|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
DENIM BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 2, 2018 Antwerpen |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.04.1986 |
|
|
|
|
Com. Reg. No.: |
428704366 |
|
|
|
|
Legal Form : |
Private Limited Company (BL/LX) |
|
|
|
|
Line of Business : |
Wholesale of diamonds and other precious stones |
|
|
|
|
No. of Employees : |
1 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 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 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 |
Business number
428704366
Company name DENIM BVBA
Address HOVENIERSSTRAAT
2
2018 ANTWERPEN
Number of staff 1
Date of establishment 17/04/1986
Telephone number 032253020
The business was established over 28 years ago.
The business has 1 employees.
The business has been at the address for over 16 years.
Operating Result in the latest trading period decreased 32% on the
previous trading period.
A 42% decline in Total Assets occurred during the latest trading period.
The business saw a decrease in their Cash Balance of 93% during the
latest trading period.
Turnover in the latest trading period decreased 32% on the previous
trading period.
Accounts
|
Date
of latest accounts |
Turnover |
Profit
Before Tax |
Net
worth |
Working
capital |
|
31/12/2012 |
13,378,818 |
42,181 |
638,377 |
1,010,913 |
|
31/12/2011 |
19,718,843 |
51,543 |
611,756 |
1,320,496 |
|
31/12/2010 |
27,223,015 |
66,393 |
573,243 |
1,246,944 |
Accounts
|
Date
of latest accounts |
Balance
Total |
Number
of Employees |
Capital |
Cashflow |
|
31/12/2012 |
4,549,123 |
0 |
18,600 |
40,253 |
|
31/12/2011 |
7,946,575 |
0 |
18,600 |
52,781 |
|
31/12/2010 |
5,832,031 |
0 |
18,600 |
58,284 |
Past payments Payment
expectation days 37.81
Industry average payment
expectation days 164.62
Industry average
day sales
Outstanding 125.64
Day sales outstanding 71.51
Bankruptcy details
Court action type no
Protested bills
Bill amount -
NSSO details
Date of summons –
Business number 428704366 Company name DENIM BVBA
Fax number Date
founded 17/04/1986
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.0428.704.366
Check
VAT number
Belgian Bullettin of Acts
Publications moniteur belge
Significant Events
Event Date 30/09/2009
Event Description resignation-appointment
of director(s)
Event Details Commentaar
30-09-2009: In de vergadering van 30/09/2009 werd gemeld da Shah Vicky
Bharat, benoemd
onder de opschortende voorwaarde tot het bekomen van de
beroepskaart, zijn
beroepskaart bekwam en dat hij vanaf 01/10/2009 de functie van zaa
Event Date 30/09/2009
Event Description resignation-appointment
of director(s)
Event Details kvoerder
waarneemt.
Annual accounts 31-12-2012 % 31-12-2011 % 31-12-2010 Industry
Average 2012 %
Weeks 52 52 52
Currency EUR EUR EUR
Turnover 13,378,818 -32.15 19,718,843 -27.57 27,223,015
46,485,458 -71.22
Total operating
expenses 13,318,209 -32.15 19,629,646 -27.45
27,056,524 46,114,879 -71.12
Operating result 60,609 -32.05 89,198 -46.42 166,491 140,970 -57.01
Total financial
income 56,352 64.44 34,269 2700
1,224 98,884
-43.01
Total financial
expenses 74,781 3.97 71,924 -29.01
101,321
206,312 -63.75
Results on ordinary
operations
Before Taxation 42,181 -18.16 51,543 -22.37 66,393 25,266 66.95
Taxation 11,337 -16.06 13,506 -36.33 21,214 20,807
-45.51
Results on ordinary
operations
After taxation 30,844 -18.91 38,036 -15.81 45,179 10,475 194
Extraordinary items
-4,222 -986 476 - 0 -3,969
-6.37
Other
appropriations -1 - 0.00 -
0.00 - -
Net result 26,621 -30.88 38,513 -14.76 45,179 6,525
307
other
information
Gross Operating
Margin -
- - - -
56,835 -
Dividends - -
- - - 172,177 -
Director
remuneration 23,687 -41.01 40,153 - - 112,544 -78.95
Employee costs -
- - - -
125,946 -
Wages and salary -
- - - -
105,550 -
Employee pension
costs - - -
- - 14,428
-
Social security
contributions - - - - - 26,656 -
Other employee
costs 0 - 0
- 0 4,344
-100
Amortization and
depreciation 13,632 -4.46 14,268 8.88 13,104 17,811 -23.46
Annual accounts 31-12-2012 % 31-12-2011 % 31-12-2010 Industry
average2012 %
Weeks 52 52 52
Currency EUR
EUR
EUR
Intangible fixed assets 0 - 0 - 0 1,571
-100
Tangible fixed assets 195,904 0.42 195,078 -6.29 208,175 184,117
6.40
Land
& building 162,035 -3.33 167,61 -3.22
173,193 362,988 -55.36
Plant
& machinery 31,704
298 7,962
-26.00
10,760 22,615 40.19
Furniture
& Vehicles
2,166 -88.89 19,502
-19.49 24,222 17,295 5,364
-87.48
Leasing
& Other Similar Rights - - -
- - 142,153 32,369
-
Other
tangible assets -1
- 0
- 0 7,588
