MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

STARGEMS BVBA

 

 

Registered Office :

Hoveniersstraat 30-Bus 111, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

02.02.1990

 

 

Com. Reg. No.:

440106618

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of diamonds and other precious stones.

 

 

No of Employees :

01

 

 

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 :

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                     440106618

Company name                       STARGEMS BVBA

Address                                    HOVENIERSSTRAAT 30-BUS 111

2018 ANTWERPEN

Number of staff                        0

Date of establishment              02/02/1990

Telephone number                  032336804

Fax number                             032334450

 

 

 

Commentary

 

The business was established over 24 years ago.

The business has 1 employees.

The business has been at the address for over 14 years.

Net Worth increased by 21% during the latest trading period.

The business saw a decrease in their Cash Balance of 97% during the latest trading period.

 

ACCOUNTS

DATE  OF  LATEST  ACCOUNTS

TURNOVER

PROFIT  BEFORE  TAX

NET  WORTH

WORKING  CAPITAL

31/12/2013

119,923,710

301,557

18,702,310

18,664,918

31/12/2012

110,128,634

340,529

15,437,528

15,379,290

31/12/2011

133,701,499

277,222

12,919,513

12,855,049

 

 

 

 

 

ACCOUNTS

 

 

 

 

DATE  OF  LATEST  ACCOUNTS

BALANCE  TOTAL

NUMBER  OF  EMPLOYEES

CAPITAL

CASHFLOW

31/12/2013

48,901,621

0

17,397,391

326,332

31/12/2012

54,239,567

0

14,394,864

359,943

31/12/2011

45,988,824

0

11,993,092

300,443

 

 

Payment expectations

Past payments

 

Payment expectation days

11.36

 

Industry average payment expectation days

124.16

Industry average day sales outstanding

141.16

 

Day sales outstanding

127.92

 

 

 

Court data summary

BANKRUPTCY DETAILS

Court action type

no

 

 

 

PROTESTED BILLS

Bill amount

NSSO DETAILS

Date of summons

08/05/2001

 

 

 

 

 

Company information

 

Business  number

440106618

Company  name

STARGEMS  BVBA

Fax  number

032334450

Date  founded

02/02/1990

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.0440.106.618 Check  VAT

Belgian  Bullettin  of  Acts

moniteur  belge

 

 

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date                   31/12/2013

Event Description

Event Details                De 1501 nieuwe aandelen worden toegekend aan de vennootschap Stargems Holding Limited.

 

 

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

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

Total  fixed  assets

116,921

-17.29

141,363

-24.83

188,063

26.63

148,511

75.45

84,645

Intangible  fixed  assets

0

-

0

-

0

-

0

-

0

Tangible  fixed  assets

116,921

-17.29

141,363

-24.83

188,063

26.63

148,511

75.45

84,645

Land  &  building

72,857

-8.55

79,665

-27.41

109,747

28.20

85,603

3.62

82,616

Plant  &  machinery

10,788

-15.69

12,796

-2.91

13,180

903

1,313

-35.29

2,029

Furniture  &  Vehicles

33,276

-31.95

48,901

-24.92

65,136

5.75

61,594

-

-

Leasing  &  Other  Similar  Rights

-

-

-

-

-

-

-

-

-

Other  tangible  assets

0

-100

1

-

0

-100

1

-

0

Financial  fixed  assets

-

-

-

-

-

-

-

-

-

Total  current  assets

48,784,700

-9.82

54,098,204

18.12

45,800,761

64.79

27,793,968

-11.36

31,356,608

Inventories

6,378,790

-10.16

7,100,547

-8.99

7,801,675

202

2,579,861

-15.62

3,057,394

Raw  materials  &  consumables

-

-

-

-

-

-

-

-

-

Work  in  progress

0

-

0

-

0

-

0

-

0

Finished  goods

6,378,790

-10.16

7,100,547

-8.99

7,801,675

202

2,579,861

-15.62

3,057,394

Other  stocks

0

-

0

-

0

-

0

-

0

Trade  debtors

42,028,461

-6.28

44,846,203

19.45

37,543,718

49.96

25,035,009

-11.19

28,189,146

Other  amounts  receivable

324,457

29.18

251,175

10.26

227,797

132

97,937

152

38,715

Cash

49,922

-97.37

1,896,348

733

227,571

197

76,598

7.75

71,088

Miscellaneous  current  assets

3,070

-21.90

3,931

-

0

-100

4,563

1617

266

Total  Assets

48,901,621

-9.84

54,239,567

17.94

45,988,824

64.58

27,942,479

-11.13

31,441,253

Liabilities

 

 

 

 

 

 

 

 

 

