MIRA INFORM REPORT

 

 

Report Date :

24.02.2014

 

IDENTIFICATION DETAILS

 

Name :

HARMONY GEMS BVBA

 

 

Registered Office :

Hoveniersstraat, 51, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

27.10.2005

 

 

Com. Reg. No.:

877298781

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of diamonds and other precious stones

 

 

No. of Employees

01

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 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.

 

Source : CIA

 

Company name & address

 

Business number         877298781

Company name           HARMONY GEMS BVBA

Address                        HOVENIERSSTRAAT

51

2018 ANTWERPEN

Number of staff            0

Date of establishment 27/10/2005

Telephone number      032269297

Fax number                 032130900

 

 

Commentary

 

The business was established over 8 years ago.

The business has 1 employees.

The business has been at the address for over 18 months.

Operating Result in the latest trading period increased 40% on the previous trading period.

Pre-tax profits increased by 63% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 41% during the latest trading period

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

21,867,990

65,547

2,261,218

7,302,954

31/12/2011

 

40,010

2,195,539

7,335,825

31/12/2010

 

30,680

74,175

66,772

 

Accounts

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

10,782,871

0

2,103,671

67,140

31/12/2011

9,123,571

0

2,103,671

37,365

31/12/2010

9,579,963

0

18,600

18,419

 

Trends

Profitability

 

 

Liquidity

 

 

Net worth

 

 

Payment expectations

 

Payment expectations

 

 

 

Past payments

 

Payment expectation days

50.15

Industry average payment

167.34

Industry average day sales

121.35

expectation days

 

outstanding

 

Day sales outstanding

47.13

 

 

Court data summary

 

 

BANKRUPTCY DETAILS

 

Court action type

no

 

PROTESTED BILLS

 

Bill amount

-

 

NSSO Details

--

Date of Summons

26/03/2013

 

 

Company summary

 

Business number

877298781

Company name

HARMONY GEMS BVBA

Fax number

032130900

Date founded

27/10/2005

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

Wholesale of diamonds and other precious stones

VAT Number

BE.0877.298.781

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Contractor details             

 

Registered contractor number

-

 

 

Contractor description

-

Date struck off register

 

 

 

Social Balance Sheet

Total

During the reporting year ended 31-12-2012

 

Full-time Employees

-

Part-time Employees

1

Total Fte Employees

1

 

 

Number of hours worked

 

Full-time Employees

-

Part-time Employees

940

Total

940

 

 

Personnel Charges

 

Full-time Employees

-

Part-time Employees

28,551

Total

28,551

Benefits In Addition To Wages

-

During the previous reporting year

 

Average number employees in Fte

1

Actual working hours

932

Personnel Charges

23,994

Benefits In Addition To Wages

---

 

Type of Contract

Full-Time

Part-Time

Total Fte

Unlimited Duration Contracts

-

1

1

Limited Duration Contracts

-

-

-

Contracts For Specific Work

-

-

-

Contracts Regarding Substitution

-

-

-

 

 

Gender and Education Level

 

Men

Full-Time

Part-Time

Total Fte

Primary education

-

-

-

Secondary education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

Women

Full-Time

Part-Time

Total Fte

Primary education

-

1

1

Secondairy education

-

-

-

Higher education (non university)

-

-

-

Higher education (university)

-

-

-

 

Working Category

Full-Time

Part-Time

Total Fte

Management

-

-

-

White collar worker

-

1

1

Blue collar worker

-

-

-

Other

-

-

-

 

Temporary personnel

Total

Average number of temporary staff

-

Actual working hours

-

Cost of temporary staff

-

 

New staff and leavers

Full-Time

Part-Time

Total Fte

New Starters

-

-

-

Leavers

-

-

-

 

Total of formal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of less formal and informal continuing vocational training initiatives for workers paid by the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

Total of initial training initiatives at the expense of the employer

Male

Female

Number of employees

-

-

Number of training hours

-

-

Net costs for enterprise

-

-

 

Personnel (NSSO classification)

 

Code                -

Description      1 EMPLOYEES

 

 

FINANCIAL DATA

 

Comparison Mode

·         average                               median                                                              Export accounts to CSV file

