MIRA INFORM REPORT

 

 

Report Date :

05.06.2014

 

IDENTIFICATION DETAILS

 

Name :

HELICS GEMB BVBA

 

 

Registered Office :

Hoveniersstraat 30, 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.05.2012

 

 

Com. Reg. No.:

845843067

 

 

Legal Form :

Private Limited Company (BL/LX)

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

Not Available

 

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 :

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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 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 summary

 

Business number                     845843067

Company name                        HELICS GEMB BVBA

Address                                   HOVENIERSSTRAAT 30

2018 ANTWERPEN

Number of staff                        0

Date of establishment               07/05/2012

Telephone number                   0489889077

 

 

Commentary

 

No employees are recorded for this business.

The business has been at the address for over 19 months.

 

 

Accounts

DATE OF LATEST ACCOUNTS       TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

 

31/12/2012                                           1,752,876

10,248

25,478

24,240

 

Accounts

DATE OF LATEST ACCOUNTS      BALANCE

                                                             TOTAL               

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

 

31/12/2012                                          46,474

0

1 8,600

6,964

 

 

Payment expectations

 

Past payments                                                                        Payment expectation days        3.67

Industry average payment

expectation days                      165.08                                      Industry average day sales

outstanding                              126.18

Day sales outstanding 2.08

 

Court data summary

BANKRUPTCY DETAILS

Court action type                      no

PROTESTED BILLS

Bill amount                              -

NSSO DETAILS

Date of summons                     –

 

 

Company information

 

Business number

845843067

Company name

HELICS GEMB BVBA

 

Fax number

 

Date founded

07/05/2012

 

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.0845.843.067 Check VAT number

 

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

 

Joint Industrial Committee (JIC)

 

Significant Events

Event Date                    07/11/2013

Event Description         resignation-appointment of director(s)

Event Details                Commentaar 07-11-2013: Ontslag van Jogani Chirag als zaakvoerder vanaf 31/12/2013.

Benoeming van Shah Hiren als nieuwe zaakvoerder vanaf 01/01/2014.

 

 

Profit & loss

 

Annual accounts                      31-12-2012        %         %        Industry average          %

Weeks                                      34                     -           -

Currency                                   EUR                 -          -

Turnover                                   1,752,876          -          -          -           - -                    -

Total operating expenses           1,741,379          -           -           -           - -                     -

Operating result                         11,497              -          -          -           - -                     -

Total financial income                0                      -          -           -           - -                     -

Total financial expenses            1,249                -          -          -           - -                     -

Results on ordinary operations

before taxation                          10,248              -           -          -          - -                     -

Taxation                                    3,370                -          -          -           - -                     -

Results on ordinary operations

after taxation                             6,878                -          -          -           - -                     -          

Extraordinary items                   0                      -           -          -           - -                     -

Other appropriations                  0.00                  -           -          -          - -                     -

Net result                                  6,878                -          -           -           - -                    -

OTHER INFORMATION

Gross Operating Margin             11,582              -          -           -          - -                     -

Dividends                                 -                       -          -           -          - -                     -

Director remuneration                -                         -         -           -          - -                     -

Employee costs                        -                          -        -           -          - -                     -

Wages and salary                      –                      -           -           -          - -                     -

Employee pension costs           -                       -           -           -          - -                     -

Social security contributions      -                       -           -           -          - -                     -

Other employee costs               0                      -           -          -           - -                     -

Amortization and depreciation    86                     -           -           -           - -                     -

 

 

balance sheet

 

