MIRA INFORM REPORT

 

 

Report Date :

08.12.2014

 

IDENTIFICATION DETAILS

 

Name :

MINDA BROTHERS BVBA

 

 

Registered Office :

Hoveniersstraat 2, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.10.2008

 

 

Com. Reg. No.:

806940129

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of Diamonds and Other Precious Stones.

 

 

No. of Employees :

NIL

 

 

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 – 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                     806940129

Company name                        MINDA BROTHERS BVBA

Address                                   HOVENIERSSTRAAT 2

2018 ANTWERPEN

Number of staff                        0

Date of establishment               01/10/2008

Telephone number                   032881078

Fax number                              --

 

 

Commentary

 

The business was established over 6 years ago.

No employees are recorded for this business.

The business has been at the address for over 5 years.

Pre-tax profits increased by 31% compared to the previous trading period.

The business saw an increase in their Cash Balance of 82% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST        TURNOVER                  PROFIT BEFORE          NET WORTH                 CAPITAL

ACCOUNTS                                                      TAX                              WORKING

31/12/2013                                                        28,890                          398,708                         553,501

31/12/2012                                                        22,009                          374,144                         369,829

31/12/2011                                                        23,895                          354,373                         352,358

 

DATE OF LATEST        BALANCE TOTAL         NUMBER OF                 CAPITAL                      CASHFLOW

ACCOUNTS                                                      EMPLOYEES

31/12/2013                    2,634,633                      0                                  309,087                         29,206

31/12/2012                    2,529,165                      0                                  309,087                         20,556

31/12/2011                    1,952,417                      0                                  309,087                         18,454

 

 

Payment expectations

 

Past payments Payment expectation days        -

Industry average payment

expectation days                                              124.39

Industry average day sales

Outstanding                                                     141.74

Day sales outstanding                          -

 

 

Court data summary

 

BANKRUPTCY DETAILS

Court action type                      No

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     -

 

 

Company Information

 

Business number

806940129

Company name

MINDA BROTHERS BVBA

 

Fax number

-

Date founded

01/10/2008

 

Company status

active

Company type

Private Limited Company (BL/LX)

 

Currency

Euro (€)

Date of latest accounts

31/12/2013

 

Activity code

46761

Liable for VAT

yes

 

Activity description

Wholesale of diamonds and other precious stones

VAT Number

BE.0806.940.129 Check VAT number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

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

 

64

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total fixed assets

165,993

3747

4,314

114

2,015

57.79

1,277

155

500

Intangible fixed assets

0

-

0

-

0

-

0

-

0

 

Tangible fixed assets

165,683

4037

4,004

134

1,705

76.32

967

93.40

500

Land & building

163,192

-

-

-

-

-

-

-

-

Plant & machinery

1,586

-37.19

2,525

101

1,254

234

375

-25.00

500

Furniture & Vehicles

904

-38.86

1,479

227

452

-23.65

592

-

-

Leasing & Other Similar Rights  

-

-

-

-

-

-

-

-

-

 

Other tangible assets

0

-

0

0

-1

-

0

-

0

 

Financial fixed assets

310

0

310

0

310

0

310

-

-

 

 

 

 

 

 

 

 

 

 

Total current assets

2,468,640

-2.23

2,524,851

29.45

1,950,402

-27.49

2,689,995

133

1,154,479

Inventories

643,460

12.97

569,599

25.21

454,916

-21.76

581,432

265

158,904

Raw materials & consumables   

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

0

-

0

-

0

-

0

-

0

Other stocks

643,460

12.97

569,599

25.21

454,916

-21.76

581,432

265

158,904

Trade debtors

1,610,242

-11.83

1,826,208

29.82

1,406,773

-31.86

2,064,584

111

977,916

Other amounts receivable

131,960

56.95

84,080

42.93

58,825

111

27,872

2298

1,162

 

 

 

 

 

 

 

 

 

 

Cash

82,259

82.95

44,963

63.65

27,476

100

13,670

-17.14

16,497

 

Miscellaneous current assets

720

-

0

-100

2,412

-1.06

2,438

-

0

 

Total Assets

2,634,633

4.17

2,529,165

29.54

1,952,417

-27.45

2,691,272

133

1,154,979

 

 

Liabilities

Total shareholders equity

398,708

6.57          374,144

5.58       354,373     673      45,794

67.37        27,361

 

