MIRA INFORM REPORT

 

 

Report Date :

06.06.2014

 

IDENTIFICATION DETAILS

 

Name :

JEWEL GOLDI BVBA

 

 

Registered Office :

Hoveniersstraat 30 2018 Antwerpen

 

 

Country :

Belgium

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.11.2003

 

 

Com. Reg. No.:

861938733

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesale of diamonds and other precious stones

 

 

No. of Employees :

Not Available

 

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 :

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 31st, 2014

 

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 and address

 

Business number         861938733

Company name            JEWEL GOLDI BVBA

Address                       HOVENIERSSTRAAT

30

2018 ANTWERPEN

 

Number of staff            0

Date of establishment 13/11/2003

Telephone number       0474519909

Fax number                  034011920

 

 

Commentary

 

The business was established over 10 years ago.

No employees are recorded for this business.

The business has been at the address for over 10 years.

Net Worth increased by 165% during the latest trading period.

A 59% decline in Total Assets occurred during the latest trading period.

 

 

Accounts

 

DATE OF LATEST ACCOUNTS

TURNOVER

PROFIT BEFORE TAX

NET WORTH

WORKING CAPITAL

31/12/2012

15,429,730

33,296

423,680

1,023,583

31/12/2011

24,394,830

52,499

159,494

772,127

31/12/2010

21,921,141

45,679

115,926

114,816

 

DATE OF LATEST ACCOUNTS

BALANCE TOTAL

NUMBER OF EMPLOYEES

CAPITAL

CASHFLOW

31/12/2012

3,158,417

0

255,380

29,530

31/12/2011

7,826,025

0

18,600

44,428

31/12/2010

6,720,160

0

18,600

29,209

 

 

Payment expectations

 

Past payments

 

Payment expectation days 30.48

Industry average payment expectation days

167.34

Industry average day sales 121.35

outstanding

Day sales outstanding

44.10

 

 

Company information

 

Business number

861938733

Company name

JEWEL GOLDI BVBA

Fax number

034011920

Date founded

13/11/2003

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.0861.938.733

Belgian Bullettin of Acts Publications

moniteur belge

 

 

 

 

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

15,429,730

36.75

24,394,830

11.28

21,921,141

46,632,531

66.91

 

Total operating expenses

15,238,978

36.99

24,186,576

11.05

21,779,630

46,240,618

67.04

 

Operating result

190,752

-8.40

208,254

47.16

141,511

147,817

29.05

 

Total financial income

111

3102

3

114

2

97,084

-99

 

Total financial expenses

157,566

1.16

155,759

62.53

95,834

203,915

22.73

 

Results on ordinary operations before taxation

33,296

36.58

52,499

14.93

45,679

32,736

1.71

 

Taxation

5,891

34.04

8,931

46.52

16,700

20,918

71.84

 

Results on ordinary operations after taxation

27,406

37.10

43,568

50.35

28,979

17,844

53.59

 

Extraordinary items

0

-

0

-

0

-4,553

0

 

Other appropriations

0.00

-

0.00

-

0.00

-

-

 

Net result

27,406

37.10

43,568

50.35

28,979

13,309

105

 

OTHER INFORMATION

 

Dividends

-

-

-

-

-

172,177

-

 

Director remuneration

-

-

-

-

-

114,302

-

 

Employee costs

-

-

612

475

106

126,646

-

 

Wages and salary

-

-

-

-

-

106,139

-

 

Employee pension costs

-

-

-

-

-

14,428

-

 

Social security contributions

-

-

-

-

-

26,753

-

 

Other employee costs

0

-100

612

475

106

4,402

-100

 

Amortization and depreciation

2,124

147

860

273

230

17,955

88.17

 

back to top

 

 

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

1,570

-100

 

Tangible fixed assets

6,433

13.80

5,653

409

1,110

184,414

96.51

 

Land & building

-

-

-

-

-

359,608

-

 

Plant & machinery

4,936

31.30

3,760

238

1,110

22,793

78.34

 

Furniture & Vehicles

1,497

20.95

1,893

-

-

17,438 5,418

91.42

 

Leasing & Other Similar Rights

-

-

-

-

-

142,153 32,369

-

 

Other tangible assets

0

-

0

-

0

7,711

-100

 

Financial fixed assets

-

-

-

-

-

294,763

-

 

Total fixed assets

6,433

13.80

5,653

409

1,110

387,230

98.34

 

Inventories

621,741

41.69

438,795

69.20

1,424,465

3,092,433

79.89

 

Raw materials & consumables

-

-

-

-

-

7,209,884

-

 

Work in progress

0

-

0

-

0

2,426

-100

 

Finished goods

621,741

41.69

438,795

69.20

1,424,465

1,981,611

68.62

 

Other stocks

0

-

0

-

0

574,617

-100

 

Trade debtors

1,864,116

72.88

6,874,194

36.54

5,034,524

4,172,397

55.32

 

Cash

661,846

33.17

496,999

92.60

258,052

226,713

191

 

other amounts receivable

4,228

59.28

10,384

416

2,009

184,589

97.71

 

Miscellaneous current assets

54

-

0

-

0

17,803

-99

 