-100
Financial
fixed assets - - -
- - 306,282 -
Total
fixed assets 195,904 0.42 195,078 -6.29 208,175 394,259
-50.31
Inventories 316,815 -78.30 1,459,746 95.55
746,493 3,102,024
-89.79
Raw materials &
consumables - - -
- - 7,209,884
-
Work in progress 0
- 0
- 0 2,384 -100
Finished goods 316,815 -78.30 1,459,746 95.55 746,493 1,994,651
-84.12
Other stocks 0 - 0 - 0 569,553
-100
Trade debtors 2,621,046 -32.39 3,876,576 -2.85
3,990,377 4,239,087 -38.17
Cash 57,139 -93.99 951,515 5174 18,039
227,241 -74.86
other amounts receivable 1,358,218 -7.15 1,462,873 68.44
868,499 209,025 549
Miscellaneous current assets 1 -99 787
75.64
448 18,235 -99
Total current assets 4,353,219 -43.84 7,751,498 37.83
5,623,857 7,321,447 -40.54
Total Assets 4,549,123 -42.75 7,946,575 36.26
5,832,031 7,675,911
1,453,566 -40.74
current
liabilities
Trade creditors
1,379,457 -65.56 4,005,430 136 1,695,339
3,144,774 -56.13
Short term group loans -
-
- -
- - -
Financial debts
1,720,040 -20.82 2,172,357
-10.94 2,439,159 4,280,807 189,666 -59.82
Current portion of long term debt
15,032 142 6,194
4.74 5,914
110,204 15,373 -86.36
Amounts Payable for Taxes,
Remuneration & Social Security 28,383
-24.50 37,594
4.15 36,097
9,740 - -16.60
Miscellaneous current liabilities 199,394
-4.79 209,426 4.50 200,404
-33.02 - -
Total
current liabilities 3,342,306
-48.03 6,431,002
46.93 4,376,913 5,457,561
-38.76
Long term debts and liabilities
Long term group loans - - -
- - - - -
Other long term loans - - 15,032
-29.18 21,226 - - -
Deffered taxes - -
- - - 37,626
26,358 -
Provisions for Liabilities
&
Charges 0
- 0
- 0 3,165
0 -100
Other long term liabilities 568,440 -36.04 888,786 3.27 860,650 127,897
344
Total long term debts 568,440 -37.11 903,818 2.49 881,876
562,239 1.10
shareholders equity
Issued share capital 18,600 0 18,600
0 18,600
967,416 -98.08
Share premium account - -
- - - 109,362 -
Reserves 619,777
4.49 593,156 6.94 554,643 653,158
-5.11
Revaluation reserve - -
- - - 939,206 -
Total shareholders equity 638,377 4.35 611,756 6.72 573,243 1,650,062
-61.31
Working capital 1,010,913
-23.44 1,320,496
5.90 1,246,944 1,863,886
-45.76
Cashflow 40,253
- 23.74 52,781
-9.44 58,284
21,260 89.34
Net worth 638,377
4.35 611,756 6.72 573,243 1,646,834 -61.24
|
Annual accounts |
31-12-2012 |
change(%) |
31-12-2011 |
Change (%) |
31-12-2010 |
Industry Average 2012 |
% |
|
Trading performance |
|||||||
|
|
|
|
|
|
|
|
|
|
Profit
Before Tax |
0.32 |
23.08 |
0.26 |
8.33 |
0.24 |
-29,00 |
1.10 |
|
Return
on capital employed |
3.50 |
2.94 |
3.40 |
-25.44 |
4.56 |
29,00 |
-87.93 |
|
Return
on total assets employed |
0.93 |
43.08 |
0.65 |
-42.98 |
1.14 |
-200,00 |
0.46 |
|
Return
on net assets employed |
6.61 |
-21.59 |
8.43 |
-27.20 |
11.58 |
19,00 |
-65.21 |
|
Sales
/ net working capital |
13.23 |
-11.39 |
14.93 |
-31.61 |
21.83 |
44,00 |
-99 |
|
Stock
turnover ratio |
2.37 |
-67.97 |
7.40 |
170 |
2.74 |
116,00 |
-97.96 |
|
Debtor
days |
71.51 |
-0.35 |
71.76 |
34.13 |
53.50 |
143,00 |
-49.99 |
|
Creditor
days |
37.81 |
-49.23 |
74.48 |
225 |
22.87 |
125,00 |
-69.75 |
|
|
|
short term
stability |
|
|
|
||
|
Current
ratio |
1.30 |
7.44 |
1.21 |
-5.47 |
1.28 |
6,00 |
-85.56 |
|
Liquidity
ratio / acid ratio |
1.21 |
23.47 |
0.98 |
-11.71 |
1.11 |
4,00 |
-69.75 |
|
Current
debt ratio |
5.24 |
-50.14 |
10.51 |
37.57 |
7.64 |
9,00 |
-41.78 |
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
|
|
long term stability |
|
|
|
|
|
|
Gearing |
271.79 |
-24.20 |
358.57 |
-16.66 |
430.24 |
357,00 |
-23.87 |
|
Equity
in percentage |
14.03 |
82.21 |
7.70 |
-21.67 |
9.83 |
-3.189,00 |
0.44 |
|
Total
debt ratio |
6.13 |
-48.87 |
11.99 |
30.75 |
9.17 |
11,00 |
-44.27 |
Payment expectation
days 37.81
Day sales
outstanding 71.51
Industry comparison
Activity code 46761
Activity description
Wholesale
of diamonds and other precious stones
Industry average
payment
expectation days 164.62
Industry average day
sales
Outstanding 125.64
Payment expectations
Company result 37.81
Lower 134.13
Median 84.93
Upper 45.40
Day sales outstanding
Company result 71.51
Lower 110.17
Median 59.01
Upper 28.09
Group Structure
No group structure
for this company.
Minority Shareholders
No minority
shareholders found
Minority Interests
No minority
interests found
NSSO details
Business number 428704366
Name of defendant -
Legal form of
defendant -
Date of summons -
Labour court –
Bankruptcy details
There is no
bankruptcy data against this company
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.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.