MIRA INFORM REPORT

 

 

Report Date :

29.12.2014

 

IDENTIFICATION DETAILS

 

Name :

DIAGEM BVBA

 

 

Registered Office :

Hoveniersstraat 30 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.08.1985

 

 

Com. Reg. No.:

427517996

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of Diamonds and Other Precious Stones.

 

 

No. of Employees :

02 (31.12.2012)

 

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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                     427517996

Company name                       DIAGEM BVBA

Address                                    HOVENIERSSTRAAT 30 2018 ANTWERPEN

Number of staff                        02 (31.12.2012)

Date of establishment              01/08/1985

Telephone number                  032343607

Fax number                             032253124

 

 

Commentary

 

The business was established over 29 years ago.

The business has 2 employees.

The business has been at the address for over 16 years.

Operating Result in the latest trading period increased 526% on the previous trading period.

A 30% growth in Total Assets occurred during the latest trading period.

The business saw a decrease in their Cash Balance of 45% during the latest trading period.

 

 

Accounts

 

DATE OF LATEST

ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

 

 

 

 

 

31/12/2012                                     

27,473,944          

182,969

1,736,920

2,436,220

31/12/2011

29,699,916

163,159

1,609,312

2,299,105

31/12/2010

23,970,713

74,064

1,493,299

2,179,343

 

 

DATE OF LATEST

ACCOUNTS

Balance Total

NUMBER OF EMPLOYEES

CAPITAL

CASH FLOW

 

 

 

 

 

31/12/2012                                     

11,550,858

2

18,592

138,691

31/12/2011

8,857,821

0

18,592

127,103

31/12/2010

7,828,147

0

18,592

63,737

 

 

Payment expectations

 

Payment expectation days                  53.90

Industry average payment

expectation days                                 129.40

Industry average day sales

Outstanding                                         131.75

Day sales outstanding              121.52

 

 

Company Information

 

Business number

427517996

Company name

DIAGEM BVBA

Fax number

032253124

Date founded

01/08/1985

Company status

active

Company type

Private Limited Company

(BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2012

 

 

Activity code

46761

Liable for VAT

Yes

Activity description

Wholesaler of Diamonds and Other Precious Stones

VAT Number

BE.0427.517.996 Check VAT number

 

 

Profit and Loss

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

27,473,944

-7.49

29,699,916

23.90

23,970,713

40,445,514

-32.07

Total operating expenses

27,037,060

-8.75

29,630,193

24.54

23,791,962

40,129,325

-32.63

Operating result

436,883

526

69,724

-60.99

178,751

128,947

238

Total financial income

38,091

-88.84

341,398

345

76,591

92,517

-58.83

Total financial expenses

292,005

17.76

247,962

36.79

181,278

183,537

59.10

Results on ordinary operations before taxation

182,969

12.14

163,159

120

74,064

28,901

533

Taxation

55,362

17.43

47,146

132

20,269

21,104

162

Results on ordinary operations after taxation

127,607

9.99

116,013

115

53,795

14,200

798

Extraordinary items

0

-

0

-

0

-4,104

0

Other appropriations

0.00

-

0.00

-

0

-

-

Net result

127,607

9.99

116,013

115

53,795

10,118

1161

Gross Operating Margin

-

-

-

-

-

50,984

-

Dividends

-

-

-

-

-

168,887

-

Director remuneration

-

-

-

-

84,000

108,143

-

Employee costs

-

-

-

-

-

137,791

-

Wages and salary

-

-

-

-

-

118,466

-

Employee pension costs

-

-

-

-

-

12,737

-

Social security contributions

-

-

-

-

-

29,266

-

Other employee costs

0

-

0

-

0

4,856

-100

Amortization and depreciation

11,084

-0.06

11,090

11.55

9,942

18,051

-38.60

 

 

balance sheet

 

Annual accounts

31-12-2012

%

31-12-2011

%

31-12-2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

1,196

-100

Tangible fixed assets

199,180

-4.56

208,687

-1.76

212,436

188,501

5.67

Land & building

193,043

-4.52

202,183

-4.33

211,323

372,714

-48.21

Plant & machinery

6,137

-5.64

6,504

484

1,113

25,360

-75.80

Furniture & Vehicles

-

-

-

-

-

16,918 5,033

-

Leasing & Other Similar Rights

-

-

-

-

-

139,170 30,812

-

Other tangible assets

0

-

0

-

0

11,586

-100

Financial fixed assets

1,520

0

1,520

0.00

1,520

234,444

-99

Total fixed assets

200,700

-4.52

210,207

-1.75

213,956

342,690

-41.43

Inventories

2,190,735

112

1,031,057

-33.56

1,551,765

2,718,137

-19.40

Raw materials & consumables

-

-

-

-

-

7,018,491

-

Work in progress

0

-

0

-

0

2,510

-100

Finished goods

2,190,735

112

1,031,057

-33.56

1,551,765

1,751,014

25.11

Other stocks

0

-

0

-

0

455,825

-100

Trade debtors

9,146,918

20.33

7,601,634

26.14

6,026,161

3,670,041

149

Cash

4,363

-45.13

7,952

-6.53

8,507

206,950

-97.89

other amounts receivable

3,631

47.97

2,454

-89.47

23,296

211,744

-98.29

Miscellaneous current assets

4,510

-0.16

4,518

1.24

4,462

14,787

-69.50

Total current assets

11,350,158

31.25

8,647,614

13.57

7,614,191

6,361,305

78.42

Total Assets

11,550,858

30.40

8,857,821

13.15

7,828,147

6,665,760 1,214,600

73.29

 