 

profit & loss

Annual accounts

31-12-2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Turnover

21,867,990

-

-

-

-

46,632,531

53.11

Total operating expenses

21,786,945

-

-

-

-

46,240,618

52.88

Operating result

81,045

41.00

57,479

18.45

48,526

147,817

45.17

Total financial income

16,430

2378

663

37.60

1,063

97,084

83.08

Total financial expenses

31,928

76.09

18,131

-4.11

18,908

203,915

84.34

Results on ordinary operations before taxation

65,547

63.83

40,010

30.41

30,680

32,736

100

Taxation

-132

-103

3,717

71.79

13,177

20,918

-100

Results on ordinary operations after taxation

65,679

80.97

36,293

107

17,504

17,844

268

Extraordinary items

0

-

0

-

0

-4,553

0

Other appropriations

0.00

-

0

-

0.00

-

-

Net result

65,679

80.97

36,293

107

17,504

13,309

393

OTHER INFORMATION

Dividends

-

-

-

-

-

172,177

-

Director remuneration

-

-

-

-

-

114,302

-

Employee costs

28,551

19.29

23,934

15.68

20,690

126,646

77.46

Wages and salary

22,964

19.83

19,164

2.59

18,681

106,139

78.36

Employee pension costs

-

-

-

-

-

14,428

-

Social security contributions

3,882

5.78

3,670

93.32

1,898

26,753

85.49

Other employee costs

1,705

55.15

1,099

893

111

4,402

61.27

Amortization and depreciation

1,461

36.25

1,072

17.17

915

17,955

91.87

 

BaLANCE SHEET

Annual accounts

31-12-2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

 

Weeks

52

 

52

 

52

 

 

 

Currency

EUR

 

EUR

 

EUR

 

 

 

Intangible fixed assets

0

-

0

-

0

1,570

-100

 

Tangible fixed assets

2,886

25.38

3,868

31.55

2,940

184,414

98.43

 

Land & building

-

-

-

-

-

359,608

-

 

Plant & machinery

1,104

37.64

1,771

-

-

22,793

95.15

 

Furniture & Vehicles

1,782

15.03

2,097

28.68

2,940

17,438 5,418

89.78

 

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

 

Other tangible assets

0

-

0

-

0

7,711

-100

 

Financial fixed assets

5,713

-0.01

5,713

28.02

4,463

294,763

98.06

 

Total fixed assets

8,599

10.24

9,580

29.41

7,403

387,230

97.78

 

Inventories

7,464,111

32.38

5,638,440

35.54

8,747,147

3,092,433

141

 

Raw materials & consumables

-

-

-

-

-

7,209,884

-

 

Work in progress

0

-

0

-

0

2,426

-100

 

Finished goods

7,464,111

-

0

-

0

1,981,611

276

 

Other stocks

0

-100

5,638,440

35.54

8,747,147

574,617

-100

 

Trade debtors

2,823,839

12.29

3,219,453

355

706,535

4,172,397

32.32

 

Cash

36,944

41.51

63,162

498

10,553

226,713

83.70

 

other amounts receivable

449,377

132

192,936

78.86

107,869

184,589

143

 

Miscellaneous current assets

0

-

0

-100

456

17,803

-100

 

Total current assets

10,774,272

18.22

9,113,991

-4.79

9,572,560

7,222,269

49.18

 

Total Assets

10,782,871

18.19

9,123,571

-4.76

9,579,963

7,577,514

1,453,566

42.30

 

CURRENT LIABILITIES

 

Trade creditors

2,993,327

106

1,446,730

26.73

1,974,560

3,066,773

-2.39

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

463,052

48.12

312,616

41.27

221,284

4,242,556 192,320

89.09

 

Current portion of long term debt

6,973

-1.93

7,110

-

-

108,079 15,346

93.55

 

Amounts Payable for Taxes, Remuneration & Social Security

7,757

40.22

5,532

67.98

17,277

9,423 -

77.12

 

Miscellaneous current liabilities

210

96.60

6,178

-99

7,292,668

-99

- -

 

Total current liabilities

3,471,318

95.22

1,778,166

81.29

9,505,788

5,360,460

35.24

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

5,050,335

-1.93

5,149,866

-

-

359

- -

 

Deffered taxes

-

-

-

-

-

37,626 26,358

-

 

Provisions for Liabilities & Charges

0

-

0

-

0

3,220 0

-100

 

Other long term liabilities

0

-

0

-

0

129,765

-100

 

Total long term debts

5,050,335

-1.93

5,149,866

-

0

562,577

797

 

