MIRA
INFORM REPORT
|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARAS GEMS NV |
|
|
|
|
Registered Office : |
Hoveniersstraat
2, Internal Postal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.11.1982 |
|
|
|
|
Com. Reg. No.: |
424588695 |
|
|
|
|
Legal Form : |
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler
of diamonds and other precious stones |
|
|
|
|
No of Employees : |
01 (31.12.2012) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Belgium |
A1 |
A1 |
|
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 |
424588695 |
|
Company name |
PARAS
GEMS NV |
|
Address |
Hoveniersstraat
2 |
|
|
Internal Postal Box 563, Office 808, 2018 Antwerpen |
|
Number of staff |
1
(31.12.2012) |
|
Date of establishment |
03/11/1982 |
|
Telephone number |
032268854 |
|
Fax number |
032317862 |
Commentary
|
The
business was established over 31 years ago. |
|
|
The
business has 1 employees. |
|
|
The
business has been at the address for over 24 years. |
|
|
Pre-tax
profits decreased by 56% compared to the previous trading period. |
|
|
The
business saw a decrease in their Cash Balance of 79% during the latest
trading period |
|
|
Turnover
in the latest trading period decreased 29% on the previous trading period. |
|
Accounts
|
DATE OF LATEST ACCOUNTS |
TURNOVER |
PROFIT
BEFORE TAX |
NET WORTH |
WORKING
CAPITAL |
|
31/12/2012 |
47,353,328 |
114,445 |
3,329,813 |
3,680,301 |
|
31/12/2011 |
67,633,605 |
263,716 |
3,220,100 |
3,633,763 |
|
31/12/2010 |
47,307,004 |
147,426 |
3,014,831 |
2,432,152 |
Accounts
|
DATE OF LATEST ACCOUNTS |
BALANCE
TOTAL |
NUMBER OF
EMPLOYEES |
CAPITAL |
CASHFLOW |
|
31/12/2012 |
20,131,154 |
1 |
1,936,000 |
147,677 |
|
31/12/2011 |
24,153,019 |
1 |
1,936,000 |
233,160 |
|
31/12/2010 |
21,258,896 |
1 |
1,936,000 |
148,219 |
TRENDS
|
Profitability |
|
|
Liquidity |
|
|
Net worth |
|
Payment expectations
Past payments Payment expectation days 58.56
Industry average payment expectation days 163.90
Industry average day sales outstanding 125.21
Day sales outstanding 108.97
Court data summary
BANKRUPTCY DETAILS
Court action type no
Company information
|
Business number |
424588695 |
Company name |
PARAS
GEMS NV |
|
Fax number |
032317862 |
Date founded |
03/11/1982 |
|
Company status |
active |
Company type |
Public
Limited Liability Company (BE) |
|
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.0424.588.695
Check VAT number |
|
Belgian Bullettin of Acts
Publications |
moniteur
beige |
|
|
Social Balance Sheet Details
|
Social Balance Sheet |
|
Total |
|
|
|
During the reporting year ended 31-12-2012 |
||||
|
Full-time Employees |
|
1 |
|
|
|
Part-time Employees |
|
1 |
|
|
|
Total Fte Employees |
|
2 |
|
|
|
|
|
|
|
|
|
Number of hours worked |
|
|
|
|
|
Full-time Employees |
|
1,284 |
|
|
|
Part-time Employees |
|
1,270 |
|
|
|
Total |
|
2,554 |
|
|
|
|
||||
|
Personnel Charges |
|
|
|
|
|
Full-time Employees |
|
32,601 |
|
|
|
Part-time Employees |
|
32,246 |
|
|
|
Total |
|
64,846 |
|
|
|
Benefits In Addition To Wages |
||||
|
|
||||
|
Type of Contract |
Full-Time |
Part-Time |
Total Fte |
