|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
Schupstraat 18, 2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
25.07.2008 |
|
|
|
|
Com. Reg. No.: |
899516632 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler of Diamonds and Other Precious Stones. |
|
|
|
|
No of Employees : |
From 1 To 4 Employees |
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 : |
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 |
Business number 899516632
Company name ANTWERP STAR
DIAMONDS NV
Address Schupstraat 18
2018 Antwerpen
Number of staff From 1 to 4
Employees
Date of establishment 25/07/2008
Telephone number 037708727
The business was established over 6 years ago.
The business has been at the address for over 6 years.
Operating Result in the latest trading period increased 157% on the
previous trading period.
A 33% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 29% compared to the previous trading
period.
The business saw an increase in their Cash Balance of 151% during the
latest trading period.
Turnover in the latest trading period increased 105% on the previous
trading period.
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT BEFORE TAX |
NET WORTH |
WORKING CAPITAL |
|
31.03.2013 |
258,372,117 |
388,096 |
4,170,436 |
23,119,705 |
|
31.03.2012 |
125,525,634 |
552,789 |
3,833,470 |
3,810,578 |
|
31.12.2010 |
-- |
350,497 |
358,073 |
357,870 |
|
|
|
|
|
|
|
DATE OF LATEST ACCOUNTS |
BALANCE TOTAL |
NUMBER OF EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31.03.2013 |
128,348,999 |
From 01 To 04 |
3,123,600 |
307,781 |
|
31.03.2012 |
96,329,294 |
-- |
3,091,600 |
398,239 |
|
31.12.2010 |
8,528,053 |
-- |
20,484 |
229,906 |
|
Payment expectations |
|||
|
Past payments |
|
Payment expectation days |
103.21 |
|
Industry average payment
expectation days |
123.87 |
Industry average day sales
outstanding |
142.64 |
|
Day sales outstanding |
134.13 |
|
|
|
Court data summary |
|||
|
BANKRUPTCY DETAILS |
|||
|
Court action type |
no |
|
|
|
PROTESTED BILLS |
|||
|
Bill amount |
- |
|
|
|
NSSO DETAILS |
|
|
|
|
Date of summons |
- |
|
|
|
Business number |
899516632 |
Company name |
ANTWERP STAR DIAMONDS NV |
|
Fax number |
|
Date founded |
25/07/2008 |
|
Company status |
active |
Company type |
Public Limited Liability Company (BE) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/03/2013 |
|
Activity code |
46761 |
Liable for VAT |
Yes |
|
Activity description |
Wholesaler of Diamonds and Other Precious Stones |
VAT Number |
BE.0899.516.632 Check |
|
Belgian Bullettin of Acts Publications |
moniteur beige |
|
|
|
Social
Balance Sheet |
Total |
|
|
During the
reporting year |
|
|
|
ended
31-12-2013 |
|
|
|
Full-time
Employees |
0 |
|
|
Part-time
Employees |
- |
|
|
Total Fte
Employees |
0 |
|
|
|
||
|
Number of
hours worked |
||
|
Full-time
Employees |
272 |
|
|
Part-time
Employees |
- |
|
|
Total Fte
Employees |
272 |
|
|
|
||
|
Personnel
Charges |
|
|
|
Full-time
Employees |
5,463 |
|
|
Part-time
Employees |
- |
|
|
Total Fte
Employees |
5,463 |
|
|
Benefits In
Addition To Wages |
||
Type of Contract Full-Time
Part-Time Total Fte
Unlimited Duration
Contracts 1 – 1
Women Full-Time
Part-Time Total Fte
Secondary education 1 – 1
Working Category Full-Time
Part-Time Total Fte
White collar worker 1 – 1
New staff and leavers Full-Time
Part-Time Total Fte
New Starters 1 – 1
PERSONNEL (NSSO CLASSIFICATION)
Code -
Description FROM 1 TO 4
EMPLOYEES
JOINT INDUSTRIAL COMMITTEE (JIC)
SIGNIFICANT EVENTS
Event Date 01/02/2013
Event Description
Event Details Filing of the
minutes of the extraordinary general meeting of shareholders approving,
provisions which apply in the event of change of control.
