MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ROSEDIAM BVBA

 

 

Registered Office :

Hoveniersstraat 2-Bus 127 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.10.1985

 

 

Com. Reg. No.:

427999929

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of watches and jewellery

 

 

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 :

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

A1

A1

 

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         427999929

Branche Unit Number   2028786672

Company name            ROSEDIAM BVBA

Address                       HOVENIERSSTRAAT 2-BUS 127

2018 ANTWERPEN

Number of staff            1

Date of establishment   23/10/1985

Telephone number       032342475

Fax number                  032261908

 

 

Commentary

 

The business was established over 29 years ago.

4

The business has 1 employees.

 

The business has been at the address for over 17 years.

 

Net Worth increased by 85% during the latest trading period.

 

The business saw a decrease in their Cash Balance of 58% during the latest trading period.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS         TURNOVER           PROFIT BEFORE TAX        NET WORTH        WORKING CAPITAL      

31/03/2014                                     53,878,157            57,675                          4,156,646

6,091,938

31/03/2013                                     58,299,303            66,336                          2,235,601

1,811,366

31/03/2012                                     50,342,584             6,782                            2,182,900

1,779,755

 

 

Accounts

 

DATE OF LATEST ACCOUNTS    BALANCE       TOTAL NUMBER OF

 EMPLOYEES          CAPITAL                               CASHFLOW

31/03/2014

21,974,536

1

 

3,617,256                             65,351

31/03/2013

25,369,650

2

 

18,600                                  67,547

31/03/2012

23,344,461

1

 

18,600                                  21,042

 

 

 

Payment expectations

 

Past payments                                    Payment expectation days        63.98

Industry average payment

expectation days                      243.31  Industry average day sales

outstanding                              356.62

Day sales outstanding 96.58

 

 

Company information

 

Business number

427999929

Company name

ROSEDIAM BVBA

Fax number

032261908

Date founded

23/10/1985

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/03/2014

Activity code

46480

Liable for VAT

yes

Activity description

Wholesale of watches and jewellery

VAT Number

BE.0427.999.929 Check VAT

number

 

 

Joint Industrial Committee (JIC)

 

JIC Code          218

Description      Additional national joint committee for the employees

category

 

JIC Code          324

Description      Joint committee for the industry and the trade in diamant

category

 

 

Significant Events

 

Event Date                    20/09/2013

 

Event Description

Event Details                De heer Sanghvi Jitendrakumar Devichandji schrijft in op de 643 nieuwe aandelen

 

 

Company accounts

 

ASSETS

 

Annual accounts

31-03-2014

%

31-03-2013

%

31-03-2012

%

31-03-2011

%

31-03-2010

Weeks

52

 

52

 

52

 

52

 

52

Currency

EUR

 

EUR

 

EUR

 

EUR

 

EUR

 

Total fixed assets

421,830

-0.57

424,235

5.23

403,144

-2.78

414,686

0.06

414,443

 

Intangible fixed assets

0

-

0

-

0

-

0

-

0

 

Tangible fixed assets

417,628

-0.57

420,033

5.29

398,942

-2.81

410,484

0.06

410,241

Land & building

370,878

-2.06

378,690

-2.02

386,502

-1.98

394,314

-1.94

402,126

Plant & machinery

46,454

13.81

40,818

242

11,928

-21.34

15,163

115

7,029

Furniture & Vehicles

296

-43.72

525

2.48

513

-49.09

1,007

-7.30

1,086

Leasing & Other Similar Rights Other tangible assets

0

-

0

-

0

-

0

-

0

Financial fixed assets

4,202

0

4,202

0

4,202

0

4,202

0

4,202

Total current assets

21,552,706

-13.60

24,945,415

8.74

22,941,316

8.69

21,106,734

23.68

17,066,208

Inventories

7,115,607

-21.26

9,037,350

6.22

8,507,914

7.25

7,932,971

19.31

6,648,947

Raw materials & consumables

-

-

-

-

-

-

-

-

-

Work in progress

0

-

0

-

0

-

0

-

0

Finished goods

7,115,607

-21.26

9,037,350

6.22

8,507,914

7.25

7,932,971

19.31

6,648,947

Other stocks

0

-

0

-

0

-

0

-

0

 

