
24,662 |
19.58 |
20,624 |
|
Net result |
-51,954 |
-195 |
54,459 |
-71.39 |
190,381 |
534 |
30,026 |
45.58 |
20,624 |
|
Profit (Loss) for the year to be
appropriated |
62,893 |
13.31 |
55,504 |
-25.49 |
74,489 |
148 |
30,026 |
45.58 |
20,624 |
Social
Balance Sheet Details
Social Balance Sheet Total
During the reporting year ended 31-12-2013
Number of hours worked
Full-time Employees 110
Part-time Employees -
Total 110
During the previous reporting year
Average number employees in Fte 1
Actual working hours 1,310
Personnel Charges 24,980
Benefits In Addition To Wages -
New staff and leavers Full-Time
Part-Time Total Fte
Leavers
1 - 1
Suspension of payments / moratorium
history
Payment expectation days 11.67
Day sales outstanding 63.96
B
Industry
comparison
Activity code 46761
Activity description Wholesaler
of diamonds and other precious stones
Industry average payment
expectation days 124.39
Industry average day sales
Outstanding 141.74
Industry
quartile analysis
Payment expectations
Company result 11.67
Lower 122.66
Median 76.39
Upper 46.98
Day sales outstanding
Company result
63.96
Lower
102.84
Median 54.50
Upper
24.07
Group
Structure
No group structure for this company.
Minority
Shareholders
No minority shareholders found
Minority
Interests
No minority interests found
Summons
there is no data for this company
Protested
Bills
there is no data for this company
Bankruptcy
and other legal events
there is no data for this company
Director
details
Current director details
Name AJIT BARMECHA
Position Principal Manager
Start Date 09/08/2010
Street 36 ARENDSNESTLAAN
EDEGEM
Post code 2650
Country Belgium
Former director details
Name MEHTA BAKULCHANDRA
Position Principal Manager
Start Date 05/03/1998
End Date 29/05/1995
Street 25 PRINS ALBERTLEI
ANTWERPEN
Post code 2600
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.62.14 |
|
UK Pound |
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.