|
|
Unlimited Duration |
1 |
1 |
2 |
|
|
Contracts |
|
|
|
|
|
Contracts For Specific |
- |
- |
- |
|
|
Work |
|
|
|
|
|
Contracts Regarding |
- |
- |
- |
|
|
Substitution |
|
|
|
|
|
|
||||
|
|
||||
|
Gender and Education |
|
|
|
|
|
Level |
|
|
|
|
|
Men |
Full-Time |
Part-Time |
Total Fte |
|
|
Primary education |
1 |
1 |
2 |
|
|
Secondary education |
- |
- |
- |
|
|
Higher education (non |
- |
- |
- |
|
|
university) |
|
|
|
|
|
Higher education |
- |
- |
- |
|
|
(university) |
|
|
|
|
|
|
||||
|
Working Category |
Full-Time |
Part-Time |
Total Fte |
|
|
Management |
- |
-- |
--- |
|
|
White collar worker |
1 |
1 |
2 |
|
Personnel
(NSSO
classification)
|
Description |
01 (31.12.2012) |
|
|
|
Joint
Industrial Committee
(JIC)
|
JIC Code |
218 |
|
|
|
|
Description |
Additional national joint
committee for the employees |
|
|
|
|
category |
|
|
||
|
|
|
|
||
|
JIC Code |
320 |
|
|
|
|
Description |
Joint committee for the
undertaker's business |
|
|
|
|
category |
|
|
||
Significant
Events
|
Event Date |
02/06/2012 |
|
Event Description |
re-appointment of director(s) |
|
Event Details |
Commentaar 02-06-2012: Herbenoemd
als bestuurders voor een nieuwe duur van 6 jaar: Shreyash Popatlal Shah
(tevens gedelegeerd bestuurder en voorzitter van de Raad van Bestuur),
Bhankharia Nainesh en Shreyash Kothari Nutan. |
COMPANY ACCOUNTS
Comparison Mode
·
Average Median Export
accounts to CSV File
Profit & Loss
|
Annual accounts |
31-12-2012 |
% |
31-12-2011 |
% |
31-12-2010 |
Industry |
% |
|
|
|
|
|
|
|
average
2012 |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
Turnover |
47,353,328 |
-29.99 |
67,633,605 |
42.97 |
47,307,004 |
46,485,458 |
1.87 |
|
Total operating expenses |
46,719,618 |
-30.24 |
66,967,405 |
43.96 |
46,516,762 |
46,114,879 |
1.31 |
|
Operating result |
633,710 |
-4.88 |
666,200 |
-15.70 |
790,242 |
140,714 |
350 |
|
Total financial income |
728,004 |
-69.74 |
2,405,679 |
36.78 |
1,758,767 |
98,658 |
637 |
|
Total financial expenses |
1,247,269 |
-55.58 |
2,808,163 |
16.93 |
2,401,583 |
205,891 |
505 |
|
Results on ordinary operations before taxation |
114,445 |
-56.60 |
263,716 |
78.88 |
147,426 |
25,242 |
353 |
|
Taxation |
7,132 |
-87.80 |
58,447 |
349 |
13,000 |
20,807 |
-65.72 |
|
Results on ordinary operations after taxation |
107,313 |
-47.72 |
205,269 |
52.70 |
134,426 |
10,481 |
923 |
|
Extraordinary items |
2,400 |
- |
0 |
- |
0 |
-3,961 |
60.59 |
|
Other appropriations |
0.00 |
- |
0.00 |
- |
0.00 |
- |
- |
|
Net result |
109,713 |
-46.55 |
205,269 |
52.70 |
134,426 |
6,539 |
1577 |
|
OTHER INFORMATION |
|
|
|
|
|
|
|
|
Gross Operating Margin |
- |
- |
- |
- |
- |
56,748 |
- |
|
Dividends |
- |
- |
- |
- |
- |
172,177 |
- |
|
Director remuneration |
68,722 |
0 |
68,722 |
110 |
32,722 |
112,544 |
-38.94 |
|
Employee costs |
64,846 |
3.83 |
62,452 |
-0.08 |
62,500 |
125,946 |
-48.51 |
|
Wages and salary |
53,173 |
3.27 |
51,490 |
3.29 |
49,848 |
105,550 |
-49.62 |
|
Employee pension costs |
- |
- |
- |
- |
- |
14,428 |
- |
|
Social security contributions |
11,393 |
9.42 |
10,413 |
-4.14 |
10,863 |
26,656 |