PROFIT & LOSS
|
Annual accounts |
31-03-2013 |
% |
31-03-2012 |
% |
31-12-2010 |
Industry average
2013 |
% |
|
Weeks |
52 |
|
65 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
258,372,117 |
105 |
125,525,634 |
- |
- |
60,098,135 |
329 |
|
Total
operating expenses |
256,922,100 |
105 |
124,961,929 |
- |
- |
59,600,905 |
331 |
|
Operating
result |
1,450,017 |
157 |
563,705 |
54.48 |
364,900 |
161,395 |
798 |
|
Total
financial income |
10,969 |
-40.07 |
18,303 |
107 |
8,823 |
64,343 |
-82.95 |
|
Total
financial expenses |
1,072,889 |
3571 |
29,219 |
25.81 |
23,225 |
1
82,510 |
487 |
|
Results
on ordinary operations before taxation |
388,096 |
-29.79 |
552,789 |
57.72 |
350,497 |
43,466 |
792 |
|
Taxation |
90,809 |
-42.63 |
158,282 |
30.81 |
120,998 |
22,983 |
295 |
|
Results
on ordinary operations after taxation |
297,287 |
-24.64 |
394,507 |
71.90 |
229,499 |
26,815 |
1008 |
|
Extraordinary
items |
0 |
- |
0 |
- |
0 |
6,036 |
-100 |
|
Other
appropriations |
1 |
- |
0 |
-100 |
1 |
- |
- |
|
Net
result |
297,288 |
-24.64 |
394,507 |
71.90 |
229,500 |
33,003 |
800 |
|
OTHER INFORMATION |
|
|
|
|
|
|
|
|
Gross
Operating Margin |
- |
- |
- |
- |
365,511 |
34,751 |
- |
|
Dividends |
- |
- |
- |
- |
- |
211,025 |
- |
|
Director
remuneration |
46,043 |
- |
- |
- |
- |
121,590 |
-62.13 |
|
Employee
costs |
5,463 |
- |
- |
- |
- |
1
51,954 |
-96.40 |
|
Wages and salary |
3,498 |
- |
- |
- |
- |
11
8,080 |
-97.04 |
|
Employee pension costs |
- |
- |
- |
- |
- |
23,129 |
- |
|
Social security contributions |
1,329 |
- |
- |
- |
- |
28,981 |
95.41 |
|
Other employee costs |
636 |
- |
0 |
- |
0 |
3,887 |
-83.64 |
|
Amortization and depreciation |
10,493 |
181 |
3,732 |
819 |
406 |
18,351 |
-42.82 |
BALANCE SHEET
|
Annual accounts |
31-03-2013 |
% |
31-03-2012 |
% |
31-12-2010 |
Industry average
2013 |
% |
|
Weeks |
52 |
|
65 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Intangible
fixed assets |
0 |
- |
0 |
- |
0 |
1,437 |
-100 |
|
Tangible
fixed assets |
573,231 |
2404 |
22,892 |
11176 |
203 |
1
96,693 |
191 |
|
Land & building |
553,494 |
- |
- |
- |
- |
390,617 |
41.70 |
|
Plant & machinery |
- |
- |
- |
- |
- |
27,999 |
- |
|
Furniture & Vehicles |
19,736 |
-13.79 |
22,892 |
11176 |
203 |
1
5,385 4,251 |
28.28 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
39,639
19,911 |
- |
|
Other tangible assets |
1 |
- |
0 |
- |
0 |
1
0,064 |
-99 |
|
Financial
fixed assets |
- |
- |
- |
- |
- |
230,645 |
- |
|
Total
fixed assets |
573,231 |
2404 |
22,892 |
11176 |
203 |
341,149 |
68.03 |
|
Inventories |
32,446,727 |
-25.24 |
43,399,576 |
431 |
8,163,991 |
3,142,698 |
932 |
|
Raw
materials & consumables |
- |
- |
- |
- |
- |
7,018,384 |
- |
|
Work in progress |
0 |
- |
0 |
- |
0 |
1,297 |
-100 |
|
Finished goods |
32,446,727 |
-25.24 |
43,399,576 |
- |
0 |
2,105,413 |
1441 |
|
Other stocks |
0 |
- |
0 |
-100 |
8,163,991 |
440,050 |
-100 |
|
Trade
debtors |
94,949,871 |
79.94 |
52,766,674 |
364335 |
14,479 |
4,254,417 |
2131 |
|
Cash |
320,407 |
151 |
127,328 |
-58.89 |
309,708 |
527,474,603 |
-99 |
|
other
amounts receivable |
23,892 |
163 |
9,069 |
-70.87 |
31,137 |
230,311 |
-89.63 |
|
Miscellaneous
current assets |
34,871 |
828 |
3,755 |
-56.00 |
8,535 |
-518,802,088 |
0.01 |
|
Total
current assets |
127,775,768 |
32.68 |
96,306,402 |
1029 |
8,527,850 |
7,312,763 |
1647 |
|
Total
Assets |
128,348,999 |
33.24 |
96,329,294 |
1029 |
8,528,053 |
7,616,283
1,228,813 |
1585 |
CURRENT LIABILITIES
|
Trade
creditors |
72,646,318 |
-21.33 |
92,337,484 |
1055 |
7,991,846 |
3,036,952 |
2292 |
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
31,236,000 |
- |
- |
- |
- |
4,444,470 126,094 |
602 |
|
Current portion of long term debt |
- |
- |
- |
- |
- |
82,351
13,785 |
- |
|
Amounts Payable for Taxes, Remuneration
& Social Security |
107,335 |
-32.21 |
158,340 |
-11.11 |
178,134 |
7,954
- |
244 |
|
Miscellaneous current liabilities |
666,410 |
- |
0 |
- |
0 |
179 |
-
- |
|
Total
current liabilities |
104,656,063 |
