MIRA
INFORM REPORT
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Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AKASH DIAMONDS BVBA |
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Registered Office : |
Hoveniersstraat 2 2018 Antwerpen |
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Country : |
Belgium |
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Date of Incorporation : |
20.11.2012 |
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Com. Reg. No.: |
500940167 |
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Legal Form : |
Private Limited Company |
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Line of business : |
Wholesaler of diamonds and other precious stones |
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No. of Employees : |
Not Available |
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 : |
Unknown |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 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
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Source
: CIA |
REGISTERED NAME & COMPANY SUMMARY
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Business number |
500940167 |
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Company name |
AKASH DIAMONDS BVBA |
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Address |
HOVENIERSSTRAAT 2 2018 ANTWERPEN |
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Date of establishment |
20/11/2012 |
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Telephone number |
0491280531 |
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Business number |
500940167 |
Company name |
AKASH DIAMONDS BVBA |
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Fax number |
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Date founded |
20/11/2012 |
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Company status |
Active |
Company type |
Private Limited Company (BL/LX) |
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Currency |
Euro (€) |
Date of latest accounts |
- |
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Activity code |
46761 |
Liable for VAT |
Yes |
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Activity description |
Wholesaler of diamonds and other precious stones |
VAT Number |
BE.0500.940.167 |
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Belgian Bullettin of Acts Publications |
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DIRECTORS/MANAGEMENT
Current director
details
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Name |
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Position |
Principal Manager |
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Start Date |
20/11/2012 |
SHARE & SHARE CAPITAL INFORMATION
Minority Shareholders
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No minority shareholders found |
Minority Interests
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No minority interests found |
PAYMENT INFORMATION
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Past payments |
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Payment expectation days |
- |
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Industry average payment expectation days |
166.73 |
Industry average day sales outstanding |
121.16 |
Industry comparison
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Activity code |
46761 |
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Activity description |
Wholesaler of diamonds and other precious stones |
Suspension of payments / moratorium history
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Amount |
- |
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Details |
- |
Payment expectations
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Payment expectation days |
- |
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Day sales outstanding |
- |
Industry comparison
|
Activity code |
46761 |
|
Activity description |
Wholesaler of diamonds and other precious stones |
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Industry average payment expectation days |
166.73 |
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Industry average day sales outstanding |
121.16 |
Industry quartile analysis
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Payment expectations |
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Company result |
- |
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Lower |
134.36 |
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Median |
84.60 |
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Upper |
45.29 |
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Day sales outstanding |
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Company result |
- |
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Lower |
113.11 |
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Median |
59.01 |
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Upper |
28.58 |
GROUP STRUCTURE & AFFILIATED COMPANIES
Summary
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Group - Number of Companies |
0 |
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Linkages - Number of Companies |
0 |
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Number of Countries |
0 |
Group Structure
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No group structure for this company. |
FINANCIAL INFORMATION
There are no accounts on file for this company
ADDITIONAL INFORMATION
Personnel (NSSO
classification)
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Code |
- |
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Description |
- |
Joint Industrial
Committee (JIC)
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Comparison mode |
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NOTES & COMMENTS
Commentary
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No employees are recorded for this business. |
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The business has been at the address for over 14 months. |
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There has been no significant change in the business's credit limit. |
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The credit rating for this business has increased from 24 to 29. |
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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.59.30 |
|
|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.