Trade debtors

14,256,033

-9.88

15,818,915

10.52

14,312,875

8.89

13,144,894

28.61

10,220,533

Other amounts receivable

152,315

1318

10,735

108

5,149

20.54

4,272

30.87

3,264

 

 

 

 

 

 

 

 

 

 

Cash

23,854

-58.46

57,428

-40.72

96,870

515

15,734

-91.65

188,513

Total Assets                          

21,974,536 

-13.38  

25,369,650

650

23,344,461

8.47

21,521,420

23.12

17,480,651

Miscellaneous current assets

4,896

-76.67

20,987

13.39

13.39 18,508

108

8,863

79.04

4,951

Total Assets

21,974,536

-13.38

25,369,650

8.68

23,344,461

8.47

21,521,420

23.12

17,480,651

 

Liabilities

Total shareholders equity

4,156,646

85.93

2,235,601

2.41

2,182,900

0.40

2,174,139

1.46

2,142,801

Issued share capital

3,617,256

19347

18,600

0

18,600

0

18,600

0

18,600

 

Share premium account                -               -         -               -        -               -         -               - -

 

Revaluation reserve

-

-

226,715

0

226,715

0

226,715

0

226,715

 

Reserves

539,390

-72.90

1,990,286

2.72

1,937,584

0.45

1,928,823

1.65

1,897,486

Provisions for Liabilities & Charges

0

-

0

-

0

-

0

-

0

Deffered taxes                            -               -         -               -        -               -         -               - -

 

Creditors

17,817,890

-22.98

23,134,049

9.32

21,161,561

9.38

19,347,281

26.14

15,337,850

 

Other long term loans

2,357,122

-

-

-

-

-

-

-

-

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

Other long term liabilities

0

-

0

-

0

-

0

-

0

Total long term debts

2,357,122

-

0

-

0

-

0

-

0

 

Current portion of long term debt      -               -         -               -        -               -         -               - -

Financial debts

4,717,483

-49.48

9,337,339

19.77 7,796,174

-6.13

8,305,318

11.95

7,418,948

Trade creditors

9,372,454

-23.90

12,315,366

3.08

11,946,896

23.38

9,683,319

49.17

6,491,324

Amounts Payable for Taxes,

29,004

3.03

28,151

208

9,123

-53.23

19,507

-0.24

19,554

Remuneration & Social Security

 

 

 

 

 

 

 

 

 

 

Miscellaneous current liabilities

1,341,827

-7.66

1,453,193

3.11

1,409,367

5.24

1,339,138

-4.89

1,408,024

Total current liabilities

15,460,768

-33.17

23,134,049

9.32

21,161,561

9.38

19,347,281

26.14

15,337,850

Total Liabilities

21,974,536

-13.38

25,369,650

8.68

23,344,461

8.47

21,521,420

23.12

17,480,651

 

RATIO ANALYSIS         

                                    

TRADING PERFORMANCE

Profit Before Tax

0.11

0

0.11

1000

0.01

-85.71

0.07

16.67

0.06

 

Return on capital employed

0.89

-70.03

2.97

858

0.31

-82.08

1.73

71.29

1.01

 

Return on total assets employed

0.26

0

0.26

766

0.03

-83.33

0.18

50.0

0.12

Return on net assets employed

1.39

-53.20

2.97

858

0.31

-82.08

1.73

71.29

1.01

 

Sales / net working capital

8.84

-72.54

32.19

13.79

28.29

-6.57

30.28

49.53

20.25

 

Stock turnover ratio

13.21

-14.77

15.50

-8.28

16.90

13.50

14.89

-21.63

19.00

 