SHAREHOLDERS EQUITY

 

 

 

 

 

 

 

 

Issued share capital

2,103,671

0.00

2,103,671

11210

18,600

911,094

130

Share premium account

-

-

-

-

-

109,362

-

Reserves

157,547

71.49

91,868

65.30

55,575

699,735

77.48

Revaluation reserve

-

-

-

-

-

968,672

-

Total shareholders equity

2,261,218

2.99

2,195,539

2859

74,175

1,640,673

37.82

Working capital

7,302,954

-0.45

7,335,825

10886

66,772

1,861,809

292

Cashflow

67,140

79.69

37,365

102

18,419

28,110

138

Net worth

2,261,218

2.99

2,195,539

2859

74,175

1,637,427

38.10

 

 

Ratio Analysis

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

0.30

-

-

-

-

-26,00

1.15

Return on capital employed

0.90

66.67

0.54

-98.69

41.36

29,00

-96.90

Return on total assets employed

0.61

38.64

0.44

37.50

0.32

-203,00

0.30

Return on net assets employed

2.90

59.34

1.82

-95.60

41.36

19,00

-84.74

Sales / net working capital

2.99

-

-

-

-

45,00

-99

Stock turnover ratio

34.13

-

-

-

-

111,00

-69.25

Debtor days

47.13

-

-

-

-

133,00

-64.56

Creditor days

50.15

-

-

-

-

122,00

-58.89

SHORT TERM STABILITY

Current ratio

3.10

-39.57

5.13

407

1.01

7,00

-65.56

Liquidity ratio / acid ratio

0.95

-51.28

1.95

2066

0.09

4,00

-76.25

Current debt ratio

1.54

90.12

0.81

-99

128.15

9,00

-82.89

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

244.13

-2.00

249.12

-16.50

298.33

363,33

-32.75

Equity in percentage

20.97

-12.84

24.06

3024

0.77

-3.247,00

0.65

Total debt ratio

3.77

19.30

3.16

-97.53

128.15

11,00

-65.73

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

 

 

Payment information

 

Suspension of payments / moratorium history

Amount

-

Details

-

 

Payment expectations

 

Payment expectation days

50.15

Day sales outstanding

47.13

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

Industry average payment expectation days

167.34

Industry average day sales outstanding

121.35

 

Industry quartile analysis

 

Payment expectations

Company result

50.15

Lower

134.58

Median

84.93

Upper

45.17

 

 

Day sales outstanding

 

Company result

47.13

Lower

112.48

Median

58.70

Upper

28.11

 

 

Shareholder details

 

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

Group structure

 

No group structure for this company.

 

 

 

Minority Shareholders

 

No minority shareholders found

 

 

Minority Interests

 

No minority interests found

 

 

Linked companies

 

Summary

Group - Number of Companies

0

Linkages - Number of Companies

0

Number of Countries

0

 

 

Court Data

 

Protested bills

 

Drawee name

-

Address

-

Bill amount

-

Bill currency

-

Maturity of bill

-

Name of drawer

-

City of drawer

-

 

 

NSSO details

Business number

877298781

Name of defendant

HARMONY GEMS

Legal form of defendant

Private limited liability company

Date of summons

22/02/2011

Labour court

ANTWERPEN

 

 

Bankruptcy details

 

There is no bankruptcy data against this company

 

 

Bankruptcy data

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

26/03/2013

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

23/11/2010

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

Legal event type

Social Security Summons

Legal event sub type

 

Event date

26/10/2010

Secondary event date

 

Court number

 

Registry body identfier

 

Court type

Employment Court

Court name

Antwerpen

3rd party name

Rijksdienst voor Sociale Zekerheid

3rd party type

Summoning Party

3rd party address

 

 

Legal event type          Social Security Summons

Legal event sub type

Event date                   28/09/2010                                            Secondary event date

Court number                                                                          Registry body identfier

Court type                    Employment Court                                 Court name                  Antwerpen

3rd party name                        Rijksdienst voor Sociale Zekerheid           3rd party type              Summoning Party

3rd party address

 

Legal event type

Social Security Summons

Name

ABHAY NANAVATI

 

Position

Principal Manager

 

Start Date

07/11/2010

 

Street

7 KWIKSTAARTLAAN ANTWERPEN

 

Post code

2610

 

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.62.16

UK Pound

1

Rs.103.44

Euro

1

Rs.85.27

 

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.