CURRENT LIABILITIES

 

Trade creditors

3,992,646

-10.31

4,451,610

145

1,811,087

2,798,058

42.69

Short term group loans

-

-

-

-

-

-

-

Financial debts

4,292,289

247

1,236,938

-55.41

2,773,924

3,614,307 150,000

18.76

Current portion of long term debt

-

-

6,788

33.45

5,087

90,019 14,017

-

Amounts Payable for Taxes, Remuneration & Social Security

50,612

41.57

35,750

195

12,096

8,657 -

43.54

Miscellaneous current liabilities

578,392

-6.32

617,423

-25.85

832,654

96.16

--

Total current liabilities

8,913,938

40.41

6,348,509

16.81

5,434,848

4,728,207

88.53

LONG TERM DEBTS AND LIABILITIES

 

 

 

 

 

 

 

Long term group loans

-

-

-

-

-

-

--

Other long term loans

900,000

0

900,000

-

-

-13.28

--

Deffered taxes

-

-

-

-

-

40,313 31,040

-

Provisions for Liabilities & Charges 0

 

-

0

-

0

3,960 0

-100

Other long term liabilities

0

-

0

-100

900,000

92,649

-100

Total long term debts

900,000

0

900,000

0

900,000

496,529

81.26

Issued share capital

18,592

0

18,592

0.00

18,592

868,127

-97.86

Share premium account

-

-

-

-

-

89,810

-

Reserves

1,718,328

8.02

1,590,720

7.87

1,474,707

541,371

217

Revaluation reserve

-

-

-

-

-

927,466

-

Total shareholders’ equity

1,736,920

7.93

1,609,312

7.77

1,493,299

1,435,495

21.00

Working capital

2,436,220

5.96

2,299,105

5.50

2,179,343

1,633,098

49.18

Cash flow

138,691

9.12

127,103

99

63,737

24,791

459

Net worth

1,736,920

7.93

1,609,312

7.77

1,493,299

1,432,782

21.23

 

 

ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.67

21.82

0.55

77.42

0.31

-10,00

6.70

Return on capital employed

6.94

6.77

6.50

110

3.09

40,00

-82.65

Return on total assets employed

1.58

-14.13

1.84

93.68

0.95

-292,00

0.54

Return on net assets employed

10.53

3.85

10.14

104

4.96

27,00

-61.00

Sales / net working capital

11.28

-12.69

12.92

17.45

11

64,00

-99

Stock turnover ratio

7.97

129

3.47

-46.37

6.47

88,00

-90.94

Debtor days

121.52

30.08

93.42

1.81

91.76

148,00

-17.89

Creditor days

53.90

-1.71

54.84

97.41

27.78

192,00

-71.93

SHORT TERM STABILITY

 

 

 

 

 

 

 

Current ratio

1.27

-6.62

1.36

-2.86

1.40

6,00

-88.45

Liquidity ratio / acid ratio

1.03

-14.17

1.20

7.14

1.12

4,00

-74.25

Current debt ratio

5.13

30.20

3.94

8.24

3.64

11,00

-53.36

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

 

 

 

 

 

 

 

Gearing

298.94

124

133.21

-28.42

186.10

259,00

15.42

Equity in percentage

15.04

-17.23

18.17

-4.77

19.08

-3.360,00

0.45

Total debt ratio

5.65

25.56

4.50

6.13

4.24

12,00

-52.92

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

industry average credit rating

64.48

Industry average credit

140177.31

 

 

Payment expectations

 

Payment expectation days

53.90

Day sales outstanding

121.52

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesaler of diamonds and other precious stones

Industry average payment expectation days

129.40

Industry average day sales

131.75

 

 

Industry quartile analysis

 

Payment expectations

 

 

Company result

53.90

 

Lower

127.33

 

Median

76.94

 

Upper

45.81

 

 

 

 

 

 

 

Day sales outstanding

 

Company result

121.52

Lower

105.52

Median

55.41

Upper

26.47

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Legal Events

Court Data

There is no data for this company

 

 

Director details

 

Current director details

Name                                       NILESH CHANDRAKANT DHIRAJ PATEL

Position                                   Principal Manager

Start Date                                14/06/1995

Street                                       22 QUINTEN MATSIJSLEI ANTWERPEN

Post code                                 2018

Country                                    Belgium

 

 

Former director details

Name                                       HASMUKH JAMNADAS PATEL

Position                                   Principal Manager

Start Date                                14/02/2008

End Date                                  31/12/2010

Street                                       48 VAN EYCKLEI 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.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.