MIRA INFORM REPORT

 

 

Report Date :

08.12.2014

 

IDENTIFICATION DETAILS

 

Name :

FIMA DIAMONDS BVBA

 

 

Registered Office :

Pelikaanstraat 62 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.05.2001

 

 

Com. Reg. No.:

474807377

 

 

Legal Form :

Private Limited 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 :

Unknown

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belgium

A2

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       474807377

Company name           FIMA DIAMONDS BVBA

Address                      PELIKAANSTRAAT 62

 2018 ANTWERPEN

Number of staff           3

Date of establishment 04/05/2001

Telephone number     034855300

 

 

Commentary

 

The business was established over 13 years ago.

The business has 1 employees.

The business has been at the address for over 12 years.

Operating Result in the latest trading period decreased 43% on the previous trading period.

A 30% decline in Total Assets occurred during the latest trading period.

Pre-tax profits increased by 194% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 74% during the latest trading period

 

 

Accounts

 

Date of latest accounts

Turnover

Profit Before Tax

Net worth

Working capital

31/12/2012

 

172,387

450,933

559,998

31/12/2011

 

58,521

409,621

542,580

31/12/2010

 

67,848

340,356

474,789

 

 

Accounts

 

Date of latest accounts

Balance Total

Number of Employees

Capital

Cashflow

31/12/2012

2,756,307

3

18,600

55,899

31/12/2011

3,948,691

3

18,600

74,090

31/12/2010

3,298,789

3

18,600

52,644

 

 

Payment expectations

 

Past payments                                                 Payment expectation days -

Industry average payment                                Industry average day sales

expectation days 129.40                                   outstanding 131.66

Day sales outstanding -

 

 

Company information

 

Business number                     474807377

Company name                        FIMA DIAMONDS BVBA

Fax number Date founded        04/05/2001

Company status                       active

Company type                          Private Limited Company (BL/LX)

Currency                                  Euro (€)

Date of latest accounts 31/12/2012

Activity code                            46761

 Liable for VAT                         yes

Activity description                  Wholesale of diamonds and other precious stones

 

 

Social Balance Sheet Details

 

Social Balance Sheet               Total

During the reporting                 year

ended                                       31-12-2012

Full-time Employees                3                     

Part-time Employees                1

Total Fte Employees                4

 

Number of hours worked

Full-time Employees                5,335

Part-time Employees                893

Total                                        6,228

 

Personnel Charges

Full-time Employees                73,771

Part-time Employees                31,616

Total                                        105,387

 

Benefits In Addition To Wages -

During the previous reporting year

Average number employees in Fte       4

Actual working hours                           5,373

Personnel Charges                   90,315

 

Benefits In Addition To Wages -

Type of Contract                       Full-Time         Part-Time         Total Fte

Unlimited Duration

Contracts                                 3                      1                      4

 

Gender and Education

Level

Men                                          Full-Time         Part-Time         Total Fte

Secondairy education              1                      1                      2

 

 

Women Full-Time Part-Time Total Fte

Secondairy education              2                     -                       2

 

 

Working Category                    Full-Time         Part-Time         Total Fte

White collar worker                  3                      1                      4

 

 

Personnel (NSSO classification)

 

Code -

Description FROM 1 TO 4 EMPLOYEES

 

 

Joint Industrial Committee (JIC)

 

Description Additional national joint committee for the employees

 

 

Significant Events

 

Event Date                    31/12/2013

Event Description

Event Details                Het mandaat van zaakvoerder is kostenloos met ingang van 01/01/14.

Event Date                    31/12/2013

Event Description

Event Details                Het mandaat van zaakvoerder is kostenloos met ingang van 01/01/14.

