MIRA INFORM REPORT
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Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SANA DIAM
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Registered Office : |
Hoveniersstraat
608, Antwerpen, 2018 |
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Country : |
Belgium |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1976 |
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Com. Reg. No.: |
416298264 |
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Legal Form : |
Private
Independent Company |
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Line of Business : |
Wholesale trader
of jewellery, diamonds and precious stones |
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No. of Employees : |
07 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Belgium |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2%
from 8.3% the previous year, and the government reduced the budget deficit from
a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter
GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative
growth. This brought economic growth for the whole of 2012 to negative 0.2%. It
also left Belgium on the brink of a possible recession at the end of 2012.
However, at year's end, the government appeared close to meeting its 2012
budget deficit goal of 3% of GDP. 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.
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Source : CIA |
Company name & address
Sana Diam
Hoveniersstraat
608
Antwerpen, 2018
Belgium
Tel: 03 232 39 65
Fax: 03 233 45 74
Web www.sanadiam.com
Synthesis
Employees: 7
Company Type: Private
Independent
Incorporation
Date: 1976
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 60.6 1
Total Assets: 19.1
Business Description
Wholesale trader
of jewellery, diamonds and precious stones
Industry
Industry
Miscellaneous Wholesale
ANZSIC 2006: 3732 - Jewellery and Watch Wholesaling
ISIC Rev 4: 4649 - Wholesale of other household
goods
NACE Rev 2: 4648 - Wholesale of watches and jewellery
NAICS 2012: 423940 - Jewelry, Watch, Precious Stone,
and Precious Metal Merchant Wholesalers
UK SIC 2007: 4648 - Wholesale of watches and jewellery
US SIC 1987: 5094 - Jewelry, Watches, Precious Stones,
and Precious Metals
Key Executives
|
Name |
Title |
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Ossama Hani Nasser |
Managing Director |
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Hani Ali Nasser |
Decision-maker |
|
Ali Kozeiha |
Administrator |
|
Fidaa Hani Nasser |
Administrator |
|
Lucas Alfons Ida Toelen |
Representative/Auditor |
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7566
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Executive
report
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Board of
Directors |
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Managing Director |
Director/Board Member |
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Executives |
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Managing Director |
Managing Director |
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Decision-maker |
Senior Management (General) |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Administrator |
Administration Executive |
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Representative/Auditor |
Accounting Executive |
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Annual Profit & Loss
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
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Consolidated |
No |
No |
No |
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Turnover |
60.6 |
91.5 |
58.9 |
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Other Operating Income |
0.0 |
0.0 |
0.0 |
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Operating Income |
60.6 |
91.5 |
58.9 |
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Purchases |
63.3 |
94.0 |
58.3 |
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Increase or Decrease
in Stocks |
-4.0 |
-4.3 |
-0.3 |
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Raw Materials, Consumables, and Goods for
Release |
59.3 |
89.7 |
58.0 |
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Services and Sundry Goods |
0.5 |
0.7 |
0.6 |
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Remuneration, Social Security Charges, and
Pensions |
0.3 |
0.2 |
0.2 |
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Depreciation of and Other Amounts Written Off
of Formation Expense, Intangible and Tangible Fixed Assets |
0.0 |
0.0 |
0.0 |
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Increase or Decrease in Amounts Written Off
Stocks, Orders, and Trade Debtors |
- |
0.0 |
- |
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Other Operating Charges |
0.0 |
0.0 |
0.0 |
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Operating Charges |
60.2 |
90.7 |
58.9 |
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Income From Financial Fixed Assets |
0.0 |
0.0 |
0.0 |
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Income From Current Assets |
0.0 |
0.0 |
0.0 |
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Other Financial Income |
0.1 |
- |
1.5 |
|
Financial Income |
0.1 |
0.0 |
1.5 |
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Interest and Other Debt Charges |
0.3 |
0.3 |
0.3 |
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Other Financial Charges |
0.0 |
0.2 |
1.2 |
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Financial Charges |
0.3 |
0.4 |
1.5 |
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Gain on Disposal of Fixed Assets |
- |
- |
0.0 |
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Extraordinary Income |
- |
- |
0.0 |
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Income Taxes |
- |
0.0 |
- |
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Adjustment of Income Taxes and Write-Back of
Tax Provisions |
0.0 |
- |
0.1 |
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Income Taxes |
0.0 |
0.0 |
-0.1 |
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To the Legal Reserve |
0.0 |
0.0 |
0.0 |
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Transfers to Capital and Reserves |
0.0 |
0.0 |
0.0 |
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Employees |
7 |
6 |
4 |
Annual Balance Sheet
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
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Consolidated |
No |
No |
No |
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Land & Buildings |
0.1 |
0.2 |
0.2 |
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Plant, Machinery, and
Equipment |
0.1 |
0.1 |
0.1 |
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Furniture and Vehicles |
0.0 |
0.0 |
0.0 |
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Tangible Assets |
0.3 |
0.3 |
0.3 |
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Amounts Receivable and
Cash Guarantees |
0.0 |
0.0 |
0.0 |
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Other Capital Assets |
0.0 |
0.0 |
0.0 |
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Capital Assets |
0.0 |
0.0 |
0.0 |
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Fixed Assets |
0.3 |
0.3 |
0.3 |
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Raw Materials and
Consumables |
16.3 |
- |
- |
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Goods Purchased for
Resale |
- |
12.0 |
8.3 |
|
Stocks |
16.3 |
12.0 |
8.3 |
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Inventory and Orders in Progress |
16.3 |
12.0 |
8.3 |
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Trade Debtors |
2.1 |
4.0 |
4.3 |
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Other Amounts
Receivable |
0.2 |
0.2 |
0.1 |
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Amounts Receivable Within One Year |
2.3 |
4.2 |
4.4 |
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Liquid Assets |
0.1 |
0.1 |
0.0 |
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Adjustment Accounts |
0.0 |
0.0 |
0.0 |
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Current Assets |
18.8 |
16.3 |
12.8 |
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Total Assets |
19.1 |
16.6 |
13.1 |
|
Issued Capital |
7.9 |
7.8 |
8.0 |
|
Capital |
7.9 |
7.8 |
8.0 |
|
Legal Reserve |
0.1 |
0.1 |
0.0 |
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Reserves |
0.1 |
0.1 |
0.0 |
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Capital and Reserves |
8.6 |
8.3 |
8.2 |
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Current Portion of
Amounts Payable After More Than One Year |
5.3 |
4.2 |
- |
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Credit Institutions |
1.1 |
2.3 |
4.4 |
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Other Loans |
- |
- |
0.0 |
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Financial Debts |
1.1 |
2.3 |
4.4 |
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Suppliers |
3.9 |
1.7 |
0.4 |
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Trade Debts |
3.9 |
1.7 |
0.4 |
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Taxes |
0.0 |
0.0 |
0.0 |
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Remuneration and
Social Security |
0.0 |
0.0 |
0.0 |
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Taxes, Wages, and
Social Security |
0.1 |
0.0 |
0.0 |
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Other Amounts Payable |
0.0 |
0.0 |
- |
|
Amounts Payable Within One Year |
10.4 |
8.3 |
4.8 |
|
Adjustment Accounts |
0.0 |
0.0 |
0.0 |
|
Creditors |
10.4 |
8.3 |
4.8 |
|
Total Liabilities + Shareholders' Equity |
19.1 |
16.6 |
13.1 |
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.62.12 |
|
UK Pound |
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.