MIRA
INFORM REPORT
|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AJARI GEMS BVBA |
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Registered Office : |
Hoveniersstraat 30, 2018 Antwerpen |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.09.1997 |
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Com. Reg. No.: |
461487891 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wholesaler of Diamond & Other Precious Stones |
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No of Employees : |
01 (31.12.2013) |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 461487891
Company name AJARI GEMS BVBA
Address HOVENIERSSTRAAT 30
2018 ANTWERPEN
Number of staff 01
(31.12.2013)
Date of establishment 22/09/1997
Telephone number 032333664
Fax number 032331908
Commentary
|
The business was established over 17 years
ago. |
|
|
The business has 1 employees. |
|
|
The business has been at the address for
over 15 years. |
|
|
A 71% growth in Total Assets occurred
during the latest trading period. |
|
|
The business saw a decrease in their Cash Balance
of 31% during the latest trading period. |
|
|
Turnover in the latest trading period
increased 61% on the previous trading period. |
|
Accounts
|
DATE OF LATEST
ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31/12/2013 |
42,159,542 |
33,787 |
1,547,350 |
989,312 |
|
31/12/2012 |
26,044,774 |
37,534 |
1,523,080 |
954,299 |
|
31/12/2011 |
32,038,394 |
57,780 |
1,493,766 |
915,620 |
Accounts
|
DATE OF LATEST
ACCOUNTS |
BALANCE TOTAL |
NUMBER OF
EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2013 |
19,876,519 |
1 |
18,600 |
76,766 |
|
31/12/2012 |
11,584,421 |
1 |
18,600 |
75,828 |
|
31/12/2011 |
9,164,812 |
2 |
18,600 |
90,360 |
TRENDS
|
Profitability |
|
|
Liquidity |
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|
Net worth |
|
Payment expectations
Past payments
Payment expectation days 156.03
Industry average payment expectation days 101.25
Industry average day sales outstanding 112.57
Day sales outstanding 56.96
Company information
|
Business number |
461487891 |
Company name |
AJARI GEMS BVBA |
|
Fax number |
032331908 |
Date founded |
22/09/1997 |
|
Company status |
active |
Company type |
Private Limited Company (BL/LX) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/12/2013 |
|
Activity description |
Wholesaler of Diamond & Other Precious Stones |
Liable for VAT |
yes |
|
Belgian Bullettin of Acts Publications |
moniteur belge |
VAT Number |
BE.0461.487.891 |
Social Balance Sheet Details
|
Social Balance Sheet |
Total |
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During the reporting year ended 31-12-2013 |
|||
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Full-time Employees |
1 |
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Part-time Employees |
0 |
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Total Fte Employees |
1 |
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Number of hours worked |
|||
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Full-time Employees |
1,725 |
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Part-time Employees |
64 |
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Total |
1,789 |
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Personnel Charges |
|||
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Full-time Employees |
31,547 |
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Part-time Employees |
1,211 |
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Total |
32,758 |
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Benefits In Addition To Wages - |
|||
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During the previous reporting year |
|||
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Average number employees in Fte |
1 |
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Actual working
hours |
2,280 |
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Personnel
Charges |
51,281 |
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|
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Type of Contract
|
Full-Time |
Part-Time |
Total Fte |
|
Unlimited
Duration Contracts |
1 |
1 |
1 |
Gender &
Education Level
|
Women |
Full-Time |
Part-Time |
Total Fte |
|
Primary
education |
1 |
1 |
1 |
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
Management |
- |
- |
- |
|
White collar worker |
1 |
1 |
1 |
|
|
|
|
|
|
New staff and leavers |
Full-Time |
Part-Time |
Total Fte |
|
New Starters |
- |
1 |
0 |
|
Leavers |
- |
- |
- |
Joint Industrial Committee
(JIC)
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324
Description Joint
committee for the industry and the trade in diamant
category
Significant Events
Event Date 07/05/2012
Event Description re-appointment
of director(s)
Event Details Commentaar
07-05-2012: Herbenoemd als zaakvoerder : Sanghvi Bharat en Golchna
Manish.
