MIRA INFORM REPORT

 

 

Report Date :

08.12.2014

 

IDENTIFICATION DETAILS

 

Name :

FINE DIAMOND ANTWERP BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 30, 2018 Antwerp

 

 

Country :

Belgium

 

 

Date of Incorporation :

24.10.2013

 

 

Com. Reg. No.:

541512693

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

--

 

 

Status :

New Business

 

 

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 Summary

 

Business number                     541512693

Company name                        FINE DIAMOND ANTWERP BVBA

Address                                   HOVENIERSSTRAAT 30-BUS 30

2018 ANTWERPEN

Date of establishment               24/10/2013

Telephone number                   --

Fax number                              --

 

 

ULTIMATE HOLDING COMPANY

 

Company name

 

Company Number

SKY PACIFIC HOLDINGS LIMITED SOC. ETRANGERE

-

 

 

Commentary

 

No employees are recorded for this business.

The business is part of a group.

The business has been at the address for over 9 months.

 

 

Accounts

 

No key Financials Registered

 

 

Payment expectations

 

Past payments Payment expectation days        -

Industry average payment

expectation days                                              124.45

Industry average day sales

Outstanding                                                     141.74

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                                              No

PROTESTED BILLS

Bill amount                                                      -

NSSO DETAILS

Date of summons                                             -

 

 

Company information

 

Business number

541512693

Company name

FINE DIAMOND ANTWERP BVBA

 

Fax number

-

Date founded

24/10/2013

 

Company status

active

Company type

Private Limited Company (BL/LX)

 

Currency

Euro (€)

Date of latest accounts

-

 

Activity code

46761

Liable for VAT

yes

 

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0541.512.693 Check VAT number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date                    16/12/2013

Event Description

Event Details                De 1936 nieuwe aandelen worden toegekend aan de vennootschap Sky Pacific Holdings  Limited.

 

 

Company accounts

 

Annual accounts

There is no data for this company

 

 

Industry comparison

 

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

industry average credit

rating                                       64.48

Industry average credit limit     140177.31

 

 

Payment Information

 

Suspension of payments / moratorium history

Amount                                                 -

Details                                                  -

 

 

Payment expectations

Payment expectation days                    -

Day sales outstanding              -

 

 

Industry comparison

Activity code                                        46761

Activity description                              Wholesale of diamonds and other precious stones

Industry average payment

expectation days                                  124.45

Industry average day sales

Outstanding                                         141.74

 

 

Industry quartile analysis

Payment expectations

Company result                                    -

Lower                                                   122.66

Median                                                 75.69

Upper                                                   46.98

 

 

Day sales outstanding

Company result                                    -

Lower                                                   102.58

Median                                                 54.52

Upper                                                   24.07

 

 

Shareholder Details

 

Summary

Group - Number of Companies             2

Linkages - Number of Companies        0

Number of Countries                            0

 

 

Group Structure

Company name

- SKY PACIFIC HOLDINGS LIMITED SOC. ETRANG...

Number

- - FINE DIAMOND ANTWERP BVBA

541512693

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

Individual Shareholders

 

SHAREHOLDER NAME

Forename                                 Karan

Middle name                            -

Surname                                  Parikh

SHAREHOLDER DETAILS

Start date                                 16/12/2013

End date                                  -

Percentage owned                    1.17%

SHAREHOLDER ADDRESS

Street name                              -

House number                         -

Minor town                               -

Postal town                              -

Post code                                 -

Country                                    Singapore

 

Companies that match this address

No Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies             2

Linkages - Number of Companies        0

Number of Countries                            0

 

 

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               KARAN PARIKH

Position           Principal Manager

Start Date         24/10/2013

Street               --

Post code         --

Country            Singapore

 

Position           Non Statutory Partner

Start Date         24/10/2013

Street               --

Post code         --

Country            Singapore

 

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.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.