Total  shareholders  equity

18,702,310

21.15

15,437,528

19.49

12,919,513

109

6,168,531

11.17

5,548,853

Issued  share  capital

17,397,391

20.86

14,394,864

20.03

11,993,092

111

5,682,670

7.81

5,270,784

Share  premium  account

-

-

-

-

-

-

-

-

-

Revaluation  reserve

-

-

-

-

-

-

-

-

-

Reserves

1,304,919

25.15

1,042,664

12.55

926,421

90.68

485,861

74.73

278,069

Provisions  for  Liabilities  & Charges

0

-

0

-

0

-

0

-

0

Deffered  taxes

-

-

-

-

-

-

-

-

-

Creditors

30,199,311

-22.17

38,802,040

17.34

33,069,311

51.88

21,773,950

-15.91

25,892,400

Other  long  term  loans

-

-

-

-

13,919

-36.46

21,906

-32.54

32,472

Long  term  group  loans

-

-

-

-

-

-

-

-

-

Other  long  term  liabilities

79,529

-4.33

83,125

-24.21

109,680

-85.49

755,644

7.81

700,875

Total  long  term  debts

79,529

-4.33

83,125

-32.75

123,599

-84.10

777,550

6.03

733,347

Current  portion  of  long  term  debt

-

-

11,710

-18.82

14,425

36.51

10,567

5.52

10,015

Financial  debts

26,338,131

-10.05

29,280,042

24.05

23,603,670

40.26

16,828,916

-18.99

20,772,677

Trade  creditors

3,683,006

-59.66

9,129,383

13.32

8,056,332

285

2,087,698

-51.10

4,269,569

Amounts  Payable  for  Taxes, Remuneration  &  Social  Security

6,243

-24.65

8,285

96.09

4,225

-9.84

4,686

-83.42

28,260

Miscellaneous current  liabilities

92,402

-68.08

289,494

-77.15

1,267,060

-38.63

2,064,532

2528

78,532

Total  current  liabilities

30,119,782

-22.21

38,718,914

17.52

32,945,712

56.91

20,996,399

-16.55

25,159,053

Total  Liabilities

48,901,621

-9.84

54,239,567

17.94

45,988,824

64.58

27,942,480

-11.13

31,441,253

 

 

Ratio  Analysis

 

 

 

 

 

 

 

 

 

TRADING  PERFORMANCE

 

 

 

 

 

 

 

 

 

Profit  Before  Tax

0.25

-19.35

0.31

47.62

0.21

-34.38

0.32

88.24

0.17

Return  on  capital  employed

1.61

-26.48

2.19

2.82

2.13

-23.38

2.78

105

1.35

Return  on  total  assets  employed

0.62

-1.59

0.63

5.00

0.60

-13.04

0.69

155

0.27

Return  on  net  assets  employed

1.61

-27.15

2.21

2.79

2.15

-31.31

3.13

105

1.52

Sales  /  net  working  capital

6.43

-10.20

7.16

-31.15

10.40

17.91

8.82

12.50

7.84

Stock  turnover  ratio

5.32

-17.52

6.45

10.45

5.84

35.81

4.30

-31.64

6.29

Creditor  days

11.36

-62.92

30.64

37.96

22.21

72.71

12.86

-60.48

32.54

Debtor  days

127.92

-13.93

148.63

45.02

102.49

-32.72

152.34

-28.06

211.76

SHORT  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Current  ratio

1.62

15.71

1.40

0.72

1.39

5.30

1.32

5.60

1.25

Liquidity  ratio  /  acid  ratio

1.41

16.53

1.21

5.22

1.15

-4.17

1.20

7.14

1.12

Current  debt  ratio

1.61

-35.86

2.51

-1.57

2.55

-25.00

3.40

-24.94

4.53

Liquidity  ratio  reprocessed

-

-

-

-

-

-

-

-

-

Cashflow

326,332

-9.34

359,943

19.80

300,443

55.64

193,043

159

74,485

Net  worth

18,702,310

21.15

15,437,528

19.49

12,919,513

109

6,168,531

11.17

5,548,853

LONG  TERM  STABILITY

 

 

 

 

 

 

 

 

 

Gearing

140.83

-25.78

189.74

3.73

182.92

-33.08

273.35

-27.13

375.13

Equity  in  percentage

38.24

34.36

28.46

1.32

28.09

27.22

22.08

25.10

17.65

Total  debt  ratio

1.61

-35.86

2.51

-1.95

2.56

-27.48

3.53

-24.41

4.67

Working  capital

18,664,918

21.36

15,379,290

19.64

12,855,049

89.11

6,797,569

9.68

6,197,556

PROFIT  &  LOSS

 

 

 

 

 

 

 

 

 