Company accounts
Profit & Loss
|
Annual Accounts |
31.12.2013 |
% |
31.12.2012 |
% |
31.12.2011 |
Industry Average |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
42,159,542 |
61.87 |
26,044,774 |
-18.71 |
32,038,394 |
55,342,923 |
-23.82 |
|
Total operating expenses |
42,096,067 |
62.04 |
25,979,433 |
-18.70 |
31,953,935 |
54,701,205 |
-23.04 |
|
Operating result |
63,475 |
-2.85 |
65,340 |
-22.64 |
84,459 |
128,480 |
-50.60 |
|
Total financial income |
3,737 |
1276 |
271 |
557 |
41 |
183,203 |
-97.96 |
|
Total financial expenses |
33,425 |
19.04 |
28,078 |
5.08 |
26,720 |
266,419 |
-87.45 |
|
Results on ordinary operations before
taxation |
33,787 |
-9.98 |
37,534 |
-35.04 |
57,780 |
18,974 |
78.07 |
|
Taxation |
10,806 |
-2.31 |
11,061 |
-38.00 |
17,840 |
2,120,839 |
-99 |
|
Results on ordinary operations after
taxation |
22,981 |
-13.19 |
26,473 |
-33.72 |
39,940 |
-1,457,296 |
1.58 |
|
Extraordinary items |
0 |
-100 |
1,553 |
- |
0 |
2,191,191 |
-100 |
|
Other appropriations |
1288.34 |
0 |
1288.34 |
0 |
1288.34 |
- |
- |
|
Net result |
24,270 |
-17.21 |
29,315 |
-28.90 |
41,229 |
733,914 |
-96.69 |
|
OTHER
INFORMATION |
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Gross Operating Margin |
- |
- |
- |
- |
- |
59,902 |
- |
|
Dividends |
- |
- |
- |
- |
- |
223,233 |
- |
|
Director remuneration |
91,638 |
13.99 |
80,390 |
- |
- |
196,873 |
-53.45 |
|
Employee costs |
32,758 |
-36.12 |
51,281 |
-18.69 |
63,072 |
227,577 |
-85.61 |
|
Wages and salary |
25,044 |
-39.96 |
41,709 |
-18.82 |
51,379 |
172,654 |
-85.49 |
|
Employee pension costs |
- |
- |
- |
- |
- |
0 |
- |
|
Social security contributions |
6,224 |
-20.87 |
7,865 |
-24.65 |
10,438 |
56,894 |
-89.06 |
|
Other employee costs |
1,491 |
-12.72 |
1,708 |
36.11 |
1,255 |
7,746 |
-80.76 |
|
Amortization and depreciation |
52,496 |
12.86 |
46,513 |
-5.33 |
49,131 |
22,811 |
130 |
Balance Sheet
|
Annual accounts |
31-12-2013 |
% |
31-12-2012 |
% |
31-122011 |
Industry average
2013 |
% |
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
5,430 |
-100 |
|
Tangible fixed assets |
832,653 |
-5.34 |
879,670 |
-1.93 |
897,000 |
119,963 |
594 |
|
Land & building |
758,537 |
-3.54 |
786,387 |
-3.42 |
814,236 |
181,518 |
317 |
|
Plant & machinery |
6,784 |
3.20 |
6,573 |
-11.71 |
7,445 |
48,246 |
-85.94 |
|
Furniture & Vehicles |
67,332 |
-22.35 |
86,710 |
15.12 |
75,319 |
19,931 6,073 |
237 |
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
32,251 15,120 |
- |
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
4,489 |
-100 |
|
Financial fixed assets |
- |
- |
- |
- |
- |
92,915 |
- |
|
Total fixed assets |
832,653 |
-5.34 |
879,670 |
-1.93 |
897,000 |
179,688 |
363 |
|
Inventories |
11,902,926 |
262 |
3,286,932 |
-12.31 |
3,748,358 |
6,745,093 |
76.47 |
|
Raw materials & consumables |
- |
- |
- |
- |
- |
383,070 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
11,868 |
-100 |
|
Finished goods |
11,902,926 |
262 |
3,286,932 |
-12.31 |
3,748,358 |
3,661,250 |
225 |
|
Other stocks |
0 |
- |
0 |
- |
0 |
1,018,240 |
-100 |
|
Trade debtors |
6,579,147 |
-3.04 |
6,785,169 |
107 |
3,269,794 |
3,147,845 |
109 |
|
Cash |
403,140 |
-31.40 |
587,676 |
34.81 |
435,945 |
269,675 |
49.49 |
|
other amounts receivable |
87,455 |
1217 |
6,639 |
-99 |
809,667 |
251,186 |
-65.18 |
|
Miscellaneous current assets |
71,198 |
85.72 |
38,335 |
846 |
4,048 |
27,721 |
156 |
|
Total current assets |
19,043,866 |
77.90 |
10,704,751 |
29.48 |
8,267,812 |
8,342,887 |
128 |
|
Total Assets |
19,876,519 |
71.58 |
11,584,421 |
26.40 |
9,164,812 |
8,496,151
379,883 |
133 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Trade
creditors |
17,995,123 |
101 |
8,928,373 |
61.95 |
5,512,899 |
2,259,013 |
696 |
|
Financial
debts |
-- |
-- |
1,485 |
-- |
-- |
7,374,434 134,656 |
--- |
|
Current
portion of long term debt |
34,986 |
11.54 |
31,367 |
15.39 |
27,184 |
29,046 19,802 |