13.15 |
92,495,824 |
1032 |
8,169,980 |
5,202,481 |
1911 |
|
LONG TERM DEBTS
AND LIABILITIES |
|
|
|
|
|
|
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
-
- |
|
Other
long term loans |
19,522,500 |
- |
- |
- |
- |
1619 |
-
- |
|
Deffered
taxes |
- |
- |
- |
- |
- |
49,453
32,109 |
- |
|
Provisions for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
4,911
0 |
-100 |
|
Other
long term liabilities |
0 |
- |
0 |
- |
0 |
234,468 |
-100 |
|
Total
long term debts SHAREHOLDERS
EQUITY |
19,522,500 |
|
0 |
|
0 |
656,096 |
2875 |
|
Issued
share capital |
3,123,600 |
1.04 |
3,091,600 |
14992 |
20,484 |
1,024,831 |
204 |
|
Share
premium account |
- |
- |
- |
- |
- |
85,441 |
- |
|
Reserves |
1,046,836 |
41.11 |
741,870 |
119 |
337,589 |
702,637 |
48.99 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
899,530 |
- |
|
Total
shareholders equity |
4,170,436 |
8.79 |
3,833,470 |
970 |
358,073 |
1,750,122 |
138 |
|
Working
capital |
23,119,705 |
506 |
3,810,578 |
964 |
357,870 |
2,110,282 |
995 |
|
Cashflow |
307,781 |
-22.71 |
398,239 |
73.22 |
229,906 |
47,901 |
542 |
|
Net
worth |
4,170,436 |
8.79 |
3,833,470 |
970 |
358,073 |
1,748,684 |
138 |
RATIO ANALYSIS
|
Annual accounts |
31-03-2013 |
change(%) |
31-03-2012 |
change(%) |
31-12-2010 |
Industry average
2013 |
% |
|
TRADING
PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.15 |
-65.91 |
0.44 |
- |
- |
-8,00 |
1.88 |
|
Return
on capital employed |
1.64 |
-88.63 |
14.42 |
-85.27 |
97.88 |
-10,00 |
16.40 |
|
Return
on total assets employed |
0.30 |
-47.37 |
0.57 |
-86.13 |
4.11 |
-5,00 |
6.00 |
|
Return
on net assets employed |
9.31 |
-35.44 |
14.42 |
-85.27 |
97.88 |
-11,00 |
84.64 |
|
Sales
/ net working capital |
11.18 |
-66.06 |
32.94 |
- |
- |
154,00 |
-99 |
|
Stock
turnover ratio |
12.56 |
-63.67 |
34.57 |
- |
- |
82,00 |
-84.68 |
|
Debtor
days |
134.13 |
-12.58 |
153.43 |
- |
- |
142,64 |
-5.97 |
|
Creditor
days SHORT TERM
STABILITY |
103.21 |
-61.73 |
269.71 |
|
|
123,87 |
-16.68 |
|
Current
ratio |
1.22 |
17.31 |
1.04 |
0 |
1.04 |
4,00 |
-91.29 |
|
Liquidity
ratio / acid ratio |
0.91 |
59.65 |
0.57 |
1325 |
0.04 |
3,00 |
-69.67 |
|
Current
debt ratio |
25.09 |
3.98 |
24.13 |
5.74 |
22.82 |
14,00 |
79.21 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
|
|
|
|
|
|
|
|
Gearing |
1217.10 |
- |
- |
- |
- |
230,00 |
429 |
|
Equity
in percentage |
3.25 |
-18.34 |
3.98 |
-5.24 |
4.20 |
-241,00 |
1.35 |
|
Total
debt ratio |
29.78 |
23.41 |
24.13 |
5.74 |
22.82 |
15,00 |
98.53 |
INDUSTRY COMPARISON
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
Payment Expectations
Payment expectation days 103.21
Day sales outstanding 134.13
INDUSTRY COMPARISON
Activity code 46761
Activity description Wholesaler of
diamonds and other precious stones
Industry average payment
expectation days
123.87
Industry average day sales
outstanding
142.64
INDUSTRY QUARTILE ANALYSIS
Payment expectations
Company result 103.21
Lower 124.86
Median 76.97
Upper 48.07
DAY SALES OUTSTANDING
Company result 134.13
Lower 102.84
Median 54.26
Upper 25.06
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Bankruptcy details
There is no bankruptcy data against this
company
COURT DATA
There is no data for this company
CURRENT DIRECTOR DETAILS
Name HENRI POMERANZ
Position Managing Director
Start Date 27/01/2011
Date of birth 10/07/1956
Street 26 ALBERTSTRAAT
ANTWERPEN
Post code 2000
Country Belgium
Position Director
Start Date 26/01/2011
Date of birth 10/07/1956
Street 26 ALBERTSTRAAT
ANTWERPEN
Post code 2000
Country Belgium
Name BLUE STAR DIAMONDS
PRIVATE LIMITED
Position Managing Director
Start Date 26/01/2011
Country India
Position Director
Start Date 26/01/2011
Country India
FORMER DIRECTOR DETAILS
Name HENRI POMERANZ
Position Principal Manager
Start Date 25/07/2008
End Date Unknown date
Date of birth 10/07/1956
Street 26 ALBERTSTRAAT
ANTWERPEN
Post code 2000
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.61.89 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.