MIRA INFORM REPORT

 

 

Report Date :

23.07.2014

 

IDENTIFICATION DETAILS

 

Name :

AGEM JEWELS BVBA

 

 

Registered Office :

Frankrijklei 33 2000 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

29.10.1992

 

 

Com. Reg. No.:

448567590

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler of watches and jewellery

 

 

No. of Employees :

01 (31.12.2012)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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

 

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                     448567590

Company name                       AGEM JEWELS BVBA

Address                                    FRANKRIJKLEI 33

2000 ANTWERPEN

Number of staff                        01 (31.12.2012)

Date of establishment              29/10/1992

Fax number                             032328576

 

 

Commentary

 

The business was established over 21 years ago.

 

The business has 1 employees.

 

The business has been at the address for over 3 years.

 

The business has changed address 1 times in the last year.

 

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

 

-783

6,954

6,954

31/12/2011

 

-3,945

7,736

7,736

31/12/2010

 

-23,097

11,681

11,681

 

Accounts

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

-

1

18,550

-783

31/12/2011

-

0

18,550

-3,945

31/12/2010

-

0

18,550

-15,264

 

 

Payment expectations

 

 

 

 

 

Past payments

 

Payment expectation days

-

Industry average payment

165.03

Industry average day sales

570.77

expectation days

 

outstanding

 

Day sales outstanding

-

Court data summary

BANKRUPTCY DETAILS

Court action type

no

PROTESTED BILLS

Bill amount

-

NSSO DETAILS

Date of summons

-

 

 

Company information

 

Business number

448567590

Company name

AGEM JEWELS BVBA

Fax number

032328576

Date founded

29/10/1992

Company status

active

Company type

Private Limited Company (BL/LX)

Currency

Euro (€)

Date of latest accounts

31/12/2012

Activity code

46480

liable for VAT

yes

Activity description

Wholesaler of watches and jewellery

VAT Number

BE.0448.567.590

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

Significant

 

Events

Event Date

29/09/2010

Event Description

proposal to change address filed

 

           

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

-

-

-

-

-

1,734,124

-

Total operating expenses

-

-

-

-

-

1,650,217

-

Operating result

-727

18.62

-3,904

16.92

-23,073

28,111

-102

Total financial income

-

-

-

-

-

21,791

-

Total financial expenses

56

36.55

41

70.75

24

18,044

-99

Results on ordinary operations before taxation

-783

19.84

-3,945

17.08

-23,097

28,343

-102

Taxation

-

-

-

-

-

18,027

-

Results on ordinary operations after taxation

-783

19.84

-3,945

17.08

-23,097

17,354

-104

Extraordinary items

0

-

0

-100

7,834

-18,435

0

Other appropriations

0.00

-

0.00

-

0.00

-

-

Net result

-783

19.84

-3,945

25.84

-15,264

-1,008

77.65

OTHER INFORMATION

Dividends

-

-

-

-

-

250,394

-

Director remuneration

-

-

-

-

-

160,802

-

Employee costs

-

-

-

-

-

200,028

-

Wages and salary

-

-

-

-

-

153,924

-

Employee pension costs

-

-

-

-

-

405

-

Social security contributions

-

-

-

-

-

45,039

-

Other employee costs

0

-

0

-

0

5,644

-100

Amortization and depreciation

-

-

-

-

-

19,302

-

 

 

balance sheet

 

Annual accounts

31-12­2012

%

31-12­2011

%

31-12­2010

Industry average 2012

%

Weeks

52

 

52

 

52

 

 

Currency

EUR

 

EUR

 

EUR

 

 