Creditor days

63.98

-17.68

77.72

-10.94

87.27

30.66

66.79

-2.31

68.37

Debtor days

96.58

-2.48

99.04

-4.56

103.77

15.25

90.04

-15.53

106.60

SHORT TERM STABILITY

 

 

 

 

 

 

 

 

 

Current ratio

1.39

28.70

1.08

0

1.08

-0.92

1.09

-1.80

1.11

 

Liquidity ratio / acid ratio

0.93

34.78

0.69

1.47

0.68

0

0.68

0

0.68

 

Current debt ratio

3.72

-64.06

10.35

6.81

9.69

8.88

8.90

24.30

7.16

Liquidity ratio reprocessed

-

-

-

-

-

-

-

-

 

 

Cashflow

65,351

-3.25

67,547

221

21,042

-51.80

43,658

35.30

32,269

 

Net worth

4,156,646

85.93

2,235,601

2.41

2,182,900

0.40

2,174,139

1.46

2,142,801

LONG TERM STABILITY

Gearing

170.20

-59.25

417.67

16.95

357.15

-6.51

382.00

10.33

346.23

 

Equity in percentage

18.92

114

8.81

-5.78

9.35

-7.43

10.10

-17.62

12.26

 

Total debt ratio

4.29

-58.55

10.35

6.81

9.69

8.88

8.90

24.30

7.16

 

Working capital

6,091,938

236

1,811,366

1.78

1,779,755

1.15

1,759,452

1.80

1,728,359

 

 

PROFIT & LOSS

Operating Income

53,879,312

-7.58

58,300,755

15.80

50,344,607

-5.52

53,284,068

52.27

34,994,097

Turnover

53,878,157

-7.58

58,299,303

15.81

50,342,584

-5.52

53,283,588

52.26

34,994,077

Total operating expenses

53,471,386

-7.54

57,833,605

15.75

49,965,385

-5.58

52,915,972

52.69

34,655,560

Gross Operating Margin               -               -         -               -         -               -         -               - -

 

Operating Charges

53,472,540

-7.54

57,835,057

15.75

49,967,408

-5.57

52,916,452

52.69

34,655,580

Employee costs

54,002

36.45

39,578

10.32

35,875

-17.48

43,476

-4.03

45,302

Wages and salary

44,135

32.49

33,312

15.35

28,880

-16.33

34,518

-3.97

35,944

Employee pension costs              -               -         -               -         -               -         -               - -

Social security contributions

8,732

84.72

4,727

-18.23

5,781

-25.35

7,745

0.32

7,720

Other employee costs

1,135

-26.19

1,538

26.75

1,214

0.02

1,213

-25.96

1,639

Director remuneration

152,898

25.20

122,126

9.53

111,500

0.05

111,440

0

111,440

Amortization and depreciation

15,984

7.67

14,845

20.89

12,281

-0.33

12,321

-6.08

13,118

 

Operating result

406,772

-12.65

465,698

23.46

377,199

2.61

367,616

8.60

338,516

Total financial income

10

-99

1,513

1906

75

-93.37

1,137

725

138

 

Total financial expenses

349,106

-12.91

400,875

8.20

370,493

11.90

331,080

4.41

317,097

 

 

 

 

 

 

 

 

 

 

Results on ordinary operations

57,675

-13.06

66,336

878

6,782

-82.00

37,672

74.75

21,557

before taxation

 

 

 

 

 

 

 

 

 

 

Extraordinary Income

-

-

4,959

140

2,066

-

-

-

-

 

Extraordinary Charges

-

-

4,403

-

-

-

-

-

-

 

Extraordinary items

0

-100

555

-73.12

2,066

-

0

-

0

Results for the Year Before

57,675

-13.78

66,892

656

8,848

-76.51

37,672

74.75

21,557

Taxation

 

 

 

 

 

 

 

 

 

 

Other appropriations                   -               -         -               -         -               -         -               - -

 

Taxation

8,309

-41.45

14,190

16304

87

-98.63

6,335

163

2,407

Results on ordinary operations

49,367

-5.33

52,146

678

6,695

-78.64

31,337

63.63

19,151

after taxation

 