Annual accounts

31-12-2012

% %

Industry average %

Weeks

34

-    -  -    - -

-

Currency

EUR

-    -  -    - -

-

Intangible fixed assets

0

-    -  -    - -

-

Tangible fixed assets

1,237

-    -  -    - -

-

Land & building

-

-    -  -    - -

-

Plant & machinery

1,237

-    -  -    - -

-

Furniture & Vehicles

-

-    -  -    - -

-

Leasing & Other Similar Rights

-

-    -  -    - -

-

Other tangible assets

0

-    -  -    - -

-

Financial fixed assets

-

-    -  -    - -

-

Total fixed assets

1,237

-    -  -    - -

-

Inventories

-

-    -  -    - -

-

Raw materials & consumables

-

-    -  -    - -

-

Work in progress

0

-    -  -    - -

-

Finished goods

0

-    -  -    - -

-

Other stocks

0

-    -  -    - -

-

Trade debtors

10,000

-    -  -    - -

-

Cash

19,233

-    -  -    - -

-

other amounts receivable

1,520

-    -  -    - -

-

Miscellaneous current assets

14,483

-    -  -    - -

-

Total current assets

45,236

-    -  -    - -

-

Total Assets

46,474

-    -  -    - -

-

CURRENT LIABILITIES

 

 

 

Trade creditors

17,508

-    -  -    - -

-

Short term group loans

-

-    -  -    - -

-

Financial debts

-

-    -  -    -  - -

-

Current portion of long term debt

-

-    -  -    -  - -

-

Amounts Payable for Taxes, Remuneration & Social Security

3,488

-    -  -    -  - -

-

Miscellaneous current liabilities

0

-    -  -    - -

- -

Total current liabilities

20,996

-    -  -    - -

-

LONG TERM DEBTS AND LIABILITIES

 

 

 

Long term group loans

-

-    -  -    - -

- -

Other long term loans

-

-    -  -    - -

- -

Deffered taxes

-

-    -  -    -  - -

-

Provisions for Liabilities & Charges

0

-    -  -    -  - -

-

Other long term liabilities

0

-    -  -    - -

-

Total long term debts

0

-    -  -    - -

-

SHAREHOLDERS EQUITY

 

 

 

Issued share capital

18,600

-    -  -    - -

-

Share premium account

-

-    -  -    - -

-

Reserves

6,878

-    -  -    - -

-

Revaluation reserve

-

-    -  -    - -

-

Total shareholders equity

25,478

-    -  -    - -

-

Working capital

24,240

-    -  -    - -

-

Cashflow

6,964

-    -  -    - -

-

Net worth

25,478

-    -  -    - -

-

 

 

ratio analysis

 

Annual accounts

TRADING PERFORMANCE

31-12-2012     change(%)         change(%)         Industry average %

Profit Before Tax

0.58              -                                     -   -                  -   - -

Return on capital employed

40.22             -                                    -   -                  -   - -

Return on total assets employed

22.05             -                                    -   -                  -   - -

Return on net assets employed

40.22             -                                      -   -                  -   - -

Sales / net working capital

72.31             -                                      -   -                  -   - -

Stock turnover ratio

-                   -                                          -   -                  -   - -

Debtor days

2.08               -                                       -   -                   -   - -

Creditor days

3.67               -                                      -   -                   -   - -

SHORT TERM STABILITY

 

Current ratio

2.15              -                                       -   -                  -   - -

Liquidity ratio / acid ratio

2.15              -                                       -   -                  -   - -

Current debt ratio

0.82              -                                       -   -                  -   - -

Liquidity ratio reprocessed

LONG TERM STABILITY

-

 

Gearing

-                    -                                       -   -                   -   - -

Equity in percentage

54.82             -                                       -   -                  -   - -

Total debt ratio

0.82              -                                         -   -                  -   - -

 

 

Payment Information

 

Payment expectations

Payment expectation days        3.67

Day sales outstanding 2.08

 

Industry comparison

Activity code                            46761

Activity description                  Wholesale of diamonds and other precious stones

Industry average payment

expectation days                      165.08

Industry average day sales

Outstanding                             126.18

Industry quartile analysis

Payment expectations

Company result                        3.67

Lower                                       134.13

Median                                     84.93

Upper                                       45.55

 

Day sales outstanding

Company result                        2.08

Lower                                       110.17

Median                                     59.01

Upper                                       28.11

 

 

Shareholder Details

 

Group Structure

No group structure for this company.

 

Minority Shareholders

No minority shareholders found

 

Minority Interests

No minority interests found

 

 

Court data

 

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.59.34

UK Pound

1

Rs.99.18

Euro

1

Rs.80.76

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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.