Issued share capital

309,087

0             309,087

0.00     309,087     1561 18,600

0

18,600

 

Share Premium accounts

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Revolution Reserve

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Reserves

89,622

37.76

65,057

43.66

45,286

66.53

27,194

210

8,761

 

 

 

 

 

 

 

 

 

 

Provisions for Liabilities & Charges

0

-

0

-

0

-

0

-

0

Deffered taxes

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

Creditors

2,235,925

3.75

2,155,021

34.85

1,598,044

-39.59

2,645,478

134

1,127,618

 

 

 

 

 

 

 

 

 

 

Other long term loans

103,252

-

-

-

-

-

-

-

-

Long term group loans                       

-

-

-

-

-

-

-

-

-

 

Other long term liabilities

217,533

-

0

-

0

-

0

-

0

Total long term debts

320,785

-

0

-

0

-

0

-

0

 

Current portion of long term debt

10,191

-

-

-

-

-

-

-

-

Financial debts

725,840

6.31

682,782

29.62

526,758

-

-

-

-

Trade creditors

1,169,741

-20.12

1,464,341

41.80

1,032,710

-52.39

2,169,239

93.19

1,122,868

Amounts Payable for Taxes, Remuneration & Social Security

9,088

16.56

7,797

-55.29

17,439

9.01

15,998

236

4,750

 

Miscellaneous current liabilities

280

174

102

-99

21,137

-95.41

460,241

-

0

Total current liabilities

1,915,140

-11.13

2,155,021

34.85

1,598,044

-39.59

2,645,478

134

1,127,618

 

 

 

 

 

 

 

 

 

 

Total Liabilities

2,634,633

4.17

2,529,165

29.54

1,952,417

-27.45

2,691,272

133

1,154,979

 

 

RATIO ANALYSIS

Trading Performance 

Profit Before Tax                                    -                 -             -                 -             -                 ....

Return on capital employed                      4.02            -31.63      5.88            -12.76      6.74            -87.31     53.12      7.57                                49.38

Return on total assets employed               1.10           26.44       0.87            -28.69      1.22            35.56     0.90       -23.08               1.17

Return on net assets employed                7.25            23.30       5.88            -12.76      6.74            -87.31    53.12      7.57                                 49.38

Sales / net working capital                        -            -          -             -          -            ... .

Stock turnover ratio                            -                -             -                 -             -                ... -

Creditor Days

-

-

-

-

-

-

-

-

-

Debtor Days

-

-

-

-

-

-

-

-

-

Short Term Stability

 

 

 

 

 

 

 

 

 

Current ratio

1.29

10.26

1.17

-4.10

1.22

19.61

1.02

0

1.02

Liquidity ratio / acid ratio

0.95

4.40

0.91

-3.19

0.94

17.50

0.80

-9.09

0.88

Current debt ratio

4.80

-16.67

5.76

27.72

4.51

-92.19

57.77

40.18

41.21

Liquidity ratio reprocessed

-

-

-

-

-

-

-

-

-

 

Cashflow

29,206

42.08

20,556

11.39

18,454

-1.15

18,669

110

8,886

Net worth

398,708

6.57

374,144

5.58

354,373

673

45,794

67.37

27,361

 

Long term Stability

 

 

 

 

 

 

 

 

 

Gearing

210.50

15.35

182.49

22.76

148.65

-

-

-

-

Equity in percentage

15.13

2.30

14.79

-18.51

18.15

967

1.70

-28.27

2.37

Total debt ratio

5.61

-2.60

5.76

27.72

4.51

-92.19

57.77

40.18

41.21

Working capital

       553,501

49.66

369,829

4.96

352,358

691

44,517

65.73

26,861

 

 

 

 

 

 

 

 

 

 

Profit & Loss

 

Operating Income

 

-

-

-

-

-

-

-

-

-

Turnover

 

-

-

-

-

-

-

-

-

-

Total operating expenses

 

-

-

-

-

-

-

-

-

-

Gross Operating Margin

 

83,894

29.53

64,770

56.60

41,360

20.83

34,230

101

16,947

Operating Charges

 

-

-

-

-

-

-

-

-

-

Employee costs

 

401

23.10

326

-65.05

932

-15.49

1,103

-

-

Wages and salary

 

-

-

-

-

-

-

-

-

-

Employee pension costs

 

-

-

-

-

-

-

-

-

-

Social security contributions

 

-

-

-

-

-

-

-

-

-

Other employee costs

 