-57.26 |
|
Other employee costs |
280 |
-48.98 |
549 |
-69.30 |
1,789 |
4,336 |
-93.54 |
|
Amortization and depreciation |
37,964 |
36.11 |
27,891 |
102 |
13,793 |
17,814 |
113 |
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 |
1,568 |
-100 |
|
Tangible
fixed assets |
667,066 |
8.00 |
617,641 |
587 |
89,784 |
184,617 |
261 |
|
Land
& building |
579,087 |
-2.90 |
596,395 |
853 |
62,520 |
363,684 |
59.23 |
|
Plant
& machinery |
32,479 |
473 |
5,665 |
-33.26 |
8,488 |
22,596 |
43.74 |
|
Furniture
& Vehicles |
55,499 |
256 |
15,581 |
-17.01 |
18,775 |
17,295 5,364 |
220 |
|
Leasing
& Other Similar Rights |
- |
- |
- |
- |
- |
142,153 32,369 |
- |
|
Other
tangible assets |
0 |
- |
0 |
- |
0 |
7,573 |
-100 |
|
Financial
fixed assets |
372 |
0 |
372 |
-99 |
504,583 |
306,282 |
-99 |
|
Total
fixed assets |
667,437 |
8.00 |
618,013 |
3.98 |
594,367 |
394,480 |
69.19 |
|
Inventories |
5,069,481 |
33.78 |
3,789,400 |
20.17 |
3,153,245 |
3,094,786 |
63.81 |
|
Raw
materials & consumables |
- |
- |
1,598,984 |
54.61 |
1,034,173 |
7,209,884 |
- |
|
Work
in progress |
0 |
- |
0 |
- |
0 |
2,380 |
-100 |
|
Finished
goods |
5,069,481 |
131 |
2,190,416 |
3.37 |
2,119,072 |
1,990,653 |
154 |
|
Other
stocks |
0 |
- |
0 |
- |
0 |
568,485 |
-100 |
|
Trade
debtors |
14,137,177 |
-27.17 |
19,410,598 |
28.39 |
15,118,190 |
4,230,636 |
234 |
|
Cash |
37,848 |
-79.49 |
184,565 |
-91.90 |
2,279,338 |
226,789 |
-83.31 |
|
other
amounts receivable |
191,243 |
44.77 |
132,105 |
122 |
59,406 |
208,673 |
-8.35 |
|
Miscellaneous
current assets |
27,967 |
52.51 |
18,338 |
-66.26 |
54,350 |
18,199 |
53.67 |
|
Total
current assets |
19,463,716 |
-17.30 |
23,535,006 |
13.89 |
20,664,529 |
7,306,971 |
166 |
|
Total
Assets |
20,131,154 |
-16.65 |
24,153,019 |
13.61 |
21,258,896 |
7,661,299 1,449,923 |
162 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Trade
creditors |
7,495,719 |
-40.81 |
12,664,451 |
16.07 |
10,911,327 |
3,138,282 |
138 |
|
Short
term group loans |
- |
- |
- |
- |
- |
- |
- |
|
Financial
debts |
8,190,239 |
14.85 |
7,131,323 |
3.38 |
6,898,494 |
4,280,807 189,666 |
91.32 |
|
Current
portion of long term debt |
35,074 |
63.87 |
21,404 |
196 |
7,216 |
110,204 15,373 |
-68.17 |
|
Amounts
Payable for Taxes, Remuneration & Social Security |
16,041 |
-80.07 |
80,471 |
141 |
33,298 |
9,727 - |
-52.81 |
|
Miscellaneous
current liabilities |
46,343 |
1189 |
3,594 |
-99 |
382,043 |
-84.42 |
— |
|
Total
current liabilities |
15,783,415 |
-20.69 |
19,901,243 |
9.15 |
18,232,378 |
5,447,054 |
189 |
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
Long
term group loans |
- |
- |
- |
- |
- |
- |
— |
|
Other
long term loans |
31,745 |
17.99 |
26,905 |
130 |
11,687 |
-97.15 |
— |
|
Deffered
taxes |
- |
- |
- |
- |
- |
37,626 26,358 |
- |
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
3,158 0 |
-100 |
|
Other
long term liabilities |
986,180 |
-1.85 |
1,004,770 |
- |
0 |
127,681 |
672 |
|
Total
long term debts |
1,017,925 |
-1.33 |
1,031,675 |
8727 |
11,687 |
561,152 |
81.40 |
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Issued