 

 

 

 

 

 

 

 

 

Net result

49,367

-6.33

52,702

501

8,761

-72.04

31,337

63.63

19,151

Profit (Loss) for the Year to be

appropiated

49,367

-6.33

52,702

501

8,761

-72.04

31,337

63.63

19,151

 

 

Social Balance Sheet Details

 

Social Balance Sheet

Total

 

 

During the reporting year ended 31-03-2014

Full-time Employees

1

 

 

Part-time Employees

1

 

 

Total Fte Employees

2

 

 

 

Number of hours worked

Full-time Employees

1,809

 

 

Part-time Employees

1,624

 

 

Total

3,433

 

 

Personnel Charges

Full-time Employees

29,737

 

 

Part-time Employees

24,265

 

 

Total

54,002

 

 

Benefits In Addition To Wages -

 

During the previous reporting year

Average number employees in Fte

2

 

 

Actual working hours

2,133

 

 

Personnel Charges

39,578

 

 

Benefits In Addition To Wages -

 

 

Type of Contract Full-Time

Part-Time

Total Fte

 

Unlimited Duration 1 Contracts

1

2

 

Limited Duration Contracts -

-

-

 

Contracts For Specific Work -

-

-

 

Contracts Regarding -

Substitution

-

-

 

 

Gender and Education

 

 

 

 

Level

 

 

 

 

Men

Full-Time

Part-Time

Total Fte

 

Primary education              -                                    - -

Secondairy education          -                                    - -

Higher education (non

-

-

-

 

university)

 

 

 

 

Higher education

-

-

-

 

(university)

 

 

 

 

Women

Full-Time

Part-Time

Total Fte

 

Primary education

1

-

1

 

Secondairy education

-

1

1

 

Higher education (non

-

-

-

 

university)

 

 

 

 

Higher education

-

-

-

 

(university)

 

 

 

 

 

 

 

 

 

 

Working Category

Full-Time

Part-Time

Total Fte

 

Management                     -                                    - -

White collar worker

-

1

1

 

Blue collar worker

1

-

1

 

Other                              -                                    - -

 

Industry comparison

 

Activity code

46480

Activity description

Wholesale of watches and jewellery

 

 

Payment expectations

 

Payment expectation days        63.98

Day sales outstanding 96.58

 

Industry quartile analysis

 

Payment expectations

 

Company result 63.98

Lower               127.92

Median             63.15

Upper               18.68

 

 

Day sales outstanding

 

Company result            96.58

Lower                           120.17

Median                         55.41

Upper                          21.01

 

 

Shareholder Details

 

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 Jitendrakumar                       Middle name    -

Surname Sanghvi

 

SHAREHOLDER DETAILS

Start date 14/10/2013(estimated)            End date          –

 

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

 

Name

RAJESH KUMAR JAIN

 

Position

Principal Manager

 

Start Date

06/12/2014

 

Street

47 MOLENVELDLAAN EDEGEM

 

Post code

2650

 

Country

Belgium

 

Name

ANILKUMAR SANGHVI

 

Position

Principal Manager

 

Start Date

07/11/2010

 

Street

35 PLANTIN EN MORETUSLEI ANTWERPEN

 

Post code

2018

 

Country

Belgium

 

Name

ASHOKKUMAR JAVERCHAND KANKARIYA

 

Position

Principal Manager

 

Start Date

07/11/2010

 

Street

96 BELGIELEI ANTWERPEN

 

Post code

2018

 

Country

Belgium

 

Name

RAJENDRAKUMAR JAIN

 

Position

Principal Manager

 

Start Date

26/06/1998

 

Street

Post code

Country

 

 

FORMER DIRECTOR DETAILS

 

Name

RANJEEMAT,

 

Position

Principal Manager

 

Start Date

23/05/1997

 

End Date

Unknown date

 

Street

0 QUINTEN MATSIJSLEI ANTWERPEN

 

Post code

2018

 

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.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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.