Operating  Income

119,924,454

8.89

110,131,225

-17.63

133,703,216

122

59,983,631

23.38

48,617,930

Turnover

119,923,710

8.89

110,128,634

-17.63

133,701,499

122

59,983,631

23.45

48,587,549

Total  operating  expenses

118,337,090

8.80

108,764,507

-17.84

132,380,062

123

59,261,757

23.73

47,895,909

Gross  Operating  Margin

-

-

-

-

-

-

-

-

-

Operating  Charges

118,337,834

8.80

108,767,098

-17.84

132,381,779

123

59,261,758

23.65

47,926,291

Employee  costs

-

-

-

-

-

-

-

-

-

Wages  and  salary

-

-

-

-

-

-

-

-

-

Employee  pension  costs

-

-

-

-

-

-

-

-

-

Social  security  contributions

-

-

-

-

-

-

-

-

-

Other  employee  costs

0

-

0

-

0

-

0

-

0

Director  remuneration

-

-

-

-

-

-

-

-

-

Amortization  and  depreciation

18,953

-2.37

19,414

-16.39

23,221

232

6,982

80.89

3,860

Operating  result

1,586,620

16.31

1,364,127

3.23

1,321,437

83.06

721,874

4.37

691,640

Total  financial  income

91,576

-9.63

101,331

-94.98

2,017,653

696

253,409

315

60,969

Total  financial  expenses

1,376,639

22.38

1,124,929

-63.26

3,061,868

291

782,098

17.06

668,102

Results on ordinary operations before taxation

301,557

-11.44

340,529

22.84

277,222

43.50

193,184

128

84,506

Extraordinary income

6,286

-

-

-

-

-

1,187

-

-

Extraordinary charges

-

-

-

-

-

-

-

-

-

Extraordinary items

6,286

-

-

-

-

-

1,187

-

-

Results for the year before taxations

307,843

-9.60

340,529

22.84

277,222

42.63

194,371

130

84,506

Other  appropriations

-

-

-

-

-

-

-

-

-

Taxation

464

-

-

-

-

-

8,310

-40.13

13,881

Results  on  ordinary  operations after  taxation

301,093

-11.58

340,529

22.84

277,222

49.95

184,874

161

70,625

Net  result

307,379

-9.73

340,529

22.84

277,222

49.00

186,061

163

70,625

Profit  (Loss)  for  the  Year  to  be appropriated

307,379

-9.73

340,529

22.84

277,222

49.00

186,061

163

70,625

Dividends

-

-

-

--

-

-

-

-

-

 

 

Industry comparison

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

 

 

Payment expectations

Payment expectation days

11.36

Day sales outstanding

127.92

 

 

Industry comparison

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

Industry average payment expectation days

124.16

Industry average day sales outstanding

141.16

 

 

Industry quartile analysis

Payment expectations

Company result

11.36

Lower

122.34

Median

75.64

Upper

46.53

Day sales outstanding

Company result

127.92

Lower

102.84

Median

54.51

Upper

24.07

 

Group Structure

 

No group structure for this company

 

Minority Shareholders

 

Business number

Company  name

%

Date  of

 

 

 

accounts

-

STERLING  STAR  TRADING  (L.L.C)

16.11

-

 

Minority Interests

 

No minority interest found

 

Individual Shareholders

 

Shareholder Name

 

Forename

Shailesh

Middle  name

-

Surname

Javeri

 

 

 

 

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

11/12/2009 (estimated)

End  date

-

Percentage  owned

8.09%

 

 

 

 

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

Fazantenlaan

House  number

24

Minor  town

Wilrijk

Postal  town

Antwerpen

Post  code

2610

Country

Belgium

 

 

 

 

SHAREHOLDER  NAME

 

 

 

Forename

Karan

Middle  name

-

Surname

Javeri

 

 

 

 

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

10/05/2011(estimated)

End  date

-

Percentage  owned

7.25%

 

 

 

 

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

-

House  number

-

Minor  town

-

Postal  town

-

Post  code

-

Country

United  Arab  Emirates

 

 

 

 

SHAREHOLDER  NAME

 

 

 

Forename

Bhavesh

Middle  name

-

Surname

Javeri

 

 

 

 

 

 

SHAREHOLDER  DETAILS

 

 

 

Start  date

11/12/2009(estimated)

End  date

-

Percentage  owned

68.55%

 

 

 

 

 

 

SHAREHOLDER  ADDRESS

 

 

 

Street  name

-

House  number

-

Minor  town

-

Postal  town

-

Post  code

-

Country

United  Arab  Emirates

 

Companies that match this address

 

No Companies Match this address

 

Summons

 

Legal  event  type

Social  Security  Summons

Event  date

08/05/2001

 

 

Court  type

Court  name

Creditor's  name

3rd  party  type

 

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

SHAILESH  JAVERI

Position

Principal  Manager

Start  Date

27/10/2010

Date  of  birth

09/11/1956

Street

24 FAZANTENLAAN  ANTWERPEN

Post  code

2610

Country

Belgium

 

 

FORMER  DIRECTOR  DETAILS

 

Former  mandates  in  other  companies

 

Name

Starchems  In  vereffening  BVBA

Business  number

478805460

Position

Principal  Manager

Start  Date

07/11/2002

End  Date

Unknown  date

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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.