Total current assets

3,151,984

59.70

7,820,372

16.39

6,719,049

7,222,269

56.36

 

Total Assets

3,158,417

59.64

7,826,025

16.46

6,720,160

7,577,514

1,453,566

58.32

 

CURRENT LIABILITIES

 

Trade creditors

1,272,472

60.32

3,206,686

4.54

3,067,311

3,066,773

58.51

 

Short term group loans

-

-

-

-

-

-

-

 

Financial debts

731,810

79.05

3,493,619

34.73

2,593,097

4,242,556 192,320

82.75

 

Current portion of long term debt

-

-

-

-

-

108,079 15,346

-

 

Amounts Payable for Taxes, Remuneration & Social Security

3,339

284

868

88.08

7,282

9,423 -

90.15

 

Miscellaneous current liabilities

120,780

65.20

347,071

62.94

936,544

-59.69

- -

 

Total current liabilities

2,128,401

69.80

7,048,245

6.72

6,604,234

5,360,460

60.29

 

LONG TERM DEBTS AND LIABILITIES

 

Long term group loans

-

-

-

-

-

-

- -

 

Other long term loans

606,336

-1.93

618,286

-

-

-44.85

- -

 

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

606,336

-1.93

618,286

-

0

562,577

7.78

 

SHAREHOLDERS EQUITY

 

Issued share capital

255,380

1273

18,600

0

18,600

911,094

-

 

 

 

 

 

 

 

 

71.97

 

 

Share premium account

-

-

-

-

-

109,362

-

 

Reserves

168,300

19.45

140,894

44.77

97,326

699,735

75.95

 

Revaluation reserve

-

-

-

-

-

968,672

-

 

Total shareholders equity

423,680

165

159,494

37.58

115,926

1,640,673

74.18

 

Working capital

1,023,583

32.57

772,127

572

114,816

1,861,809

45.02

 

Cashflow

29,530

33.53

44,428

52.11

29,209

28,110

5.05

 

 

Net worth

423,680

165

159,494

37.58

115,926

1,637,427

74.13

 

 

ratio analysis

 

 

Annual accounts

31-12-2012

change(%)

31-12-2011

change(%)

31-12-2010

Industry average 2012

%

 

TRADING PERFORMANCE

 

 

 

 

 

 

 

 

Profit Before Tax

0.22

0

0.22

4.76

0.21

-26,00

0.85

 

Return on capital employed

3.23

-52.15

6.75

-82.87

39.40

29,00

-88.86

 

Return on total assets employed

1.05

56.72

0.67

-1.47

0.68

-203,00

0.52

 

Return on net assets employed

7.86

-76.12

32.92

-16.45

39.40

19,00

-58.63

 

Sales / net working capital

15.07

-52.30

31.59

-83.45

190.92

45,00

-99

 

Stock turnover ratio

4.03

123

1.80

-72.31

6.50

111,00

-96.37

 

Debtor days

44.10

-57.12

102.85

22.69

83.83

133,00

-66.84

 

Creditor days

30.48

-37.01

48.39

-5.86

51.40

122,00

-75.02

 

SHORT TERM STABILITY

 

Current ratio

1.48

33.33

1.11

8.82

1.02

7,00

-83.56

 

Liquidity ratio / acid ratio

1.19

13.33

1.05

31.25

0.80

4,00

-70.25

 

Current debt ratio

5.02

-88.64

44.19

-22.43

56.97

9,00

-44.22

 

Liquidity ratio reprocessed

-

-

-

-

-

-

-

 

LONG TERM STABILITY

 

Gearing

315.84

-87.75

2578.09

15.26

2236.85

363,00

-12.99

 

Equity in percentage

13.41

557

2.04

17.92

1.73

-3.247,00

0.41

 

Total debt ratio

6.45

-86.58

48.07

-15.62

56.97

11,00

-41.36

 

 

Industry comparison

 

Activity code

46761

Activity description

Wholesale of diamonds and other precious stones

industry average credit rating

64.48

Industry average credit limit

140177.31

 

Payment expectations

 

Amount

-

Details

-

Payment expectations

Payment expectation days

30.48

Day sales outstanding

44.10

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

30.48

Lower

134.58

Median

84.93

Upper

45.17

 

 

Day sales outstanding

Company result

44.10

Lower

112.48

Median

58.70

Upper

28.11

 

 

 

Summary

 

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

 

 

NSSO details

Business number 861938733

 

Bankruptcy details

There is no bankruptcy data against this company

 

Court Data

There is no data for this company

 

 

Current director details

 

Name

GIRISHKUMAR HARILAL PATEL

Position

Principal Manager

Start Date

01/10/2009

Street

22 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

GIRISHKUMAR HARILAL PATEL

Position

Director

Start Date

01/10/2009

Street

22 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

DINESH VASARAMBHAI NAROLA

Position

Legal Representative

Start Date

13/11/2003

Street

12 QUINTEN MATSIJSLEI ANTWERPEN

Post code

2018

Country

Belgium

 

Name

GIRISHKUMAR PATEL

Position

Principal Manager

Start Date

01/10/2009

 

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.59.30

UK Pound

1

Rs.99.34

Euro

1

Rs.80.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.