 

 

Profit & loss

 

Annual accounts                      31-12-2012 change (%) 31-12-2011 change(%) 31-12-2010  Industry

average

2012         %

 

Turnover                                             -                -         -                -         -                40,261,145       -

Total operating expenses                       -                -         -                -         -                39,946,519       -

Operating result                                    304,682      -43.52 539,468      1922 -28,060        128,920            136

Total financial income                          528,994      -9.02 581,411        -35.79 905,526      92,477             472

Total financial expenses                        661,289      -37.75 1,062,358 31.22 809,618         183,510            260

Results on ordinary operations before

Taxation                                             172,387   194       58,521     -13.75    67,848      28,876             496

 

Taxation                                             131,075      -         -                -         21,214        21,084             521

 

Results on ordinary operations after

Taxation                                                         41,312         -29.41     58.521      25.49    46,634           14,182               191

 

Extraordinary items                               0               -100  10,744         -         0               -4,100              0

Other appropriations                             0               -         0               -         0               -                      -

Net result                                             41,312        -40.36 69,265        48.53 46,634         10,105             308

 

other information

Gross Operating Margin                         433,070      -31.89 635,868      867     65,701        51,047             748

Dividends                                            -                -         -                -         -                158,038            -

Director remuneration                            -                -         -                -         -                108,143            -

Employee costs                                    105,387      16.69 90,315         3.92    86,908        138,098            -23.69

Wages and salary                             86,354        16.43 74,170         3.67    71,546        118,715            -27.26

Employee pension costs                    -                -         -                -         -                11,791             -

Social security contributions              18,021        23.73 14,565         0.52    14,489        29,313             -38.52

Other employee costs                       1,012         -35.95 1,580         80.99 873             4,860               -79.18

Amortization and depreciation                14,587        202     4,825         -19.72 6,010         18,050             -19.19

 

balance sheet

 

Annual accounts                      31-12-2012 change (%) 31-12-2011 change(%) 31-12-2010  Industry

average

2012         %

Intangible fixed assets                           0               -         0               -         0               1,195               -100

Tangible fixed assets                             86,025        673     11,117        -11.71 12,592       188,393            -54.34

Land & building                              4,135         15.76 3,572          -30.42 5,134         370,350            -98.88

Plant & machinery                          11,382        50.85 7,545          1.17    7,458         25,306              -55.02

Furniture & Vehicles                          70,508        -         -                -         -                16,899 5,034     317

Leasing & Other Similar Rights          -                -         -                -         -                139,170 30,812 -

Other tangible assets                        0               -         0               -         0               11,572              -100

Financial fixed assets                            5,914         208     1,914         11.67 1,714          234,048            -97.47

Total fixed assets                                 91,939        605     13,031        -8.91 14,306         342,405            -73.15

Inventories                                          724,106      -22.76 937,421      78.79 524,318       2,720,016         -73.38

Raw materials & consumables          -                -         -                -         -                7,018,491         -

Work in progress                              0               -         0               -         0               2,508               -100

Finished goods                                0               -         0               -         0               1,754,037         -100

Other stocks                                   724,106      -22.76 937,421      78.79 524,318       454,906            59.18

Trade debtors                                      1,766,187 -30.10 2,526,809 3.23        2,447,661 3,672,271            -51.90

Cash                                                  117,020      -74.42 457,554      50.60 303,824       207,169            -43.51

other amounts receivable                       54,642        321     12,974        49.47 8,680          211,732            -74.19

Miscellaneous current assets                  2,413         167     902            -         0               14,773              -83.67

Total current assets                               2,664,368 -32.30 3,935,660 19.83 3,284,483 6,365,774                 -58.15

       Total Assets                                                        2,756,307 -30.20 3,948,691 19.70 3,298,789  6,670,027             -58.68

   1,221,676

 

 

current liabilities

 

Trade creditors                                            2,075,435 -38.81 3,391,855 20.98 2,803,589 2,798,628                 -25.84

Short term group loans                                 -                -         -                -         -                -                      -

 

Financial debts                                        -                    -          -                -          -               3,609,638          -

  150,514

Current portion of long term debt                   6,312         -         -                -         -                90,019 14,017 -92.99

 

Amounts Payable for Taxes,                                22,623      1746      1,225             0            1,225           8,671               -36.20

Remuneration & Social Security

 

Miscellaneous current liabilities                      0               -         0               -100  4,880           -100                 --