share capital |
1,936,000 |
0 |
1,936,000 |
0 |
1,936,000 |
966,279 |
100 |
|
Share
premium account |
- |
- |
- |
- |
- |
109,362 |
- |
|
Reserves |
1,393,813 |
8.54 |
1,284,100 |
19.03 |
1,078,831 |
651,363 |
113 |
|
Revaluation
reserve |
- |
- |
- |
- |
- |
939,206 |
- |
|
Total
shareholders equity |
3,329,813 |
3.41 |
3,220,100 |
6.81 |
3,014,831 |
1,647,067 |
102 |
|
Working
capital |
3,680,301 |
1.28 |
3,633,763 |
49.41 |
2,432,152 |
1,859,917 |
97.87 |
|
Cashflow |
147,677 |
-36.66 |
233,160 |
57.31 |
148,219 |
21,265 |
594 |
|
Net
worth |
3,329,813 |
3.41 |
3,220,100 |
6.81 |
3,014,831 |
1,643,849 |
102 |
Ratio Analysis
|
Annual
accounts |
31-12-2012 |
change(%) |
31-12-2011 |
change(%) |
31-12-2010 |
Industry
average 2012 |
% |
|
TRADING PERFORMANCE |
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.24 |
-38.46 |
0.39 |
25.81 |
0.31 |
-29,00 |
0.83 |
|
Return
on capital employed |
2.63 |
-57.58 |
6.20 |
27.31 |
4.87 |
29,00 |
-90.93 |
|
Return
on total assets employed |
0.57 |
-47.71 |
1.09 |
57.97 |
0.69 |
-200,00 |
0.28 |
|
Return
on net assets employed |
3.44 |
-58.00 |
8.19 |
67.48 |
4.89 |
19,00 |
-81.89 |
|
Sales
/ net working capital |
12.87 |
-30.84 |
18.61 |
-4.32 |
19.45 |
44,00 |
-99 |
|
Stock
turnover ratio |
10.71 |
91.25 |
5.60 |
-16.04 |
6.67 |
116,00 |
-90.77 |
|
Debtor
days |
108.97 |
4.03 |
104.75 |
-10.20 |
116.65 |
143,00 |
-23.80 |
|
Creditor
days |
58.56 |
-15.17 |
69.03 |
-19.38 |
85.62 |
125,00 |
-53.15 |
|
SHORT TERM STABILITY |
|
|
|
|
|
|
|
|
Current
ratio |
1.23 |
4.24 |
1.18 |
4.42 |
1.13 |
6,00 |
-86.33 |
|
Liquidity
ratio / acid ratio |
0.91 |
-8.08 |
0.99 |
3.12 |
0.96 |
4,00 |
-77.25 |
|
Current
debt ratio |
4.74 |
-23.30 |
6.18 |
2.15 |
6.05 |
9,00 |
-47.33 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM STABILITY |
|
|
|
|
|
|
|
|
Gearing |
247.97 |
11.22 |
222.96 |
-2.83 |
229.45 |
357,00 |
-30.54 |
|
Equity
in percentage |
16.54 |
24.08 |
13.33 |
-5.99 |
14.18 |
-3.182,00 |
0.52 |
|
Total
debt ratio |
5.05 |
-22.31 |
6.50 |
7.44 |
6.05 |
11,00 |
-54.09 |
Industry comparison
|
Activity code |
46761 |
|
Activity description |
Wholesaler of diamonds and other precious stones |
Payment expectations
|
Payment expectation days |
58.56 |
|
Day sales outstanding |
108.97 |
Industry comparison
|
Activity code |
46761 |
|
Activity description |
Wholesaler
of diamonds and other precious stones |
|
Industry average payment expectation days |
163.90 |
|
Industry average day sales outstanding |
125.21 |
Industry
quartile analysis
|
Payment expectations |
|
|
Company result |
58.56 |
|
Lower |
133.37 |
|
Median |
84.62 |
|
Upper |
45.55 |
|
Day Sales
Outstanding |
|
|
Company result |
108.97 |
|
Lower |
108.80 |
|
Median |
58.49 |
|
Upper |
28.11 |
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
NSSO details
Business number 424588695
Bankruptcy details
There is no bankruptcy data against this
company
Bankruptcy Data
Court Data
there
is no data for this company
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.59.79 |
|
UK Pound |
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.