Intangible fixed assets

0

-

0

-

0

2,905

-100

Tangible fixed assets

-

-

-

-

-

159,527

-

Land & building

-

-

-

-

-

327,486

-

Plant & machinery

-

-

-

-

-

15,964

-

Furniture & Vehicles

-

-

-

-

-

19,065 6,849

-

Leasing & Other Similar Rights

-

-

-

-

-

25,266 11,978

-

Other tangible assets

0

-

0

-

0

6,953

-100

Financial fixed assets

-

-

-

-

-

257,179

-

Total fixed assets

-

-

-

-

-

297,005

-

Inventories

-

-

-

-

-

380,586

-

Raw materials & consumables

-

-

-

-

-

318,586

-

Work in progress

0

-

0

-

0

55

-100

Finished goods

0

-

0

-

0

61,268

-100

Other stocks

0

-

0

-

0

217,821

-100

Trade debtors

0

-

0

-

0

196,313

-100

Cash

6,725

13.06

7,735

19.84

9,650

77,330

91.30

other amounts receivable

306

9.85

278

88.06

2,331

65,454

-99

Miscellaneous current assets

0

-

0

-

0

9,756

-100

Total current assets

7,031

12.26

8,013

33.12

11,981

626,583

98.88

Total Assets

7,031

12.26

8,013

33.12

11,981

882,026

228,822

-99

CURRENT LIABILITIES

Trade creditors

77

72.20

277

-

-

242,006

-99

Short term group loans

-

-

-

-

-

-

-

Financial debts

-

-

-

-

-

209,894 16,822

-

Current portion of long term debt

-

-

-

-

-

54,619 13,556

-

Amounts Payable for Taxes, Remuneration & Social Security

-

-

-

-

-

8,224 -

-

Miscellaneous current liabilities

0

-

0

-100

300

-100

- -

Total current liabilities

77

72.20

277

-7.67

300

474,309

-99

LONG TERM DEBTS AND LIABILITIES

Long term group loans

-

-

-

-

-

-

- -

Other long term loans

-

-

-

-

-

-

- -

Deffered taxes

-

-

-

-

-

58,570 29,464

-

Provisions for Liabilities & Charges

0

-

0

-

0

7,174 0

-100

Other long term liabilities

0

-

0

-

0

27,894

-100

Total long term debts

0

-

0

-

0

151,736

-100

SHAREHOLDERS EQUITY

Issued share capital

18,550

0

18,550

0

18,550

172,423

89.24

Share premium account

-

-

-

-

-

228,155

-

Reserves

-11,596

-7.24

-10,814

57.43

-6,869

76,056

-115

Revaluation reserve

-

-

-

-

-

110,754

-

Total shareholders equity

6,954

10.12

7,736

33.77

11,681

254,140

97.26

Working capital

6,954

10.12

7,736

33.77

11,681

152,274

95.43

Cashflow

-783

19.84

-3,945

25.84

-15,264

14,023

-105

Net worth

6,954

10.12

7,736

33.77

11,681

251,235

97.23

 

 

ratio analysis

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

TRADING PERFORMANCE

 

 

 

 

 

 

 

Profit Before Tax

-

-

-

-

-

-186,00

-

Return on capital employed

-11.26

22.08

-50.99

25.79

-197.73

401,00

-102

Return on total assets employed

-11.13

22.61

-49.23

25.54

-192.78

-6,00

-85.50

Return on net assets employed

-11.26

22.08

-50.99

25.79

-197.73

404,00

-102

Sales / net working capital

-

-

-

-

-

31,00

-

Stock turnover ratio

-

-

-

-

-

1.155,00

-

Debtor days

-

-

-

-

-

920,00

-

Creditor days

-

-

-

-

-

306,00

-

SHORT TERM STABILITY

Current ratio

91.31

215

28.93

-27.57

39.94

47,00

-11.35

Liquidity ratio / acid ratio

91.31

215

28.93

-27.57

39.94

44,00

107

Current debt ratio

0.01

-75.00

0.04

33.33

0.03

103,00

-99

Liquidity ratio reprocessed

-

-

-

-

-

-

-

LONG TERM STABILITY

Gearing

-

-

-

-

-

236,00

-

Equity in percentage

98.90

2.44

96.54

-0.98

97.50

-167,00

59.22

Total debt ratio

0.01

-75.00

0.04

33.33

0.03

103,00

-99

 

 

Industry comparison

 

Activity code

46480

Activity description

Wholesaler of watches and jewellery

 

 

Industry comparison

 

Industry comparison

Activity code

46480

Activity description

Wholesaler of watches and jewellery

Industry average payment expectation days

165.03

Industry average day sales outstanding

570.77

Industry quartile analysis

Payment expectations

Company result

-

Lower

113.11

Median

44.18

Upper

12.51

 

 

Day sales outstanding

Company result

-

Lower

106.72

Median

48.06

Upper

14.90

 

 

Shareholder Details

 

SHAREHOLDER NAME

Forename

Urbain

Middle name

-

Surname

WYSMANTEL

 

 

SHAREHOLDER DETAILS

Start date

08/04/1997(estimated)

End date

-

Percentage owned

6%

 

 

SHAREHOLDER ADDRESS

Street name

De Kluis

House number

39

Minor town

's Gravenwezel

Postal town

Schilde

Post code

2970

Country

Belgium

 

 

SHAREHOLDER NAME

Forename

Jozef

Middle name

-

Surname

WYSMANTEL

 

 

SHAREHOLDER DETAILS

Start date

08/04/1997(estimated)

End date

-

Percentage owned

16%

 

SHAREHOLDER ADDRESS

Street name

-

House number

-

Minor town

-

Postal town

-

Post code

-

Country

-

 

 

NSSO details

 

Business number

448567590

 

Bankruptcy detail

There is no bankruptcy data against this company

 

court data

there is no data for this company

 

 

Director details

 

Name

HENRI POMERANZ

Position

Non Statutory Partner

Start Date

03/09/2013

 

Name

HENRI POMERANZ

Position

Principal Manager

Start Date

03/09/2013

 

 

 

 

 

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.60.23

UK Pound

1

Rs.102.86

Euro

1

Rs.81.44

 

 

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.