20.45 |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
23,931 |
-21.91 |
30,645 |
-54.92 |
67,984 |
13,250 |
-26.12 |
|
Miscellaneous
current liabilities |
515 |
-99 |
758,581 |
-56.51 |
1,744,125 |
-99 |
--- |
|
Total
current liabilities |
18,054,554 |
85.17 |
9,750,452 |
32.62 |
7,352,192 |
4,945,198 |
265 |
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Other
long term loans |
237,898 |
-12.82 |
272,884 |
-2.39 |
279,561 |
-79.11 |
--- |
|
Deffered
taxes |
36,717 |
-3.39 |
38,005 |
-3.28 |
39,293 |
16,708 15,059 |
119 |
|
Provisions
for Liabilities & Charges |
0 |
-- |
0 |
-- |
0 |
11,390 |
-100 |
|
Other
long term liabilities |
0 |
-- |
0 |
--- |
0 |
35,216 |
-100 |
|
Total
long term debts |
274,615 |
-11.67 |
310,889 |
-2.50 |
318,854 |
415,759 |
-33.95 |
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Issued
share capital |
18,600 |
0 |
18,600 |
0 |
18,600 |
1,708,492 |
-98.91 |
|
Share
premium account |
-- |
--- |
--- |
-- |
--- |
185,110 |
--- |
|
Reserves |
1,528,750 |
1.61 |
1,504,480 |
1.99 |
1,475,166 |
1,418,171 |
7.80 |
|
Revaluation
reserve |
-- |
-- |
--- |
-- |
--- |
166,627 |
-- |
|
Total
shareholders equity |
1,547,350 |
1.59 |
1,523,080 |
1.96 |
1,493,766 |
3,135,194 |
-50.65 |
|
Working
capital |
989,312 |
3.67 |
954,299 |
4.22 |
915,620 |
3,397,689 |
-70.88 |
|
Cashflow |
76,766 |
1.24 |
75,828 |
-16.08 |
90,360 |
753,370 |
-89.81 |
|
Net
worth |
1,547,350 |
1.59 |
1,523,080 |
1.96 |
1,493,766 |
3,129,763 |
-50.56 |
Ratio Analysis
|
Annual accounts |
31-12-2013 |
change(%) |
31-12-2012 |
change(%) |
31-12-2011 |
Industry average
2013 |
% |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
Profit Before Tax |
0.08 |
-42.86 |
0.14 |
-22.22 |
0.18 |
-5,00 |
1.60 |
|
Return on capital employed |
1.85 |
-9.76 |
2.05 |
-35.74 |
3.19 |
-9,00 |
20.56 |
|
Return on total assets employed |
0.17 |
-46.88 |
0.32 |
-49.21 |
0.63 |
-28,00 |
0.61 |
|
Return on net assets employed |
2.18 |
-11.38 |
2.46 |
-36.43 |
3.87 |
26,00 |
-91.62 |
|
Sales / net working capital |
42.62 |
56.17 |
27.29 |
-22.01 |
34.99 |
40,00 |
-99 |
|
Stock turnover ratio |
28.23 |
123 |
12.62 |
7.86 |
11.70 |
85,00 |
-66.79 |
|
Debtor days |
56.96 |
-40.10 |
95.09 |
155 |
37.25 |
112,57 |
-49.40 |
|
Creditor days |
156.03 |
24.39 |
125.44 |
99 |
62.97 |
101,25 |
54.10 |
|
SHORT TERM
STABILITY |
|
|
|
|
|
|
|
|
Current ratio |
1.05 |
-4.55 |
1.10 |
-1.79 |
1.12 |
5,00 |
17.50 |
|
Liquidity ratio / acid ratio |
0.40 |
-47.37 |
0.76 |
24.59 |
0.61 |
3,00 |
-86.67 |
|
Current debt ratio |
11.67 |
82.34 |
6.40 |
30.08 |
4.92 |
-6,00 |
194 |
|
Liquidity ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
17.64 |
-12.11 |
20.07 |
-2.29 |
20.54 |
74,00 |
-76.16 |
|
Equity in percentage |
7.78 |
-40.84 |
13.15 |
-19.33 |
16.30 |
-250,00 |
3.11 |
|
Total debt ratio |
11.85 |
79.27 |
6.61 |
28.60 |
5.14 |
-5,00 |
237 |
Payment expectations
Payment expectation days 156.03
Day sales outstanding 56.96
Industry comparison
Activity code 46761
Activity description Wholesaler
of Diamond & Other Precious Stones
Industry average payment
expectation days 101.25
Industry average day sales
Outstanding 112.57
Industry quartile analysis
Payment expectations
Company result 156.03
Lower 131.36
Median 74.61
Upper 38.52
Day sales outstanding
Company result 56.96
Lower 116.16
Median 58.66
Upper 18.94
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 BHARAT SANGHVI
Position Principal Manager
Start Date 08/10/2013
Street 118 LANGE
HERENTALSESTRAAT ANTWERPEN
Post code 2018
Country Belgium
Name MANISH GOLCHHA
Position Principal Manager
Start Date 08/10/2013
Street 25 SNEEUWBESLAAN
ANTWERPEN
Post code 2610
Country Belgium
Name MANISH SHAH
Position Principal Manager
Start Date 01/07/2012
Street 34 JACOB
JORDAENSSTRAAT 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.61.87 |
|
UK Pound |
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SDA |
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.