401

23.10

326

-65.05

932

-15.49

1,103

-

0

Director remuneration

 

-

-

-

-

-

-

-

-

-

Amortization and depreciation

 

4,641

490

786

117

362

53.73

235

88.38

125

Operating result

 

73,747

19.45

61,737

63.89

37,669

17.88

31,956

101

15,867

Total financial income

 

3,304

-26.80

4,513

1879

228

792

26

-99

46,834

 

Total financial expenses

 

48,161

8.86

44,241

215

14,001

82.91

7,655

-84.44

49,190

Results on ordinary operations before taxation

 

28,890

31.26

22,009

-7.89

23,895

-1.78

24,327

80.05

13,511

 

 

 

 

 

 

 

 

 

 

 

Extraordinary Income

 

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

Extraordinary Charges

 

-

-

-

-

-

-

-

-

-

 

 

 

 

 

 

 

 

 

 

 

Extraordinary items

 

0

-

0

-

0

-

0

-

0

 

 

 

 

 

 

 

 

 

 

 

Results for the Year Before Taxation

 

28,890

31.26

22,009

-7.89

23,895

-1.78

24,327

80.05

13,511

Other appropriations

 

-

-

-

-

-

-

-

-

 

Taxation

 

4,325

93.18

2,239

-61.42

5,803

-1.54

5,893

24.07

4,750

Results on ordinary operations after taxation

 

24,565

24.25

19,770

9.28

18,092

-1.85

18,434

110

8,761

Net result

 

24,565

24.25

19,770

9.28

18,092

-1.85

18,434

110

8,761

 

 

 

 

 

 

 

 

 

 

 

Profit (Loss) for the Year to be appropiated

 

24,565

24.25

19,770

9.28

18,092

-1.85

18,434

110

8,761

 

 

 

 

 

 

 

 

 

 

 

Dividend

 

-

-

-

-

-

-

-

-

-

 

 

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                      124.39

Industry average day sales

Outstanding                             141.74

 

Industry quartile analysis

Payment expectations

Company result                        -

Lower                                       122.66

Median                                     76.39

Upper                                       46.98

 

 

Day sales outstanding

Company result                        -

Lower                                       102.84

Median                                     54.50

Upper                                       24.07

 

 

Shareholder Details

 

Summary

Group - Number of Companies             0

Linkages - Number of Companies        0

Number of Countries                            0

 

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

Om

Middle name

-

 

Surname

Agrawal

 

 

 

SHAREHOLDER DETAILS

Start date

01/10/2008

End date

-

 

Percentage owned

1.07%

 

 

 

SHAREHOLDER ADDRESS

 

 

 

 

Street name

Prins Boudewijnlaan

House number

343

 

Minor town

-

Postal town

Edegem

 

Post code

2650

Country

Belgium

 

SHAREHOLDER NAME

Forename

Kirtiveer

Middle name

-

 

Surname

Minda

 

 

 

SHAREHOLDER DETAILS

 

 

 

 

Start date

01/10/2008

End date

-

 

Percentage owned

98.92%

 

 

 

SHAREHOLDER ADDRESS

 

 

 

 

Street name

-

House number

-

 

Minor town

-

Postal town

-

 

Post code

-

Country

India

 

 

 

Companies that match this address

No Companies Match this address

 

 

Linked Companies

 

Summary

Group - Number of Companies             0

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                           KIRTIVEER GYANCHAND MINDA

Position                       Principal Manager

Start Date                     08/10/2008

Date of birth                 27/04/1963

Street                           49 QUINTEN MATSIJSLEI ANTWERPEN

Post code                     2018

Country                        Belgium

 

Position                       Non Statutory Partner

Start Date                     01/10/2008

Date of birth                 27/04/1963

Street                           49 QUINTEN MATSIJSLEI ANTWERPEN

Post code                     2018

Country                        Belgium

 

Former director details

Name                           OM PRAKASH AGRAWAL

Position                       Principal Manager

Start Date                     01/10/2008

End Date                      Unknown date

Date of birth                 01/05/1955

Street                           343 PRINS BOUDEWIJNLAAN EDEGEM

Post code                     2650

Country                        Belgium

 

Position                       Non Statutory Partner

Start Date                     01/10/2008

End Date                      31/03/2010

Date of birth                 01/05/1955

Street                           343 PRINS BOUDEWIJNLAAN EDEGEM

Post code                     2650

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.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.