MIRA INFORM REPORT

 

Report Date :

23.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ANTWERP STAR DIAMONDS NV

 

 

Registered Office :

Schupstraat 18, 2018 Antwerpen

 

 

Country :

Belgium

 

 

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 – 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                     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

 

 

COMMENTARY

 

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.

 

 

Accounts

 

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

-

 

 

 

 

Company information

 

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 DETAILS

 

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.

 

Company accounts

 

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

 

 

Assets

 

 

 

 

 

 

 

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

 

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

 

 

Bankruptcy Data

 

COURT DATA

 

There is no data for this company

 

 

DIRECTOR DETAILS

 

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.63.18

UK Pound

1

Rs.98.85

Euro

1

Rs.77.42                                

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.