Total current liabilities                                  2,104,370 -37.98 3,393,080 20.76 2,809,694 4,732,919                 -55.54

 

Long term debts and liabilities

Long term group loans                          -                -         -                -         -                -                      --

Other long term loans                            55,531        -         -                -         -                -94.63              --

Deffered taxes                                     -                -         -                -         -                40,313 31,040 -

Provisions for Liabilities & Charges         0               -         0               -         0               3,955 0             -100

Other long term liabilities                       145,473      -0.35 145,990       -1.85 148,739        92,551              57.18

Total long term debts                                         201,004      37.68 145,990      -1.85 148,739       496,968           -59.55

 

shareholders equity

 

 

Issued share capital                              18,600        0        18,600       0        18,600        867,240            -97.86

Share premium account                         -                -         -                -         -                89,810              -

Reserves                                              432,333      10.57 391,021       21.53 321,756       541,403            -20.15

Revaluation reserve                              -                -         -                -         -                927,466            -

Total shareholders equity                       450,933      10.09 409,621       20.35 340,356       1,434,611         -68.57

Working capital                                    559,998      3.21    542,580      14.28 474,789       1,632,855         -65.70

Cashflow                                             55,899        -24.55 74,090       40.74 52,644         24,781              125

Net worth                                            450,933      10.09 409,621       20.35 340,356       1,431,901         -68.51

 

 

ratio analysis

 

 

Annual accounts                      31-12-2012 change (%) 31-12-2011 change(%) 31-12-2010  Industry

average

2012

   %

Trading performance

Profit Before Tax                              -                -              -                -              -                -9,00                 -

Return on capital employed               26.44         151          10.53         -24.08       13.87         40,00                -33.90

Return on total assets

employed                                      6.25           322         1.48          -28.16     2.06          -291,00               2.15

 

Return on net assets employed 38.23                    167          14.29         -28.30       19.93         27,00                41.59

Sales / net working capital                 -                -              -                -              -                64,00                -

Stock turnover ratio                          -                -              -                -              -                87,00                -

Debtor days                                     -                -              -                -              -                131,66              -

Creditor days                                   -                -              -                -              -                129,40              -

 

short term stability

Current ratio                                    1.27           9.48         1.16           -0.85        1.17           6,00                  -88.45

Liquidity ratio / acid ratio                  0.92           4.55         0.88           -10.20       0.98           4,00                  -77.00

Current debt ratio                             4.67           -43.60       8.28           0.24         8.26           11,00                -57.55

Liquidity ratio reprocessed                 -                -              -                -              -                -                       -

 

long term stability

Gearing                                           13.71         -              -                -              -                259,00              -94.71

Equity in percentage                         16.36         57.76        10.37         0.48         10.32         -3.357,00           0.49

Total debt ratio                                5.11           -40.86       8.64           -0.58        8.69           12,00                -57.42

 

Industry comparison

 

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

 

 

Industry quartile analysis

 

Payment expectations

Company result         -

Lower                          127.33

Median                        76.94

Upper                          45.68

 

 

Day sales outstanding

 

Company result -

Lower              106.72

Median            55.41

Upper              26.45

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Individual Shareholders

 

Shareholder Name

Forename       Dean                Middle name -

Surname         König

 

Shareholder Details

Start date        04/05/2001      End date         -

 

 

Percentage owned    -

 

Shareholder Address

 

Street name    Platanenlaan    House number           17

Minor town     Wilrijk               Postal town                Antwerpen

Post code       2610                Country                       Belgium

 

 

Court Data

 

there is no data for this company

 

 

Current director details

 

Name               DEAN KONING

Position           Principal Manager

Start Date         10/07/2012

Street               17 PLATANENLAAN ANTWERPEN

Post code         2610

Country            Belgium

 

Name               DEAN KÖNIG

Position           Principal Manager

Start Date         04/05/2001

Street               17 PLATANENLAAN ANTWERPEN

Post code         2610

Country            Belgium

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

DPT

 

               

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.